Do you speak startup? Startups, particularly digital startups, are growing fast. And there are new words founded in this industry.
Funny thing is, most people outside the startup world don’t understand these words at all. As you might be a new startup employee or a young startup founder, you should sharpen your knowledge to learn startup lingo.
Here are 6 appealing words you should know, in no particular order:
Most Valuable Player? No, startup is not a sport. In the startup world, MVP means Minimum Viable Product. This is a strategy which is the key to figure out how to learn a lesson with minimum effort. Thus, startups often used this in the creation of new software that will be Beta tested and later upgraded with extra features.
It suggests us to understand the difference between value and waste. MVP is really suitable for fast and quantitative market testing of a product.
2. Startup Pivot
When a startup realises its course of action is not living up to expectations, the founders can do pivot. Pivot is a quick but significant change of the course of a startup. On the other words, it’s dressing a (not so fatal) failure as a deliberate shift in the other direction.
Pivoting may lead the startup founders away from their original mission, but still using the common principles that drive any businesses. For example, a startup is going after a different market segment or using an established technology for an entirely new purpose.
One of popular words to describe startups! In a startup sense, “disruptive” stands for a game changer. Every startup wants to be the company that completely changes the way society does something. They believe that their revolutionary ideas will take people to the next level.
4. Startup Incubator & Startup Accelerator
Some startup people think both terms are the same. But they are slightly different. Startup Incubator deals with startups barely hatched. The participants of Startup Incubator programs are mostly students. The students’ startups are “incubated” through mentorship, office space and sometimes funding.
On the other hand, Startup Accelerator focuses on a later stage startup with an existing product and proven business model. Participated startups are looking for rapid growth. That’s why they need more attention on organisational, operational, and strategic challenges.
5. Ramen Profitable
A startup may have positive cash-flow, but the profit is only enough to cover basic living expenses for everyone working there. Yes, the startup provide instant ramen noodles for survival. However, there are no salary for the founders. This is the moment where a startup is waiting the big bet starts to pay off.
6. Digital Nomad
Startup employees are able to be digital nomads. They can work predominantly online, and basically don’t need a physical office space. It means a freedom for startup employees. They can practically work anywhere they want, but all the tasks would still be done.
Next read: Keys on Selling Your Startup Story
Article contributed by Startup Jobs Asia‘s Team.
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