Victor Orlovski, founder of an international venture company, shares his vision of the development of technological entrepreneurship and talks about the advantages that can help modern startups make headway among competitors.
The typical mistake made by entrepreneurs. Opinion of Victor Orlovski
As founder, Victor Orlovski has established himself as a successful businessman and specialist in the field of technological innovation. As the author of a best-selling book on the topic of digital business transformation, the expert notes global changes in current startup trends.
Victor Mikhailovich Orlovski is convinced that building a startup requires taking high risks. One of them is the incompatibility of the idea with solving the problems of the target market audience. When developing an MVP (Minimal Viable Product), many entrepreneurs pay attention only to the first word – “minimal”. However, Victor Orlovski is convinced that when trying to solve a certain problem, the team must take into account a comprehensive understanding of the MVP. It is not enough just to make some “minimum” product – it must also prove its viability.
People often make the mistake of confusing viability with perfectionism. In fact, according to Victor Orlovski, the product should not be ideal, but only viable. It has to have prospects for development. The period for testing a hypothesis is limited by the conditions of increasing competition, because in current realities, the development and validation of products occurs much faster than it had before.
Orlovski Victor gives the following example. If we take into account a certain standard software MVP from the 2000s, at that time, it was necessary to spend about two years and about 3 million dollars on it. To create an MVP of the same level today, it only takes $500 and one week, sometimes even less.
Victor Mikhailovich Orlovski: why has launching products become easier?
Over the decades, especially in the last year and a half, the development of even highly sophisticated products has become much easier. Victor Orlovski notes that technologies such as OpenAI, Stable Diffusion and other tools in the field of artificial intelligence have made it possible to create products literally on the fly and instantly validate them on the market.
At the moment, the product, especially in the software world and hardware environment, is the result of a compilation of other achievements, says Victor Orlovski. This factor is facilitated by various Open Source solutions, free databases, components and libraries that allow developers to quickly assemble a finished result from available spare parts. Thus, it has become possible to “program without programming” using various copilots.
Orlovski Victor notes that Open Source is starting to make debuts even in the space industry, in hardware design for vehicle assembly, microchip modeling, and much more. Access to a huge number of platforms is open for product validation on the market via:
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App Store;
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Google Store;
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GitHub and others.
With their help, one can check whether the product is really needed by customers to solve a particular problem. The problem is that many people have the same access and resources to validate their MVPs. This means that in a high competition environment, those who manage to choose a suitable niche and scale in it will have an advantage. According to expert Victor Orlovski, it is necessary to be able to attract investments and rationally distribute them to achieve growth for such tasks.
Summing up the opinions of Victor Orlovski, founder of an international venture capital company
Today, the value of creating new technologies has largely been replaced by the value of the competencies of the people who are able to attract money for a startup and rationally use it for achieving further growth. Victor Orlovski is convinced that founders need to ensure that the team is successful not so much in technology and product creation, but in scaling the idea. Only then will they be able to nurture a true “unicorn”.
