4
WINNING
ELEMENTS
OF
SUCCESS
FOR
A
STARTUP

02 Jan 2020

There are four elements that are necessary for the success of any startup. We’ll explain the importance of getting these elements right for your endeavour.

4 Winning Elements of Success for a Startup

The road to success for a startup is often hard and complicated. It takes a good idea, followed through with both functionality and a bit of elegance to set the final product apart from the crowd and enables it to get noticed. But having a viable product is not the only thing that guarantees success for the startup behind the product. 

Space, funding, knowledge, and community all also play a vital part in the success of every startup. How much of a factor they play in your particular startup depends largely on the nature of your product or service and the way you go about building your company and your brand name.

How Much Space is Enough?

Many companies, not just startups, underestimate the amount of space they'll need when they are just starting. Building a startup is going to necessitate going through some growing pains as well as misjudging space requirements.  

Let's assume your product is software-based and an office environment is all you'll need. Look around at your present team and estimate their production capacity. From there, it's merely a matter of doing the math to determine how much space you'll need to achieve your production goals.

But keep an open mind. Think about other departments you'll need to establish the further down the line you get. And think about any fundamental requirements of these different departments as well.

Sales departments need a place to hold sales meetings and meet with clients. They can be vocal and may distract coders who need to concentrate their attention on their programming tasks. 

Maybe you’re handling the payroll chores yourself in the privacy of your home at the moment. But once the startup starts to grow, you’ll need to hand those chores over and establish an HR department. This department will require some privacy as well to ensure confidentiality and privacy issues are being addressed. 

This is where investing in space within a co-working environment, such as True Digital Park, can pay dividends. If you only need a conference room a couple of times a month, they can provide one. Rather than paying for space, you only need occasionally; you pay for it only when you need it. This helps you stay flexible with your finances.  

By looking as far down the road as possible, you'll be able to estimate your space requirements much more accurately, and this may enable you to cut down on the need to move locations as you grow. You’ll increase your chances of success for your startup by placing your business in a vibrant, fertile and supportive community.  

Funding is Both a Blessing and a Burden

If your product shows validity in your target market and you've done all your homework and put together a good business plan and presentation, you secure the funding you need to see your plans through to fruition.

But finding that funding can be a job in itself. Choosing a location for your startup that’s off the beaten track can hinder that search, no matter how brilliant your business plan is. 

By locating your business in an environment where you’re constantly rubbing shoulders with others in the tech industry, you have a much better chance of getting the word out about your startup. You increase your chances of generating interest in VCs and investors who are targeting the tech industry.

Word of mouth can be a valuable commodity, especially in an industry that's continually growing and evolving. Savvy VCs and investors keep their ears open to all new and emerging ideas. By positioning your startup in the midst of a tech environment, you’ll keep your brand name on the lips of everyone who can help you land the crucial funding you need.    

Funding can go a long way in helping you realise your startup’s dreams for the future. But with the money, comes responsibility. There is never any source of funding that comes without any strings attached. 

Be sure the strings attached to your funding offer are ones that you can live with. Whether it's in partial ownership, or whatever the payback is, make sure the promises you make to secure the funding make sense from your side of the equation. And don’t talk yourself into anything to justify accepting an offer. It’s much wiser to turn down funding that you're uncomfortable with than run the risk of losing everything.

If you gained one investor’s attention, it’s much more likely that other offers will follow.

Gather All the Knowledge Around You

One of the benefits of having a located in Bangkok is the wealth of people who are willing to help and support you. The tech community in Bangkok has one of the most open and helpful groups of knowledgeable professionals anywhere. They can be the key to your startup’s future. 

By locating your startup in a co-working environment like True Digital Park, you’ll reap the benefits of surrounding yourself with the best minds in the industry. This type of working environment will have activities and knowledge sharing sessions on a regular basis. 

By being an active participant in this type of working environment, you can increase the speed at which you gain the knowledge and skills you need to succeed in bringing your ideas to fruition.    

By targeting those in the specific area or industry that your startup is involved in, they can provide the specific knowledge you need to outshine your competitors. And you should bend over backwards to learn as much from these helpful people as possible. This brings us to the last element.    

The Value of a Supportive Community

It's difficult to overestimate the value of being in a supportive community that takes you and your idea seriously. By enjoying the support of both professionals and industry leaders in Bangkok, you gain the confidence to push yourself and your team even harder to succeed. 

By choosing a working environment where your neighbours are knowledgeable professionals who are facing the same hurdles that your startup is, you have many avenues to select in seeking help and offering assistance in return.  

When you have an impossible problem to solve, there is always someone available to help you work it out or suggest a solution based upon their valuable experience. Every startup should surround themselves with a supportive community as one of their first tasks after refining their idea. 

In Bangkok, the place to find these four elements of a successful startup is True Digital Park. They offer the flexibility within these elements to allow you to develop your startup as you see fit. They also provide access to a network of the movers and shakers within the industry who can help you realise your dreams. Please watch this video to get an idea of all the benefits that joining a supportive tech community in Bangkok can offer to your startup.   

Space, funding, knowledge and a supportive community are all assets that can lead to success for a startup. And they can all be found in Bangkok at True Digital Park

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