The tech ecosystem startup is buzzing with words like “Innovation,” “Disruption,” and more recently, “AI” or, in our industry, “Smart City”. We’ve seen a plethora of new ideas and tech startups, all aiming to revolutionize the way things are done, come with a better approach, change the status quo, and so on and so forth.
I’ve been an entrepreneur for almost 20 years, and if there’s one crucial lesson I’ve learned, it’s that the secret to building a successful solution is to address real, basic, sometimes mundane needs that withstand the test of time.
Research is Influenced by Experience
When conducting research to validate—or invalidate—your idea, personal and previous experience can be invaluable. It is essential to ask the right questions, those that your target audience is interested in or stressed about, the ones that might push them out of their comfort zone. But how can you ensure you’re not just asking questions that will confirm you are right? Experience is critical. However, experience is gained over time, which means that if you’re at your first startup, you might need to seek some help. Furthermore, the questions one asks shouldn’t aim to highlight the solution but rather identify the problem that many people share and will likely have tomorrow.
What Happens When You Build on Trends
There are two potential scenarios when building a startup based on a trend. The first one: you are behind the trend. Someone else—probably tens of other entrepreneurs—are already working on a similar idea, securing funding, and accessing other resources, leaving you perpetually a step behind.
The second scenario is the lucky one, where you’ve managed to find a real application for a trending technology. This is where you want to be, but even in this case, one should proceed with caution and work on solutions that will also be relevant tomorrow.
Being focused on trends can lead to challenges related to scalability, as solutions designed to address immediate needs may lack the scalability required to support future growth. Another significant challenge is related to integrations, as technologies that aren’t designed with future integration in mind can create barriers to innovation and collaboration.
Tech “Innovation” Doesn’t Equal “New”
Innovation is not synonymous with trends. Innovation is synonymous with value. In a world where everyone wants to be the next “insert big company here,” my piece of advice is to focus on solutions that bring real value to the customer.
Changing a process, facilitating a workflow, eliminating unnecessary steps, making something more accessible—innovation encompasses all of these. There are countless new startups with great ideas, and customers will have to choose. So, how do you help them choose?
Furthermore, scope-driven innovation beats vanity-driven innovation at any time.
If you’re in real estate like we are, you’ve probably seen how crowded the proptech scene has become – which is both good and bad. Some of these new solutions can be business-critical, while some are nice to have.
They are all innovations, that’s for sure, but my take is that innovation isn’t necessarily something mind-blowing. Innovation can only fix a very small, but repetitive, annoying problem. You don’t have to reinvent the wheel, but look at those processes that consume people’s time, money, enthusiasm and bring them something that EASILY fixes that problem. Nice-to-haves are good, but they are the first to be cut when optimising budgets and adoption can actually take longer.
Is There Any Room for New Tech Solutions?
Absolutely, 100% yes. People have new problems and challenges. A modern-day Henry Ford wouldn’t just care about how people travel but how they can feed the “horses.” Some might think we’ll reach saturation, but I believe we’ve grown accustomed to a certain lifestyle. Our habits evolve, technology streamlines and automates many manual tasks, leaving us more time for what matters to us.
Building for the future anticipates changes in technology and user needs. This means adopting flexible architectures, modular designs, and scalable solutions that can grow and adapt. It also means that we should continuously learn and adapt, iterate and do so based on real-world performance. A tech solution has a higher chance of success if it has a personal touch.
Solutions that resist the test of time provide sustainable growth, cost efficiency, enhanced security, and greater user satisfaction. By embracing future-proofing principles, engaging in continuous learning, and involving community, tech companies can create innovations that not only solve today’s problems but also serve as the foundation for tomorrow’s advancements. The true testament to a technology’s greatness is its ability to remain relevant and functional well into the future.
A tech entrepreneur starting today has a better chance of success if they either do something different than others, follow a validated path but bring something new to the table, or look beyond humanity’s current problems. Somebody is already working to fix those. What happens tomorrow?
