In today’s era of venture-backed unicorns, hundreds of most promising startups are launching every day worldwide. You might have come across numerous startup success stories on online and offline media. But do you know what?
Most startups do not succeed. Studies show that 70% of startups can’t make it. Top reasons include lack of market demand, insufficient financial resources, severe competition, poor product, and wrong team or lack of expertise, which force them to shut down within four years of their launch. Due to limited budget, pioneer team members usually end up wearing several hats at the same time, which is one of the recipes for startup failure.
So, what makes startups successful? That’s market experience, product knowledge, and industry skills. Successful startups have always focused on developing products, determining market needs together with profitable business models, growth plans, hiring experts, and using advanced tools to win over emerging markets.
Accordingly, having a breakthrough idea is not enough in today’s competitive world; executing your idea into a winning digital product matters even more. The very trait that helps you develop a minimal viable product (MVP) for your startup survival is a core team of highly qualified, experienced, and talented developers.
Read More: Team Extension Model