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3 Common Startup Myths

Startup Business Myths

Meet the Team Cognira Series

If you google the difference between a startup and a well-established company, there will be pages worth of opinions, editorial pieces, case studies, and more. While some assumptions are well-justified, there are a few startup myths that need to be challenged.

In our second installment of the Meet the Team series, Bahadir Ustaoglu, Co-founder and Chief Operating Officer at Cognira, shares his perspective on the three most common startup myths. (Haven’t seen our first installment? Check it out here!)

Meet Baha(dir)

bahadir
It all started with an interest in building software. Baha had the opportunity to study Computer Science and Mathematics at Istanbul Bilgi University in Turkey and landed his first full-time gig as a software developer. However, something was missing.
Baha had a passion for talking to people and decided he wanted to be in a role where he could use his technical experience in software development to solve
business problems. His desire to connect technology with the business world led him to get his MBA in Information Systems and Management at Georgia State University.

Since then, Baha has been a part of many different organizations- from big corporations like IBM and Manhattan Associates to up-and-coming startups like Predictix.

With years of experience under his belt and strong relationships built at Predictix, Baha stepped into his new role at Cognira as a co-founder.

3 Common Startup Myths

Startup Myth #1- It’s better to buy software from a larger, more established company

startup company

The main goal of buying software from another company is to find a cost-effective solution that will solve a business problem. Many companies believe that buying from a larger, more established company will not only be cost-effective but less of a risk than buying a startup company’s software.

Yet, choosing to partner with an established company could mean buying outdated technology. Here is why:

  • Big corporations are old corporations. Their once innovative idea grew into something big, no longer requiring a need for innovation. They simply maintain what they have!
  • Their customer base is hard to rip and replace. There is a system in place, making it difficult to innovate and implement new ideas. (This includes backward compatibility and cost of upgrades)
  • They are often separated from their customers’ wants and needs.
  • Their priorities are set on having a positive cash flow, therefore taking fewer risks.
With startups, however, their overall mission is to look for opportunities, inefficiencies, and provide direct value to their customers. The only way to accomplish this is with the latest technology, pushing innovative boundaries, and taking greater risks to succeed. The outcome? A solution that not only works but thrives.

Startup Myth #2- As a young professional, it's less risky to accept a job at a larger, more established company

Over the years, Baha has seen first-hand that founders and leaders of startups care deeply about their employees. Though the success of their product and solution is a high priority, so is curating a positive workplace culture. This means every hire, paycheck, layoff, budget cut, etc., is taken with extreme care.
Young talent often has hesitations about joining a startup. They fear there is a higher chance of a startup failing than an established company. Though this is a risk, the assumption that a startup company will not put forth an effort to protect their staff and company is a myth.
startup team

I have seen startup founders have the hardest time of their life going through a layoff because they consider the impact to each individual and their family.

On the contrary, founders of established companies, and c-level executives do not have the time or resources to dedicate to getting to know their staff on a personal level. When running something as large as a Fortune 500 company, making hard decisions is simply part of the daily routine. Finances including budget cuts and layoffs are simply seen as numbers on a spreadsheet.

Overall, taking the risk and working for a startup allows young professionals to pursue various parts of the business, work on something highly innovative, create marketable skills for their next opportunity, take on leadership roles earlier in their career, and know that their work is valued.

Startup Myth #3 - I can’t bring value to a startup if I don’t know how to code

startup developers
Startups are portrayed in the media as a hub for tech enthusiasts. Though developers and data scientists are needed to build out the solution, it is just as important to have team members that can sell, design, and curate a powerful story.

Building technology is important and we need people to execute this. However, it is important to also have team members that understand what problem we are trying to solve, how we will deliver value, and overall have the business understanding.

Conclusion

It is no secret that startups and established companies are different from each other. However, what many fail to recognize is the competitive edge startups have. The innovative energy, risk-taking mindset, and commitment to providing value can be a life-changing opportunity for both companies and professional careers.
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About Cognira

About Cognira

Cognira is the leading artificial intelligence solutions provider for retailers. Cognira is passionate about helping retailers unlock valuable, transformative business insights from their data.

We know retail. We love data.

To learn more, check out our website at cognira.com or contact us today to get started. 

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