start-up
IS THE ERA OF “MOVE FAST AND BREAK THINGS” OVER IN THE TECH START-UP WORLD? by Peter Campbell
F
acebook’s Mark Zuckerberg famously once said, “Move fast and break things,” in 2009. As we all know, much has changed since then. Even Meta, the company formerly known as Facebook, is attempting to distance itself from that now-famous motto by changing or updating it to “Meta, Metamates, Me”.
Have those appetizingly attractive “moving fast and breaking things” times drawn to a close, particularly in the tech start-up world? Certainly, it’s a very useful way of looking at things, but one that’s not always in the customer’s best interest. With the rise of so-called “Conscious Capitalism,” shifting focus away
from the shareholder and bottom line — and placing an increased emphasis on the customer and employee — was a business model not always met with euphoric applause. It did, however, cause many companies to grow — and grow successfully. Whole Foods Market is a perfect example. In 1980, Whole Foods was a tiny store in Austin, Texas, that next to no one had heard of. Doubling down on its desire to serve the customer, it has grown into a world leader in organic and natural foods, with over 500 retail and nonretail stores in the U.S., Canada, and United Kingdom.
Is the Clock Ticking on Tech Start-ups? Don’t be seduced by a quick fix; they’re called schemes for a reason. Though speed and efficiency may be useful for start-ups, going through the necessary regulations — dotting the i’s and crossing the t’s, as the expression goes — is not just necessary; it’s both beneficial and often integral to success. Aside from avoiding the obvious broken test tubes scenario, taking your time is especially important when it comes to start-ups focused on healthcare. Though Zuckerberg’s motto had (and in some cases, still has) its uses, entrepreneurs in the healthcare industry have a legal and ethical responsibility to the patients who use their products and services. Whether it be healthcare or otherwise, the core of start-ups should be centred on their value, not simply to the board but to the user. Buzzwords like “transparency,” “fun,” “innovative,” and “accountability” are certainly attractive, but in the same way that word-of-mouth is arguably the most effective form of advertising, it’s when people see your company as something special and tell others that you’ve truly accomplished something. In other words: show, don’t tell.
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the EDGE Spring 2023
