In these latest weeks often happened to me to watch startup pitches frequently for business (as you may know I’m a financial analyst and I’m working with SeedUp accelerator), many of which are developing contents or devices for virtual reality (VR). But what do you need to succeed and see your business ideas financed, whether it is linked to the virtual reality is that it is in general an innovative idea?
Teaming up for success
Innovative ideas are important, but is also imporant the ability to quickly build a team with complementary skills: if you are a software engineer and you want to create VR contents, you will need a 2D/3D graphics, but also a person who takes care of administrative tasks, a sales manager, someone who knows the laws and industry regulations, for example, trying to obtain public and private funding, and so on. Without a good team behind, your idea is doomed to wither.
The importance of relationships
If you are at first working experiences or newly qualified/graduates, perhaps you had better tried to put you on display participating in contests and calls for ideas (with SeedUp we have held one a few months ago, “Dall’idea all’azienda”, won by the team of CCO), perhaps after attending a few meetings for startuppers, like for instance those organized in Naples by NastartUp which in these days has restarted its activities after the summer break.
Don’t you have too much fear that someone might steal your idea, these events give you an opportunity to build relationships which could prove important both to know potential investors both to recruit new members of your team.
Accelerate your startup
Then if you think you have a good team and a good idea, try contacting directly accelerators (for SeedUp just follow this link) and incubators: it’s their job and their interest to fast growing your business idea, in some cases becoming your partners and then introduce you to other investors able to further assist the growth of your startup and they can help you in all those activities that you may not know to best carry out or that would distract you from the development of your innovative idea.
The right combination of factors
The perfect recipe for success does not exist, but personally I realized, working in this field for years now, that success depends for about 10% on the original idea, that over time it may be changed, for about 20% on lucky (the right timing, the right relationships and so on) and for about 70% on execution capabilities, ie knowing how to make the product or service that at that time the market requires or is prepared to request, supporting the right cost to have the right profit.
The Italian ecosystem
Yes, because if your idea is nice but it is unclear how you can earn, avoid wasting time: it is not appropriate to make a startup, especially it is not the case to make it in Italy where the numbers are already much lower not only of the US, but also of Great Britain, Germany or France. like the song said: one in a thousand makes. In Italy there are currently just over 6,300 innovative startups (look at the updated data), just do the math.
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