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EVENT | Startup&Angels Sydney 2023 | 3rd August 20237th September
Scaling Success: Conquering Obstacles and Thriving through Innovation
Scaling Innovations was a success! Attendees were able to listen to 2 fantastic pitches of innovative startups: LinkaX and Deputy and had the opportunity to gain valuable insights from two game-changing scaleups, PlanPay and Vitable.
But that wasn’t the end of it! The panel discussion, moderated by Matteo Bianchi and featuring Sam Bricknell, Lynda Coker GAICD, Richard Webb, and Annie Liao, shared their knowledge to assist attendees in scaling effectively and avoiding potential obstacles. Here what we can remember from this night:
What are key considerations to scale?
The panelists unanimously emphasized the importance of assembling the right team. It’s crucial to ensure that your team members share the same goals and are dedicated to achieving them. While recruiting top talent is vital for securing individuals with the necessary skills, it’s equally important to ensure they align with your objectives and have a clear understanding of their role in the journey ahead. This requires a forward-looking perspective; envision the path ahead and anticipate the future.
Scaling also involves a comprehensive market assessment. Don’t limit your focus to a random segment of the market; instead, analyze the entire market landscape, gain a deep understanding of your current market and anticipate its future evolution.
Lastly, maintaining perspective is key. You can’t be everywhere at once. Instead, concentrate on the right priorities at the right time. Premature scaling has caused the downfall of many startups, so exercise caution and timing in your growth efforts.
What are the mistakes startups often make?
One common mistake that a startup founder might make is overlooking the input of others. At times, our intense focus on our project can cause us to disregard valuable advice from those in our circle, even when it could potentially benefit us. Since others may not be directly involved in the project, they often bring a fresh, external perspective that can help identify issues or offer valuable insights. Hearing different viewpoints can also prevent premature scaling. Scaling should occur when the timing is right, not just when you feel it’s right.
But when is the right time? Firstly, it’s when you are fully prepared – mentally and practically – ready to tackle challenges and move forward regardless of obstacles. Secondly, it’s when you have the right individuals by your side – those with the necessary skills for scaling and a commitment to dedicating their time to the scaling process. Lastly, it’s when you have received validation from others. This means having a solid understanding of your product’s market fit, satisfied clients, and a clear vision of how the market is evolving in the future.
How are scaleup innovations reshaping traditional approaches to business growth?
To begin, let’s explore the concept of innovation from the perspective of our experts. Innovation embodies a creative approach, involving the alteration of your established methods. It is essentially a form of problem-solving, the mindset you adopt when tackling issues. Innovation arises as a response to a specific need or challenge, all the while preserving your core objectives. These innovations play a crucial role in enabling you to scale, as they foster the growth of your problem-solving abilities.
Ensuring innovation requires a thoughtful approach. You must delve into the root causes of the problem, understanding why it arose in the first place. Without this critical analysis, you risk merely passing the problem along without resolving it or fostering innovation.
And remember:
- Make sure you know what you’re solving
- Don’t hesitate to ask
- Have Fun!
THANKS TO OUR SPONSORS
A heartfelt thank you to our sponsors for their faith in us all year round. We would not be able to deliver amazing events and opportunities for our exceptional members without your support.
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