New Age Startups: A Lean Approach To Success

By admin_evolotek Startup August 1, 2022

Our recent decade is filled with cutting-edge innovations in terms of technology and business operations. Gone are the days when heavyweight industrial organizations were the most optimal mode of innovations and operations, these are the days where lightweight product-oriented lean startups stay ahead of the technology curve with the help of agile technology. Let’s break down the above sentence:

What do we mean by lean startups?

Lean startups are new-age startups that are created or revamped in the latest digital era that takes full advantage of the current digital infrastructure and utilizes the innovations like IoT (Internet of Things), Data Analytics, AI (Artificial Intelligence) and several other technologies to provide a product or solution. These startups are usually lean in terms of size and consist of few people with similar product ideologies, this trait is crucial for the creation of a product that provides a tangible value to the end user.

How do these new-age startups beat the traditional ones?

Play Bigger, A Harvard Business Review study highlighted that these new age digital-first organizations grow at a rate that’s double the traditional ones. Companies that were founded from 2012 to 2015 had twice the time to market cap as compared to those that were founded from 2000 to 2003. This accelerated growth can be attributed to Agile platform and fluid workflow that is free from old rugged industrial infrastructure. Having the freedom to take decisions and implement them without a bureaucratic process helps these organizations deliver results at a blistering pace.

What on earth is Agile?

Agile is a method of software development that helps a team provide maximum benefit to the user with their product without hassles. Agile development allows organizations to innovate and scale up at speed with precision. Rapid technological adoption helps organizations in several ways:

Quicker and more accurate decision making
More efficient manufacturing techniques
Efficient resource management
More efficient stock management and ordering systems.
Innovation friendly
Optimal marketing and promotion.
New sales avenues

What can we learn from these new-age startups?

These startups show us that getting rid of dead weight and adopting the latest innovations is crucial to staying ahead of the curve. With the right technological infrastructure, an organization can benefit in terms of work culture, efficiency and scaling. The workforce can be empowered by building a small close-knit team with a product oriented mindset. These new-age companies do a stellar job at identifying users’ pain points and working with a sense of responsibility and passion to provide exceptional value to the business and the customers. These startups also show us that having a unique idea is not enough, one has to streamline, analyze and refine processes from time to time.

While rapidly changing market conditions and an unprecedented pandemic forced teams to rely on smarter digital tools, this urgency to go digital proved to be a game-changer for many new-age companies that are quick to adopt innovative tech that allows them to leap to digital and operational success. Organizations can accelerate their digitization journeys by drawing inspiration from their flexible and agile way of working.

Companies must be as agile as possible to meet the challenges of radical change that changing market conditions present. It is time to embrace technology that enables agile development, cloud-based services, security, and automation, all of which are essential for empowering employees and thriving in this new normal work culture.

Check out our next blog as we dive into digital enterprise transformation here

Questions?

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New Age Startups: A Lean Approach To Success

What do we mean by lean startups?

How do these new-age startups beat the traditional ones?

What on earth is Agile?

What can we learn from these new-age startups?

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