Reprinted from TrustedPeer
Meet the Expert
President and CEO, Tosk, Inc.
- Silicon Valley entrepreneur, board member, and private investor. Extensive experience in founding and financing new companies and improving the performance of existing companies.
- Previously served as CEO, Chairman, COO or CFO of four successful startup companies that achieved an exit for investors, either through M&A or IPO.
- Functional areas of expertise include: general management, product development, fundraising, licensing, finance, marketing strategy, and governance.
- Specialties: Managing the start-up and high growth process, research and product development strategy, team-building, and M&A/IPO preparation and implementation.
Session Packages from $500
Your Expert Package Includes:
- All 10 Best Practices
- Pre-Call Discovery Process
- One-on-One Call with Expert
- Session Summary Report
- Post-Session Engagement
Starting a New Venture with Innovations that Create Competitive Advantage in Large Markets
President and CEO, Tosk, Inc.
Risks & Opportunities
RisksStartup ventures based upon innovation risk failure if they are not able to:
- Raise enough money to fund the project from one key milestone to the next.
- Prove that their innovation is actually new, addresses an unmet market need, and that it works.
- Create barriers to protect the project from competition, at least during the early growth phase.
- Recruit and manage a team that has the right skills, enthusiasm, and cohesiveness to work effectively together.
- Accurately project the costs and time needed to take the project from concept through development.
- Solve the "chicken-or-egg" conundrum that often arises around development, testing, and funding.
- Honestly assess the value of their invention. Is it really a better mousetrap? Identify and implement what has to be done to make it so.
- Take the time to clearly identify the features that differentiate the innovation and provide competitive advantages, and emphasize them in development and commercialization.
- Monitor competition and be nimble and flexible in an ever-changing market and competitive environment.
- Shepard cash and other resources carefully, avoid overspending on legal and other services, buy used, save paperclips, and don't pay for a waterfall in the company parking lot. But don't short-change employees or mission critical tasks.
OpportunitiesNew ventures around innovation are more likely to succeed when they can:
- Recruit and manage a great leadership team.
- Prove that the innovation works, and is going to be superior to the competition.
- Secure protection for the invention through licensing, patents or trade secrets.
- Put an attractive investor package opportunity together and secure adequate funding.
- Accurately assess the cost and timing of the development process.
- Understand the actual value of the innovation to customers in the market.
- Adjust to inevitable changes in the market.
- Focus spending on value creation and avoid overspending on overhead.
Starting a New Venture with Innovations that Create Competitive Advantage in Large Markets: Risks & Opportunities