The likes of Steve Jobs and Steve Wozniak are regarded as inspirations in mobile and computer tech innovation.
They were involved in consolidating different parts of tech equipment, coming up with new circuit boards, creating an operating system, and procuring individual parts from suppliers.
What they did was anything but easy.
That’s why self-starters such as the Steves are considered to be pioneers in high-tech.
In the past, high-tech was referred to as businesses that created something out of nothing. In other words, they launched a state-of-the-art technology that was new to investors and made people awe in delight.
In contrast, nowadays, the meaning of high-tech has changed.
No longer is the term high-tech pasted on companies that belong to Silicon Valley. But it’s now referred to as any business that incorporates technology in its business model.
For instance, let’s say you own a marketing agency that uses SEO-related software, UI-UX design tools, or other website auditing tools, like Screaming Frog.
You are using digital technology to accomplish your goals.
Great, you’re a tech business!
Did you take part in creating SEO software from scratch that’s catching public attention?
Even better, that means you can be categorized as high-tech!
The Risks in Starting a High-Tech Startup
While the idea of starting your business might seem tempting, God has given you a brain for a reason.
Think before you jump the gun.
Even though Bill Gates and Mark Zuckerberg dropped out of university to start their ventures, they’re one of the lucky ones to have the necessary financial backings and connections that let them succeed.
Many startups fail in the pre-seed and seed stage but are never discussed in mainstream media, as are the few tech geniuses who manage to move up the ladder.
But one major failure shook the startup world to the core, and that was the case of Elizabeth Holmes, the founder of the now-defunct health technology company called Theranos.
She managed to trick her investors with her breakthrough innovation, which involved drawing just a drop of blood from any patient and using this small blood sample to evaluate a person’s health status. She claimed this would make drawing blood a fast and efficient process.
However, journalists and investigators caught up with her lies, and soon she was indicted by a federal grand jury in 2018 on multiple counts of fraud.
The road to hell is paved with good intentions; however, money and power can blind anyone.
So be mindful of what the purpose of your business is in the first place and pay attention to the risks that you might face.
Those risks include:
– High market risk: you might think that your idea is revolutionary, but is it scalable? And would people be interested in buying it?
– High Costs: Will it be too costly to turn your idea into a reality?
-How will you follow up with your financial reports? No doubt through hiring competent financial analysts to forecast your future revenues and plan your budget!
– Limited number of talented people in your niche: how many experts are you willing to hire? Are there enough to bolster your business and help you move forward swiftly?
Ultimately, gaining a foothold in the high-tech business requires much planning and brainstorming, which might take years. So it’s essential to be vigilant of the risks involved in building your brand and be open to expert advice.