Growth Strategies for Startups
There are many ways to grow your business after you launch it. Do you know how to grow your business by using innovation as part of your business model? How can new products and services grow your business? Read this chapter to find out more!
Summary
Company growth must be planned by both old and young firms. It requires the choice of one or more of the above
mentioned strategies to promote growth. Product and process innovations, the differentiation of products and
markets, the use of market niches, and networking with other companies are important strategies for start-ups.
Growth along the supply chain is a special case in vertical networking strategies. Buying out entire companies is also
suitable as a growth strategy, but it presupposes the availability of sufficient capital, and the solution of acculturation
problems. Growth can be seriously threatened by the management mistakes discussed above, but also promoted by
growth strategies that are well implemented.