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Rise and Fall of Technology Startups 5 Years Today

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Technology Startups

Image Credit: Keoni Cabral|Flickr

10 years ago marked a remarkable advancement in technology with the invention of smartphones. That was one next big thing after Sir Tim Berners-Lee invented world-wide-web (www.) in 1989.

Today, the perfect combination of smartphones and the world-wide-web has changed how the world communicate, play music, watch movies, read books, and travel. The world continues to become smaller as more and more purposeful technology startups emerge.

I believe that the advancement in technology will create remarkable transformations in the history of mankind five years from today. Sadly, though, front-line (human) support will disappear in many organizations as sophisticated intelligent machines are being introduced to replace them. Such displacements as presently seen in banks, supermarkets, and airports are child’s play compared to the disruption that could occur. It’s hard to think that machines could ever speak to humans in clear languages, but that’s the era we’re in. While Google perfects her ground-breaking Self-Driving Cars, there seems to be no limit to how far technology innovation can go.

The Future of Technology Startups and Innovation

There are more than 270,000 technology startups in the UK (NIESR), and I will not be surprised if that number doubles ten years from today. The future of technology startups seems to be on “rock n roll” for tech entrepreneurial individuals. But to be successful, technology startups founders must overcome two challenges contributing nearly 90% of all startup failures.

These are:

1. Lack of purposeful value propositions, and

2. Ineffective sales process

Many technology startups founders are driven by the “Killer” ideas syndrome. Once they concieve an ideas, they rush and build products they think the market wants. Without testing and validating that the products meet their customers needs, they struggle big time making sales. Thousands of technology startups have failed as a result of this single oversight.

Tech founders must understand that no “killer” business idea is useful until tested and validated in the marketplace. There is no gain in hurrying to build a device or an App that no one wants to buy or even download for free.

As I write this post, I believe the future of technology startups is bright and beautiful. Nevertheless, starting a technology business only on assumed bright future is a fatal mistake.

To eliminate startups failure, tech founders must invest quality time deconstructing their ideas into purposeful business models worth pursuing. That first step is understanding how your idea fits into all relevant structures of your proposed business. The next crucial step is finding whether there is a demand or need for the business model in the market. These steps are fundamental to success and must be accomplished before launching your business. A simple start-up framewor that offers a step-by-step approach is all that is necessary to begin.starting a technology business

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About the author

Since 2010, Nkem Mpamah has been assisting entrepreneurs and corporate leaders to improve performance, create sustainable competitiveness, and maximize profit. Nkem is the founder and Chief Executive of Cognition Global Concepts (CGC).

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