Tech Industry Innovators: 20 Common, Compelling Keys To Their Success

Statistics on startups paint a sobering picture: 90% of them eventually fail, and 63% of those failures are in the IT industry. Any tech entrepreneur who builds a company that’s still standing in 10 years has beaten steep odds. But among the thousands of tech companies—large and small, failed and surviving—there are a few that not only stay afloat, but also revolutionize the industry through game changing innovations.

So what are the secrets to their success? The members of Forbes Technology Council keep a close eye on their peers and competitors. Below, 20 of them share some of the common practices and characteristics of the tech industry’s consistent innovators. Read on to learn the keys that may lead to a tech startup not just surviving, but thriving.

1. Speaking To Customers’ Deeper Motivations Innovative companies speak to consumers’ deeper motivations, not their specific problems. Uber wasn’t created because you wanted to hail a cab from your phone. It was created because you wanted reliable transportation, and the app is a means of delivering that.

Tech leaders should always consider why consumers are seeking a certain service or good and build with that motivation in mind. Raj De Datta , Bloomreach 2. Embracing Innovation The default state for any organization is to let things stay as they are—the opposite of innovating. It starts with leaders.

Do they care about innovation? Are they willing to spend time and money on innovation? Are they willing to take risks to innovate? Do they provide safety and incentives for innovation? If the answer to these questions is “yes,” a company will innovate. Davis Bell , Canopy Forbes Technology Council is an invitation only community for world class CIOs, CTOs and technology executives.

Do I qualify? 3. Remaining Dynamic And Nimble Unfortunately, few of the technology companies created in the last 20 years have survived. The ones that did evolved. Companies must innovate and evolve with the times and with changing customer expectations and behavioral patterns, and they must leverage other technological innovations (such as artificial intelligence, 5G and the Internet of Things) to provide superior products and services.

Being dynamic and nimble is key for companies to succeed. Lalit Ahuja , GridGain Systems 4. Investing Heavily In Talent The most innovative companies invest heavily in attracting, retaining and developing top talent. Ideas come from people, and if you cultivate a strong culture with a customer centric approach, your team will adapt swiftly to market changes and technological advancements.

Such teams pursue innovation—not only in products, but also in business models, processes, and the customer experience. Tim Houlne , Humach 5. Developing Diverse Teams Innovative companies build strong teams with diverse talent—a mix of positive disruptors and pragmatic experts. Blending diverse thinking with a growth mindset allows tech leaders to adapt quickly to an ever changing landscape while continuing the relentless pursuit of optimizing the existing and inspiring new solutions that solve real world problems.

Jess Turner , Mastercard 6. Building For Scalable Success Today’s top tech companies didn’t change the world by chasing shiny objects. They were laser focused on building for scalable success. Too many leaders rush to pilot new technologies before figuring out the security implications, hosting costs, or training and change management requirements.

It’s crucial to invest up front in ensuring new technology can be successfully scaled across the enterprise. Carolyn Parent , Conveyer 7. Verifying A Market For Their Products In the beginning of a tech startup’s journey, it’s important not to focus too heavily on scaling the company. Before they ever worry about trying to reach a million people, leaders should first determine if there’s a market for what their company is offering.

Nelson Chu , Percent 8. Focusing On Disruption When looking at innovative approaches used by the best tech companies over the past 20 years, a common characteristic is a focus on disruptive innovation. These firms have often challenged established norms and disrupted traditional industries by introducing revolutionary products, services or business models.

It’s important that this culture of disruption continues in technology. Faisal Hussain , Synechron 9. Anticipating And Adapting To Change In the swiftly evolving landscape of the 21st century, visionary leadership stands as the bedrock of corporate triumph. Foresight and innovation are the keys to success.

Tech leaders today need to continue to adapt to change—anticipate it, harness it and embrace it—and turn challenges into opportunities. This way, companies will not just survive, but also thrive. Michael Colella , AXS 10. Keeping A Focus On The Future Innovators and innovative companies, by their very nature, keep their focus on the future.

They create products and build visions based on where society is headed, not where it is today. In my industry (edtech), it has never been more important to have that future focus than it is now. I believe these are revolutionary times. Our world will change more in the next five years than it has in the past 25 years.

MacKenzie Price , 2hr Learning 11. Researching To Find Technology Gaps Many leading companies are successful because they are solving real problems for real users. They’ve done the research to understand where the technology gaps are and are building solutions to fill those gaps. Consumers will give a product more leeway in terms of design, user experience and so on if it’s solving a real problem, but they won’t put up with it forever.

Listen to the market, and listen to the consumers. Jonathan Cardella , Ventive, LLC 12. Believing In What’s Possible The most innovative companies have an unwavering focus on the consumer experience and will break down barriers by believing in what’s possible. Leaders today must first identify a need in the market and remain tenacious in their mission to improve outcomes for buyers.

Never underestimate the power of grit and taking the time to keep pushing to find solutions. Jennifer Nuckles , R Zero 13. Prioritizing Data Privacy And Transparency Trust is paramount for success. A company can release the fastest, smartest car on the market, but no one will drive it if they don’t trust it.

Beyond innovation, companies must prioritize data privacy and transparency and consistently deliver on promises. Regulatory frameworks set a baseline, but the most successful companies exceed customer expectations to build a strong foundation of trust. Eric Loeb , Salesforce 14. Leveraging The Power Of AI The truly innovative companies are using artificial intelligence to drive efficiencies, streamline processes and reduce human error.

Leaders looking to replicate this success should take a human centered approach to AI that empowers employees to tackle more value driven tasks. AI will support the workforce in doing more with less, overcoming skills challenges and enhancing both customer and employee experiences. Georg Beyschlag , TeamViewer 15.

Being Obsessed With Their Customers The secret sauce of tech giants? Obsession with customers. Today’s leaders can unlock innovation by prioritizing solutions, learning fast, anticipating future needs and aligning their teams around a shared purpose: building products that matter. Justin Adams , Aiwyn 16.

Incrementally Building Products Innovative technology companies focus on solving immediate or future problems (as a first mover) by persistently and incrementally building their products while taking consistent user and market research as critical product requirements. They prioritize product quality and the user experience and build new technologies to support their product’s scalability, which is also essential for company growth.

Nanthakumar Muthusamy , Uprise 17. Continually Validating Vision And Success Metrics The one differentiator of successful technology companies over the last 20 years is a relentless focus on the core product. Business leaders need to clearly define product vision and success metrics, disseminate them to all teams, and then continuously validate those vision and success metrics.

Jonathan Doughty , Mentat, LLC 18. Embedding A Forward Thinking Culture The success of transformative tech firms over the last 20 years lies in their drive for innovation and anticipating customer needs. They didn’t just adapt to market changes; they led them, setting new standards. For today’s leaders, embedding a forward thinking, practical innovation culture is vital for staying ahead of future challenges.

Bob Ras , Coreum 19. Empowering Employees Creating an innovation friendly culture that empowers employees to try new things, take risks and make mistakes, as well as championing inclusion through diversity of thought and experiences, creates better products and makes companies more competitive. Focus on the user by doing one thing really well, and pay attention to your customers.

Nazih Chamtie , KMicro Tech, Inc. 20. Soliciting Input From Throughout The Organization A clear and focused vision and the support of a collaborative and committed team are important and necessary elements of success. Businesses that limit themselves by adopting a “top down” mindset will likely struggle to achieve true innovation, but those that welcome—and actively solicit—input from throughout the organization will find themselves replete with new ideas and perspectives.

Fredrik Nilsson , Axis Communications.