Just today Startupality became a part of Zagreb Entrepreneurship Incubator and for this occasion we decided to explain in a bit more details what is Startupality all about.
What is Startupality in short?
It is a software tool for entrepreneurs with which helps you turn your idea, project or your current startup into a successful company by using the empirical process.
Why is it called Startupality?
The name emerged as a combination of words startup and reality originating from the idea that an entrepreneur has to face reality and do a 360° view of his idea and his business model before making important business development decisions.
Tell me more about it?
Have you ever needed a tool which could help you manage your ideas, understand the market and improve your business decisions? Until now, there were no efficient tools for managing startups and finding business solutions by talking to customers. Enter Startupality. It is a collaborative business planning tool which helps startups get from idea to success by learning from customers, measuring progress and iteratively building the solution. Get systematic guidance through your business planning process, no matter if you are an expert or not. We are experienced in startup methodologies and processes and are certain they can also help you with your project. Main building blocks are customer development and lean startup methodologies, along with tools like business model canvas and kanban boards. With minimal effort, startup founders can get immediate results by using visual tools and smart wizards along with founder’s checklist. While there already exist a lot of project and product management tools, market for business management of startups is not saturated.
What are the platforms and technologies used?
What are the biggest challenges?
Some challenges which await our team are making great UX/UI for both newbies and experts and figuring out how to properly apply gamification in order to engage users. Also, it will be important to optimize the tool for startups outside of tech field. Overcoming the natural resistance of field experts for using tools for what “they already know” and reconsidering freemium revenue generating business model against free trial model will also be important things to take care of. The plan is to fail fast and learn from mistakes, talk with potential customers and keep iterating.
Any interesting facts?
Research study done in 2012 at University of Tennessee says that the main reasons for startup failures are no knowledge of pricing and financing, lack of planning and no experience in record-keeping.
While leading management mistakes are
- going into business for the wrong reasons
- lack of a clear focus
- entrepreneur gets worn-out
- underestimated time requirements
- lack of market and financial awareness and responsibility
It is safe to say that most of these problems could be solved by using a planning tool and timeboxing activities, making at least basic finance projections, validating business model with potential customers and tracking the data about customer interviews.
Statistics also tells us that:
- New products have terrible success rates. (As much as 90% of new products fail)
- Especially in ventures done by first-time entrepreneurs. (95% of enterprises are small firms, but only 18% of first-time entrepreneurs will succeed with their first venture)
- Most of the startups are stuck in the ideation phase. (About 70% of startups are stuck in the brainstorming/ideation phase)
Target audience for this tool are innovators, entrepreneurs, intrapreneurs, lean startup practitioners, and anyone with a side project,. In 2012 only in US there have been 6516000 new startups founded and this means there is a big market as there are many startups created each year and the trend is seen worldwide. Unemployment rates are rising and tendency to be self-employed is getting more common.