More than 400,000 new start-ups were established in the UK last year. In just over a decade, the SME industry has seen huge growth, increasing by almost 40% in the number of start-ups since 2000. Technology is one of the fastest-growing aspects of this industry: three years ago there were 200 tech companies in east London – by January this year, this had jumped to 1,300.
So what does it take to launch a successful startup?
It's not all about the idea
All tech start-ups begin with an idea – Google started as a two-person idea in a garage in California. But an idea alone isn't worth much without the execution. Many non-technical entrepreneurs get stuck at this stage. You need to carefully consider how you will practically develop your idea. Do you have the technical skills needed? Or is your role going to be more strategic?
If you have a skills gap, you may need to seek support. You may need to either hire (pay developers), partner (find a co-founder), or fill the skills gap yourself (roll up your sleeves and get your hands dirty). You could also attend events, such as Startup Weekend, which are great ways to meet potential co-founders and see start-ups in action.
Ensure there's interest in your product
Before writing a single line of code, make sure there's demand for your product. Steve Blank, of Stanford University, recently shared the key principle behind his customer development theory with Google Campus: "Most tech start-ups fail not because they fail to develop their product, but because they fail to develop their market." So before you spend a lot of time or money creating your product, get out and find the people who have the biggest need for your product or service and ask them what it is they want.
Check for competition
It's uncommon for there to be no competition at all. Check who your competitors are and understand what makes your product or service better, faster, cheaper or unique. Once you know what makes your product different, you can make sure it's what your target market really wants.
Immerse yourself in the local startup community
Not only will this stop you getting lonely, it will make it easier for you to find advice and inspiration from colleagues. Tech clusters aren't limited to London either: look at Silicon Fen in Cambridge, Silicon Glen in Scotland and Silicon Gorge in Bristol, as well as the hubs popping up in Wales, Northern Ireland, Birmingham and other cities across Britain.
Self-belief, determination and tenacity are all essential
The entrepreneurs who succeed are those confident in their offer and who are looking to break new ground. They don't accept anything as the finished article. Rather than aiming to build the perfect product, based on assumptions, they get out of the building, speak with customers and make changes to their product based on customer feedback and tests. To become one of them, make learning your key objective.
Finding a business mentor
Getting the right mentor can also provide valuable input along the way. Mentors could be people you already know – friends, family, colleagues and former bosses – as well as people you meet at networking events. Once you've got a mentor, make sure you use their time wisely. Think about what advice you need and what you want from them. A combination of one-on-one feedback and advice is often most effective. The goal is to share your idea with experts who can help and continue to expand your vision. In London, CampusEDU offers a combination of free weekly mentoring sessions and inspirational talks.
Eze Vidra is head of Campus, Google's new startup space in East London.
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