It’s Your Unique Insight That Will Give You an Unfair AdvantageBack to home
Today I was part of a group that gave feedback to early-stage founders. The founders pitched their companies and we peppered them with questions. At the end, we told them what we thought of their business and their team (the good, the bad, and the ugly). I was impressed by the format and wished I had participated in something like this in my early days with CCAW. The founders walked away with perspectives on their businesses that they hadn’t considered.
One participant said something that struck me: “I don’t understand what their unique insight is in this space.”
Many founders learn an industry or space by spending time in it. They develop an understanding of how the space works and relationships that may help them get things done quickly. This is an edge can help them be competitive, but it isn’t enough to build a high-growth company. Unless they’re solving a problem no one else is, they have competitors with similar solutions. Margin erosion and slow growth are the result.
But if you understand the market, customers, or problem in way that competitors don’t, you’re uniquely qualified to create a superior solution. Customers readily sign up and pay more because they see more value in your product. The result of your unique insight is a high-growth company with happy customers and healthy margins.
Spending time in a space and understanding it are important, but it’s your unique insight that gives you an unfair advantage. If you’re an early founder thinking about building a high-growth company, take time to understand your unique insight. It will be the key to your company’s success!