The Triangle of Success - three things in balance equal start-up success
Inspiration and Ideas - entrepreneurs and founders come forward with ground breaking ideas, creating new economies and disruptive businesses
Investment and Advisory - the VC and investor community partner to fuel the ideas and growth
Innovation Talent - 'the new IT' is needed to build, scale and take these products and platforms to market.
The Patterns of a Scale up
Ideas become a product, product becomes a set of products, products become a platform, the platform becomes a monolith - scale is blocked. It is at this point a scrappy scale-up that has rightly focused on customer and product market fit needs to think about Product Strategy, Digital Platform Strategy, Organisation Design, and a Technology Strategy to properly scale the business and achieve success.
It is at this point ThoughtWorks typically helps clients to shift.
The Language is Different
We are perhaps more familiar with the language of Enterprise and even the Lean Enterprise but in the land of the scale-up we hear and see completely different language and behaviours. We shift from explore, exploit, double down to scrappy, product market-fit, seed-series-exit strategy. Learning a new language is difficult, learning new ways of working is even harder.
The start-up, scale-up sector is creating more than just new businesses, it is creating entirely new economies, ones that did not exist 5 years ago, even 2 years ago in some instances. We see money move in the direction of the most audacious and most ambitious, Babylon Health, one of our guest speakers, aims to put affordable and accessible healthcare in the hands of every person on earth. That is a mission statement and why the organisation is so successful even in the most burgeoning sector of HealthTech. We're seeing Mobility, FinTech, DeepTech and ConsumerTech areas achieving the highest concentration of money and new products..
Money flows towards problem solvers and international models
If there are two things that take you into the $0.5bn+ funding realm and beyond, it is simply this - are you solving a big enough problem? Yes = $00's m. Is your business model International, can you take to any region? Yes = $000's m.
You don't have to be to big to be successful, but in the words of Chinese Internet Giant JD.Com CTO...