Success means different things to different people. We don't measure personal success in the same way. Business success comes down to one question, “Will we be around in ten years?” Many corporate stalwarts from the late eighties and early nineties are no.
So, the question on everyone’s minds is, “ How do we ensure success in ten or fifteen years?” The question is especially true in the fast pace business environment of technology. Mark Twaalfhoven, the CEO of Trexon, gave some insight regarding this question to startups. Mark took the audience through the critical aspects of success and how to make opportunities work for your company.
Megatrends are inventions, events, and occurrences that significantly change how we live, work, and play. If we just look at the progression of the internet and how it went from an unknown thing designed by students to the behemoth we cannot live without today. The birth of the internet also led to great strides in inventing products and services accessed through the internet—for example, the mobile phone and later the apps.
Many big players that dominated the market, such as Nokia and Ericsson, practically no longer exist today since the introduction of the iPhone. The iPhone is one modern-day success story that led to the creation of a new market in the form of apps because Steve Jobs and his team considered the total value added to the market. The market was not simply the end consumer but included the service providers. Simply, they realized that the more time the end consumer spent on their phones, the more the operators could make a profit.
Recognizing new markets is key to achieving continued success. With the push by Tesla for electronic vehicles (EVs) and autonomous systems comes the need for new technology or products. One such product was the On Board Charger used in Tesla’s EV.
At the beginning of the EV evolution, there were other players other than Tesla, such as Toyota. Toyota has the RAV 4, which was their introduction of an EV. However, they never believed that the technology would break into the market. Now, Tesla dominates, and all the former manufacturers struggle to keep up. One way that Tesla ensures they remain on top of the market is to invest and produce new technology to improve its existing product offering.
According to Elon Musk, lithium is fast becoming the new petroleum.
New markets will always need new products. With the rapid move to EVs, companies in the automotive industry must invest and invent new products for this new market. If companies do not learn to pivot and change with growing market demands, they will cease to exist.
A new generation must look at what is needed to address future trends, such as trends that affect health tech, manufacturing energy independence, and AI. The new generation needs to build and invent infrastructure that will embrace the electrification of everything. The future of electrification is not solely the domain of cars; it will spread to construction, agriculture, and shipping. The working teams of the future must be able to address the global threats that face us today.
New generation people are vital for companies to stay relevant. One way to accomplish this is to hire the right talents and invest in them with education. Invest in their education and give them tools to do their jobs. Tesla works in ‘dog years, which means they achieve in one year what others do in seven years.
Look for the new devices that the market will need and look to the next generation of people that can imagine what it needs. The new generation understands new market requirements.
You have to grow the company by keeping your eye on the megatrends. Always ensure that your team is looking for new products and technology for what new markets require.
Every entrepreneur wants their company to last forever; they all want to leave a legacy. Companies succeed by keeping their eye on trends and technologies that address global issues that threaten everyone. Tangibly addressing international matters will ensure that your company is always ahead in the market.