How to grow your business: 3 lessons learned from Think Silicon
Talented tech firm Think Silicon wants to become the leading low-power mobile graphics company in the world. They have scaled-up from a team of 7 to an international company of 28 in just 1.5 years.
At the beginning of their journey they worried about how to secure funding for their innovative products and how to enter an extremely competitive market, dominated by tech giants.
Based in Patras, Greece, the company sought help from PRAXI Network’s innovation consultant, Dr. George Tzamtzis, from the Enterprise Europe Network – Hellas. Here is what they learned along the way:
1. Take a look in the mirror.
The smart way to start is by assessing your innovation management performance in comparison to your competitors. This helps you identify your strengths and weaknesses and gives you a 360° view of your competitiveness and innovation. Taking the time to do this analysis at the beginning means that you can address your bottlenecks early and save time further down the line. Enterprise Europe Network advisers are there to help you throughout.
2. Do your funding homework.
Check the most suitable sources of funding or finance and prepare accordingly. For Think Silicon, this was the EU's SME Instrument and with George's support they submitted a successful proposal, gaining €1,3 million in funding. The Enterprise Europe Network helps companies identify the best programmes, develop their proposals and also review them before submission. For companies who get SME Instrument funding, the Network also helps identify the best business coaches and is ready to provide support along the entire path to international growth.
3. Promote your innovation as widely as possible.
Join a company mission, participate in brokerage events and take the plunge by pitching to investors. Think Silicon with the help of the Enterprise Europe Network has presented their innovative technologies all over the world, in prestigious events and to high-profile investors. Since then, they have licensed their products to companies worldwide and established offices in Europe and North America.
Every company's journey is different, but for Think Silicon, the essential ingredients for success have been patience, discipline and a clear vision for future growth. Perhaps the most important step was knowing where to seek help.