We can have a variety of ideas, but is that all it takes when it comes to creating and developing a startup?
Every business is different from the other, but most startups can expect to start seeing success after about seven to ten years. This is because the first three years of a start-up are just to find your direction and establish your profile as a real company.
Growth strategies of a start-up are mainly related to:
Market penetration
The goal of this strategy is to increase sales of existing products or services in existing markets, and thus increase your market share.
Market development
Even after the start-up has established it’s clientele, the market of a start-up is always expanding and other opportunities should be sought to access other segments.
Product or service development
One of the most important elements of growth is the development phase of the product or service that your initiative offers.
Diversification
You enter the market with a minimum sustainable product and then have to work on diversifying your market offer portfolio.
If you are in the process of growing a start-up, it would be advisable to follow these steps:
Do your research
Build a sales strategy
Create a model of how you will retain the client
Attend ecosystem events
Practice Social Corporate Social Responsibility
Current situation
Dozens of businesses are created every month in Tirana and Albania. Regardless of the willingness to further develop the business, well thought out plans, or market studies, all businesses will “fight” during the first years for their success.
Some of them will fail but others will achieve the predicted successes. Digital Tirana introduces you to all the ecosystem programs and actors that help start-ups from the initial stages.
Below you can find some of the programs that offer start-up opportunities.
EU4INNOVATION aims to strengthen the innovation ecosystem and boost startup creation in Albania. The program in Albania is funded by the European Union with support from the German Federal Ministry for Economic Cooperation and Development.
https://euforinnovation.al/
Email: euforinnovation@giz.de
Is a flexible support program for early validation and growth-stage startups, tailored to their need to help them build profitable repeatable and scalable business models, improve their market traction and investment readiness, and grow faster.
https://growpreneur.al/
Email: Balkans@yunussb.com
Tel: +355 60 40 01 981
Young entrepreneurs or who have a business idea, have the opportunity to become part of the IDEA project, a program that supports innovative developments for entrepreneurs in Albania, funded by GIZ. IDEA offers a complete CEFE training package on business competencies and skills, 3 months of counseling, and 2 months of mentoring.
https://idea.cefe.net/
Email: ideaplus@cefe.net
Tel: +355 68 20 01 383
