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Philadelphia's Recent Startup Businesses: 5 Things to Learn From

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Philadelphia city's innovation space is fast growing, and there are several lessons you can learn from how these businesses have achieved greatness. Here are five important aspects to learn from Philadelphia's startup business community.

 

Educated workforce is criticalPhiladelphia's Recent Startup Businesses: 5 Things to Learn From

UPenn, Drexel, and Temple have helped most startup businesses get educated employees who are willing to work for minimal salaries that most startup businesses in Philadelphia offer as they become part of a growing enterprise. The academic institutions in the city of Philadelphia have been churning out qualified rare talent that is gracing the business sector of startup companies. The success of a startup business also relies on the caliber of the people behind the idea.

 

For instance, the executives of Blackfynn, which is a cloud-based platform for streamlining neurology data, is a brain child of Pennsylvania professors Amanda Christini, Joost Wagenaar, Zack Ives and Brian Litt. The professors have strong backgrounds in various specializations such as neurology, tech, and engineering.

 

Investing in a healthy environment

The culture and the community of the Philadelphia city is warm and welcoming. The people of Philadelphia are always charming, making it easier to interact and initiate marketing campaigns. The launch market is perfect for businesses that are focused on millennials. The market is good for doing tests for a startup business because the city is largely walkable in the city center, especially for startup business owners who intend to interact with the locals when conducting market research about their products or services.

 

The Philadelphia community is very open with people who are always willing to talk and interact unlike other metropolitan cities like New York where everybody seems to be minding his or her own business. It makes building genuine relationships with your existing and potential customers very easy in the city. It's interesting how you can save time and money moving around within this small city using a bike.

 

Have a killer idea

With the hundreds of ideas being generated every day in Philadelphia, you ought to come up with a killer idea for you to be competitive. Just as it's with building a business anywhere, you may be faced with several challenges like lack of funding, but you ought to keep knocking on doors and changing your approaches every time you get disappointments from potential investors.

 

Getting Funding and investing wisely

There are several funding options available for startups in Philadelphia ranging from personal savings, angel investors, and borrowing starting capital from banks and financial institutions. Besides the locally-based financiers, your startup idea can also seek funding from business angel investors and philanthropic ventures on online platforms. It's advisable to consider participating in some of the leading entrepreneurship training programs. A startup business owner in Philadelphia has to be dedicated to his or her idea from the beginning by investing money and time wisely in order to succeed. It's also critical to analyze the critical dynamic market trends so as to avoid lagging behind in the competition. Utilize updated executive dashboard and hybrid cloud tools to facilitate efficiency in the overall running of the startup's operations.

 

Networking

A startup business owner needs to network with people who can help them in growing the business that is at an infancy stage by utilizing networks such as PSL, StartUp PHL, and PIDC. The city is a millennial hub with tech savvy individuals who are always willing to help each other prosper.

 

You should build an acquaintance with people like Yuval Yarden of the Philly Startup Leaders and even Archna Sahay of the City of Philadelphia among other reliable personalities who will help you in getting connections to other entrepreneurs and resource opportunities. You have to utilize the social media platforms extensively in launching marketing campaigns and responding to your potential customers' inquiries using the social media interactive tools.

 

People like identifying with companies that appreciate and value them, and as a Philly startup company, you ought to create that perception from the onset so as to get it right the first time.

 

 

Lee Flynn is from the Wasatch Mountains near Salt Lake City, UT. After Lee spent years preparing himself, his home and his family, he decided he had to do more. In his free time, Lee helps educate those who want to do the same. Through small local workshops and articles, Lee trains and teaches others on home preparation, food storage techniques, wilderness survival and self reliance. After obtaining a bachelors degree from the University of Utah, Lee moved to the Salt Lake Valley where he now lives with his wife and daughter.

 

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