Like Innovation, start-ups are the engine of any economy. They not only in making the economy vibrant but build a society which is more confident. However the success rate of start-ups are as low as 10%. This is definitely a cause of concern.
While there are multiple aspects one need to look into for success, one of the key element is access to resources in the form of know-how.
Knowledge deficiency of start-ups: While a start-up takes birth both as a result of an idea or an opportunity, its growth largely depends on ability of the entrepreneur to bring in the right kind of know-how.
Many entrepreneurs struggle because they are not able to get the right kind of advice. An entrepreneur should be aware of the reason behind many of the challenges they face. Challenges can be related to getting funds, having the right business plan, understanding industry/competition, managing employees etc.
Fundamentally, this reflects an absence of right know-how. While an entrepreneur should not have all the know-how with himself/herself, what is required is the ease of accessibility to them.
How KM can help: As explained above, by managing knowledge, entrepreneurs can to a large extent address many of their challenges. Here KM does not mean managing what entrepreneur knows or start-up knows but arranging know-how in a way, the right knowledge is available at the right time for the right planned activities.
What is required? Arranging for knowledge and ensuring right know-how is available for the right activities needs the following:
1. Awareness of the short term of the long term plans and planned growth trajectory. Understanding the kind of know how, Start-up requires to support the growth
2. Gap assessment to check what is available and what is not available
3. Arrange for the knowledge by contracting gig workers, hiring consultants, training existing employees, hiring new employees, setting up KM systems, promoting culture of sharing and collaboration etc.
While the approach may to be simple, the implementation should be well thought out for benefitting from KM.