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Patents held by startups generally have a limited ability to reduce competition. The average time required to obtain a patent is 36-to-40 months, during which there is no guarantee your adVenture will ultimately receive patent protection. Even if you are granted a patent, the scope of your claims may be significantly denuded.
Know your market and competition, or don’t spend a dime on anything else. I have stated previously that I love absolutes – statements with no wiggle room for gray-area responses. There was even talk of some phone companies using the patented system for serving communities of guests, not just from a single hotel.
Traditional marketing may be adequate for linear growth, but it likely won’t catapult you to Amazon’s unicorn status , or make waves in the business world. For example, I usually hear about an aggressive marketing budget, with a plan to penetrate a few big retail chains, and some videos to catch your attention on YouTube.
An invalidated patent or one deemed to infringe the rights of another party can devastate a startup. Defensible Claims - Some companies take pride in the number of patents they own. However, there is not a direct correlation between a patent portfolio’s value and the number of patents which comprise the portfolio.
This approach, popularly known as “glocalization,” means you have to design and deliver global solutions that have total relevance to every local market in which you operate. Remember when the Chevy Nova required a rename, once Chevrolet realized that Nova meant "no go" in the Spanish market (not a great name for a car).
One way to mitigate this is by using early money to create a prototype, to perform market research, to complete the first generation of the product, or to deliver the service to a satisfied customer. Second: Market risk. Are you ahead or behind the market with your product or service? And fifth: Competitive risk.
By definition, your core is your intellectual property foundation, the thing that makes your business most valuable to customers, investors and perhaps someday to potential buyers. Email readers, continue here.] Sometimes we protect our core with effective branding and marketing.
Unfortunately, without your proactive efforts to counter predictable market challenges , early growth can quickly stall. No matter how excited your initial customers appear to be, every market has a saturation point on new and repeat sales. Offering customized products and personalized support are options often used.
The common reason given is that this prevents any competitor from stealing their idea and beating them to market. Entrepreneurs talk to customers and competitors talk to each other about the new trends and technologies they see. Evaluate customer response prior to development. Demonstrate a minimum viable product (MVP).
You may think that patents and copyrights are not required, since your products are so innovative, but you will find that competitors are quick to copy your idea if you don’t protect it. Although Elon Musk doesn’t talk about it very much, he owns over 350 patents through Tesla, just one of his many companies.
He wanted to build direct customer relationships to get product feedback but only 2% of customers would ever return their registration cards. So when he saw the browser it instantly dawned on him that this would be the greatest customer development tool ever. We talked about patents. I further that.
This approach, popularly known as “ glocalization ,” means you have to design and deliver global solutions that have total relevance to every local market in which you operate. Remember when the Chevy Nova required a rename, once Chevrolet realized that Nova meant "no go" in the Spanish market (not a great name for a car).
Know your market and competition, or don’t spend a dime on anything else. Well, here is one of those, and it deals with market research first and foremost. Here’s where some intelligent market research might have saved the company and my investment. So, I lost over a million for lack of market research. Back to 1996.
Young entrepreneurs often are so excited by new technology or their latest invention that they forget to translate it into a value proposition that their customers or potential investors can understand. Every business leader knows how difficult it is to keep up with a changing market. Customer data integrity and security.
That doesn’t mean that entrepreneurs should ignore business and market realities, under the assumption that success is a random phenomenon. Don’t forget to consider customer alternatives, like trains versus airplanes. Of course, existing patents don’t stop you from innovating, but charging ahead into a wall is no fun.
In other words, inventions are necessary but not sufficient to create real value for investors and customers. So what do investors look for in qualifying you for that million dollars you need to take your invention from your garage to the market? You need a viable business model and customers.
First of all, I will admit that there is some risk involved with talking to any potential investors, even with an agreement, just as there is risk in all the elements of your plan, product and market opportunity. Disclosures relative to patents. Product details in the public domain can never be patented. Sharing trade secrets.
Aspiring entrepreneurs ask me why their great idea hasn’t sold; they talk about it endlessly, and they expect others to do the development, finance, and marketing work for them. Your solution fills a real market need. Truly satisfied customers are a joy to every business person. Marketing is top priority.
Much has been written recently about the requirement to focus today on the total customer experience, as a competitive edge or even for survival. The challenge I hear from savvy business owners and entrepreneurs operating on a shoestring is that providing a superior customer experience costs money.
You have done everything to register your brand legally , including domains, copyrights, patents, and trademarks. For example, a few years ago Wells Fargo seriously damaged its brand trying to grow the business by creating accounts without proper customer consent. Evaluate the brand impact of proposed market moves.
all the other folks out there that will try to enter the same market) the barriers have been dropping over the last few years. Fantastic post by Christian Gammill - Startup Delta Force… From a competitive perspective (e.g. How’s that for duality. Business - how are you actually going to make money? many more (please comment below)
Can tapping the power of the crowd not only help you find customers and help fund your project, but also help you shape your startup idea and find funding? We offer up those ideas and patents to any user on the Internet, and they can sign up on the site to work with the entrepreneur on the idea. and NASA, as well as universities.
Aliso Viejo-based storage networking hardware provider QLogic is moving further into the Ethernet market, via the purchase of an entire line of Ethernet hardware from Irvine-based Broadcom , the two said late Tuesday. Broadcom said the move will help it provide a "broader solution portfolio" to its customers. READ MORE>>.
When someone says Intellectual Property (IP), most entrepreneurs think only of patents. In reality, patents are only one of at least eight items that should be in your IP portfolio. Select it well – marketers will tell you that you will be selling your name, more than your products. Internet domain name. This name (www.
By definition, your core is your intellectual property foundation, the thing that makes your business most valuable to customers, investors and perhaps someday to potential buyers of the business. Patents, branding, marketing and more.
This raises a big red flag with potential investors, who conclude that no competitors means no market, or you haven’t looked, and the new startup is likely not investable. First to market, for example, is not normally a sustainable advantage for startups. Here are some of the key ones: Patent protection in place as a barrier to entry.
We''ve put a spin on this, where you can use your own personalization or custom designs for your own Bluetooth headset, just like you would create a personalized case for your smartphone. This is a crowded market. What''s your competitive advantage against others in the headset/accessories market? The market is changing.
One trend in the Southern California high tech startup market has been an increasing number of startups--and executives--who have been looking to combine their interests in business with their enthusiasm for giving back through nonprofits and causes. That's on the cause marketing side of things. You need a third profile.
Here are five key ones to celebrate: Enjoy the feedback from every satisfied customer. Talking to real customers is the best way to keep your inspiration alive, as well as the best way keep on track with changing trends and future innovation ideas. Watch that patent provide a real barrier to competitive entry.
One way is to create your own, custom video clip which you can share via email, text message, or through a social networking site like Facebook. Allison Dollar: SnapCuts is a digital media marketing platform, which uses social video messaging. In a mobile world, what's a unique way to reach out to your friends and others?
New technology markets and paradigm shifts have traditionally been bad bets when seeking investors, since these were known to take decades to develop, and cost lots of money. For example, consider how many years it took for the market to move from radio to television, or fully accept personal computers on every desktop.
One of the companies that has recently is On Ramp Wireless (www.onrampwireless.com), a San Diego company in the M2M market headed by Kevin Hell. The firm recently raised a $15M series C funding, and we caught up with Kevin to learn more about why its customers, and investors, are interested in its technology.
The common reason given is that this prevents any competitor from stealing their idea and beating them to market. Entrepreneurs talk to customers and competitors talk to each other about the new trends and technologies they see. Evaluate customer response prior to development. Demonstrate a minimum viable product (MVP).
Offer free solutions to bring in more customers. Don’t get caught in the myth that you shouldn’t worry about monetization until after you have a large customer base. Viral marketing costs real money, and your support staff and hosting systems cost even more. Dreams may motivate your team, but customers expect real solutions.
Blueland’s cleaners — a bathroom cleaner, glass cleaner, and multi-purpose cleaner — are sold as tablets that customers add to the cleaning containers the company provides. With Naqzi on board, the company began filing patents for its unique process and the products it’s bringing to market, says Paiji.
One way to mitigate this is by using early money to create a prototype, to perform market research, to complete the first generation of the product, or to deliver the service to a satisfied customer. Second: Market risk. . Are you ahead or behind the market with your product or service? Third: Management risk. .
Market change happens too frequently these days, and organizations need to quickly change course just to survive. It might be a patented technology, but it could also be the creativity of employees or logistic competencies of the company. What can you be the best in the world at? What drives the economic engine?
A business plan is the outward facing definition of the business you hope to drive with your hardware solution, with a hardware overview in the intro to highlight customer value and competitiveness. Use non-fuzzy terms to quantify customer value. Quantify the market opportunity in business terms. and trademarks.
Major innovation, with major payback, requires real change, addresses a major pain point, and hits a large customer segment who can pay. You may be a product expert, but have little experience with running a business, or marketing, or sales. Communicate and market your solution to the max.
Attention Marketers - The Medium Has Changed, So Should The Message. As Facebook''s mobile ad revenue attests, marketers are stepping up their "phone based" spending. In order for them to take full advantage of Facebook the phone company, they will have to abandon traditional online marketing conventions. But Why Now?
Experienced entrepreneurs will tell you that the initial idea is the easy part, and it’s the later implementation, and the competitive business marketing that are the real creative challenges. Many businesses have found that raising the price of a product to give it status can win more customers than a price war. Think the unthinkable.
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. If you don’t have a high level of commitment and passion, you customers won’t seek you out.
Along with your cash, customers and employees, a healthy startup culture will prove to be one of your most precious assets. . Unless your venture is focused on researching potential scientific breakthroughs, it is likely that your technology can be easily copied and your patents circumvented. Treasure it. Banana IP. "Intellectual
How an entrepreneur answers this question speaks volumes about their knowledge of business realities, customers, confidence, and their ability to handle investor funding. They are also seeking to find out how you handle one of the many tough questions that a new founder will get in today’s market. Martin Zwilling.
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