How To Launch A Technology Unicorn

Getting started in the tech industry is never easy, especially if you hope to survive…
The age of Digital Darwinism is upon us. This means that for today’s companies the phrase ‘innovate or die’ is all too true; those companies who are even an iota behind the forefront of innovation can’t hope to tread the waters with big names like Apple and Google.
A technology unicorn is a $1 billion company that doesn’t actually make any money. While this may seem a confusing concept, there are plenty of these businesses in existence: companies which have a huge valuation but don’t actually turn over that much money. These unicorn companies are widely snapped up by larger corporations with a view to making major dollars in the near future – their valuations based on their predicted value within the market – and these big names capitalize on this.
So how do you launch a tech company which has the potential to become a technology unicorn?
Tech startups are commonplace in today’s business climate, especially in the USA. Indeed, according to Investopedia, the USA is the number one country for tech startups thanks largely to Silicon Valley. But what is it about San Francisco that cultivates such innovative minds? Alas, the drinking water will not transform you into today’s Steve Jobs, but there is a recipe for tech startup success which is worth a try:

• Forget about today; think about tomorrow. The minds behind today’s tech unicorns aren’t concerned with the here and now: they were thinking about today years ago. To succeed in an industry which is so fast-paced and which changes on a daily basis, you and your company need to be ahead of the competition, or at least able to keep pace. Today’s tech startups are developing the future of tomorrow, so don’t be left behind in the dust.
• Have a killer idea. Following on from thinking about tomorrow, the tomorrow you imagine has to be structurally or culturally different, as altered by your idea. Startups the world over would be nothing without a central concept, so don’t expect to reach unicorn status if your idea can’t change the world. Never expect a consumer to love a half-baked concept; they’re spoilt by technology at this point.
• Don’t get caught up in coding. As we’ve said before, tech startups aren’t all about coding. In fact, they’re not all about technical minds; you may find if you fill a room with geniuses that chaos ensues. Don’t forget that first and foremost you are a business, and as such you need business minds on board to keep the ship sailing smoothly. Let the techs do what they do best and focus on the business side of things.
• Be the best at something. You can guarantee that every small business and startup from Silicon Valley to Silicon Roundabout has an area of expertise, so make sure you know yours inside out. Immerse yourself in your field and make sure you surround yourself with a team who know and love their jobs.
• Know who you are. Dave McClure, co-founder of 500Startups, defines a startup as “a company that is confused about three things: (1.) What its product is. (2.) Who its customers are. (3.) How to make money.”. A successful unicorn will have a strong grasp on these three concepts, although their “how to make money” will of course look beyond conventional selling; they hope to achieve a high valuation and a lucrative acquisition.

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