May - 2015 - issue > CXO View Point
Vision, Talent & Tech - The Right Start-Up Culture Mix
By Annie Mathew, Director, Alliances and Business Development, BlackBerry
A wave of new gen, young, innovative companies also known as 'startups' have taken the country by storm. India is the fastest growing and the 3rd largest start-up ecosystem globally as per a 2014 NASSCOM Startup Report. India has the right mix of a great talent pool, open economy, burgeoning market along with government focus to propel the growth of start-ups. This new breed of young entrepreneurs are unique in more ways than one, be it the products and services they offer, the risk they are willing to take or belief in their ideas.
With a strong focus on innovation and lateral thinking, it is extremely important for start-ups to foster an open and collaborative culture. As widely known, the failure or quit rate of start-ups is around 50-60 percent during the first two years. There are many causes for failure but one common problem is poor leadership which translates to weak strategy, poor execution and weaker teams - all of which impacts the company culture. In such a scenario where the risk of failure looms large, it is imperative to build a strong work culture from day one.
Working in a Start-up could be Stressful!
Building a strong company culture from day one is as important as the product, the go-to-market strategy, and almost even the bank account of a young company. Start-up life is stressful and unforgiving, and without culture as a backbone to hold you up, the risk of failure grows exponentially higher.
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