Characteristics of a Successful Tech Startup – Technology Org
Everyone has heard about successful tech startups like Facebook or Apple that went on to become incredibly successful. However, most startups don’t see this level of success. In fact, many startups go out of business within a couple of years. A look at successful tech companies, such as Rokt, shows that they have many of the same characteristics. This holds true even if the company’s technology and business operations are very different.
Keep reading to learn more about the characteristics of a successful tech startup.
One of the characteristics of a successful tech startup is employee retention. Of course, this is a characteristic of a successful startup more generally. Technology is quite a competitive industry and that holds true when it comes to retaining good employees, as well. However, it is critical to retain as many of your employees as you can when running a tech startup. This can prove to be a challenge due to the high employee turnover rates at startups more generally.
Your current employees understand the details of the business and created the startup with you. As a result, they are quite knowledgeable as to how to expand the company while maintaining its core focus and values. It is difficult to replace that knowledge even with excellent new employees. Successful tech startups like Rokt have good employee retention.
Keeping the same vision
Another one of the characteristics of a successful tech startup is that the company maintains the same vision that it had from day one. Naturally, the company will experience change over the years, from its financial goals to its base of operations and likely in terms of its employees, as well.
However, if you want to run a successful tech startup like Rokt, you have to ensure that the company maintains the same vision that it had from the beginning. For example, Rokt’s vision is to transform e-commerce and make online shopping better for everyone and that has remained their vision since the beginning. It is critical to follow that example to run a successful tech startup.
Creating a Close-Knit Community of Employees
Something else that you will find about a successful tech startup is that they have created a close-knit community of employees. It is important that you make sure that your employees feel valued and respected at your tech startup.
Additionally, you should make sure that you listen to your employees and are responsive to their feedback. One more thing that you can do is to foster close connections between employees by connecting regularly as a team, just as Rokt does with annual retreats and end of quarter celebrations. This close-knit community of employees will prove integral to helping the company handle change and withstand hardships it may face.
Strong Company Values
A successful tech startup like Rokt also has strong company values. You should ensure that the company maintains its values and communicates them clearly to both its clients and customers. Honesty, transparency, and accountability are three good values for any company to have, including a tech startup.
Regardless of which values your tech startup holds dear, you should also take some time every now and then to evaluate the company and ensure it is still those values. Strong company values give a tech startup a clear direction and attract customers, too.