21st Century Success Mantra - It is the Fast Beat the Slow

The classical way of building a new company or startup goes through following steps

Classical Process to Build a Startup

So what we do in the each of above the steps -

• We have got great idea and we think it will definitely create WAO factor to customer

• We create comprehensive Business Plan (100 page documents) with 5 Years financial projection

• We start marketing our idea and seek & confirm investment.

• We take months to build the product

• We hope that customer will just to get it. But Customer REJECTED!!!

• Product failed.

• Startup company fired everyone and exit. Thats it.

So what is wrong in this process -

We generally starts with a Single idea and works in a vacuum for a long time without interacting with the customer. And when the time product is ready, customer need got changed. And the product failed.

In 1960s it is the Big Companies, consistently beat small companies. Like IBM dominated most of the times. However where is IBM in today's competitive landscape!!!

In today's in Digital world things have changed. Its no longer BIG beat the small.

In Digital World the mantra is -

                       IT IS THE FAST BEAT THE SLOW 

We just can not afford to work on a plan in a vacuum for a long time if its flawed. The only way to confirm plan is not flawed is to ask the customer. So first lesson is there is no single one idea which can bring success. There has to be collection of ideas and we must consider all of them in the journey. One more important point -  we must continue ideation process. This is extremely important. To understand why it is important lets talk about Michel Porter's 5 force of Competition Model:

Michael Porter's 5 Force of Competition

This is extremely critical on journey of ideation process and Startup Strategy. The collection of ideas which is the foundation of the journey has to be validated continuously against this model. And this where secret of success lies. If we see any idea has become invalid due to the change in the force of any component of 5 Force Model, we need to replace that idea with a new one. This has to be done fast. Those who can do that Fast will survive!!!.

Here is what we can follow as 21st Century's Digital Model for startup:

21st Century's Digital Model for Startup

Through this model if we can reach to final product, the chance of success is 100% as it is already been validated through early customer feedback and matured through 5 Force Competitive Analysis.