{"id":5017,"date":"2015-07-22T17:09:00","date_gmt":"2023-10-18T17:09:20","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=5017"},"modified":"2023-10-18T17:36:03","modified_gmt":"2023-10-18T17:36:03","slug":"canadian-startups-moving-past-prerevenue","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/ca\/blog\/canadian-startups-moving-past-prerevenue\/","title":{"rendered":"Why Canadian Startups Are Moving Past The Pre-Revenue Stage"},"content":{"rendered":"\n

They may now trade on the stock markets as public companies, but it took years for Facebook, Twitter and other former startups to figure out a business model that would generate revenue. Startups in Canada, on the other hand, are wasting no time getting on solid financial footing, according to a recent research report.<\/p>\n

In A Nation of Innovators: 2015 Canadian Emerging Technology Companies\u2019 Survey<\/i><\/a>, consulting firm PricewaterhouseCoopers reports that 56 per cent of startups here are expecting between $500,000 and $1M in estimated revenue, and 11 per cent are forecasting between $5M and $25M this year. In other words, they\u2019re off to a great start.<\/p>\n

Alongside the statistics in the report, though, PwC also conducted a series of video interviews with Canadian startup executives that offer some important advice on how to keep the revenue momentum going. Here are some of the highlights.<\/p>\n

Revenue Comes From Listening To Customers<\/b><\/p>\n

According to Scott Miller, CEO of Vision Critical<\/a>, one step in selling that startups may sometimes overlook is establishing communities of customers and prospects<\/a> you can use to vet ideas and ensure products and services will meet the right needs. Actively listening to customers can also inspire startups with opportunities to cross-sell or target new markets they might not have considered on their own.<\/p>\n

\u201cNo matter how big your company is, you don\u2019t know all the ways that customers are using your product, or want to use your product,\u201d he said.<\/p>\n

Miller added it\u2019s important to make sure communities understand how you use what you\u2019ve learned so they\u2019ll feel receptive the next time a startup reaches out.<\/p>\n

Prove That Revenue Is Part Of A Long-Term Strategy<\/b><\/p>\n

Although the PwC report says 63 per cent of startups expect to be acquired and less than a quarter see themselves staying in the market for the long-term, they should always act as though they playing to win. Angela Tran Kingyens, an associate at Version One Ventures<\/a>, said startups could actually get more funding if they demonstrated they are creating something that customers will simply be unable to do without.<\/p>\n

\u201cBuild a product that is not just a nice-to-have but a need-to-have,\u201d she said. \u201cThe second important thing is to become a category leader. So, not just improving upon something that already exists but sets a new bar in a new area that hasn\u2019t been touched before.\u201d<\/p>\n

There\u2019s no way for startups to show that without having a lot of good data behind them, whether it\u2019s CRM data<\/a> that tracks customer retention and growth within accounts or analytics data<\/a> that helps forecast demand for a startup\u2019s products and services.<\/p>\n

Follow The Revenue Beyond Your Borders<\/b><\/p>\n

Although Canada has a strong and supportive startup community, the country may not always be large enough to supply the number of customers an emerging firm needs to survive. Expanding globally, however, comes with a lot of risks, and timing can be critical.<\/p>\n

For Michael Hyatt, CEO with BlueCat Networks<\/a>, the sure-fire approach is moving into a new country when you start getting requests for your product or service. That doesn\u2019t mean opening a huge network of branch locations necessarily. It could just mean using prospecting tools to pinpoint a city or state to begin building a base.<\/p>\n

\u201cIt\u2019s about going to where your customers are and making small investments,\u201d he said. \u201cMake sure the money is there.\u201d<\/p>\n

For more information on how to get your new venture off the ground, visit Salesforce for Startups<\/a> or learn more about how entrepreneurs can succeed, with our free eBook:<\/p>\n

\"Tips<\/img><\/a><\/p>\n

<\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"

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