In 2015, Artem Kuharenko founded NTechLab; a startup company created to develop algorithms and facial-recognition technologies to be applied in real-life industries. To the surprise of many, this tech startup proceeded to beat Google at facial recognition in its first year of set up during the Washington’s MegaFace Challenge.
So, how did such as a young startup manage to beat Google in a game that the giant company practically invented? And what can other startups learn from NTechLab’s success?
• Put major focus on your key ideas
When establishing a startup, it’s easy for an entrepreneur to get distracted. Artem Kuharenko advises against this and urges entrepreneurs to focus on what they are really interested in without diverting to anything else. Much of NTechLab’s success came from the focus that its team of closely-knit computer scientists put in narrowing their machine-learning algorithm developments to facial recognition. The company narrowed its parameters to make the algorithm accurate and quick in searching through billions of photo databases.
Apart from that, they had business plans to create a product whose algorithm could be applied in real life industries; something that set them apart from their competitors.
• Think big
Another attribute to NTechLab’s success was thinking and aiming big. When the company won its highly publicized price in facial recognition technology, it took advantage of the fact that it beat Google and leveraged organic public relations to spread its brand‘s name. As a result, this business strategy made it to be associated with major industry players (the top in the world) and its success was imminent.
• Do not limit your market scope
Startups, particularly tech startups, should consider their technology’s utility by making sure they remain open to all their possibilities. If for example you are developing artificial intelligence for medicine or biotech, keep note that the same technology may eventually be utilized in a broader range of industry verticals.
According to Kuharenko, NTechLab is not only the developer of one of the best facial-recognition technologies, but also intends to create products in different wider areas.
• Aim to offer solutions to real problems
Kuharenko says that his team chose to go with the idea of developing a precise facial-recognition technology as they realized the existing market needs that needed the technology’s attention. From fighting crime and improving security to authorizing thousands of online transactions and even making online dating platforms secure for millenials, NTechLab’s technology offered solutions to real-life problems.
So, whatever your startup aims to delve into, there is something important to learn from NTechLab’s story. Focus on your idea, aim to solve real-life problems, think big, and definitely don’t limit your market scope.
That’s how you beat the giants!
About Andrew C. Whittaker
I am a sales professional, focused on sales and marketing driven growth. I co-founded Accordium with this in mind, but especially to help sales people become more successful. If you need help applying sales-driven growth principles in your company or would like me to speak at your event, please contact me. Also, connect with me on LinkedIn or follow me on Twitter or Accordium on Facebook.
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