Set up a successful framework for your company
These characteristics are not shortcuts. They will not guarantee that you will make a successful company. But they may help you a lot.
Use proprietary technology
Proprietary technology must be at least 10 times better than the technology of the closest substitute. Otherwise, it will be very difficult to sell on the market. In order to create a technology that much better, you must do something completely new.
Remember the network effect
The value of your product should grow, as more people use it. Just as it is the case in a social network. The more friends you have there, the more you are willing to use it as well.
Create economies of scale
It should be very cheap to serve your product or service to a greater number of people. This is how most of the internet services work. When a new user starts using Google, it’s a marginal cost for that company to provide a fully working service.
Develop a strong brand
By owning a strong brand, you own the market. Currently, the strongest tech brand is Apple. Apple builds their brand by designing great products, showing great presentations, having a charismatic leader, and more. Remember that copying all of this is not the recipe for success. You need a strong underlying substance of your own.