Silicon Valley is home to some of the world’s largest companies–Apple, Google, and Facebook. Together with San Francisco, the two locations account for13.5% of all global startup deals. As a global center for technology and high innovation, Silicon Valley has created many highly successful companies. If you are just about to launch your startup, there are some key lessons you can learn from Silicon Valley companies. Here are the top 5.
1. Get the Best Employees
As of 2016, the number of employees at Silicon Valley companies was approximately1.62 million, and the figure has continued to grow. Every year, the companies attract top graduates from elite colleges and universities. These employees create the products and services that have made the companies highly successful. If you want your startup to attain success, get the best employees. Create a great work environment and offer perks and benefits.
2. Get Innovative
Three of the six largest companies in Silicon Valley aretech firms. The most successful companies in this region are passionate about innovation. Every month or quarter, they launch new products and services to meet changing consumer needs. While you may not have as much capital as Apple, you can come up with new ideas and launch new products that set you apart from the competition.
3. Know Your Customers
The successful companies in Silicon Valley understand their customers’ needs. They also stay on top of industry trends and monitor future predictions while developing new products and services. Use the resources at your disposal, such as social media, to get information about what your customers need and their buying behaviour.
While surveying consumers, LoanCenter, a company offering title loans online, found that their consumers wanted SPEED and CONVENIENCE. They used this feedback to create a loan application process that happened exclusively online, and saw dramatic improvement in customer satisfaction. By allowing customers to submit their paperwork online and processing the loans quickly, they differentiated themselves from their competitors and increased revenue.
4. Choose a Great Location
While every business can’t be in Silicon Valley, you still need to choose a prime business location. Location plays a huge role in attracting and retaining the best employees and customers. The area your business is based in can also determine the funding you get. Choose a city that attracts a lot of venture capital investment. Although it might not be Silicon Valley, you won’t have to search hard for investors.
5. Connect with Other Business Owners
The companies in Silicon Valley benefit from being close to each other. They can closely observe what their competitors are doing and learn from their mistakes. Connect with other business owners and get fresh ideas on how to run your startup. When starting out, do not isolate yourself.
Building a startup can be a daunting task, that’s why it’s best to learn from other people’s experience. There are many great ideas you can borrow from the successful companies in Silicon Valley. Although you might not have access to the resources they have, you can emulate some of their strategies and create a very successful business.