Google Inc. recently celebrated an important anniversary. It has been ten years since the search giant’s initial public offering (IPO).
Since then, Google’s stock price has increased an astounding 1,293 percent, and its services and products have grown to include maps, mobile software, operating systems, and a variety of other online tools. The car that drives itself may or may not be a Google publicity stunt or a company effort to exemplify it’s futuristic thinking in order to attract talented engineers. In any event, it has generated significant publicity and discussion. While not all Start-ups can enjoy the same level of success, companies in all industries can learn a lot from Google’s path to success.
Below are five key tips:
Be the best at what you do: When Google entered the Internet search market, it was already very crowded. However, the tech company was able to quickly distinguish itself by offering a novel product. Unlike its competitors that included a search function along with news, weather, and even horoscopes, Google focused exclusively on providing quality search results. It banned pop-ups and also clearly differentiated between search listings and advertisements.
Bring on the right people: When they started the company, founders Larry Page and Sergey Brin were tech experts and not businessmen. Because they initially planned to sell their search algorithm to the highest bidder, they didn’t have a long-term business model. However, when it became clear that no one was going to pay their $1 million asking price, they brought in business professionals, which they initially dubbed “adult supervision,” to help them launch a successful corporation.
Stick to your guns: When Google first introduced its advertising model, most experts predicted that the company would never make money. They didn’t think users would click on two simple lines of text, even if the advertisements were based on their current search terms. Google now generates billions of dollars in advertising revenue annually.
Never stop innovating: Even today, to the boon of marketing professionals everywhere, the company continues to tweak its search algorithm. The steady stream of advertising revenue generated by its search engine also allows Google to pursue a variety of other projects. In 2005, the company introduced Google Maps, which rendered paper maps obsolete. Its turn-by-turn cell phone application has now targeted GPS devices for elimination. While Google Glass may never take off, Google might become the first company to offer a self-driving car to consumers as mentioned above.
Know when to take risks: Google continues to add new products and services. While some are created in house, others are the result of acquisitions, including Groupon, YouTube, and Nest. The company has perfected the process of determining whether it is more cost-effective to create a competing offering or to simply buy an existing business model. According to CEO Larry Page, the approach, which he calls the “toothbrush test,” is fairly simple. He asks, “Is this something you will use once or twice a day, and does it make your life better?”
If you have questions about this post or would like to discuss how to foster the success of your start-up venture, please contact me or the Scarinci Hollenbeck Labor and Employment attorney with whom you work.
For an entrepreneur, navigating the path to a successful business can be extremely difficult. Check out some of my previous posts to get a clearer understanding of the legal aspects of having your own start-up.
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What Can Start-ups Learn from Google? Five Key Tips
Author: Dan Brecher
Google Inc. recently celebrated an important anniversary. It has been ten years since the search giant’s initial public offering (IPO).
Since then, Google’s stock price has increased an astounding 1,293 percent, and its services and products have grown to include maps, mobile software, operating systems, and a variety of other online tools. The car that drives itself may or may not be a Google publicity stunt or a company effort to exemplify it’s futuristic thinking in order to attract talented engineers. In any event, it has generated significant publicity and discussion. While not all Start-ups can enjoy the same level of success, companies in all industries can learn a lot from Google’s path to success.
Below are five key tips:
Be the best at what you do: When Google entered the Internet search market, it was already very crowded. However, the tech company was able to quickly distinguish itself by offering a novel product. Unlike its competitors that included a search function along with news, weather, and even horoscopes, Google focused exclusively on providing quality search results. It banned pop-ups and also clearly differentiated between search listings and advertisements.
Bring on the right people: When they started the company, founders Larry Page and Sergey Brin were tech experts and not businessmen. Because they initially planned to sell their search algorithm to the highest bidder, they didn’t have a long-term business model. However, when it became clear that no one was going to pay their $1 million asking price, they brought in business professionals, which they initially dubbed “adult supervision,” to help them launch a successful corporation.
Stick to your guns: When Google first introduced its advertising model, most experts predicted that the company would never make money. They didn’t think users would click on two simple lines of text, even if the advertisements were based on their current search terms. Google now generates billions of dollars in advertising revenue annually.
Never stop innovating: Even today, to the boon of marketing professionals everywhere, the company continues to tweak its search algorithm. The steady stream of advertising revenue generated by its search engine also allows Google to pursue a variety of other projects. In 2005, the company introduced Google Maps, which rendered paper maps obsolete. Its turn-by-turn cell phone application has now targeted GPS devices for elimination. While Google Glass may never take off, Google might become the first company to offer a self-driving car to consumers as mentioned above.
Know when to take risks: Google continues to add new products and services. While some are created in house, others are the result of acquisitions, including Groupon, YouTube, and Nest. The company has perfected the process of determining whether it is more cost-effective to create a competing offering or to simply buy an existing business model. According to CEO Larry Page, the approach, which he calls the “toothbrush test,” is fairly simple. He asks, “Is this something you will use once or twice a day, and does it make your life better?”
If you have questions about this post or would like to discuss how to foster the success of your start-up venture, please contact me or the Scarinci Hollenbeck Labor and Employment attorney with whom you work.
For an entrepreneur, navigating the path to a successful business can be extremely difficult. Check out some of my previous posts to get a clearer understanding of the legal aspects of having your own start-up.
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