As seen on QUORA
Defining success for startup for tech startup in Nigeria and around the world can be daunting. Investors look for figures to make to make decisions, co-founders seek for quick wins to get the attention of investors and if possible celebrate their little wins. Recently, this question above came up on Quora, founded in 2009 which is a question and answer website where questions are asked, answered, edited and organized by its community of users. Quora is a platform that aggregates questions and answers to topics. Users can collaborate by editing questions and suggesting edits to other users’ answers.
The best answer came from Brendan Baker with 206 votes who suggested the following as some of the indices to watch out for.
He goes further to give an example of an e-commerce startup where traction could be measured in terms of “revenue growth, average sales or gross margins, customers, average return visits per customer, units moved, etc.,”
On the other hand a few people are of the opinion that profitability should not be an immediate and convincing sign of traction, but rather, engagement/communication by the target market.
This has been a long-standing question in the startup community with quite a number of startup founders and venture capitalists postulating varying views. If you have a different view, do let us know by stating your opinion in the comment section below.
