Growth Hacking
Growth Hacking is a startup term that was coined by Sean Ellis and it basically describes a marketing technique that focuses on quickly finding scalable growth through non-traditional and inexpensive tactics such as the use of the internet or social media.
The objective of growth hacking strategies is generally to acquire as many users or customers as possible while spending as little as possible. This is a technique that can scale your startup at any stage and should always be experimented around.
MVP
A minimum viable product or MVP, is a product with enough features to attract early-adopter clients and validate a product idea early within the product development cycle. In industries together with the software programs, the MVP can help the product team receive consumer feedback as quickly as possible to iterate and enhance the product.
For example – Airbnb
With no money initially to build a business, the founders of Airbnb used their own apartment to validate their idea to create a market offering short-term, peer-to-peer rental housing online. They created a minimalist website, published photos and other details about their property, and found several paying guests almost immediately
Accelerator Program
An accelerator for startups is a short-term growth strategy that encourages years of growth in a matter of months. Consider them a market preparedness and investment development boot camp.
Scaling a business is the main objective of an accelerator programme. Programs provide one-on-one meetings with programme advisors, which is helpful feedback. They’ve had success building firms, attracting investors, and breaking into new markets. In coworking spaces and workshops, businesses collaborate with other startups. Through mentorships and the accelerator’s alumni, you get unmatched access to successful entrepreneurs. The programme frequently provides funding to participants. At the program’s conclusion, they also make an investor pitch. Investors view an accelerator as a badge of honour. Participation in a prestigious programme demonstrates your team’s talent, motivation, and training.
BootStrapped
Have you heard of the term 'Bootstrapped'? It refers to startups that have been built and grown without external funding from venture capitalists or angel investors. Instead, they rely on their own resources and revenue to finance their growth.
With many types of mortgages and interest rates on the market, it can be confusing to know which one is right for you, so we’ve outlined some of the basic below.
A great example of a successful bootstrapped company is Basecamp, a project management and collaboration tool. Since its founding in 1999, the company has grown to over 50 employees and millions in revenue, all without outside funding. This has allowed them to maintain complete control over their direction and decision-making, and to focus on building a sustainable business model.
The bootstrapped approach is not for every startup, but it’s a testament to the determination and resourcefulness of entrepreneurs.
Product Market Fit
The extent to which a product satisfies a significant market demand is known as product-market fit. The first step in creating a successful venture has been defined as achieving product/market fit, during which the business interacts with early adopters, receives feedback, and assesses the interest in its offering(s).
Product/market fit is not binary. A basic level of product/market fit won’t be sufficient for a startup firm to get traction in the market and succeed. Instead, a high level of product/market fit, or extreme product/market fit, is actually necessary.
EBITDA
EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of a company's operating performance. It takes into account a company's earnings before any expenses related to financing and accounting practices, such as interest payments or taxes, as well as any expenses related to the depreciation or amortization of assets.
EBITDA is often used by investors to evaluate a company’s ability to generate cash flow and profitability, as it provides a clearer picture of a company’s underlying operating performance, without the influence of non-operational factors such as accounting methods or capital structure.
In conclusion, EBITDA is a vital metric that investors use to evaluate the financial performance of a company.