Innovation drives the sustainability of any organization as it is the major contributor behind its growth and success. New startups have transformed the industrial markets to a great extent in recent years. This significantly affects the ‘big fishes in the sea’ as these upstarts have created a market of their own.
How does a startup affect the entire industry?
‘Uber’ is the perfect example of how a startup had a huge impact on the taxi and car rental industry and holds the majority market share at present. Another successful startup story is of Kevin Systrom and Mike Krieger – the big brains behind the social media app ‘Instagram’ which currently owns 4.28% market share as per the social media stats worldwide.
The clear message is that no matter how big or small a corporation is, with new startups coming ahead at such a pace, the industry is going to get affected by it.
- ‘Airbnb’ stands as the epitome of how greatly an innovative company can affect the entire industry and its market shares. What started as a small idea of renting air mattresses, soon became a billion-dollar company for Joe Gebbia, Nathan Bleckarczyk, and Brian Chesky. This small startup forced the entire hospitality industry to mitigate their prices to remain in the competition.
- ‘Byju’s’ is a successful online teaching app developed by Byju Raveendran in 2011 that provides world-class comprehensive learning courses for students all across the globe. It also grabbed the attention of some global investors, making it a $ 10.5 billion industry at present.
- One of the greatest employment-oriented online services ‘LinkedIn’ was initially started by Reid Hoffman with just 350 connections on his profile. Currently, it stands as one of the most influential websites for employment services. It was acquired by Microsoft Corporation in 2016 to integrate it with their software enterprise and grow the professional networking site.
Such large Multi-National Corporations recognize their competition and invest in their ventures to gain mutual benefits and overtake the competition.
So forget about how much you have invested in the Research & Development domain of your company or how innovative your idea is, there always exists a competitor with a better business model who may launch your product better.
Why keeping a track of all the new startups becomes necessary?
Staying ahead of the competition is always better for a company. Hence, keeping a track of all the new startups coming up in your domain will help you follow the developments in the industry.
This allows you to recognize and analyze the market trends as well as the business models proposed by upstarts. It keeps you updated about the new trends in the market and what your customers are looking for.
The abundant R&D resources available at large corporations can help them in developing sales and marketing strategies that could overtake such startups. With the right set of strategies and ideas, such corporations can easily overtake an upcoming business and stabilize their position in the marketplace.
Conclusion-
To stand out from the crowd in this age of competition, it becomes necessary to stay updated about the ongoing trends in the market. Keeping a track of new startups emerging in your field gives you an edge that may help you overtake your competitors in the future.
Whether you chose to ignore the potential and influence these startup companies have on the market or you begin to recognize their impact and use it to your advantage, there is no doubt that startup projects have a huge impact on every industry.
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