How do entrepreneurs create successful startups? In the first part of this three-part series we looked at how it is important to start small and focused and to understand when the right time to grow is. This way the failures that impact so many firms during the early phases can be avoided.
In this article, the focus is on ideas and how a good idea needs to match up with the right kind of market.
“I didn’t like it when someone told me what to do, so I wanted to create something myself,” says Kasparas Aleknavicius, the co-founder of a dietary supplement, Bioma, at Kilo Health, a digital health and wellness company.
Bioma was one of the many ideas by Aleknavicius, but the only one that passed the testing stage until now.
Aleknavicius explains to Digital Journal: “We had app ideas, other supplement ideas, and looked at many other things in the market, and it became clear that probiotics had the strongest ground. It was a trend, but not one of those weak trends – probiotics remained relevant either way.”
Probiotics seek to help restore the natural balance of bacteria in your gut (including your stomach and intestines) when it’s been disrupted by an illness or treatment.
What made this product successful was finding a market fit because it directly correlates with the chances of long-term success and sustainability. It helps startups understand who their ideal customers are, their needs, and how they can address them.
Aleknavicius explains: “We discovered that many people were struggling with various digestive issues and overall gut health concerns. They were looking for a natural and effective solution to support their gut microbiome and improve their overall wellness.”
For the next step: “To address these customer needs, we delved into the realm of probiotics, recognizing their potential to revolutionize gut health.”
Besides that, Aleknavicius says that finding a market fit can give a startup a competitive advantage by offering a better solution than existing alternatives. It can also improve user satisfaction, and they are more likely to become repeat buyers and brand advocates.
The third part of this feature looks at the value and important of learning from past mistakes and how to channel these insights going forwards.
