Editor's Note: Take a look at our featured best practice, Complete Guide to Business Strategy Design (51-slide PowerPoint presentation). Summary: This document provides a framework to design your business strategy.
A key question that every business needs to able to answer is "What is our strategy?"
'Strategy' is part of everyday business language and is often used in the wrong context (e.g. 'Operational Excellence' is not [read more]
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In a busy market like the tech industry, it can be incredibly nerve-wracking to make the decision to start a new company. There is already so much going on here; it can really feel like the industry is too saturated for anything new. Is this truly the case, however? Let’s take a closer look at the tech industry, and whether there is truly room for anyone else who wants to make a start here.
Always Room for Innovation
One of the most important things to remember about the tech market is that there is always something new to be discovered. It may feel like everything is being developed but that could not be further from the truth.
The tech world looks completely different from how it looked even ten years ago. Who knows where things will be in another ten? If you are searching for an industry that is always on the move and looking for the next best thing, you are really not going to be disappointed here. Entrepreneurs with a unique idea need to start development as soon as they can, no matter how saturated they think the market might be.
Plenty of Investment
Many of the bright and innovative ideas of the past ten years come not from the tech giants who have been in the game for decades, but from young start ups eager to prove themselves. As these start ups might have the right idea but not the funding they need to achieve their dreams, you can often find many top industry investors who are keen to put some of the money from their success towards new ventures.
By investing in startups like these, top industry figures are able to support their sector at every level. In an industry as crowded as the tech market, it is incredibly important. It allows for growth and upward movement of many different businesses at all stages of their lives.
Room Within Niches
One of the best things about the tech industry is the vast range of businesses that all fit under this one umbrella. Due to this wide spread, it actually makes the industry not as crowded as one might initially think.
For example, a business that specialises in the next stage of PCB development will not be the same as one studying and developing educational AI. These are both “tech” businesses, yet they have a different purpose, target audience, and final product. As a result, it should be easy for a shrewd entrepreneur to find a niche within the tech industry that can accommodate their business ideas.
No matter whether you are considering launching your own tech company or you are just an outsider looking in, it is clear to see that the tech industry might not be so saturated as it would first appear to be. Even as new ventures flourish and others become obsolete, there is always the chance that something new can be discovered. This is one industry that will only become more exciting as new opportunities arise within it.
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"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.
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