The Belgian tech start-up scene has been flourishing in the last decade. Yet, in comparison with its neighbors, Belgium does not have one single unicorn – a technology company with a market capitalization of more than 1 billion dollars.
B-Hive Managing Partner Jurgen Ingels talks about the “Law of Time Reduction” and how it is key for Belgian tech companies to transform themselves into accelerated unicorns.
What factors make a company or an entrepreneur successful? Most people would say money, a good team and a good product. A large addressable market is also an important aspect. However, there is another factor that is sometimes overlooked: TIME.
Entrepreneurs and companies are more successful if they are capable of reducing or squeezing time.
How can you squeeze time?
Some factors that can possibly help you squeeze time:
· Having access to entrepreneurs who have successfully done it before and can prevent you from making mistakes;
· Having access to decision makers in a company so that you can reduce the sales cycle;
· Being able to find the right person for your team because you can tap into someone’s personal network and get a recommended person to join;
· More education.
There are hundreds of ways you can reduce valuable time for your company and if you succeed in doing so, you can get things done in a faster, sometimes cheaper and better way, helping you to better compete with other companies.
Creating awareness, being part of a network, education and access to know-how are critical elements for this “time reduction challenge,” and it becomes even more relevant if the companies grow and if they start to compete at an international level.
Companies who apply this "law" are able to accelerate their business plan, count on solid financing advice and get connected faster with the right clients and partners. This way they can focus on what really counts: their product and related business.
Interested in learning more about entrepreneurship and scaling your business? Be sure to attend our Fin & Tonic on scaling on November 30.