The ‘Mindset Model’ For Your Startup Success
Behind every successful startup is a “behind the scenes” moment which works as a thriller movie. You are always on the edge of your seat, even when you are basking in success. The fear of failure seldom leaves you. If you are an entrepreneur, halfway into your startup, or you are someone who has just started out, you will be able to relate to this.
At Coruscate, we have been working as the technology partners for startups since our inception, and have helped them grow and scale successfully. The reason for this successful partnership is not just a great connection at the base, but also a differentiated mindset, aimed towards success.
Here we will talk about the successful startups, the ideal mindset that the entrepreneurs should have from day one, how to attract investors, and how to make your technology investment to start out successfully.
So, are you ready for your startup ride?
The year 2018 has seen quite a lot of investments in startups. From $1Mn to $100Mn, startups have actually gained a good amount of investment, and are still striving for more. Some of the popular startups that gained a good investment are listed below.
- Swiggy recently raised $210Mn in funding from global investors. This was the series G funding round, and the funding will help the startup improve the supply chain network and with its expansion plans.
- ClassPass secured $85Mn as part of the Series D funding round. They are a subscription studio fitness plan and are all set to work on their expansion plans with the funding they have received.
- Knock Knock raised $2Mn in seed funding. They are into building games for different chat platforms such as Facebook messenger etc. They create interactive chat fiction and provide access to mobile games in messaging apps. They make use of chatbots also. The startup will be part of the next wave of chat games that will whisk the market away.
These are just a few startups and the funds raised by them. In the past week alone, close to 395 funding rounds were announced and $10.4Bn was raised as funds by the various startups. Tic Toc home loans secured $11.5Mn in series B funding and have become one of the top startups in this week.
The startup ride is not easy, we know. So, what helps these startups get the investment, and secure their funds? Let’s start with the startup mindset that ought to be if you want to win the investors' hearts.
The Startup Mindset
Check out some of the top startups from the past; they are all top businesses in the United States right now. Slack was a startup till sometime back, and today it is the tool that helps businesses communicate seamlessly. Businesses can think of a time before Gmail.
If you look at people, can you think of a time before Yelp or Whatsapp? What’s common between all these companies that have been named here? They were all startups at some point in time, and today have grown into top-notch businesses. What happened that surged their growth? The startup mindset! What’s that? Let’s understand.
- Let’s conquer the world! That’s the mindset most of these top companies, which started out as startups, had that led them to become top businesses. These companies started out with the intention of going global and making their business big right from day one. Yes, their vision was clear and they wanted to reach the top, and they did not stop dreaming about it, even for a day. Even in their outreach initiatives, these startups opted for places with the high command and high authority and did not believe in going local. That’s the first thing you ought to have if you want to grow your startup.
- Look at the top companies in the US. They have mutual beneficiary relations with their competitors. They in some way join hands with their competition and improve their business. That’s what you need to learn if you want to grow your business. Stop treating your competition with fear; instead, collaborate with them and try to reach newer segments and better markets.
If you lack the fear of growth and are less apprehensive, chances are you will be able to grow better.
The Hook Model For Startups
The hook model for startups is an extension of the AIDA model from the advertising world. It works in a similar fashion and attempts to earn similar faith from the investors. Let’s understand what the hook model is and how it attempts to help the startups.
The hook model attempts to understand the users and change their behavior with time. It triggers various emotions and helps them take action.
There are four parts of the hook model, which together help startups connect with the user’s issues and bring forth a solution.
- Trigger: Trigger is what intrigues the user towards a product. For instance, when they are browsing the Internet, and a product is being marketed on the page they are browsing, it might trigger their interest. It is basically anything that captures their attention.
- Action: A trigger may convert into action. For instance, when they are attracted to the concept, they might take the action to go there.
- Variable Reward: The benefit they get against the action they have taken is the reward. For instance, while on Whatsapp, the users get communication in real-time. This helps them stay updated.
- Investment: Once the above mentioned three connections are made, the fourth part is the investment the user makes into staying on the page or application.
One of the finest examples of the hook model is Instagram. The way it went viral since inception tells a lot about how startups can use the hook model to change the user’s behavior. From textual content to image-based content, the world has moved towards more visual communication.
When you are developing a product, you need to incorporate the hook model in the conceptualization stage. Once the product is ready for the launch or has been launched, there is no way you can change any aspect or work towards improving the user’s behavior with your startup product. Before conceptualizing a product for the hook model, here are a few things to consider
- Learn more about the user- how they work, what they prefer and what are the characteristics of the user
- How often do they use the product that you are planning?
- Finally, understand what makes them come back to the product and what initiates an action?
How Coruscate Helps?
As a technology partner to your startup, we help in identifying the technology needs, the right technology stack, and how you can launch the technology for your business. Whether you are an app-based startup or a startup that needs a technology backup, we have a process that helps cover all bases and improve your output.
- We start with identifying the user base, the ones for whom you are developing the product. We understand what makes them connect with the product, how they would appreciate the problem being solved, and what exacts an action from them.
- We try to identify the possible technology solution for the requirements and objectives you have stated. We believe it is important to partner with the right technology, as it will help improve your output.
- Once the technology solution is defined, we start with identifying the technology stack and the money’s worth for your business.
- We also help with app monetization strategies and the app launch phases. We ensure proper development, in accordance with the blueprint.
- We prompt everything into phases and ensure the effective development of your solution.
If you are looking to give your ideas the wings of technology, connect with us at Coruscate.
Note: We do not make clones of any exact application, clone means to us is how better we can execute your app idea with existing app features and experience.