ATDC Educate Offers Insight Into Why Startups Fail
We all know the Tech Square neighborhood has the highest density of startups, corporate innovators, academic researchers, and students in the entire southeastern United States. So it’s no wonder that the Advanced Technology Development Center (ATDC) is one of the residents that calls Tech Square home.
ATDC is “Georgia’s technology business incubator, assisting entrepreneurs throughout the state. Via a unique blend of coaching, curriculum, community and connections – not just to Georgia Tech and its resources, but also to capital and customers, ATDC helps Georgia startups at various stages navigate the choppy waters of taking an idea from concept to product prototype to launch and ultimately to scale.”
Included in their robust offerings is their ATDC Educate program, which gives entrepreneurial members access to their vast curriculum and coaches that help pave the way for a successful startup.
Every second Tuesday of the month, ATDC Educate hosts the first class in their Customer Discovery Badge Program – Customer Discovery Theory. Since Tech Square ATL (TSQATL) Social Club is located directly across the street, and prides itself on being the premier membership club for entrepreneurs, we virtually joined in with like-minded individuals to learn more about ATDC, their program offerings, and to uncover the essentials of the startup world.
The course, which covered a variety of topics, including a concentrated overview of the Customer Development Process, Business Model Canvas, and Minimal Viable Product (MVP), really honed in on one particular key message – why most concept-stage startups fail.
According to the instructors, which included ATDC graduates, it’s because most startups focus more on the execution/delivery of a product/service versus the needs of the customers potentially buying it. Without first understanding your target audience, the risk of failure is much greater.
The two-hour Customer Discovery Theory class, which also included interactive breakout sessions amongst participants, provided entrepreneurs with the tools and information they need to first have the appropriate conversations with people about what they believe is a problem – and their suggested solution. It’s truly all about the initial research.
DID YOU KNOW?
An estimated 90 percent of new startups fail! Sources blame premature scaling and not offering a product/service the market wants as the main reasons.
Have you had a startup fail? Do you have insight into what made your startup successful? Let us know in the comments below.