Most startups begin simply with an investment by the founder. Just as many will seek investors at some point or another in the process as a way to drive future growth. Whether that investment will be coming from a bank or from a private investor, technology and your marketing plan can be the two variables that can shift their decision. Your best chance to attract investment is to consider both.
This refers to the extra push your product gains from a new technology, such as artificial intelligence, Blockchain, IoT (Internet of Things), or virtual reality. When you use innovative ways to make your product stand out from the competition, investors can see your passion and envision your success.
How to pick a technology
To determine the best technology for your project, start with a brainstorming session that sets the baseline for what you want to do. Then, take a look at the technologies and processes involved with each feature and try to find shortcuts to help achieve your goal faster or with improved results. These enrichments will be what will make your product stand out. This brainstorming session can also help you identify which steps you should take first and what your long-term roadmap might be.
When selecting an enrichment, consider your resources and challenge your team to seek out new opportunities. Do not be afraid to try something you haven’t done before, and don’t struggle trying to figure it out all alone. Today’s global marketplace means there is someone out there who is an expert in what you need, and they could be hired for a few hours to teach you what you need to know. The cost of this, in both time and money, is far more worthwhile than struggling on your own.
Remember that part of the reason for adding innovation and enrichment is to better position yourself in the marketplace, to make yourself more interesting in the competitive landscape. This means you must give careful thought to what innovations you consider adding, the value they bring, and whether they make sense. Be careful to move slowly – adding one new innovation at a time – so that you can evaluate consumer uptake and the effectiveness of the enrichment in meeting your goals.
If you are ready to take the next step, check out the Startup Technical Program that walks you through the kind of technical presentation you should demonstrate to investors.