New technology and novel products and services always hit the
hurdle of convincing the market about the need of the technology especially
when the “ordinary” seems to be the norm. The naysayers will always discourage
the new thoughts and solutions by comments like: -
· “Oh! the
market is not ready yet”
· “There is
an alternative, probably a cheaper one, why would then the market change?”
(This is even when the new solution has better efficacy and efficiency)
· “Has
someone else used it” (This is a typical mindset- even if the newer technology
has the potential to change the paradigm, there are few who would take the lead
in adopting the change!)
Big companies (or Startups) like Tesla, Uber who are testing
to show promise of “driverless” cars for the future or Virgin Galactic which is
promising passenger spaceflights, have one thing in common – load of cash- that
can help sway public opinion on their futuristic ideas. However, for smaller
start-ups, which have novel solutions and which may not be so “non-worldly”
(pun intended!), it becomes a challenge to convince the market.
Image
courtesy - FoundersGrid
It is also not always that the “need or necessity” drives faster
adoption. Some technologies like the “touchscreen” was not a necessity when it
was introduced in mobiles, however, touchscreen mobiles changed the way we
communicate.
So, one of the biggest challenges of a “novel solution” driven
start up is to “change the mindset” and hence the dynamics of the market. The
smaller start-ups need more handholding from not only the existing and
potential investors with regards to financial backing and patience but also
from the community (Eg. doctors, if it is a life science focused start-up to
test rigorously the newer “solution” being offered and adopt fast if it is
ultimately going to help the end user – the patients!).
