Thu, 22 October 2020
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
A common mistake made by startups is launching a company in an industry in which the founders know little or nothing about.
I find this happens often in the healthcare and financial industries.
The size and growth of those markets make it attractive to pursue but without a deep knowledge of how those industries work, is a recipe for disaster.
The first issue is regulatory. Both industries are highly regulated and impacts greatly what you can and cannot do.
The second issue is the current company landscape - a basic understanding of who does what in the industry is important.
The third issue is your contacts working in the space. Who do you know that can help you as a customer, advisor, or employee? This becomes particularly important when you go to sell your product.
Before launching in a new industry, make sure you know the regulatory landscape and how it impacts your startup.
Build a network in the industry of partners and other contacts who can help you.
Finally, build a core group of people who can help you build or advise your startup.
Direct download: EG_June_2020_Startup_Funding_Espresso_--_Know_Your_Industry.mp3
Category:general -- posted at: 7:00am CDT