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In this episode, Steli and Hiten discuss the pros and cons of following technology business trends. Startups tend to just go with the flow in regards to these trends without considering if the concept fits their company and is even doable. Listen to learn why it is important to do your research before jumping in and how there is a RIGHT way to implement these new technologies.

Time Stamped Show Notes:

  • 00:33 – Steli and Hiten open today’s show
  • 00:43 – Steli and Hiten introduce the topic of technology business trends
  • 01:24 – Some people can’t distinguish a trend from a fad
  • 01:41 – “Big data in machine learning turning into artificial intelligence”
  • 03:26 – Hiten has been building products for 13 years now
  • 04:11 – “We are all creators and we’re all looking to create things”
  • 04:26 – There is a lot of software available now and a lot of support for those building software
  • 04:54 – People have the natural tendency to go towards the trends
  • 05:05 – “It’s trendy to be trendy”
  • 05:40 – Amazon just launched a supermarket that allows people to “walk in” and “walk out”
  • 06:15 – People are forgetting that companies apply new technologies to solve everyday human needs and problems
  • 06:45 – If someone is trying to apply new technology to his business, you have to dig in and research more to see if it will fit your business
  • 07:30 – We have to be conscious of the new trends around us
  • 07:50 – Applied trend is a trend that isn’t useful to you until you’ve applied it and it works
  • 08:50 – Some startups try to copy other new technology even if it is far from what they are doing
  • 09:50 – Steli shares how startups want to apply AI to a totally different product
  • 11:05 – Some startups are more focused on getting more investors and press releases
  • 11:39 – They say they need more VC funding so they will show off their new, shiny object
  • 11:50 – Hiten shares that it may actually work for some startups to show off new technology and get funding, but sometimes it fails as well
  • 13:30 – Steli and Hiten both run software companies
  • 14:15 – SaaS has been a trend for awhile now
  • 14:42 – 37signals.com/basecamp has been successful in the SaaS trend
  • 15:20 – Hiten shares what to consider in starting a new trend
  • 16:30 – Hiten shares the disadvantages of following trends
  • 17:10 – Hiten’s business hasn’t gone mobile because they’ve seen their counterparts try and fail in that department
  • 17:35 – Mobile apps come and go
  • 17:57 – Focus on your business target market
  • 18:30 – Make sure that your business can be successful using that specific trend
  • 19:02 – Hiten shares an example of the process he went through to implement a new trend
  • 20:00 – Hiten found an engineer that would work with them
  • 21:00 – For Steli, he enjoys learning how the world is changing by reading about trends
  • 22:18 – Steli shares how he likes to establish a team that will decide if a new technology trend is worth it
  • 23:50 – Hiten’s tip is to make sure that you and your company are well positioned to invest on the trend
  • 24:30 – Another tip is make sure you can do it and make sure it is the right trend for your company
  • 20:32 – Your tactics may change over time, but the framework stays the same

3 Key Points:

  1. In adapting a new technology trend, consider whether it’s good for the world, has longevity, and that you will be able to do it successfully.
  1. People tend to overhype these trends and undervalue the complications—make sure you ASSESS well whether it’s right for you.
  1. Decide whether the technological trend makes sense for your product and company BEFORE making that investment of time, energy, and resources.