The face of modern technology has evolved at great speed. It has granted many entrepreneurs opportunities they would have otherwise only imagined with such a pace. However, such a hastened advancement has proven to be a double-edged sword. Not only are today’s tech startups achieving goals they could only dream about, but they’re also facing some nightmarish product design challenges that have never been considered.
We’ll examine five common product design challenges facing new startups in the 21st century with that in mind.
Most millennials are able to appreciate originality and innovation in every aspect of their lives. A recent survey reinforces this idea by reporting that 65% of modern startups use creative design as a leading force behind their brand. Some creative thinkers can revamp or upgrade products already on the market, thereby making a name for themselves in the process.
Google, for example, has already revolutionized the concepts of Wi-Fi and virtual reality. With Google Fiber now expanding to even more cities and offering even greater download speeds than ever before, it’s anybody’s guess as to how the tech giant might grow and advance in the coming months, years and decades.
It can be hard enough for an established company to create a buzz around new products. For a new startup to the industry altogether, the difficulty increases exponentially. You have to create awareness of your product line. The additional challenge is to promote your company name and company brand, too.
Thankfully, the internet can be a real boon when trying to create awareness. Professionals specializing in online content creation, marketing and search engine optimization can be beneficial. This is true, especially when you’re trying to gain a position amongst the industry giants. Even the creative use of advertising mediums, such as the creation of short videos, podcasts or interactive websites, can go a long way in establishing yourself in a world that is full of competition.
3. Product Form Factor
Other aspects that can affect the success of your product, believe it or not, are its physical size and properties. With technology becoming smaller, it continues to evolve and advance. Today’s consumers are always on the prowl for new products that are sleek, stylish or comfortable.
While modern hardware does present some limitations regarding the final size of a product, even these technologies are becoming smaller and more streamlined. Circuit boards, for example, are far more versatile than ever before. As the spaces between two electrical conducting paths are 0.006″ or smaller, circuit boards are able to maintain a minimal form factor.
4. New and Upcoming Technology
As mentioned above, the rapid advance of technology has had both negative and positive results for new tech startups. Entrepreneurs need to consider the current state of the IT industry. However, they also need to scope out some possible future trends.
The relatively recent introduction of the Internet of Things (IoT) has created a vast network of interconnected products and services meant for consumer use. The IoT provides startup enterprises with unexpected opportunities and new technological advancements on a consistent basis. Entrepreneurs who can familiarize themselves with the IoT and its unique challenges facing new startups are sure to gain some ground over those who ignore it as another fad.
5. Initial Funding
If you are entirely new to an industry, the process of locating and securing investments can be an arduous undertaking. The world of information technology is no different. Unless you’re building a company off an inheritance or trust fund, you’ll probably have no other choice than to pique the interest of some investors.
The team with InVision sourced a total of $55 million in Series D investments. This was to support collaboration in the design and development of IT-related products. The company is still relatively young. This is especially in comparison to some of their competitors. However, they’ve been able to reach a level of success that might not have been possible without the help of third-party investors.
Finding Your Place as a New Tech Startup
The tech industry’s dominance by such names as Google, Microsoft, and Apple is enough to make any young entrepreneur quiver in their virtual boots. While the field is undoubtedly intimidating, it’s one that can be penetrated through hard work, adaptability and strong business prowess. Knowing these product design challenges facing new startups can help you start your business with a better idea of what to expect.