OPINION
S.M. Talib Rizvi
What made the startups click in Pakistan?
problems more effectively in comparison to existing offerings. Therefore, it is quite common for startups to be referred to as ‘disruptors’ of their respective industries. Startups have caused quite a stir in different industries in recent years with certain entities achieving unprecedented success in a short time frame. To understand how this is possible, we need to be aware of the dynamics of what makes a startup successful. First and foremost, timing is a crucial element of defining the success of a startup. Based on the existing market trends and customer needs, a particular startup may be able to achieve a substantial level of success. As an example, in the late 1990s most of the models on the internet were based on web portals which focused exclusively on pure traffic generation. It was at this time that Google came forth with a product that was based on a search – Jack Welch engine that would be capable of directing relevant consumers to websites and lead to more meaningful traffic generation. This model enabled customers to find relevant websites more easily he coronavirus pandemic has altered the landscape and ensured that websites would be getting visitors that would of the business world in a multitude of ways. likely generate sales. Over the course of the early 2000s, the value While some businesses have struggled to adapt of Google became evident to their competitors who tried to create to the emerging challenges, several opportunities their own search engines, Google has been able to maintain their have been created in different markets that compasuperiority and has become the most popular search engine in nies have capitalized on. Generally, there has been the world. Whilst there is no doubt that Google’s product was a rise in the number of startups across different industries that revolutionary, it was also important to launch the product at a aim to bring innovative solutions and products to better address time when its competitors had not realized the changing trends the existing deficiencies in the market. Startups can be defined as in the market. Hence, startups must ensure that their product is a newly formed venture that aims to disrupt the industry by offerlaunched at a time when they can capitalize on existing trends ing a creative product that addresses a marketplace need with a and needs to build significant momentum for the growth of the particular focus on doing this with rapid pace in order to achieve startup. Another key component is to conduct a thorough analysis substantial growth in a relatively short period of time. of the market and ensure that there is a significant need for a parA startup is usually defined by its ability to consistently ticular product or service that the startup aims to provide. innovate to disrupt the norms and the existing trends of an indusCertain startups are not able to succeed in the long term try through the creation of new solutions that are able to tackle because their opportunity to grow is quite limited due to the small size of market that they operate in. Hence, it is critical that a startup targets a market that has a significant number of customers and ultimately this would provide more opportunities to target specific segments whilst also ensuring that there are greater chances of the startup The writer is a senior growing successfully. Lastly, the presence of a strong business plan and its implementation will define whether the startup will be successful or not on multiple levels. A sound professional banker with business plan will usually focus on capitalizing existing market trends and provide a varied experience spanning definitive pathway of how the startup will grow. A plan that provides clarity on the steps over 25 years. He presently that the company will take to achieve its intended level of growth and ensures that there is a powerful commitment to the founders’ vision will increase the likelihood of the startup serves as the executive receiving considerable backing from investors which ultimately gives the startup a solid director for TAG financial basis to achieve their aspirations.
Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.
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