Based
in the heart of Silicon Valley, GROM Audio understands the vast
progression of technology and startup culture. With countless
entrepreneurs flocking to the Bay Area to begin their latest venture,
the competition is stiff and setting yourself apart can be even
tougher. As a new technology company ourselves, we strive to deliver exceptional
products which build on innovation and as GROM continues to grow, our
team learns about the pitfalls of creating innovation from scratch.
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will transform outdated stock stereos into connected car systems, our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.
2.)
Funding
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!
After an exciting first showing at a
Hot Import Nights car show, GROM Audio is excited to reach new and
current car enthusiasts from around the Bay Area. Held at the Santa
Clara Convention Center, this was a car event to remember with
beautifully customized import vehicles, hot up-and-coming models and
live music—making it much more than your average car show.
