This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/06/20/startups-avoid-these-inner-series-mistakes-when-scaling-your-business/
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by Everett Harper, CEO and cofounder of Truss
It’s not uncommon for startups that are laser-focused on fundraising to deprioritize certain challenges. But to get to the finish line successfully, there are several key company milestones that leadership must identify and address. Startups tend to put a premium on being “agile,” but that doesn’t always work – and certainly won’t replace the effective collaboration a business needs to grow.
Over the years, the Truss team has worked with several early-stage startups, and noticed a consistency in inter-series problems (regardless of the industry). Specifically, there are five challenges that emerging business typically put on the backburner between funding rounds:
Seed to Series A: Customer Testing.
Hypotheses should be tested extensively and disproven, which is where customer testing plays a central role for seed-stage startups. From a customer standpoint, there are nuances that go into buying a product, and then using the product. By incorporating a research phase, startups can leverage pertinent feedback and then consider: “What are the key hypotheses that need to be correct to for the company to be successful?” Customer testing pinpoints which hypotheses were right, which were wrong, and sets the stage for longevity.
While domain experts have substantial interactions within their respective markets, they, too, can fail to find independent, disconfirming data. It’s critical for seed-stage companies to be privy to this information, particularly before committing money and manpower to scale. This approach potentially saves hundreds of thousands of dollars over time, and help startups entering a competitive market to learn exactly what their customers are asking for and how to deliver it.
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