Reading Saxon Yeung’s blog on the startup company Signpost reminded me of the common topic and similar startup, Bench. Signpost is a cloud-based marketing software company that offers a product that assists businesses in getting and keeping customers. Similarly, Bench is a startup that provides bookkeeping services that are quick and tax-ready.
Both companies are recent establishments that were presented within the past three to four years. In saying so, the companies could benefit from Porter’s five forces analyses as it allows for better understandings of the industries in which the firms have entered.
As for their products and services, Signpost and Bench have exhibited disruptive innovation within their markets. As the companies were freshly introduced to their corresponding industries, the costs for their work is affordable and more attractive to business owners. Fortunately, with young entrepreneurs familiar in the world of technology, both Signpost and Bench incorporate advanced technology thus enhancing the speed and simplistic outlook of the consumer’s data. In doing so, the companies employ lower net costs than larger companies at the upper end of the niches.
To me, successful entrepreneurs, in the current era, must produce and innovate pertaining to the desires of consumers. And over the past decade, technology has been the thriving industry.