Building a new business takes time and effort. Over three days at Web Summit 2022, many talks covered this topic, and here's advice from three of them.
No rush before launch. Before launching a startup, one of the crucial things is to think about various aspects of your idea, including how to sell and market your future product. There is no need to rush and implement your ideas right when you've come up with them — de-risk, bring other people in to check your hypotheses, and develop a business plan.
Recruit leaders for your team. As you build a startup, you should constantly think about your team. To have a strong company, its team has to be multigenerational and multitalented. And more importantly, each department in your company should have a leader who can hire talents for you and inspire them.
Innovation = growth. Innovation and technology are critical drivers of global, sustainable, and executable growth. For example, medicine and climate change are areas where AI can provide lots of solutions (MRIs are still primarily run on old computers).
Make people love your product. If you build a product that other people love, eventually, you will have a thriving profitable business. It's necessary to have a mission — something that will elevate people's lives and make you and your customers clearly understand the company's direction.
Use data to make decisions. The other thing is getting ground through the data — analyzing it and even introducing changes if needed. The data industry has been accelerating and becoming more integral to businesses in the last couple of years. Companies use data to make decisions and to power products.
Customer is king. Customers and their voices will always be more important than data. One common mistake founders make when building products is not listening to people. The priority is to bring value to clients, serve them and think long-term.
This little story is based on three separate talks given by CEO of Arm Ltd Rene Haas, founder of Future Shape Tony Fadell, founder of N26 Maximillian Nayenthal, founder of Ring Jamie Siminoff, President of Brands at Beam Suntory Jessica Spence, founder of Monte Carlo Barr Moses, founder of Miro Andrey Khusid. They delivered their speeches during the Web Summit 2022 conference in Lisbon on Nov. 1-4.