5 startaperam tips, how to find a common language with investors
1. Offer a unique product or solution
The uniqueness of the product and is the main key to success. Uniqueness mattered most. It is not necessary to go with a suggestion in a large corporation unless you have at least one verified proof of concept, but better-working prototype. This does not mean that the product has to be by all means bring to perfection. In most cases, the opportunity to hear expert opinion major company long before the product's readiness to launch shortens the development cycle.
For this reason large corporations often make the decision to develop a product in partnership with startup, naturally, if there is mutual interest. Opportunity at the design stage to rely on dialogue and cooperation with representatives of scientific and research center of the larger organization provides many advantages. The same can be said about the stages of testing and a pilot project, requiring certain cost and access to specialized equipment. At this time the possibility of a large corporation can be crucial and have a noticeable impact on the economic side of the project.
2. Networking, networking and more time networking
It is necessary to establish a contact with multiple categories of potential investors and partners, not only with fund managers. I advise to use any possibility of dialogue with the representatives of the industrial community or corporate innovation centers to rate their interest and potential cost of product innovation. Continuous discussion not only improves located in the development of product, but also acts as a sort of "pipeline" of new ideas.
To attract relevant startups, many large corporations openly publish lists of key topics of interest to them. Investors also rely on existing R&D infrastructure in their quest. A good example in this regard — Israel. There is a special Ministry of science and technology, which is to "marry" the possibilities for startups with the needs of large international companies.
Where to find the correct link? Need to constantly examine what conferences, forums, meetings, round tables and other activities in the field of innovation in your pass and nearby cities. Keep an eye on those interviews and commentaries, which give companies about innovation in their companies, learn the news of the world innovations and periodically visit the interesting sites you companies in search of news about innovations and research and development — it'll help you strike up a conversation with a representative of the company at one of these events, and perhaps even prompt idea as the best way to introduce a product to a particular person.
3. Look at the product through the eyes of a partner
Of course, the interest of investors in start-up is largely determined by how it fits into the overall strategy of the company or Fund. Think about what you need to take to create a win-win situation. Ultimately, investors are interested in that cooperation has been successful and fruitful for both sides, and money is not wasted.
At the presentation of the product worth telling is not so much about the product itself, how about the benefits your company can help development. For the company's use of your design can be to reduce production losses, business process optimization, improvement of communications within the company, reduction of production, expansion of client base, facilitating entering new markets, creating an additional, useful for a consumer product that will help to improve the service, and, of course, the opportunity to increase revenue. If your development will help improve the business performance of the company and you have while there is evidence that this was the case, the representatives of the Corporation with great seriousness to your proposal.
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4. Don't limit yourself to one area of science
Historically, some new science evolved through the interpenetration of technologies. So, bioinformatics appeared through the use of information technology to address some of the most difficult problems in biology. Another example is photovoltaics, new science, born at the intersection of physics, electrochemistry and materials science.
In today's world, innovation often require the joint efforts of experts from different fields. At DuPont, for example, it is primarily this applies to agricultural sciences and new materials. Thus, cooperation is needed to create successful innovations, and this trend continues to evolve.
If you create your project at the junction of several Sciences, it's good to have the required competence of all relevant professions in the project in their team is really upping the level of confidence in you and your development by the Corporation. This is especially important if you are creating a project in the area, where perhaps many serious risks — financial, informational health risks. Need to convince the Corporation that you have proven safety design, carried out all necessary calculations and experiments — if you're not done yet, but there are risks and you anticipate them, you can go to the company and in order to test your hypothesis, or a product in the appropriate conditions. If your project has scientific novelty and is exciting for the company, there's a big enough chance to get an opportunity, funding and testing.
5. Continually analyze market
I have already mentioned how important for successful startups unique product or solution. To create them well enough to do their job. Successful entrepreneurs — not those who appreciate its own technology only because created it themselves. It is equally important to analyze how the solution claimed by the market. If there is no technology demand, successful entrepreneur will make efforts to change the product, or abandon its further promotion. Evaluate the success of the product can be generated only constantly tracking all the latest insights in the area of the market to which it refers.
Here you can help again news about innovations and research and development activities on the sites of rival companies, visiting academic conferences, reading professional journals (including foreign ones) and relevant press articles on your topic. If possible, collect inside about what happens in startups that create technology in adjacent markets. Be aware of innovative transactions that take place in your market — not just at the level of someone with whom to interact and what technology bought, but under what conditions: companies in your area more interesting by not buying technology (as you previously assumed) and white label or buying the company as a whole. If you know what format you're ready for today's cooperation offer and what format are willing to accept company, this greatly simplify negotiations and possibly change your approach to the improvement of the product.
Only by keeping in constant contact with the market, with innovative product development, the entrepreneur can expect to earn on it not only immediately after implementation, but in the long run.