Anyone who is part of the startup world will know, there is a certain language to which outsiders are not accustomed. If you are looking to enter this world, the huge number of buzzwords and acronyms can seem daunting, but it’s your job to decipher the jargon.
Pakistan’s best real estate website, Lamudi.pk has translated 10 of the most overused buzzwords in the startup sphere, to help up-and-coming entrepreneurs, and industry newcomers, to learn how to speak the language of startups.
Thrown around in countless brainstorming sessions, the term productization refers to the development of a concept or a service into a marketable, commercial product.
Influencers are experts in their field, often voicing their opinions publicly to a high number of social media followers. The term often refers to those who have a high number of online followers, and far-reaching impact in a particular industry.
UX refers to the user experience, whilst UI is the user interface design. Entrepreneurs often throw these acronyms together to talk about the functionality and aesthetics of a particular product. Be prepared to hear this term when talking about how good (or bad!) your website looks.
Every startup wants to monetize, so if you’re not hearing this word from fellow entrepreneurs, it may not be a good sign. Monetization is the conversion of a product, or asset, into legal tender. In essence, this is a fancy way of talking about how you can make something valuable.
An incubator is a supportive home where startups can be nurtured. Most incubators offer expert advice, training and financial support to young companies, as well as office space for the company to develop.
Instead of simply talking about adapting a product, website, or campaign for international markets, younger companies can be found using the term localize, or localization. The process involves changing a service to apply to different cultures or languages for a specific market.
Or in other words, success. If your startup gains traction in its industry, it is relevant, market-ready and doors are opening. Once you have reached this stage, there is clear evidence that your product plays a pivotal role in the market.
Key Performance Indicators (KPIs) measure how effectively your company is achieving its objectives. Many organizations use these to ensure targets are met. This is particularly important for young companies to track their initial success in the market.
A high return on investment (ROI) means that a company is making money on top of the investment costs. This is another favorite acronym for startups, used to evaluate profit compared to invested capital.
When entrepreneurs speak of scalability, they are looking at whether systems or processes have the capacity to accommodate growth. The most scalable startups have potential to grow and bring in high revenues, with minimal outgoing costs.