Starting a business in an innovative sector
In this video about business in innovative sector, Xavier Buck shares his views on the following topics:
- why choose an innovative sector
- today’s innovative sectors
- starting without capital
- how to validate your business model
- convince his prospects
Xavier Buck is the CEO of the DCL Group and has founded several companies, including EuroDNS, voipGATE, DomainTools and eBrandServices, since 2003. Find him on www.eurodns.com.
Subtitles are available in english and french.
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Why choose an innovative sector?
For me the innovation is cross-sector. Innovation is everywhere nowadays, and especially when you talk about digitalisation. and when you go ahead, and you want to bring solutions combined with IT. Actually, innovation is needed everywhere. So, there is not really one sector that is specific to innovation. So, you can go cross-sector and wherever you feel the most comfortable, that’s where you have to start looking into.
Today’s innovative sectors
I would follow the market trends. The market trends now go to … Actually, that’s clean tech, green tech, social responsibility. That’s actually the area where in future, a lot of potential and a lot of needs are coming up, so I would look into those.
How to start
First of all, the idea, the concept: find out if there is a need for it, if you are really solving a problem. And then out of that challenge it, challenge it by talking to people and then building a team around you, building a team meaning not hiring the people immediately but building a team of people that you want as advisors, as co-investors or as partners to start a business with you. If you’re able to convince people to follow you around that, then you’re already on the right track.
Can you start without capital?
Definitely, start without capital meaning first establish the concept. Find out what problem or solution you want to bring to the market. Test it around you, test it, challenge it by talking to other people. Even start building the concept and even the prototype if possible, without money and as soon as you have some of these pieces of the puzzle together, then go ahead, test it and challenge it and go reach out to investors and friends and family to raise some money.
How to validate your business model
First, test it around you, with people talking about the solution or the service you want to bring out. And reach out to potential future customers actually, and listen to them, see if the problem or solutions that you are bringing is really helping them. And most importantly if they would be ready to pay for it.
How to convince prospects
The solution must be perceived as really something that will help them reduce their costs or save time. So, if you see that you have problems convincing your future customers, then you are not on the right track.