Triumf mobile health platform

3 common challenges faced by startups

Getting a business off the ground comes with inevitable challenges. Triumf is no different. It’s no secret that living a startup life is like taking a ride on the rollercoaster - at one point you’re enjoying the view from the top but before you know it, you’re hitting the bottom upside down at full speed, not knowing if it’s the end of the ride or just a lead-up to another high.

Although the ride of 2019 has not been perhaps as amusing as described above, we’ve, too, have had some ups and downs this year. Here are some of the key challenges and learning points our team has faced that we think are applicable to most startups:

Raising capital - Obviously. Finding funding has been a critical outcome this year for several reasons. Triumf is currently in a stage that requires advancing the platform extensively as we are conducting multi-national studies in Estonia, Finland and Singapore. Among other burning issues, executing the studies requires stable resources. Providing financial stability is also necessary to leverage the full potential of our solution. Triumf health app for children is ready to be used by the patients and our next goal is full implementation in the hospitals. Having said that, we hope to close our seed round in the beginning of 2020.

Minimum resources, maximal results - We’re a small team with a big mission and to progress, we need to focus. Being a startup is everything about managing the resources you have optimally. Among other things, it is important to prioritise and evaluate the cost-effectiveness of everything, i.e. is the time-effort-outcome relationship worth the commitment. So, sometimes we just have to admit that there are things that we’d like to do, but at this moment, just don’t have the resources for.

Managing the scope of the solution - i.e. Don't look at too many shiny objects and fall in love with everything. When the startup is still in early stages, there’s a lot of flexibility in where the product is going. It’s quite tempting to try and solve every problem in the world but quite likely that will end up not solving any. In Triumf, we knew that in order to create an impact, our app had to be comprehensive. But where to draw the line between comprehensive and vague? It’s a challenge that no amount of investment can solve, you’ve got to have the right people behind it. We definitely do and we’re proud to have such an excellent team who is constantly working on making sure we hit the right balance.

Rollercoaster rides are definitely more amusing when there're great people sitting in the same car with you. But although everyone is on the same ride, each one experiences it in a different way. Rather than only focusing on the difficulties of a startup, I also asked my team what they feel has been their greatest challenge this year to demonstrate the personal side of (startup) life. Here’s what they said, can you relate?

*Finding the most appropriate techniques and practices for Triumf health app from the development side that support our mission, game environment and the impact it has on children.

*Finding the positive in the most difficult situations in both personal and professional life - When life takes you off the track, it’s important to take pride in what you do and not to get distracted by external opinions. While it’s humane to try and understand others’ point of view, it’s essential to keep a realistic and objective mindset. Looking back, it’s easier to appreciate the off-tracks as they confirm and deepen the value of super supportive family and colleagues.

*Taking the most out of professional events and networking to identify future partners and business opportunities - Creating partnerships requires strategic mindset and skill to leverage situations where collaboration can really benefit both parties and nurture innovation. Not always do good meetings evolve into further action, and it's completely fine, but when they do, they can really create new exciting opportunities for future growth.

Author

Kaari Kink

Author

Kaari Kink

With her background in health sciences and physical activity, she brings expertise in inducing behavioral change.