“When you run multiple startup accelerators, you see a lot of startups and you start wondering what makes a startup successful or not. Some teams might work really hard and still fail. Other teams might seem to work a little less hard and succeed. I think the outcome hinges on market timing, “ explained Paul.
Timing plays a significant role in the success of startups. It involves not just identifying existing problems but also searching for opportunities in the market. It’s about recognizing the right moment to launch a product or service that aligns with emerging trends, consumer demand, and market conditions. Startups that can identify and seize the right opportunities at the right time have a higher chance of success.
In the video snippet below, Paul highlights primary drivers from the overall list of 12 drivers that are more likely to impact your work are:
- Technology: The emergence of new capabilities and advancements that can shape your business model and provide opportunities for innovation.
- Social or Behavioral Factors: These factors influence how individuals and societies perceive, interact with, and integrate new technologies into their lives.
- Regulatory and Legal Factors: Predictable and unpredictable changes in regulations and laws can create both opportunities and limitations for your business.
- Installed Base: Leveraging existing platforms or technologies with a wide user base to build upon and offer complementary products or services.
- Crisis Situations: Sudden events or circumstances, such as the recent pandemic, can create opportunities for businesses to adapt quickly and benefit from the changing environment.
These primary drivers should not only be present but also have a favorable impact on your business model, providing a timing advantage or “why now” factor. It’s important to consider how these drivers impact your business model.
Full video of Paul Orlando’s Why Now MiniWorkshop
Paul Orlando has blogged about marketing timing issues several times: