sTARTUp Lab is debunking 7 myths about startups!

There are many myths about startups that sTARTUp Lab has heard over the years. During the programme these thoughts have been converted.

  • Startups are only for young people who go to universities.

Although a lot of people in the STARTER program are university students then a lot of Estonian startups have a team of middle-aged people, for example, Pipedrive, Transferwize, and Bolt. Universities are a good place to start-up because here you can find people from different professions. It’s also a good idea to grab someone on the team who has previous experience in business.

  • Startup ideas need to be one of a kind and the best out there.

No, the idea doesn’t have to be the best or one of a kind. It all begins by discovering an already existing problem and finding not nesseseraily new but improved ways to solve it.

  • Startups need a lot of money to start and money is impossible to get.

It’s a well-known truth that startups need a lot of capital to start. The more complex and technical the idea the more funding is needed, but there are a lot of great accelerators with monetary awards like for example Prototron is giving away 35 000 euros for the winner and Ajujaht 30 000 euros with additional awards.

  • Startups are only for people who study business and IT.

Creating a startup is all about teamwork. It doesn’t matter what kind of background you have as long as you have the idea and are willing to pursue the dream. People from the same background think alike so sometimes it’s better to have a lot of people with different backgrounds so that everybody can do what they like best and also that the progress is managed properly. For example, if you are starting a business in a medical field then it’s a good idea to grab someone from said field.

  • Startups are an easy way to get rich fast.

Startups at first consume a lot of energy and money. It takes some sleepless nights to make it work, but if the idea is developed then you can sell it for a good profit. For example, Skype and Pipedrive got millions for their startup. If you don’t want to sell it then you can run it as a normal company.

  • If the idea doesn’t develop fast into a working startup then it’s a bad idea.

The speed of the idea development depends on what kind of startup you are building. Tech companies take longer to build MVPs than for example a service. It is not unusual to ditch the first idea and discover something better during the work process.

  • I need experience in the business field!

The experience is good but not mandatory. In the startup team, you don’t have to take the leader position. For example in a tech company, it’s important to have the leaders and also the people who are doing the innovating. In a healthcare startup there need to be people with a medical background in addition to the business and engineering people.

The best thing to do is just hop on board and give it a go. With the help of a good team and mentors, everything is possible!