At the center of the AI world is its cornerstone – the data. Machine training is impossible without it, and the largest part of the world’s information belongs to several large corporations.
It seems like there is no room for you in the AI ecosystem. How can one compete with corporations and states with huge funds? Nevertheless, there is a place. There is plenty of free space in machine training for all sorts of startups. Big corporations do not have time to solve small problems, but you do!
Principles of the startup success
We can find the explanation if we look deeper into the 4 core principles that determine the success of a startup:
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- Team
According to Professor Lee Thompson of the Kellogg School of Management, “a team is a group of people who are interdependent in terms of information, resources, knowledge and skills and strive to join forces to achieve a common goal”.
This definition seems ideal under ordinary circumstances. However, when it comes to a startup, this is a group of people who are working towards a common goal, but can sacrifice key motivational factors such as a vacation and, sometimes, even salary in order for the project to be successful. A successful team is diverse and its members have the necessary skills. They are always ready to explore new concepts and adapt to the dynamic business conditions. They have mutual understanding and respect for their teammates, and they are willing to do whatever it takes to get a collective vision.
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- Strategy
This is one of the very important parts of any successful business as it actually determines how long a plan, product or startup can live. A strategy is a well-prepared plan by the members of the management team that keeps the entire team informed. A great strategy is not only about running the business, but also about making the best use of resources such as funds, tools, human resources, etc. Successful startups focus on reducing costs and maximizing profits.
A successful startup builds its strategies around effective team building, training and development. Only a well thought out and equipped team can surpass any challenge.
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- Product
A well-known fact about most successful businesses is the quality and usefulness of their product. Startups, which understand the market and the ability to fill in the gaps, are often showered with love from their customers. A product-driven company only focuses on what their product can bring, striving to continually improve it and ensuring that customers get the full value for their money.
The key to a successful startup is to create a product that truly fills gaps in the marketplace and challenges the framework embedded in carefully developed sales strategies.
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- End user
The most important aspect of a successful startup lifecycle is its end user. The difference between a successful startup and a failed startup is in their customer loyalty, often referred to as their Net Promoter Score – the percentage of customers who deliberately use word of mouth marketing for business and remain loyal to the brand.
The new SYPWAI startup of Theneurosphere has it all
SYPWAI – Solve your problem with AI. The slogan of this company speaks for itself. After all, artificial intelligence not only helps to solve many problems, but also allows you to make money. So, the SYPWAI experts give everyone the opportunity to earn money by performing simple tasks.
The main idea of SYPWAI is that anyone can participate in training of a neural network.
Every startup faces multiple risks when it launches a product or service, often without drawing attention of the users. Successful startups such as SYPWAI see such failures as their badge of honor and learn from their own experience. But a startup that fails because money is more important to them than customer satisfaction is likely to fail until the founders figure out what the mistake is.
These four key principles not only determine the startup success, but also create a sense of confidence among its customers. A stable foundation of these principles can help any startup to attract more customers and save the existing ones at the same time.
Published 27 Jan 2021
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