Startups are trending in almost every industry, particularly in the IT sector. But they are not only limited to IT ideas. There are now successful startups in most industries.
But the one thing in common most of these startups have is a group of novel concepts that wins over millennial easily. It is probably because of the fact that most of the startups are founded by the Millennials and they can easily relate to what their colleagues are looking for in the field.
Moreover, their innovative thinking and attitude towards business as well as life in general, have made a huge contribution towards their success. Their rational thinking on what needs to be introduced or changed to make ideas work in any market has made a big difference.
Rather than going behind the usual and happening business concepts, Millennials come with new concepts that are appealing and easy to embrace, hence their success.
Another reason for budding so many startups in such a short period is the support they are getting from various organizations that are looking for novel concepts to introduce in the market.
Most startups are founded by students. And once their ideas solve a big problem consumers or other businesses face, the big players in the field buy them out, paying them fortunes.
They are willing to shell out this much money since the new concepts have already caught up in the market. IT startups are the easiest to roll out since they do not need a lot of investment other than a group of working brains in-sync.
Technology startups in fields like electronics, mechanical, etc. need considerable amount of investment which they sometimes find difficult to source. Without proper guidance and documentation, their funding requirements may be rejected by the investors citing a non-professional approach or a possibility of failure.
But they do find their source of funding one way or the other with constant improvement on the concept of idea and the process of seeking funding. Some founders find other source of funding if traditional investors are not ready to provide the investment they need. Even if they have initial bottlenecks, they keep working on getting their ideas better.
That does not mean that every Millennial startup has been successful. The entrepreneurial bug seems to have bitten most of the youngsters and a good percentage of them have turned to starting their own companies even if that means dropping out of school to pursue their dreams.
Those who lack vision and the ability to run a business end up losing their investment. Many youngsters who follow emerging trends without caution are prone to failing after a few months of launch. Some of them come to the realisation that there is no market for their “cool” products.
If you look at the success stories of startups, you will find that most were started by young people. Most of them quit college to start businesses. But they had the right attitude, long-term vision and served the right market.
Startups like Tumbler, Mashable, Snapchat and others were founded by people less than 30 years, and soon became millionaires and billionaires because they had innovative ideas, ready market and great teams that were ready to work hard towards to make their ideas succeed.
Startups are not just about IT. Companies like Theranos, Everlane, Bigpipe and Ipsy have nothing to do with IT, but they are successful. Their only relation with IT is that it has definitely helped them build their businesses faster and better.
While Theranos revolutionized the medical field by introducing a painless and less expensive method for drawing blood for testing, Bigpipe succeeded by providing cheap, fast and reliable Internet broadband for home users with the help of Fiber optics technology.
There’s only one thing in common with these successful startups – innovative ideas that people were looking for, especially the Millennials who were the major buyers of these concepts.
The youngsters who had the vision used existing technology to solve pending problems or create a demand for novel concepts which really worked well in the industries they operate.
The big players in the market were ready to buy them out once they found them competitive, to kill the competition and to improve their product lines. Millennials who refused to sell their startups kept coming up with newer concepts which are still relevant in the global market.
There’s high competition today as any new product entering the market has to compete at the global level rather than the local. With information on all levels available at your fingertips, the need for high-performing products or world-class services cannot be overlooked.
Many large organizations are coming up with funding options for qualifying startup projects which also keep adding to the competition.
They leverage world-class research and development facilities to support their development, which results in high-end products that easily win over the global market.