Startups face many hurdles before getting established in the market. Some of these hurdles have originated from the lack of experience, and some of them have roots in misbeliefs. When it comes to using technology for dealing with ever-increasing competition and meeting changing business requirements, startups have several myths that lead them to remain reluctant from leveraging technological advancements for having a maximum output.
Here are some of the widespread tech myths that can prevent startups to take benefits of technology in full swing:
Myth #1: Technology is for big enterprises, not for startups
Okay. First thing first, many of us believe that technological advancements are attributed to the elites, and they are entitled to reap their benefits. However, the distribution of gains from innovative products is tough to predict; startups can also take a piece of the pie. Technology has a universal access, and anyone can get the most from humankind’s knowledge at a nominal cost.
Here are some of the technologies used by startups.
Startups can also get an immense opportunity to share the ideas, and collaborate with the peer to get established. Technology has opened the doors of growth for every business irrespective of size and scope.
Myth #2: Technology can handle initial glitches
Startups may find panacea in technology for all initial hiccups. But unfortunately, it is not the case.
Let me explain it a little:
Every startup faces some difficulty at the beginning for various reasons, be it a product or service quality, customer service, availability or any supply and production-related problem; it cannot be resolved by technology. Remember, technology is useful for improving your services and simplifying your business processes, but it cannot correct any mistakes occurred due to the lack of expertise and experience.
Myth #3: Technology does it all from finding to addressing target audience
Today, digital marketing assists startups to address the target audience effectively. The analytics tools help startups to find the specific audience online. But then, startups cannot count merely on technology for finding and addressing their audience. Every startup needs to study the ground reality of the market before coming up with a product or service. It is essential to do proper research about market trends manually and then compare the result with that obtained through using technology.
Myth #4: App/site comes first, product comes next
In the wake of ‘mobile first’ approach, this myth gains popularity as startups want to jump on the mobility bandwagon. A mobile app or a website is necessary for any startup, but a startup should not hurry in launching an app or a website. If a startup comes with a website or an app well before offering services and products to people, it may send a wrong message to the public, and people may distrust the startup.
It is better to launch a product or service and a dedicated website/app at once.
Myth #5: Social media presence is not necessary at the initial level
Social media presence and active participation from the beginning is crucial for the startups. Social media platforms assist entrepreneurs in getting in touch with existing and prospective customers and stakeholders. Social media participation helps startups establish brand identity and improve customer loyalty.
Myth #6: An innovative technology will lead a successful business
Well, it is one of the most prevalent myths that if you use the innovative technology, you will become successful. But the fact is both customers and investors tend to stay away from innovative technology due to the high risk associated with it. Customers just hate dealing with new learning curves that have unstable and complex solutions. Remember, mass market customers are interested in solutions, not innovations.
Today, the business world is passing through a paradigm shift in the aspect of market share. Facebook, LinkedIn, etc. were once the tech startups, and today, they are the big names in an IT industry. In a rapidly changing scenario when companies can avail the benefits of technology for gaining a competitive edge, it is necessary to debunk these myths.