As COVID-19 chaos settles down, hardware start-up business models need to modify, adapt, and strengthen. These 9 tips provide guidance on product development, fundraising, and more.
In this time of unprecedented—and unpredicted—disruption, businesses in every industry have been forced to look at their adaptability. It turns out that some businesses adapt well with only slight modifications while others experience drastic drops in productivity, output, and workforce. Sadly, many might cease operations altogether.
Where does this leave your hardware start-up? Key activities such as development, testing, building customer bases, and fundraising have all been impacted. So how can a small company thoughtfully plan for the next three to six months with so much short-term uncertainty? Thankfully, as the global COVID-19 pandemic starts to settle down, now is a good time for start-ups to push forward. From a strategic standpoint, going through a worldwide economic shutdown creates a precedent itself, shining a wider spotlight on factors that wouldn’t have been on the radar three months ago.
For start-ups, strategically building a business for an unknown “next normal” presents huge challenges. Here’s some advice from industry experts, all of whom participate in the Autodesk Technology Centers Residency Program. They give nine tips that address product development, fundraising from both private and public sources, and what comes next.
1. Think About Customers’ Needs When Restrictions Are Lifted
Many things are changing in the bigger economic picture. Eric Klein, a partner at leading early-stage hardware venture fund Lemnos, encourages staying nimble. It’s important to align your product offerings with what your customers will need, not necessarily what they did need. “It’s great if nothing changes in your customers’ world,” he says. “But you don’t want to get caught flat-footed if your customers are adapting to remain competitive or to grow in a post-pandemic economy.”
Read on >>>> Source: Redshift by Autodesk 9 Hardware Start-Up Tips to Succeed in the “Next Normal”