Many people believe that successful tech companies, like Apple, can be started from nothing by anyone in a garage or coffee shop. There is a lot more to it, however. Although there are many paths, how can you go from idea to launch to traction to success? After learning from your own experiences, the next best way is to learn how others have done it before. One of the most important parts of learning from others is realizing that the variables are always slightly different and you will need to tweak the steps and model as you go.
We recently caught up with Kevin Anderson, Co-founder and head of business development for Appetize. Kevin told us about the steps that Appetize followed in order to build the successful company they have today.
- Research: They initially spent time researching: which companies are offering similar services? How big is the market size? What types of revenue models would work for this business?
- Analyze: After gathering the information, they analyzed it. What did they need to do to create a successful business? What assumptions did they need to make? How would they reach their target market?
- Get the MVP into the market: After research and analysis, Appetize was convinced that the opportunity was big enough and worked on getting the Minimum Viable Product (MVP) into the market. Many tech startups leverage MVP launches to get feedback and tweak from there. This enables the company to spend less time and resources building out a spec that may not work.
- Listen to the market: Once the MVP is in the correct hands “having a passionate team that can pivot quickly, and keeping your finger on the pulse of what the industry wants are the true keys to starting a business,” according to Kevin.
- Innovate: Kevin says, “Our market sizing, competitors, and revenue models have all changed since we started. So, yes, make sure the opportunity is massive, but once you do, get out there with a product, listen to clients, and innovate quickly.”
Appeyize offers POS systems for live entertainment venues. Over the past few years Appetize has grown their platform from a mobile ordering app for fans to a suite of payment/POS products, which now includes a (1) mobile app and white label SDK, (2) handhelds for waiters/hawkers, (3) kiosks for line busting and luxury suite holders, and a (4) full scale POS for concession and merchandise stands.
What are the steps that have works for you to build a successful business?