For growing technology companies, there is no straight route to scaling up. Along with significant opportunities, tech companies will face challenges at each stage of growth, and numerous ways to tackle them. The intense competition for talent, the constant need for innovation, and the make-or-break demands of managing capital are important for any business in the tech space, but for those focused on scaling up and unleashing their growth, intentionality is paramount.
The battle of priorities can seem constant during the rapid-growth stage of the life cycle. Later, during the expansion and exit phases, leaders must turn their attention to business standardization, revenue recognition and greater regulatory compliance, among other areas. Knowing where to focus your team’s efforts is a critical factor in determining the future success of the business. Whichever path a company takes, the growth journey requires time, patience and resources.
The illustration below highlights the life cycle stages for a technology company. Click each stage to dive in and learn more about the critical events and considerations that accompany it.