article thumbnail

Financing with grants, not equity or debt

Berkonomics

The company created a product that could be delivered as a service to medical clinicians anywhere in the world, enhancing their ability to understand their patents’ problems and needs in less time, using the expertise built into an AI expert system created by the best minds in many medical specialties. How refreshing!

Equity 156
article thumbnail

7 Ways Your People Skills Are The Key To Your Success

Startup Professionals Musings

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.

Startup 111
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

9 Strategies For Implementing An Innovative Business

Startup Professionals Musings

You will see that I believe innovation is only one of many factors that ultimately determine your position with customers and your own legacy: Ideas are everywhere – success is all about execution. Search for customer pain rather than high margins. New customers don’t see incremental improvements.

article thumbnail

Ten Ways to Differentiate Your Customer Service

Startup Professionals Musings

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. But once you start selling products, all of these pale in comparison to your level of customer service. Exceed customer expectations.

article thumbnail

Are You Trying To Be All Things To All Customers?

Startup Professionals Musings

Market change happens too frequently these days, and organizations need to quickly change course just to survive. Thorough analysis with appropriate models and instruments is needed to really understand what is not possible for the organization and the environment in which it is active. An effective and inspiring process.

Customer 102
article thumbnail

10 Ways Leaders Must Change As The Business Matures

Startup Professionals Musings

It can come from experience, or from training in a prior company, and it can even be self-taught from the Internet by smart entrepreneurs, just like they learned the skill of establishing a company, negotiating a contract, or filing a patent. Organize your work before you begin. That’s a big step from one product for one customer.

Startup 171
article thumbnail

7 Success Factors When Your People Are The Solution

Startup Professionals Musings

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.

Startup 174