No matter the industry or size of the business, scaling is a critical component of achieving success. Many of the most successful companies in the world have developed swiftly by doing so—think Amazon, Uber and Airbnb.
Scaling can take different forms, including expanding services and products, increasing resources such as personnel or funding, and enhancing marketing efforts. Each option requires careful planning and implementation to achieve success. This is why, according to France’s NEOMA Business School professor Vijay Pereira, “The ability to scale rapidly is a key factor in determining the success of any business venture.” After all, if you don’t scale, you don’t grow.
When scaling, think of it like climbing a mountain—start with small steps. Don’t rush into anything without doing your due diligence first. Collect data and use it to inform your decisions, manage your resources effectively, get the right advice from experienced professionals and ensure that you have a solid strategy in place. Then, with the proper foundation, you can scale your business towards success.
That said, the process can be both exciting and daunting because it requires careful planning, strategy and execution to ensure that you don’t overextend and become overwhelmed. Bare in mind that scaling your business isn’t just about growth; it’s also about becoming more efficient and profitable. Scaling too quickly can lead to a lack of focus, ineffective budgeting and misallocation of resources. This can ultimately undermine your success—exposing you to unnecessary risk. Consequently, selecting the right strategy and managing the process carefully is essential.
Incubator programs are designed to help companies fast-track their growth and access valuable ... [+]
One popular strategy is to join an accelerator or incubator program. These are designed to help companies fast-track their growth and access valuable resources, such as mentorship, funding and business counseling. In addition, accelerators often offer a community of like-minded individuals who can provide additional support.
Take Intel Ignite, one startup accelerator from which nearly one hundred young companies have graduated. In 2019, Intel made it their mission to foster a worldwide environment for deep tech development by providing a varied network of creators, mentors, specialists, and investors the chance to work together in creating lasting and groundbreaking technology companies.
Tzahi “Zack” Weisfeld, Intel vice president and general manager of Intel Ignite, explained in a statement what he had learned since launching the Ignite program. “Mentorship is crucial: we pursue both industry and corporate mentorship relationships and pair them with the right startup to help them navigate their way to success.
We have also developed a program that offers more than just funding; each company’s specific needs are considered, and they receive personalized acceleration programs designed for their stages of development.” Weisfeld continued, “By the end of the year, we will have nearly three hundred internal mentors serving the startups. The mentors benefit from exercising critical values—like customer obsession and a growth mindset.” As a result, they are dubbed ‘Intelpreneurs.’
However, accelerators and incubator programs are not for everyone. After all, the cost can be high, and there is no guarantee of success. Additionally, some entrepreneurs may find that their business does not fit well within an accelerator or incubator program structure. So, what are some alternatives for those who do not feel that accelerator or incubator programs are a good fit?
One alternative is to rely on mentorships and networking within the startup community. Attending events like hackathons, meetups, and conferences can be great ways to meet potential mentors, investors, and customers. Additionally, virtual platforms such as LinkedIn and Twitter can be used to connect with professionals in the industry.
Another alternative is to build an advisory board of experienced entrepreneurs. Having a board of advisors can provide valuable guidance that could help a young startup navigate various obstacles in the early stages of its development. An advisory board also provides accountability, which can give startups greater focus and discipline.
Ultimately, there are many paths to success when it comes to scaling a business. Those who do not feel that accelerator or incubator programs are right for their startup can still find ways to succeed through networking and experienced guidance. With the right resources, a startup’s chances of success are greatly increased. And while nothing can guarantee success, the right resources and mentorships can make all the difference.
