About three thousand startups currently function at different stages in Ukraine. There were no more than five hundred of them in 2014. According to Igor Yankovsky, such breakthrough was achieved despite the conditions that Ukrainian entrepreneurs faced. The founders who are ready to take risks will survive in the country with a fluctuating currency and instable banks.
On the blog on the Medium Yankovsky offers readers “a subjective list of criteria” for elaboration of successful startups. In addition to traditional references to motivation and “calculations” of an addressable market, the entrepreneur claims about the crucial importance of execution. “The project will not “soar” without a strong team of executors who have relevant experience. The first thing that interests potential investors is whether founders will be able to implement their idea”, – argues Yankovsky. In contrast to traditional business, a startup can quickly “rebuild” the team in response to new challenges, and it is its comparative advantage. For instance, a data science department becomes a new must have even in such developed niches, as classifiers.
Another crucial point – try not to be late, constantly improving your product. Apparently, there are not so many breakthrough ideas; therefore, at least several tens of thousands of entrepreneurs across the globe consider the introduction of the same technology simultaneously. In this situation you should say “stop” at the right time and launch the product as soon as it is tested for the minimum acceptable level of quality. You may “tie” additional options later.
Far more important is to define what challenge addresses your invention. Typically, the ideas that “have blown up” the market meet the most basic human needs: food (Foursquare), accommodation (Airbnb), communication (Facebook, Instagram, WhatsApp), transport (Uber), etc. “The modern concept of doing business relies on the search for ideas that make lives easier or improve them. Before you start, give an honest answer to the question: what will your future client want to pay you money for?” writes Yankovsky.
To his mind, it has become easier to start a startup: innovations produce innovations. Many companies “open” their technologies for a commercial use. It is excellent news for Ukrainians, since they still cannot count on R&D state support.