Startup Professionals Musings

OCTOBER 29, 2010

One of the most important questions you will be asked by potential investors is how your solutions beats the competition, not just today, but over the three to five year life of their investment. The concept is called “sustainable competitive advantage.” That implies competitive now, and the potential to stay in the lead.

Competition 89

Competition Patents IBM IBM 89

Startup Professionals Musings

AUGUST 3, 2020

The critical success factors for a product business are well known, starting with selling every unit with a gross margin of 50 percent or more, building a patent and other intellectual property, and continuous product improvement. You don’t have enough hours in a day, or trained people, to succeed with lower margins in a services startup.

Startup 174

Startup Training Services Writing 174

Startup Professionals Musings

MAY 13, 2023

Don’t forget to consider customer alternatives, like trains versus airplanes. These days, you can find existing patents and trademarks through Google and the US Patent Office online site without spending thousands of dollars with your favorite patent attorney. Check for intellectual property barriers in your way.

Ideas 106

Ideas Technical Review Patents Startup 106

Startup Professionals Musings

JULY 27, 2022

I call this linear thinking , and it’s a sure way to be ultimately overrun by your competition. Plus you can challenge yourself to keep abreast of technology advancements in related industries, looking for a fit in your own. You need to see these as opportunities for growth and a chance to get ahead of competition.

Competition 139

Competition Examples Customer Custom 139

Startup Professionals Musings

JANUARY 8, 2023

So before you decide to move your manufacturing, software development, or call center out of town, make sure you understand the following considerations: Don’t give someone else control of your competitive advantage. Saving cost won’t help you if you can’t make the daily innovations required to stay competitive.

Software Review 114

Software Review Technical Review Outsource Development Outsource 114

Startup Professionals Musings

JULY 25, 2020

Innovative technologies have no value until they are turned into solutions to real customer problems. Creating intellectual property, including patents, is the kay to long-term value and a sustainable competitive advantage. Training and coaching. Sustainable innovation is really the only sustainable competitive advantage.

Coach 144

Coach Metrics Social Network Competition 144

Startup Professionals Musings

DECEMBER 2, 2022

There are no “overrides” – for example, businesses don’t thrive just because they offer the latest technology, or because everyone wants to be “green,” or because their goal is to reduce world hunger. Competition. Think broadly here, like planes versus trains. How many competitors do you have? Customers always have alternatives.

Sales 102

Sales Customer Custom Outsource 102

Startup Professionals Musings

OCTOBER 15, 2022

Registered patents and other intellectual property. From an investor perspective, understanding and acting early to establish a sustainable competitive advantage, and barrier to entry, is the best assurance of a financial return. There is no substitute for experience and trained skills in the business area you are attacking.

Entrepreneur 111

Entrepreneur Social Media Patents Mentor 111

Startup Professionals Musings

APRIL 13, 2020

So before you decide to move your manufacturing, software development, or call center out of town, make sure you understand the following considerations: Don’t give someone else control of your competitive advantage. Saving cost won’t help you if you can’t make the daily innovations required to stay competitive.

Outsource Development 122

Outsource Development Outsource Software Review Technical Review 122

Startup Professionals Musings

FEBRUARY 10, 2012

One of the most important questions you will be asked by potential investors is how your solutions beats the competition, not just today, but over the three to five year life of their investment. The concept is called “sustainable competitive advantage.” Our product is truly disruptive technology.” Our patent will protect us.”

Patents 90

Patents Competition IBM IBM 90

Startup Professionals Musings

JANUARY 13, 2020

Registered patents and other intellectual property. From an investor perspective, understanding and acting early to establish a sustainable competitive advantage, and barrier to entry, is the best assurance of a financial return. There is no substitute for experience and trained skills in the business area you are attacking.

Entrepreneur 126

Entrepreneur Social Media Patents Mentor 126

Startup Professionals Musings

JANUARY 27, 2020

In that critical first minute, no one needs to hear that you have a passionate dream of changing the world, introducing new disruptive technology, or a product with more features than competitors. For example, “I have patented a new tire that will double the wear mileage at half the cost.”

Sample 127

Sample Summary Startup Slides 127

Startup Professionals Musings

AUGUST 12, 2015

Innovative technologies have no value until they are turned into solutions to real customer problems. Creating intellectual property, including patents, is the key to long-term value and a sustainable competitive advantage. Training and coaching. Your people are the key to innovation, more so than a new technology.

Entrepreneur 101

Entrepreneur Startup Coach Metrics 101

Startup Professionals Musings

SEPTEMBER 2, 2018

The critical success factors for a product business are well known, starting with selling every unit with a gross margin of 50 percent or more, building a patent and other intellectual property, and continuous product improvement. You don’t have enough hours in a day, or trained people, to succeed with lower margins in a services startup.

Services 72

Services Startup Training Writing 72

Startup Professionals Musings

JUNE 12, 2016

As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition. Every business area has competition and every customer has alternatives, so a smart entrepreneur needs to acknowledge these as a positive in defining a big market, and position the features of a new solution in this context.

Competition 62

Competition Entrepreneur Patents Customer 62

Startup Professionals Musings

AUGUST 18, 2018

Innovative technologies have no value until they are turned into solutions to real customer problems. Creating intellectual property, including patents, is the kay to long-term value and a sustainable competitive advantage. Training and coaching. Sustainable innovation is really the only sustainable competitive advantage.

Entrepreneur 64

Entrepreneur Coach Metrics Competition 64

Startup Professionals Musings

JUNE 27, 2014

The critical success factors for a product business are well known, starting with selling every unit with a gross margin of 50 percent or more, building a patent and other intellectual property, and continuous product improvement. You don’t have enough hours in a day, or trained people, to succeed with lower margins in a services startup.

Services 105

Services Startup Training Writing 105

Startup Professionals Musings

NOVEMBER 5, 2018

Unfortunately, too many of the technical entrepreneurs I mentor and advise are focused on their technology, and assume that the value will be self-evident to customers. Voice recognition and artificial intelligence are great technologies, but very few customers today can tell you how these make their life more enjoyable.

Technical Advisors 82

Technical Advisors Artificial Inteligence Customer Custom 82

Startup Professionals Musings

AUGUST 17, 2016

The critical success factors for a product business are well known, starting with selling every unit with a gross margin of 50 percent or more, building a patent and other intellectual property, and continuous product improvement. You don’t have enough hours in a day, or trained people, to succeed with lower margins in a services startup.

Services 61

Services Startup Training Writing 61

Startup Professionals Musings

AUGUST 14, 2016

Innovative technologies have no value until they are turned into solutions to real customer problems. Creating intellectual property, including patents, is the kay to long-term value and a sustainable competitive advantage. Training and coaching. Sustainable innovation is really the only sustainable competitive advantage.

Coach 64

Coach Metrics Competition Ideas 64

Startup Professionals Musings

NOVEMBER 4, 2010

A while back, I wrote about the importance of a “ sustainable competitive advantage ,” and outlined the business plan value and limitations of patents and competitor feature comparisons. This means know your competitors, technologies, and alternatives available. Train every employee to be a customer service champion.

Customer 90

Customer Custom Services Startup 90

Startup Professionals Musings

NOVEMBER 12, 2012

Being first to offer something is often used to cover the fact that you have no patent or intellectual property. Make it clear that you have considered competition in the broadest sense, including indirect competitors and alternative solutions available. Don’t say “Product x is more expensive and hard to use.”

Startup 100

Startup Competition Patents Training 100

Startup Professionals Musings

JULY 31, 2017

A strong work ethic is great, but patents and intellectual property are critical. Fuzzy words, like “improved usability”, “paradigm shift,” and “breakthrough technology” won’t convince investors, customers or deter competitors. Are you prepared to hire and train team members required?

Metrics 58

Metrics Resource Startup Training 58

Startup Professionals Musings

DECEMBER 6, 2014

Registered patents and other intellectual property. From an investor perspective, understanding and acting early to establish a sustainable competitive advantage, and barrier to entry, is the best assurance of a financial return. There is no substitute for experience and trained skills in the business area you are attacking.

Entrepreneur 107

Entrepreneur Angel Social Media Patents 107

Startup Professionals Musings

AUGUST 8, 2014

So before you decide to move your manufacturing, software development, or call center out of town, make sure you understand the following considerations: Dont give someone else control of your competitive advantage. Saving cost wont help you if you cant make the daily innovations required to stay competitive.

Outsource Development 95

Outsource Development Outsource Offshore Software Review 95

Startup Professionals Musings

MARCH 4, 2016

If the market is new and competition is minimal, then the time and costs of educating potential customers probably exceeds your survival time and budget. Every business takes time to scale and penetrate a market due to organizational growth, hiring, training, brand building and customer adoption. Hire slow and fire fast.

Startup 59

Startup Training Entrepreneur Customer 59

Startup Professionals Musings

SEPTEMBER 2, 2011

Being first to offer something is often used to cover the fact that you have no patent or intellectual property. Make it clear that you have considered competition in the broadest sense, including indirect competitors and alternative solutions available. Don’t say “Product x is more expensive and hard to use.”

Startup 102

Startup Competition Patents Training 102

Startup Professionals Musings

JANUARY 20, 2016

So before you decide to move your manufacturing, software development, or call center out of town, make sure you understand the following considerations: Don’t give someone else control of your competitive advantage. Saving cost won’t help you if you can’t make the daily innovations required to stay competitive.

Outsource Development 53

Outsource Development Outsource Software Review Technical Review 53

Startup Professionals Musings

AUGUST 9, 2010

Being first to offer something is often used to cover the fact that you have no patent or intellectual property. Make it clear that you have considered competition in the broadest sense, including indirect competitors and alternative solutions available. Don’t say “Product x is more expensive and hard to use.”

Startup 89

Startup Competition Patents Entrepreneur 89

Startup Professionals Musings

NOVEMBER 26, 2012

The value of patents and trademarks is not certifiable, especially if you are only at the provisional stage. NewCo has filed a patent on one of their software tool algorithms, which is very positive, and puts them several steps ahead of others who may be venturing into the same area. All principals and employees add value.

Startup 108

Startup Invest Patents Outsource Development 108

Startup Professionals Musings

SEPTEMBER 30, 2011

The value of patents and trademarks is not certifiable, especially if you are only at the provisional stage. NewCo has filed a patent on one of their software tool algorithms, which is very positive, and puts them several steps ahead of others who may be venturing into the same area. All principals and employees add value.

Funding 98

Funding Startup Patents Outsource Development 98

Startup Professionals Musings

SEPTEMBER 6, 2010

The value of patents and trademarks is not certifiable, especially if you are only at the provisional stage. NewCo has filed a patent on one of their software tool algorithms, which is very positive, and puts them several steps ahead of others who may be venturing into the same area. All principals and employees add value.

Startup 93

Startup Patents Outsource Development Web 93

Startup Professionals Musings

AUGUST 14, 2012

One of the toughest and yet most important questions you will be asked by savvy potential startup investors is “What is your sustainable competitive advantage?” Yet many entrepreneurs, maybe in their passion for their new product, gloss over this one, or even announce that they have no competition. Dramatic cost improvement for cause.

Competition 97

Competition Patents Startup Social Network 97

Startup Professionals Musings

JUNE 14, 2011

One of the toughest and yet most important questions you will be asked by savvy potential startup investors is “What is your sustainable competitive advantage?” Yet many entrepreneurs, maybe in their passion for their new product, gloss over this one, or even announce that they have no competition. Dramatic cost improvement for cause.

Competition 102

Competition Patents Startup Social Network 102

InfoChachkie

JUNE 25, 2009

Before you sign an Engagement Letter, obtain written assurance that your lawyer will directly attend to your matters and that you will not be shuffled off to become a training ground for the law firm’s junior associates. However, you should seek a patent attorney when it is time to craft your patent application.

Technical Advisors 124

Technical Advisors Technical Review IP Patents 124

Startup Professionals Musings

MAY 20, 2023

On the other hand, if you have a new technology, with patent applied for, maybe you more time to get it right. Don’t wait for anyone to pay your way to class, or give you time off for training. Some startup ideas are dependent on a rapidly emerging fad, or have many competitors fighting for a limited market. It won’t happen.

Startup 110

Startup Ideas Entrepreneur Metrics 110

Startup Professionals Musings

MAY 28, 2010

One of the toughest and yet most important questions you will be asked by savvy potential investors is “What is your sustainable competitive advantage?” Yet many entrepreneurs, maybe in their passion for their new product, gloss over this one, or even announce that they have no competition. Dramatic cost improvement for cause.

Competition 49

Competition Tips Patents Startup 49