Product Development For Young Startups

2014 Words9 Pages
Product development for young startups Today we face an unprecedented raise in the entrepreneurial activity around the world. Such trend has not been seen since the times before the industrial revolution. Millions of people coming from widely diverse backgrounds, at different ages start new business ventures. Experienced professionals, students, academic researchers, famous business tycoons and average corporate employees, worldwide, peruse new business opportunities and introduce new products and services to the global and local markets. However, statistics show that 63% of the technology startups, which are in the main focus of this essay, do not continue operating after the fourth year of their establishment (StatisticBrain, 2014). Such failures do not only cause significant damages to the founders, investors and people employed by these companies, but also bring negatives to the entire society and business environment as the time, dedication and competences of these people are inevitably wasted (Ries, 2011). Researchers argue that the main reason early-stage ventures fail is their inability to develop a product that will meet the needs of the market (Weisul, 2014). At the same time, practice shows that the success of a given product can be predicted and measured at the very early stages of its development. The purpose of this essay is to give recommendations, to young technology startup leaders and entrepreneurs, about how to design and manage their product development
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