David Rowan, former editor-in-chief of Wired magazine’s UK edition, delivered a speech at the Digital Innovation Forum 2018 in Taiwan last month. During his address, Rowan shared a number of key points for new start-ups.
For example, he stressed that entrepreneurs should focus on service, not product.
In the internet era, companies can reach customers across the world, but the costs involved are still quite substantial if it’s only a one-off deal.
Therefore, companies should focus on how to build up subscription-based income stream.
Many companies have already realized this. For instance, Chinese smartphone maker Xiaomi is trying to convince people that it is more than a handset manufacturer, pointing out that the firm also provides various services including Cloud.
Apple has proved that it can generate income growth from iCloud and other services even as iPhone sales slow.
Another important advice for startups is that a company should try to become an ecosystem, not an island, Rowan said.
Simply speaking, a company can’t survive in the market with a closed system even if its products are very powerful. In the future, technology has to connect and collaborate with each other in a system, whether it is fintech or healthcare.
This article appeared in the Hong Kong Economic Journal on July 27
Translation by Julie Zhu
[Chinese version 中文版]
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