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? Time can be reduced because you are not subject to a learning curve or because you can achieve things quicker. Having access to entrepreneurs who have successfully done it before and can prevent you from making mistakes might save time. Getting faster to a decision maker in a company so that you can reduce the sales cycle might save time. 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, could help you save time. Education could also help you in reducing time. There are hundred ways how 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 become even more relevant if the companies grow and if they start to compete at an international level. I call this “the law of time reduction”. Companies who apply this "law" are able to accelerate their business plan, they can count on solid financing advice and get faster connected with the right clients and partners. This way they can focus on what really counts, their product and related business.
A scale-up ecosystem
The time reducing challenge for our scale-up companies could be dealt with by setting up a structure that is tailored to the needs of these scale-up companies and specifically focuses on all aspects that can help our scale-up companies to reduce time. Eventually this structure will be the basis for a true scale-up ecosystem.
Five years ago, we stood at the cradle of Startups.be in Belgium. This organization has more than proved its worth and brings together more than 120 organizations working for startups. Startups in Belgium are becoming more hip every minute, the framework has been improved and Startups.be has played a big role in this.
Today, Belgium does not have one single unicorn, a technology company with a market capitalization of more than 1 billion dollar. I am convinced that by applying “the law of time reduction” as a growth hormone, Belgian tech companies can become accelerated unicorns.
Let us therefore work together to provide such support and set up an organization which aims to help the companies in our young local ecosystem to reduce time. I am convinced that we will have a herd of unicorns within no time ...