Series on Startup Lingo: A
…terms you should know
Its the weekend…Yayyy
Starting a new series on startup lingos, terms you should know as a startup founder. We’d look at 3–5 terms for one letter of the alphabet per week and you welcome to comment other words that fall under the letter of the week.
A sneaky attempt to include startup on this list — how can we get into startup lingos without looking at what a startup is? According to forbes.com, startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. Innovation, speed and growth are 3 things that differentiates startups from regular businesses. The goal is usually to (1) remedy deficiencies of existing products or create entirely new categories of goods and services and (2) build on these ideas very quickly. This is usually done through a process called iteration in which products are continuously improved through feedback and usage data
This is where efficient organization meets flexible adaptation. It generally incorporates approaches such as self-organization, cross collaboration and adaptive planning with short sprints and functional iterations. The result is the ability to make quicker decisions, execute on a shorter time period, and incorporate short feedback loops. Agile requires a balance between providing just enough structure to keep everything on track and everyone effective without creating unhelpful constraints or process bloat. Startups especially have a need to be agile, as the growth of a business involves many fast changes.
An accelerator, aka, seed accelerator, is an organization that supports early-stage, growth-driven companies through education, mentorship and financing. Accelerators often take a cut of equity in exchange for program placement which is usually for a fixed short term period
Accelerators are right for startups that are ready to scale, that is, they already have an MVP that has been validated in some way — that might mean a product with a few paying customers, a group of free users, or early signs of strong product-market fit.
This is usually done to test two variations of a product or piece of content, in order to figure out which one is the best by gauging audience response to each . For example, sending out an email with two different headlines to see which one has opened more often. It could also be developing two different designs on a product and evaluating it by a test group.
An angel investor is someone who gives the first funding to a startup. This person or group of people, known as angel groups, believes in the startup’s idea or solution and provides the entrepreneurs behind it with the money to get started. Angel investors often become part of the enterprises’ advisory or governance Board
There you have it,
Five startup words starting with the letter A
Have any additions? Share them with me in the comment section
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