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Product-Led Growth Go-to-Market Customer Success and Onboarding Metrics &
Measurement AI & Machine Learning Product Leadership Achieving Scale

18 June 2024 5 min read


BUILDING PRODUCTS IN LARGE COMPANIES AND HIGH-GROWTH STARTUPS

Product Development

UMASHANKAR SHIVANAND

Read More

 1. Key differences in product development strategies
    1. 1. Approach to innovation
    2. 2. Resource management
    3. 3. Decision-making processes
    4. 4. Risk Tolerance
 2. Why these insights matter

As a seasoned product leader with over 12 years of experience in crafting
innovative, successful products at the intersection of consumer health and
professional healthcare, I have had the privilege of working in both large
enterprises (8+ years) and high-growth startups (4+ years).

This unique vantage point has provided me with valuable insights into product
innovation across these diverse environments. In this article, I share key
insights from my journey, focusing on the critical aspects of building
successful products in both settings.


KEY DIFFERENCES IN PRODUCT DEVELOPMENT STRATEGIES

Startups prioritize speed, flexibility, and rapid iteration, often operating
with limited resources and a high tolerance for risk. In contrast, large
companies leverage their abundant resources, structured processes, and strategic
alignment to manage product development with a focus on stability, consistency,
and risk mitigation. Let’s dive into the details.


1. APPROACH TO INNOVATION

Startups:

 * Rapid experimentation: Startups focus on rapid experimentation and learning
   from failures quickly. They prioritize speed and flexibility to respond to
   market changes and customer needs.
 * Lean and Agile methodologies: Startups often adopt lean startup and Agile
   methodologies to quickly iterate and pivot based on customer feedback. This
   involves developing a Minimum Viable Product (MVP) to test hypotheses and
   validate ideas with minimal resources.

Large companies:

 * Structured innovation processes: Large companies have more structured and
   formalized innovation processes. They use stage-gate models or other
   systematic approaches to manage product development.
 * Incremental innovation: Large companies often focus on sustaining innovation,
   improving existing products, and leveraging their established market
   presence. They do engage in disruptive innovation but they are fewer and done
   with more calculated risks.


2. RESOURCE MANAGEMENT

Startups:

 * Resource constraints: Startups operate with limited resources, including
   budget, personnel, and time. Product Managers are resourceful and prioritize
   features and functionalities ruthlessly to deliver the most value with the
   least investment.
 * Cross-functional teams: Startups often have small, cross-functional teams
   where individuals wear multiple hats and collaborate closely to drive product
   development.

Large companies:

 * Abundant resources: Large companies have access to more substantial
   resources, including larger budgets, dedicated teams, and advanced tools and
   technologies. This allows for comprehensive market research, robust product
   roadmaps, and extensive testing.
 * Specialized roles: In large enterprises, product development teams are more
   specialized, with clear roles and responsibilities. This often leads to more
   efficient processes but also introduces silos and communication challenges.


3. DECISION-MAKING PROCESSES

Startups:

 * Decentralized and rapid decision-making: Startups benefit from fewer
   hierarchical layers, allowing for quicker decision-making and more autonomy
   for product managers. This agility is crucial for responding to market
   feedback and making necessary pivots.
 * Iterative development: Decisions are often made iteratively, with frequent
   adjustments based on real-time data and customer feedback.

Large companies:

 * Hierarchical and bureaucratic decision-making: Large companies have more
   complex organizational structures, leading to longer decision-making
   processes. Multiple stakeholders and approval chains often slow down product
   development.
 * Strategic alignment: Decisions are made with a focus on aligning with the
   company's long-term strategic goals and market trends. This often involves
   extensive documentation and justification.


4. RISK TOLERANCE

Startups:

 * High risk, high reward: Startups operate in high-risk environments with a
   greater likelihood of failure. They embrace uncertainty and are willing to
   take bold risks to achieve rapid growth and market penetration.
 * Fail-Fast Mentality: The lean startup methodology encourages failing fast and
   cheaply to learn and iterate quickly. This approach minimizes wasted
   resources and accelerates the path to finding a viable business model.

Large companies:

 * Risk mitigation: Large companies focus on mitigating risks through thorough
   planning, extensive testing, and incremental improvements. They have
   established processes to manage and reduce risks associated with product
   development.
 * Stability and consistency: While large enterprises still innovate, they do so
   with a focus on maintaining stability and consistency in their product
   offerings. This often involves balancing innovation with the need to protect
   their existing market position.


WHY THESE INSIGHTS MATTER

For companies:

Companies can leverage the strengths of both environments to foster innovation.
Understanding these differences aids in making strategic decisions about
partnerships, acquisitions, and internal innovation programs. For example:

 * Innovation transfer: Large companies can benefit from incorporating a
   "startup within" model. This involves creating small, autonomous teams within
   the larger organization that operate like startups. These teams can focus on
   high-risk, high-reward projects, thereby fostering a culture of innovation
   and rapid iteration without disrupting the core business.
 * Customer proximity: Startups often have closer proximity to their customers,
   enabling them to gather direct and immediate feedback. Large companies can
   replicate this by establishing dedicated customer advisory boards or
   implementing regular customer immersion programs, where product teams spend
   time with customers to understand their needs and pain points better.
 * Resourceful mindset: Startups excel at being resourceful and making the most
   of limited resources. Large companies can learn from this by promoting a
   mindset of frugality and creativity within their teams. Encouraging teams to
   "do more with less" can lead to more innovative solutions and efficient use
   of resources.
 * Data utilization: While large companies have access to vast amounts of data,
   they often face challenges in effectively utilizing it. Startups, on the
   other hand, use data more nimbly. Large companies can improve their product
   development by adopting more agile data analytics practices and empowering
   teams to make data-driven decisions swiftly.
 * Talent development: Startups provide a broad range of experiences to their
   employees due to their dynamic and fast-paced environment. Large companies
   can adopt rotational programs where employees can experience different roles
   and responsibilities, thus fostering a more versatile and innovative
   workforce.

For product leaders:

By recognizing the unique approaches of startups and large enterprises, product
leaders can better adapt their strategies when transitioning between these
environments. This adaptability is essential for driving successful product
outcomes regardless of company size.

 * Skill development: Navigating both types of organizations hones a diverse
   skill set. In startups, leaders need to develop agility and resourcefulness,
   while in large companies, they need to refine their ability to manage
   complexity and scale operations. This broad expertise is invaluable for
   career growth and leadership effectiveness.
 * Balance short-term and long-term goals: Product leaders should balance
   short-term wins with long-term vision. While startups focus on immediate
   growth and market fit, and large companies on sustaining and scaling,
   effective leaders blend both perspectives to ensure sustainable success.
 * Adaptive roadmapping: Implementing flexible product roadmaps that can adapt
   to changing market conditions is crucial. Rather than sticking to a rigid
   timeline, product leaders should create roadmaps that allow for adjustments
   based on new information and feedback.
 * Risk management: By piloting and scaling successful initiatives, Encouraging
   aculture of experimentation, streamlining decision-making processes, and
   establishing innovation boards, product leaders can overcome a low-risk
   mindset and rigid systems, fostering a more dynamic and innovative
   environment within large organizations.

By understanding and leveraging the key differences in product development
strategies between large companies and high-growth startups, product leaders and
companies can make more informed decisions that drive innovation, growth, and
success.


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Written by:

UMASHANKAR SHIVANAND

Head of Product at SleepScore Labs

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