Every startup wants to grow fast.
And while there’s value in modelling the tactics and strategies that have fueled the rapid success of companies they look up to…
There’s even MORE value in identifying the core, underlying principles that serve as the backbone for that success.
Over the years, I’ve identified 5 core elements behind the perfect software business.
I learned one of them directly from Jason Fried @ Basecamp.com when I visited Chicago to take his workshop over 10 years ago.
Another from guys like Mike McDerment @ Freshbooks.com, and Ben Chesnut @ MailChimp.com, both early mentors of mine who inspired a lot of the work I create at Flowtown.
In today’s world you see companies like Slack.com, and Intercom.com (disclosure: I’m an investor) shooting for the moon and you wonder:
“How did they do it?”
That’s what I want to break down for you in this week’s video.
Here are the 5 key elements that the world’s best startups all have in common:
What I’ve learned is it really comes down to how the product is used by the companies, how they extract the value (i.e. get paid) and their position in the market…
… now, there are some nuances, and I go over them in the video, but I want to list them out real quick so that you can understand how impressive it is for a company to hit this level of growth:
- Product Is Core to the Operation of the Business
- Cost/Value Proposition is Straightforward
- Finances Its Own Growth
- Efficient Sales Model
- Market Leadership
If you’ve got tough decisions to make on your product to better address these elements and need my feedback, be sure to leave a comment with your question and some context, I would love to help.
See you next Monday!