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166: How to Think About Hot Trends in Business & Technology
In this episode, Steli and Hiten discuss the pros and cons of following technology business trends. Startups tend to just go with the flow in regards to these trends without considering if the concept fits their company and is even doable. Listen to learn why it is important to do your research before jumping in and how there is a RIGHT way to implement these new technologies.
Time Stamped Show Notes:
00:33 – Steli and Hiten open today’s show
00:43 – Steli and Hiten introduce the topic of technology business trends
01:24 – Some people can’t distinguish a trend from a fad
01:41 – “Big data in machine learning turning into artificial intelligence”
03:26 – Hiten has been building products for 13 years now
04:11 – “We are all creators and we’re all looking to create things”
04:26 – There is a lot of software available now and a lot of support for those building software
04:54 – People have the natural tendency to go towards the trends
05:05 – “It’s trendy to be trendy”
05:40 – Amazon just launched a supermarket that allows people to “walk in” and “walk out”
06:15 – People are forgetting that companies apply new technologies to solve everyday human needs and problems
06:45 – If someone is trying to apply new technology to his business, you have to dig in and research more to see if it will fit your business
07:30 – We have to be conscious of the new trends around us
07:50 – Applied trend is a trend that isn’t useful to you until you’ve applied it and it works
08:50 – Some startups try to copy other new technology even if it is far from what they are doing
09:50 – Steli shares how startups want to apply AI to a totally different product
11:05 – Some startups are more focused on getting more investors and press releases
11:39 – They say they need more VC funding so they will show off their new, shiny object
11:50 – Hiten shares that it may actually work for some startups to show off new technology and get funding, but sometimes it fails as well
13:30 – Steli and Hiten both run software companies
14:15 – SaaS has been a trend for awhile now
14:42 – 37signals.com/basecamp has been successful in the SaaS trend
15:20 – Hiten shares what to consider in starting a new trend
16:30 – Hiten shares the disadvantages of following trends
17:10 – Hiten’s business hasn’t gone mobile because they’ve seen their counterparts try and fail in that department
17:35 – Mobile apps come and go
17:57 – Focus on your business target market
18:30 – Make sure that your business can be successful using that specific trend
19:02 – Hiten shares an example of the process he went through to implement a new trend
20:00 – Hiten found an engineer that would work with them
21:00 – For Steli, he enjoys learning how the world is changing by reading about trends
22:18 – Steli shares how he likes to establish a team that will decide if a new technology trend is worth it
23:50 – Hiten’s tip is to make sure that you and your company are well positioned to invest on the trend
24:30 – Another tip is make sure you can do it and make sure it is the right trend for your company
20:32 – Your tactics may change over time, but the framework stays the same
3 Key Points:
In adapting a new technology trend, consider whether it’s good for the world, has longevity, and that you will be able to do it successfully.
People tend to overhype these trends and undervalue the complications—make sure you ASSESS well whether it’s right for you.
Decide whether the technological trend makes sense for your product and company BEFORE making that investment of time, energy, and resources.
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By Steli Efti & Hiten Shah: Serial Entrepreneurs, Sales & Marketing Experts, Startup Investors & Advisors, CEOs running multi million dollar SaaS Startups
4.8
202202 ratings
In this episode, Steli and Hiten discuss the pros and cons of following technology business trends. Startups tend to just go with the flow in regards to these trends without considering if the concept fits their company and is even doable. Listen to learn why it is important to do your research before jumping in and how there is a RIGHT way to implement these new technologies.
Time Stamped Show Notes:
00:33 – Steli and Hiten open today’s show
00:43 – Steli and Hiten introduce the topic of technology business trends
01:24 – Some people can’t distinguish a trend from a fad
01:41 – “Big data in machine learning turning into artificial intelligence”
03:26 – Hiten has been building products for 13 years now
04:11 – “We are all creators and we’re all looking to create things”
04:26 – There is a lot of software available now and a lot of support for those building software
04:54 – People have the natural tendency to go towards the trends
05:05 – “It’s trendy to be trendy”
05:40 – Amazon just launched a supermarket that allows people to “walk in” and “walk out”
06:15 – People are forgetting that companies apply new technologies to solve everyday human needs and problems
06:45 – If someone is trying to apply new technology to his business, you have to dig in and research more to see if it will fit your business
07:30 – We have to be conscious of the new trends around us
07:50 – Applied trend is a trend that isn’t useful to you until you’ve applied it and it works
08:50 – Some startups try to copy other new technology even if it is far from what they are doing
09:50 – Steli shares how startups want to apply AI to a totally different product
11:05 – Some startups are more focused on getting more investors and press releases
11:39 – They say they need more VC funding so they will show off their new, shiny object
11:50 – Hiten shares that it may actually work for some startups to show off new technology and get funding, but sometimes it fails as well
13:30 – Steli and Hiten both run software companies
14:15 – SaaS has been a trend for awhile now
14:42 – 37signals.com/basecamp has been successful in the SaaS trend
15:20 – Hiten shares what to consider in starting a new trend
16:30 – Hiten shares the disadvantages of following trends
17:10 – Hiten’s business hasn’t gone mobile because they’ve seen their counterparts try and fail in that department
17:35 – Mobile apps come and go
17:57 – Focus on your business target market
18:30 – Make sure that your business can be successful using that specific trend
19:02 – Hiten shares an example of the process he went through to implement a new trend
20:00 – Hiten found an engineer that would work with them
21:00 – For Steli, he enjoys learning how the world is changing by reading about trends
22:18 – Steli shares how he likes to establish a team that will decide if a new technology trend is worth it
23:50 – Hiten’s tip is to make sure that you and your company are well positioned to invest on the trend
24:30 – Another tip is make sure you can do it and make sure it is the right trend for your company
20:32 – Your tactics may change over time, but the framework stays the same
3 Key Points:
In adapting a new technology trend, consider whether it’s good for the world, has longevity, and that you will be able to do it successfully.
People tend to overhype these trends and undervalue the complications—make sure you ASSESS well whether it’s right for you.
Decide whether the technological trend makes sense for your product and company BEFORE making that investment of time, energy, and resources.
The post
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