The cost and effort to start a business has dramatically floundered in the past few years with the advent of the Fourth Revolution. I believe this fact is still not fully understood by the mainstream. It could comes up to the point where even Venture Capital, which was so important to the development of new technology start-ups in the 1990’s, might not be so relevant today in the field of innovation.
Some relevant stories and posts by Vivek Wadhwa include Beat the GMAT, a 32,000$ start-up that was valued millions in a few months, or this Quartz post ‘Anyone, anywhere can now build the next WhatsApp or Oculus‘.
With the advent of cloud services, it is very cheap to have a professional level infrastructure at your disposal almost immediately and for a few thousand dollars a year, as I am also experiencing with my own ventures. It is also very cheap to develop mobile applications, websites and other web-based software based on existing free, open source basis. The importance of strong financial backing is thus delayed in the development process of new start-ups to the point where they can demonstrate revenue and whether their business model could be viable.
This of course removes lots of excuses not to start following your insights and ideas and create value to the world!
For more insight into business models I strongly recommend the Business Model Generation book, a collaborative book that created a framework that is now used throughout the start-up business community.
