Now as we prepare to unveil our latest aftermarket auto solution, which will transform outdated stock stereos into connected car systems, our team is working tirelessly to stand out in the sea of technology startups and giants alike. As we embark on our latest venture, we have found that building a community of shared knowledge is the best way to continue to create innovation. These are some tips that have helped GROM Audio grow!
1.) Setting Yourself Apart
- Since technology has allowed people to sell, market and reach consumers without having to purchase a storefront, starting a company is easier than ever. This means there is countless competition, whether legitimate or not.
- Determining where to find money—whether it is a business loan, crowdsourcing or finding investors—to be a successful company, you must have "seed" money. While there are many ways to achieve funding, for many startups it is hard to finding right investment for your vision.
- Understanding the funding processes when reaching out to investors—who are the right investors, what do they receive for their investment, when do they receive it, etc.
3.) Knowing the right way to spend your investments
- Once, if ever, you receive an investment for your vision, where does that money go? To design? Production? Or getting your brand name out there? What if you don't have a brand identity yet? Do you spend money on creating a recognizable logo or do you spend money on creating the product?
- Prioritizing within a startup can be very difficult and hard to navigate when you are beginning. Deciding where to start can be challenging… want some advice, well a consultant costs a pretty penny too.
4.) Forming a startup team
- Many startups begin from the idea for a product or service, like GROM Audio. But the idea to create a product that can transform your driving experience is not a business plan. Forming a team that can design, manufacture, market and generate revenue to continue production; all on a typically small starting budget is one of the hardest aspects of the startup culture.
Stay tuned for more tips as GROM Audio prepares to unveil our next car audio solution, on our path to aftermarket audio innovation!