Category Archives: Technology

What are the Three Clarities that Every Start-up CEO Needs?

Interview with Naeem Zafar, President & CEO, Bitzer Mobile, Inc.

Situation: Starting a new venture is a daunting task. You must determine market need and land your first few key customers on tight timeline and budget. What are the most important foci for the start-up CEO?

Advice from Naeem Zafar:

  • The answer lies in what I call the Three Clarities.
  • Clarity #1 – Deep Knowledge of Customer Pain Points
    • The fundamental point is that your eventual success is not about your technology – it’s your ability to understand and address the needs of your customer.
    • Research and talk to potential customers. Ask them about their pain and problems (and not about your product). What makes their job or their lives difficult? Learning these facts takes time, patience, persistent questioning, and open listening both for what they are saying and what they are not saying.
    • Once you have a clear idea about their need and can succinctly define it, you must determine whether your capabilities can address the customer’s need.
  • Clarity #2 – Understanding the Purchasing Behavior
    • Once you have identified your target customer, their need and your ability to meet that need, you must understand their current purchase behavior.
    • Have they ever bought from a startup before? What happened when they did? Are they happy or unsatisfied? Where are the gaps in satisfaction?
    • Particularly for a start-up with limited credibility, it is critical to identify those purchasers who will take the risk to buy from a new company.
    • From what you find, determine how you will frame a personal relationship with the likely buyer – how you will frame both your solution and the buying experience – and build a psychographic of the buyer so that you can quickly determine likely customer candidates.
  • Clarity #3 – Understanding the Decision-Maker’s Sense of Urgency
    • Who makes the purchase decision? In B2B sales is it the CEO or someone further down the organizational chart? Who approves the purchase budget?
    • Why now – do they have their ”hair on fire” so a decision must be made now?
    • The essential question is: what are the alternatives to not having your solution?

You can contact Naeem Zafar at [email protected] or check out his six books at www.NaeemZafar.com

Key Words: Start-up, B2B, Customer Need, Domain Knowledge, Purchase, Experience, Psychographic, Competition

[like]

What are Best Practices for Hiring at Minimal Cost? Eight Thought Starters

Interview with Stephane Dubois, CEO, Xignite

Situation: The company has been running very lean for the last few years, with very good people. New opportunities are opening up, and we need to staff up to execute. How do we get the best talent while minimize hiring costs?

Advice:

  • Job Posting Boards: You can often find specialized talent on industry specific job boards such as Dice.com, SimplyHired.com, Cybercoders.com, TheLadders.com or similar non-traditional job boards.
  • Online Interest Groups: There are a wide range of industry and product specific user groups through Google Groups, LinkedIn Groups, and so on. Connecting with relevant groups will not only position your company as a key firm within the segment, but also make you THE place for career progression.
  • Go Social: Leverage the power or social media to publicize your available positions.  Facebook advertisements, LinkedIn job postings and similar sites can build targeted interest in your company, and available positions.
  • Go Viral: Even if you don’t personally like Twitter or Facebook, these sites can create viral awareness of your company and technology. Tweeting that you are hiring now, with a 140 character job profile.
  • Be Cool: Create exciting new ways to add in the cool factor.  Skilled talent likes to work with fun, exciting, successful companies. Capture photos of company events and add them to a Picasa or Flickr gallery. Positive blog posts build good vibes around your company, your technology and your products.
  • Ground & Pound: There are many groups that meet on a regular basis to discuss skills, functional interest, best practices, business opportunities or to just mix and mingle. Sites like Meetup.com to find local groups that match the talent you’re seeking. You will often find candidates, people that can pass the opportunity along, or even someone willing to provide an awesome referral.
  • Attack: Be pre-emptive in your focus. Select a few top-notch recruiters who specialize in your technology, market and/or geography. These professionals already know the talent pool, may accelerate the process, and ultimately provide higher quality candidates.
  • These are a few thought-starters. What has worked for you to find good candidates at minimal cost?

You can contact Stephane Dubois at [email protected]

Key Words: Hiring, Social Network, LinkedIn, LinkSV, Twitter, Facebook, Job Boards, Viral, Recruiter  [like]

Can You Increase Value in Social Network Discussions? Four Thoughts

Interview with Kenneth Vogt, CEO, Crooner Labs, Inc.

Situation: Individuals participate in social networking sites for several reasons – to network, to promote their businesses, products or services, and to gain insight through crowd sourcing. For these audiences, what are the best ways to increase the value in your discussions?

Advice:

  • Encourage participants to move from a short-term to a medium-term focus. Short term focus is about lead generation, immediate results and “Buy, Buy, Buy Now.” Think of the man in the flashy sports coat selling cars on late night television. It may generate a “sale” but with low engagement and commitment. If focus you instead on engagement, you start to build growth which is more sustainable – which will stay alive with more momentum.
  • Clarify your objectives. Are you interested in sales or influence today, or this quarter? How much effort do you want to put into it and what payback do you seek?
  • Be patient. Take the time to develop quality content. This time is an investment which pays back both medium and long-term.
  • Stop treating people as though they are stupid and can be manipulated into buying from you. There is a karmic cost to this approach. Look instead at the potential benefit that you can provide that will attract people to your content. Think in terms of reciprocity – give first and let others decide how they will respond.
  • Some time ago I tried an experiment. I proposed a simple question: “What do you want?” I asked the question three times, each time with a different thought in mind – first annoyance, then confusion, and finally empathy. But rather than speak the questions, I sent them via instant message one after the other. The words on the page were exactly the same each time, “What do you want?” Yet without tone of voice, expression or body language, the receivers could instantly tell me what I was thinking in each case. The same works in social networking. People can read where you are coming from based on how you position your content. So if you want to increase the value of what you have to say or offer, offer it openly and invite your audience to respond.

You can contact Kenneth Vogt at [email protected]

Key Words: Social Network, Discussion, Focus, Objectives, Value  [like]

How Do You Communicate Your Solution to Potential Clients? Eight Recommendations

Interview with Eric Bauswell, President, SurfaceInk

Situation: For a domestic engineering solutions company, one of the challenges is engaging potential customers with the idea that a domestic solution can cost-effectively meet their needs. If you can combine a manufacturing solution to the service solution, this helps. What have you done to effectively communicate your solution to potential clients?

Advice:

  • Know your clients. Clients have expertise of their own. However, they may lack expertise in all the disciplines necessary to create a full product. How will you fill the gap?
  • Know your strengths.
    • Design is an iterative development process. If you increase process efficiency you can complete more process cycles in a given timeframe, advancing to final product more quickly.
    • Identify your key differentiators. Target clients for whom your differentiator is a critical need. For example, we do not encourage all of our clients to manufacture overseas, but if they insist and lack experience managing overseas vendors, we can handle this for them.
    • Consistency of personnel across the life of a project is important, particularly the core team.
    • “Invention & Innovation” require a plan to mitigate the risk they represent.  Develop the design along parallel paths, stage higher risk components or pieces of the design that represent critical path inventions such that they are proven prior to moving forward, or even take that feature out of the current design in order to develop it to a production ready solution for the next product on the client roadmap.  Sometimes an invention or innovation is THE reason for the new product.  In these cases the key is managing the client’s expectations regarding the significantly elevated risks that come with invention and proceeding with the understanding that the phase gates and even the production dates will slide according to the progress against developing that critical path invention or innovation.
    • Expertise in material selection and understanding what can be done with materials in the manufacturing process is non-trivial, as is vendor qualification, particularly with new materials.
  • Know your competitors. How do they handle similar challenges to those that you face?
  • Know your vendors. “Right-sizing” your contract manufacturer to your client’s product is important. Things will go wrong, and you must assure that the contract manufacturer will give you the priority to get things back on track to meet your launch date.

You can contact Eric Bauswell at [email protected]

Key Words: Engineering Services, Domestic, Outsource Partner, Strengths, Differentiators, Materials, Prototype, Parallel Path, Vendor Selection

[like]

How Do You Build Meaningful Participation on a Social Web Site? – Six Thought Starters

Interview with Ken Ross, CEO, ExpertCEO, Inc.

Situation: We have built a good online community. Between our site and newsletter, we are in contact with tens of thousands of executives weekly. We constantly seek new ways to encourage active participation in our discussions. What have you done to effectively build regular participation in meaningful discussions?

Advice:

  • Know your audience and focus on topics that engage people. For example, we do a semi-annual compensation survey and get a great response when we publish the results.
  • We often learn more from mistakes than we do from success. Also, people love to talk about business blunders, particularly if the discussions include some well-intentioned humor.
  • Reach out to individuals with interesting backgrounds, experience and situations. Encourage them to post, or feature them in a discussion.
  • We send out weekly emails with titles and synopses of articles posted in the last week. This enables newsletter recipients to quickly scan topics and click on those of interest.
  • A common challenge is filtering posts which are trivial, self-promoting and lack relevance to the focus of the site.
  • The bottom line is that there is no magic bullet. Social networking sites are rapidly evolving so you must continually seek creative additions. This takes time, work and investment.
  • Now it’s your turn. What has drawn you to a social networking site? What have you done to effectively build regular participation in meaningful discussions?

You can contact Ken Ross at [email protected]

Category: Sales & Marketing, Strategy, Technology

Key Words: Online Community, Social Network, Social Web Site, Participation, Discussions, Mistakes, Humor, Newsletter, Creative

[like]

How do you Create New Value in a Commodity Market? Six Suggestions

Interview with Dirk Boecker, President, Toto Consulting

Situation:  Through the technology revolution in medical diagnostics, products in some markets have become commoditized. For example, a proliferation of low cost blood glucose monitoring products has driven down price while increasing incidence and prevalence of diabetes has driven up demand. How do you create new value in a commodity market?

Advice:

  • Taking a broader view of the market is key. Analyze the entire customer experience, not just your segment. Assess markets and industries surrounding your primary offering and look for un-served interfaces and gaps.
    • Where you find opportunity, elevate your offering to the next level by integrating your product as component. Create a compelling advantage but avoid unnecessary adaptation of your existing product or service.
    • Blood glucose monitoring is used to support insulin and diet adjustment in diabetics, a disease which is accompanied by a number of complications and complex to manage. Can your monitoring technology become part of a broader service offering, or even part of a personalized solution? Can you move higher up in the value chain?
  • Begin your transformation at the first signs of commoditization. Being first brings a huge advantage.
  • Once you identify an unmet need, consider working with related industry groups to create new standards addressing these gaps. Implementing the resulting standards will give you a new competitive advantage against your competitors.
  • Find other applications for your product or service. Consider new applications for the components used in your current offering. Find new customers outside of your historic customer base. Consider alliances with other companies experienced with the new opportunities you find.
  • Within your own organization begin a process that routinely analyzes the customer experience and general needs beyond your current offering. Working with an outside consultant can help by adding a new perspective.

You can contact Dirk Boecker at [email protected]

Key Words: Commodity, Differentiation, Market Identification, Market Research, Competition, Product Advantage, Competitive Advantage, Unmet Need, Standards, Alliance, Process, Consultant  [like]

Can You Accelerate Market Acceptance of a New Product?

Interview with Kenneth Purfey, CFO, Identification Solutions

Situation: At the January Consumer Electronics Show, it was evident that a hot market for 2011 will be low cost enabling devices to monitor patient medical conditions via smartphone. These devices can improve early detection of disease and lower medical costs. However, the bureaucratic inertia of major medical providers can inhibit the adoption of disruptive technologies. What can you do to accelerate consumer acceptance of a new device?

Advice:

  • Let’s take a particular device as an example – an inexpensive ultrasound device that can both provide the results of a breast scan for cancer and transmit the results to your physician.
  • A device like this can be emotional for some women, and they may be reluctant to use a product not recommended by their doctor. It is therefore important to gain physician acceptance of the device. You can achieve this by:
    • Publishing medical studies demonstrating the efficacy of the device.
    • Building and leveraging relationships with medical societies and groups through while papers, and presentations at meetings by champions for the device.
    • Participating in high profile events such as American Cancer Society events or the Susan G. Komen Race for the Cure.
  • Consumer awareness of the device can be built through:
    • Targeted advertisements in women’s magazines.
    • Gaining the support of high profile women spokespersons who have experienced and recovered from breast cancer. This can generate radio and television talk show appearances.
    • Infomercials via television and the Internet.
    • Generating discussion about the device on disease-specific web sites to generate viral marketing.
  • Do not be afraid of researching non-traditional activities. Recently, it was discovered that there is significant potential for a device like this in portions of the Muslim world, where women won’t see a male doctor, and unfortunately few female doctors are available. This results in breast cancer death rates three times higher than those seen in the West.

You can contact Ken Purfey at [email protected]

Key Words: Medical Device, Smartphone, Early Detection, Medical Costs, Consumer Awareness, Ultrasound, Breast Cancer, Physician, Doctor, Advertisement, Infomercial  [like]

What are the Best Current Avenues for Raising Capital?

Interview with Sandy Lawrence, Past CEO, Therative, Inc.

Situation: The technology sector is growing following a couple of lean years. Whether you want to fund a new company, or a new effort within a smaller company, what are the best avenues to capital? How has the game changed?

Advice:

  • Funding and credit markets are opening but still tight. The bar has been raised because too many people are chasing too few available dollars.
  • The venture capital sector has consolidated. Over 80% of current focus is on technology, software and medical. Under 20% goes to the consumer sector.
    • It is important to target VCs who specialize in your technology, market and business model.
    • Research current VC portfolios.
  • Angels now act more like VCs – particularly structured angel groups.
    • Initial investments are typically under $1 million.
  • If you have a technology, investigate the grant world – e.g., NIH or DARPA. These organizations fund research, but not marketing, etc.
    • Look for specific programs or RFPs that align with your technology.
    • Target your grant request toward prototype development and studies.
    • Search LinkedIn for military people who can introduce you to contacts within programs like DARPA.
  • Investigate SBA Grants, and foundations with an interest in your technology or application.
    • Foundations sometimes will grant funds ($100k) to support the work of individual scientists and researchers.
  • Call on friends and family who believe in you and your work.
  • Whoever you approach, these rules apply:
    • Do your homework. Choose sources that align with your project and profile.
    • Presentations must be crisp and easily understood. Investing in professional assistance is wise.
    • Be able to make your case in 15 minutes or less. The first minutes are most crucial, so have your ‘elevator’ pitch perfected.
    • Your model and financials must support a high multiple exit, 5-10x their investment in a reasonable period of time (~5 years).
    • Team, Team, Team – credentials, experience, presentation – be a team with whom the investor can work.

You can contact Sandy Lawrence at [email protected]

Key Words: Fund Raising, Credit, Capital, Venture Capital, Angel, SBA, Foundations, Military, Presentation   [like]

What to Look for in a Remote Infrastructure Management Service?

Interview with G.K. Chitta, CEO, INSTA Intelligence Technologies

Situation: Fast growing companies often find it difficult to scale internal IT management to keep pace with database growth. There are typically 1-3 people in charge of dB management in a small to medium-sized business. Crisis hits when there is an abrupt system shutdown for up to 48 hours and a significant disruption to company operations. How can this be avoided?

Advice:

  • The difficulty is that small infrastructure teams often don’t have the range of skills to diagnose dB issues. Calling Oracle, SAP, etc. for assistance gets expensive fast.
  • One option is to outsource business intelligence and dB management to a specialist. Quality offshore resources exist that can take over support of company BI and dB management, offering a full suite of services from anti-virus to preventative diagnosis of subtle misalignments.
  • For example, INSTA replicates the dB in a remote data center so that they can monitor the system for errors, develop solutions, and remotely resolves errors with no interruption to users.
  • In addition, some outsourced specialists include calls to Oracle, SAP and so forth as necessary to resolve problems at no cost to the client.
  • In a recent pilot study in a company with 5 servers, the offshore outsource partner provided a full suite of services and was able to increase uptime from 95-97% on a daily basis to 99.97%. This level of performance should be the goal.
  • Your outsource provider should have 24/7/365 support services, and
  • Should provide you with a service-level agreement (SLA) prioritizing issues so that the most critical issues are resolved fastest.

You can contact G.K. Chitta at [email protected]

Key Words: IT Management, Infrastructure, Outsource, Crisis Response, Disruption, Business Intelligence, Database Management, Remote Data Center, Outsource Partner  [like]

Living for Work or Working for a Living? Six Solutions

Situation: The CEO typically works long hours and frequent weekends. This taxes family life and has resulted in neglect of activities that were previously enjoyed. How do other CEOs maintain a healthy work-life balance?

Advice from the CEOs:

  • Life is more than work. Just the fact of your asking this question indicates that you already know that too much focus on work is not good for you.
  • Develop and devote time to your hobbies. The CEO and engineers in one company developed a company robotics club, and even participate in robotic competitions. This has a number of benefits:
    • It provides fun away from work while keeping their creative engineering skills sharp;
    • In the process of competing, they meet and form relationships with potential business partners and customers;
    • It builds camaraderie and cohesiveness within the team;
    • They have the opportunity to involve their kids in this activity, and
    • They translate this into a public service by assisting local schools who have their own robotics clubs.
  • Regular exercise, particularly with a group, helps you to be more effective at work. This is supported by substantial objective research.
  • Involve other people – friends and family – in your hobby or exercise activity – it will help to both strengthen relationships and resist distractions.
  • To assure that this becomes part of your life, put it on the calendar and don’t let other priorities displace it.
  • Learn to say “no” to things that would displace this activity.

Key Words: Work-Life Balance, Hobbies, Family, Exercise, Health, Priorities  [like]