There are some fundamental problems that most startups have and troubleshooting those problems can mean the difference between failure and success for yours. Statistics show that about 97% of startups fail. 97%. Let that soak in before you jump in without a powerfully strategic plan for investment, marketing, prototyping, and longevity. Does your startup have what it takes to be the 3% of startups that manage to make it and become profitable? The best way to beat the odds is to study what causes other startups to fail and insure that you don’t make the same mistakes.

Thinking about the future of your startup may feel like premature planning but knowing what you want from your startup and setting specific goal for the future are some of the best ways to gain an advantage over your competition. For many startups they only planning they have is getting the product to market. What happens what that is accomplished? Do you have new innovations planned and are you continuously growing and changing to meet consumer demands.

Innovation is just as important as any future plans. Is your technology new and different? Will it make consumers lives easier or change the way we live? Just having a product that fits into a small niche market is not enough to make a go of it with your startup. You need technology that a mass market will feel like they can’t live without and then launch your smaller specialized products.

Surround yourself with employees or partners that will give honest and reliable feedback. Going it alone can set you up for failure so choose a team that encompasses a variety of thinkers that will work toward the goals of innovation, longevity, and profit. Following these basic ideas are just the start to a successful startup company. Connect with like minds and investors at The iFestival.