Australia is home to more than one million small businesses. Here’s what new startups need to do to succeed in this competitive environment.
Startups across Australia face a number of difficulties when it comes to creating value. After all, the tech industry is dominated by giants such as Apple, Samsung and IBM, just to name a few.
However, added to this list now are companies such as Facebook, Tesla and Uber – businesses that have embraced the potential of disruptive technology and created their own niche and subsequent success.
According to the Australasian SME Alliance, there are more than one million small businesses around Australia – meaning competition for new companies has never been more intense. New startups need to focus on using the right technology and the best people to ensure they are ready to compete.
Bring value to your product
A McKinsey & Company investigation into the topic advocates having a product-centric approach to creating value. Research and development portfolios need to be carefully aligned with these concerns, as the firm believes this is an area where changes can be made.
McKinsey & Company advises aligning all products and services still within this phase alongside the rest of a company’s financial, technological and customer objectives.
In cases where products need to be redesigned or new options are being debuted, the firm believes this needs to occur with regards to the multitude of ways value is created, both for shareholders and for the company’s loyal following.
According to McKinsey and Company, redesigned products and services can be sold at a much higher margin than their out-of-date counterparts. By recreating these with consumer and shareholder needs in mind, businesses can command margins that are increased by between 5 and 30 per cent.
Hire digital employees
Of course, this is impossible without having a team of people who are prepared to embrace digital disruption and use technology solutions as a point of difference in their businesses.
A recent report from networking equipment manufacturer Cisco revealed that current technology trends will drastically redefine the higher-education industry.
One of the biggest advantages offered by technology – for both students and businesses – is the mobility afforded by current trends. Cisco discovered that almost 50 billion different gadgets, devices and instruments will be connected to the web in just over 30 years. Naturally, this will redefine the way the education sector operates, opening doors to mobile learning initiatives.
Cisco also pointed out that research is likely to become “hyper-collaborative”, as the range of inter-connected technologies encourages communication between students and researchers.
With redeveloped products and digital employees, Australia’s startups will be more than ready to tackle the future as these trends grow.
The technology sector is driven by many fantastic, yet unheralded individuals and startup organisations who are inventive, inspirational, and passionate about making a difference. At Talent we’re passionate about recognising and supporting those exceptional people and organisations who are making the world a better place through our Talent Unleashed Awards. And while that doesn’t fit within the traditional narrative of a recruitment agency, that doesn’t bother us. Find out more about the Talent Unleashed Awards…