There is also the danger of reaching a market too early and scaling prematurely, this is the biggest reason for failure, since many times the product does not satisfy or cover a real need and other times a lot of money is spent trying to accelerate the product. The key is to go as fast as possible to find a place in the market and then scale, and not the other way around. In other words, we have to act quickly so that they don’t replace us, but we can’t skip the step of fitting in first and climbing later.
When we reach the market-product fit point, we will be ready to scale, the fact of offering a product that really serves to cover a need will make people demand it. It is very important to see the use that customers give to our product, that is, to see if over the months they continue to have retentions and frequency of use. If this happens, it means that people are using your product and then it is time to get more capital to bring the product to the market that you have identified.
The main key to draw the attention of funds is “a product that will take it out of your hands.” For this we can have a balance between equipment, product and market offer that offer us the opportunity to achieve it.
For Spanish startups to become large technology companies, we must have more ambition and not stop at the thought that the first market is Spain, that is, we must start in a country where our product fits more at that time.
Impulsa Ventures is the digital entrepreneurship marketplace where we connect startups, entrepreneurs, investors and advisors. In addition to creating startups in our own incubator, we help large companies create their own startups or spin-offs. We assist universities and training centers in the Software as a Service mode to build their own startup incubator.
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