Every company's path to success to different. There are no hacks, no quick fixes, or easy ways to find the way to winning. There are fundamental strategies that will help you along the way. A well-crafted strategy can help your company grow and succeed, but behind every strategy is a set of tactics to get you there. Think of strategy as the plan of action for how your business will achieve its goals. The tactics are the small, individual steps that make your strategy a reality.
1. Be obsessed with the customer.
An AgTech startup needs to talk to its potential customers as much as possible to gain insight into what they are building. A startup may think they are creating the best product out there, but partnering with their customer gives them a better chance of building something they will pay for.
2. Macro patience, micro speed.
It can take time for an AgTech startup to gain traction as the agricultural industry moves slower than other industries. In the macro view, be patient and oriented toward long-term thinking. In the day-to-day, though, the startup must innovate as fast as possible.
3. Focus on a niche.
Too many times, startups try to tackle large corporations and large, complex problems. This can be a quick ticket to failure. Don’t try to be everything to everyone. AgTech startups can drastically improve their odds of success by focusing on a specific niche.
4. Create a high-performance team.
As a founder, it’s extremely difficult to succeed on your own. Find the best talent that fits the company’s culture. Good things are bound to happen when incredibly talented and ambitious people work on a common goal.
The AgTech community wants to see more companies succeed. Getting involved in local groups, partnering with other companies, and asking for advice can help an AgTech startup overcome serious hurdles.
These strategies are high-level, but that is the point. Each company goes on a different path, but these fundamental strategies will help every company on its way to success. The AgTech space is exciting and constantly evolving. As the world grows, more opportunities arise. By following these strategies, an AgTech startup can increase its odds of success.
What is The Combine?
Invest Nebraska's Combine Incubator is a statewide initiative focused on supporting high-growth agri-food entrepreneurs through mentoring, commercialization support, physical incubation space on Nebraska's Innovation Campus, and a network of helping farmers and ranchers across the state. Invest Nebraska is a private, non-profit statewide venture development organization focused on high-growth companies in Nebraska and growing the state's entrepreneurial economy. Invest Nebraska works directly with entrepreneurs, researchers, and companies to help commercialize their technologies, launch and grow new businesses, and access needed capital.