📺 Stream EntrepreneurTV for Free 📺

3 Growth Strategies From a Tech Company Trying to Disrupt a $325 Million Industry Strategic growth hacking has the power to boost startups to prominence and turn even the most traditional niches on their heads.

By Andrew Medal Edited by Dan Bova

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.


Early stage startups are all searching for the same thing: growth strategies to excel their businesses and cultivate loyal customer followings. The influx of startup businesses looking to grow quickly has made the term "growth hacking" one of the top buzz phrases in the startup world. Growth hacking for startups refers to rapid experimentation across marketing channels, and most startups are game to try even the most out-of-the-box ideas to make their marks.

Related: 6 Ways You Are Holding Your Business Back -- and What to Do About It

MonDevices is one startup that has shaken up its niche by applying growth hacking principles. Launched in 2015 via Kickstarter, MonDevices produces one of the most cost effective smart sleep monitor on the market. Their smart breathing and rollover monitor offers parents peace of mind (and sound sleep) because they know their little ones are being monitored through the night. I had the opportunity to speak to Lev Grzhonko, MonDevices CEO, to glean his insights on the most impactful growth strategies.

1. Build a team that is invested in your mission.

An incredible team is the foundation of any growing business. Utilizing each team member's strengths to match the company's needs results in increased productivity and results. Grzhonko attributes MonDevice's success to hiring people who are completely dedicated to the company's ideas as well as one another.

"People see that our company has a huge social value. However, while we intend to save lives with our device, we think most businesses have social value that needs to be shared," Grzhonko says.

Because of the nature of small teams, every individual has to pitch in. It's fairly common for small, scrappy teams to maintain a transparent work environment where co-workers are comfortable with one another and aligned with company goals.

Related: 10 Simple Ways to Build a Collaborative, Successful Work Environment

But the startup world isn't for everyone: people who need to be told what to do or can only thrive in highly structured environments typically don't mesh with startup cultures. The ones who stay are the ones who feel impassioned by the work they do every day. Entrepreneurs know when they've curated the right team because every member has the capability of operating autonomously, and is committed to pursuing new initiatives to push the company forward.

2. Self-fund your business for slow and steady growth.

MonDevices emphasizes the importance of self-funding and maintaining a clear road to profitability. "It's very tempting to take venture capitalists' money," Grzhonko says. "Millions of dollars could immediately resolve the company's problems and give it a shot at big-time results. The issue is that it's unlikely to work, especially for entrepreneurs."

Finding your own funding sources through bootstrapping and bringing the company to at least prototype/early revenue stage can be a more stable way to create a profitable business. VCs' goals are divergent from the goals of early investors and of founders. VCs have a large portfolio of companies, while founders typically focus on just one company -- the one they founded and created.

Although it is tougher to make a billion-dollar company without VC support, the fulfillment of going it alone is incomparable.

3. Focus on perfecting your product.

Concentrate on your product and don't listen to the white noise around you. You will always hear about a newer product and a smarter and more energetic entrepreneur. If you want to make it as an entrepreneur you have to get used to constant competition.

Related: 5 Tips to Help You Be the Sort of Leader Employees Love to Work For

There is a big premium on doing something well in any market. And if you can do it well while keeping it simple, reliable and economical, you don't have to worry about the competition -- customers will come to you. According to Grzhonko, when you forget about the noise and concentrate on your process and product, you put your company in the best possible position for success.

"We went for the most straightforward technology that would bring most reliable results and remain inexpensive compared to all the competitors while setting off our overall vision to help those in need through wearable technology," he says. "Are we looking to future technology? Absolutely. We are not resting on our laurels."

Andrew Medal

Entrepreneur & Angel Investor

Andrew Medal is the founder of The Paper Chase, which is a bi-weekly newsletter. He is an entrepreneur and angel investor.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It's a 'Full Hustle' Earning Over $20 Million a Year: 'Jump in With Both Feet'

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

Side Hustle

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.

Business News

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.


Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.

Business News

How Much Do Engineers, Software Developers, and Analysts Make at Apple? See Salary List

Using application data from highly-skilled foreign workers, Insider revealed a range of salaries at the tech giant.