Insights From Thriving Startups: Become the 1 Success Among 10 Failures
The startup world can be a rollercoaster ride of highs and lows. With 90% of startups not making it past the first year, survival is truly an accomplishment. Here you'll find advice from 4 startups that have successfully passed the testing stage and are steadily paving their way to growth.
4 Tips from Successful EU Startup Owners
Teamwork makes the dream work
When asked about startups, one of the main things Vitalijus Majorovas, the successful co-founder of Pulsetto at Kilo Health, emphasizes is the importance of having a partner, as being a lone soldier in the field can be challenging. One reason for this is that investors tend to be more suspicious of startups with only one person behind them, making it preferable to start with at least one colleague.
Majorovas exemplifies this principle by having started with a team of 2 people.
As he explains, the ideal scenario is to complement each other's competencies. Povilas Sabaliauskas, his colleague, serves as the engineer and technical expert, while Vitalijus excels in development, marketing, finance, and sleep science.
However, in the long run, a larger team becomes necessary, as accomplishing too much with just 2 people is challenging. Thus, it becomes crucial to gather a team of amazing, strong professionals, which may even be more critical than having the most original product idea out there.
Ultimately, the key to success lies in having a great idea executed skillfully, with the valuable support of a team of professionals.
"Back then, there were only two of us. I worked on business development while my colleague Povilas worked on the product. Two people make a team, but the possibilities are limited. Additionally, there was a project similar to Pulsetto on the market, but it was complicated, expensive, and not user-friendly. So, we had been working on the concept for a while and knew we needed more resources. Fortunately, I already knew the CEO of Kilo Health, Tadas Burgaila, so we pitched our idea to him.
To be honest, the idea was so massive that we think Kilo Health didn't initially believe it was possible. Still, we agreed to develop a prototype product within 2 months, and we did. That's when the acceleration began, and the Kilo Health co-found program welcomed us to the team! Typically, it takes 2-3 years to develop a market-ready wearable device, but with Kilo Health's bold approach and quick decision-making, we were able to produce a market-ready product within 6 months," explains Majorovas.
Be a matchmaker. Find a market fit
"I didn't like it when someone told me what to do, so I wanted to create something myself," says Kasparas Aleknavicius, the co-founder of a dietary supplement, Bioma, at Kilo Health.
Bioma was one of the many ideas by Aleknavicius, but the only one that passed the testing stage until now.
"We had app ideas, other supplement ideas, and looked at many other things in the market, and it became clear that probiotics had the strongest ground. It was a trend, but not one of those weak trends -probiotics remained relevant either way."
Moreover, what made this product successful was finding a market fit because it directly correlates with the chances of long-term success and sustainability. It helps startups understand who their ideal customers are, their needs, and how they can address them.
"We discovered that many people were struggling with various digestive issues and overall gut health concerns. They were looking for a natural and effective solution to support their gut microbiome and improve their overall wellness.
To address these customer needs, we delved into the realm of probiotics, recognizing their potential to revolutionize gut health."
Besides that, Aleknavicius says that finding a market fit can give a startup a competitive advantage by offering a better solution than existing alternatives. It can also improve user satisfaction, and they are more likely to become r...