Deciding to develop a product and build a startup is a big undertaking and the more support you have around you, the more likely you are to succeed. Ten years ago, if you wanted to build a hardware product, moving to Silicon Valley or New York to find support seemed like the only option for success. Today this is not the case. Now more than ever entrepreneurs are building their businesses in their hometown and finding success.
Cost of Living
It’s no secret that the cost of living in major tech hubs is astronomical and upfront costs to get your business going also come at a premium. Instead of shelling out that money for rent, put it to better use in your business to foster its growth. Less money towards the basics means that you can hire that salesman, upgrade your packaging, add a new feature—you see where we are going with this.
Chances are that if you are in a large enough city, there are other businesses out there supporting the startup community. You don’t necessarily need to find an industry specific support network, but instead a network that has the skillset your startup requires. Here in Hawaii, we provide product development support to hardware startups in a wide-range of industries. Our client, The Baby Toon, which is an innovative baby spoon designed with safety as the focus, was recently featured on the Season 11 Premiere of Shark Tank.
Cities all over the nation, and really the world, are realizing that creating a friendly startup ecosystem is good for business. Startup support might come from government programs, local universities, or corporate sponsorships—there is going to be support available, your job is to seek it out.
Through local relationships and organizations, you may gain access to anything from low-interest loans to access to venture capital that’s limited to local businesses, and opportunities to speak at local business events.
Networking is an often-overlooked aspect when you build a startup. Your network matters.
The benefit of launching your startup where you live is that you know people and have years-long relationships built with them already. You have an established community. Even if you’re not in a tech hub, you’re bound to be surrounded by business owners of some sort.
Maybe you know a local manufacturer that can help explain the manufacturing process to you and make introductions for you with their contacts. Perhaps you are neighbors with a local baker that excels at social media, and he/she is willing to give you a crash course on what you need to know to get started.
Building true connections in major tech hubs is nearly impossible. Personal relationships and real connections are hard to come by. However, this is not the case in your hometown.
Your ability to connect with local business leaders that you admire, city and state politicians, and other entrepreneurs is going to be much easier in a smaller city. Your access to people like this will help you successfully navigate the road to success as you build a startup.
Rise of the Rest
The Rise of the Rest movement shows exactly what is happening to the startup landscape across the United States. Startups are interrupting large and established industries with new ideas and innovative products from smaller cities across the country. Investors are looking beyond established tech hubs for innovative startups and entrepreneurs that have the passion to succeed.
Start your new year, new decade and new business with a positive mindset and the goal to succeed. Make 2020 the year you build a startup.
If you have any questions about the product development process please send us an email at email@example.com.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.