Secret Sauce of Startup Success
Is there a Secret Sauce of Success for startups?
We all know that there are no shortcuts to success. Neither is there a magic formula that will make a startup immune to the existing death rate of approximately 90%. True entrepreneurs are not deterred by the fear of failure; they are passionate about their ideas, driven to succeed and eager to disrupt the status quo.
1B13BD
Success consists of going from failure to failure without loss of enthusiasm. - — Winston Churchill
Your probability of success is proportional to the number of people that want you to succeed. Work to keep increasing that number. Hubspot founder-Dharmesh Shah..
Is there a Secret Sauce for Startup Success ?
1.Stanford Ventures Research
Research findings by Charles Eesley-Assistant professor of management science and engineering-STVP-
ü Funding is only one part of the complex entrepreneurial ecosystem, and an innovative product isn't necessarily enough for success.
ü To purely compete on efficiency and low cost is very difficult over time and you don’t gain the higher profit margin from offering a differentiated product or service.
ü Environment shapes the type of entrepreneurship for a specific region. China, the U.S. and Japan all have very different cultural and institutional environments. The forms of entrepreneurship that you see are a reflection of the policies at each place.
Expert Comment 2
2.India- Success Factors
Svenja Müller, Senior Director-Bertelsmann India Investments
The market in India, specifically in the consumer internet and technology space, is very dynamic and evolving quickly, while execution remains complex. For startups and investment decisions, factors such as market opportunity and business model are important, but for me personally, the ultimate criteria for success lies in the entrepreneurs’ ability to spot trends, to be good leaders and build strong teams and to adapt to changing market realities.
Expert Comment 3
3.Secret Sauce for Startup Success- Tips by John O’ Nolan- Founder- Ghost.org
ü Make more friends.
ü People Work with Friends
ü Everything is About Relationships
Expert Comment 4
4.Youngstartups.com
ü Develop an offering with a Distinct Value Propositionü Get the right team in place
ü Build a business model that scales
Examples
i. Paytm- Pay through Mobile
Quick Transaction time and ability to use it in more outlets
ii. Snap Deal
Ability to move fast
Proactive- Their latest offering magic box deal is a tough competition
for Flipkart
Recommended Books
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The secret sauce behind a successful Indian start-up
Successful start-ups tend to be led by a group of not-so-young co-founders
Successful start-up founders indeed largely belong to pedigreed institutions such as the Indian Institutes of Technology (IITs) but they tend to have plenty of experience compared to founders whose start-ups fold up.
The analysis is based on data for over 330 start-ups and 560 founders. The start-ups selected are businesses built around an innovative product or a tech-enabled platform. This definition precludes any companies that offer pure services or consulting solutions. The data on each start-up founder has been verified using at least two public sources.
Conclusion
The available literature and research in the net has clearly outlined that there is a secret sauce. One common secret is the man behind the wheel and his ability to steer the ship, is a must ingredient in the sauce.
In the startup world they call it the “secret sauce”; those unknown elements that help make a collaboration between 2 or more founders greater than the sum of its parts. Edmund Ingham
