Planning for a Successful Start-Up
The success of a startup is widely due to how an idea is implemented and whether it addresses a real market need.
The following list describes elements of a successful startup:
- Innovative Products, Innovative Services: Primarily, startups should be based on innovative services/ products that brings forth unique value to the customer. Although academic discoveries usually are embryonic concept, it is often difficult to determine the real value of those discoveries right away. Nevertheless, startups should secure intellectual property rights associated with their technology immediately.
- Intellectual Property: Although it is not a requirement to possess intellectual property rights to start a company, protecting those right is the key to the business as it is an essential factor in the commercialization process. Having this protection puts you at an edge against competitors by preventing them from using, making, or selling a product that is claimed in our issued patent.
- Product Pipeline: Otherwise known as, “platform technologies”, product pipelines are discoveries that could lead to multiple products or product lines. A question you should ask yourself, should be, “Is it a product or a company?” It is unlikely that a company will be attractive to institutional investors unless the product encompasses a large market opportunity.
- Market Need: There are several questions you should ask yourself when determining your first product, especially for platform technologies. What market does this product serve? What products are already in this market? How is this product different from those? Who are the competitors, and how do their products differ from yours?
- Specialized Personnel: Adequate management is vital for the success of a startup. Managing hurdles and raising funds while being motivated requires a sophisticated network, experience, and unique business talents.
- Specialized Facilities: Often, academic startups may find it challenging to have access to ample space and facilities; UTRGV OTC can assist you with finding find more accessible places.
- Capital: A startup’s demand for cash widely depends on how much it would cost to take the product to market. Although this may vary, the decision as to how much money needs to be raised, largely depends on the timeline to launch and the nature of the product.