“Educate, Inspire and Realize Innovation” by World Chicago Pro Fellows

 As published in World Chicago Pro Fellow –Medium.com

 

Innovation and Realization

Fast growth and success of Facebook and similar startups show us that is possible to succeed with a simple idea and become most popular social network in the world. An idea to be the entrepreneur wasn’t so undesirable anymore. Facebook story show to young people that they can be the new Zuckerberg, have their own company and get rich really fast. Having a startup became a trend for a lot of young people.

In 90s everyone had a band, on 2000 everyone had a blog and today the startup it’s the new “in” (Zoran Antolović — startup owner)

 With great education and this trend, we can see that young people are not afraid to be their own bosses and try to be great entrepreneurs. We saw that American schools and faculties are making great job creating young leaders and entrepreneurs. But we can also see a great ecosystem to support young people to open their business on the faculty and after faculty. A number of startups in just one city, Chicago, is outstanding, just in one co-working space I have seen more than 500 startups, so we can see a huge potential of new great ideas and talents. With the new StartUp wave, we can also see that a lot of successful people creating business and trying to mentor and help startups to grow.

Having a great idea is just the first step for a successful startup. By statistic 90% of startups fail, so creating the right environment and having the help of a good mentor is mandatory for startups to get from the idea to implementation and later to a successful business. The main reason for most of the startups to fail is the “no market need”. You can make the perfect product but, if there is no need on the market, and you don’t have customers, then the great idea is maybe not so great.

The other reasons for Startups to fail, can be avoided if you have great support of the community. Also, incubators; accelerators and other organizations are now available to help new business. We’ve identified 4 main stages of each startup:

  1. Discovery Development Stage (The IDEA Stage)
  2. Validation Development Stage (The Real STARTUP Stage)
  3. Efficiency Development Stage (the FUNDING stage)
  4. Development Scale stage (the GROWTH stage)

All 4 stages are important for a startup to be a successful company and if you made a mistake on each step, then the business will not be successful. So, it is really important to have the right people to help young entrepreneurs to go through each stage.

It is a long trip from idea to realization with a lot of problems but like everything, if don’t put you blood and sweat it is impossible to succeed.

 

World Chicago Pro Fellows Post on Medium.com

Article link: https://medium.com/@yugochicago/educate-inspire-and-realize-innovation-c9129d471a6a