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Small Business Resources
Hello, Warren. I have been doing advanced research and recently made a significant scientific discovery. I have been looking into obtaining patents and obtaining funding. Is a start up advisable? What avenue might be best to pursue? Funding, information dissemination and developing applications are my priorities. The area of research is cognitive science.
Hi Josh, congratulations on your discovery. Cognitive science is a fascinating area that holds much promise. Here are some basic considerations you should be thinking about: 1) Does the discovery constitute a product or service that someone will purchase or does it require "productizing". (i.e. is it pure science or applied science?) If it is still in the form of a discovery, then it may bepremature to start up. 2) What resources do you have or have access to that will support and sustain your own venture? 3) What is the cost of entry and operation? If the costs are high and your access to resources slight, then it will be very challenging to launch on your own. If you can generate positive cash flows on your own, it might be possible to start up, generate sales sufficient to demonstrate the viability of the product so that you can seek investment or sale. Often inventors think that they can just go and get investors because the idea is so good. What you must realize is that investors generally don't invest in an idea or a product (unless they are buying it), they are investing in a business. If they do not have confidence in the business or those running the business, they will not invest no matter how good the idea is. At the risk of promoting my own services, this is one of the reasons why businesses need a coach. When they learn to run their businesses properly, the business becomes more valuable to investors and buyers. 4) Are there established players in this space? You may be able to sell/licence or joint venture, thereby generating a return and avoiding the start up risk. But be cautious. Do not proceed without sound legal and business advice. 5) Do you have any business experience? Business is a lot more than producing a great product. It is financial management, pricing for profit, marketing, sales, recruitment and team building, strategic planning, development and maintenance of operational systems and processes, maintaining quality delivery to clients and quality relationships with clients, supply chain management, time management, leadership, creative problem solving, uncompromising focus on solutions, belief in your right to succeed and more. If you are going to start a business, get to work. Read, attend seminars, go online, buy CD's and DVD's. Make sure you are well armed for the journey. There are obviously many more questions that have to be addressed before you launch a business. However, if you get a sense of these issues, you should be able to make a determination as to whether you should proceed further. Good luck! Warren
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