YEREVAN. – Sam Adams, Manager for Innovation and Entrepreneurship at Invest Atlanta, believes startups must be simple, at least from the beginning. He told the aforementioned to Armenian News – NEWS.am during the «Empowering Ideas: Startups and Development Tech Forum» that took place in Yerevan on December 12.

“Many startups fail, just because they want too much, too quickly. Lots of mentors and investor suggest to start with solving one problem. Once you’ve solved this problem, you can expand your service”, says Sam Adams.

Invest Atlanta Manager for Innovation and Entrepreneurship thinks the best way is to develop a fairly simple business plan first as you start a small business, and that might be enough. Startup can also start simple and then elaborate as for preparing to approach bankers or investors.

“Know that there are three choices you get to make and the rest is heavily influenced by circumstance and luck. You choose your idea. You choose your business partners. You choose your investors. Your choice of partners and investors should be thought of as permanent and are therefore the most important two decisions you make. The idea can change and evolve, but this ability and the direction of this evolution will be highly influenced by your choice of partners and investors”, Adams says.

Giving an advice to Armenian startups, Adams says we should start from local market: “In many successful startups I’ve seen, they have started from local market, figuring out all the buttons here. It’s the right choice, because nobody knows your market better, than you, but targeting the regional and international markets, is long going plan, that you should have in your mind”.

“We’ve seen that businesses that export, have higher sales, longer life circles. When thinking about a regional and international markets, develop a product that will maximize that market,” he explained.