Applying for a Grant

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In applying for a grant consider these factors:

Set aside time for writing the grant application.

It takes over 300 hours to properly write an SBIR grant.

Make sure you are giving it the time and attention it requires.

Understand the grant review process.

Each granting organization has its own criteria and will judge grants accordingly.

Consider a grant writer.

Most grants writers can advise and propose but ultimately, the content for the grant comes from the researcher.

Understand the grant contract.

Grants come with specific criteria for the use of funds.

Make sure you understand the expectations of the granting organization.

Understand grant matching requirements.

Many grants require matching funds to be raised.

It’s important to understand the rules around the matching process.

How much matching funding is required?

Will in-kind labor substitute for cash?

If so, then document the time spent on the project. 

Consider these points when applying for a grant.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Should You Pursue a Grant?

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Grants provide seed money to startups.

Consider these points in determining whether or not you should pursue a grant.

Grant funds can only be used for the stated purpose in the grant proposal.

If you need funds for operations, inventory, or administrative tasks, then you probably should not apply for a grant.

Grant funding is typically used for commercialization of the technology, validating the market, and finding initial customers and investors.

Grants work best after you have some initial results with the technology and some funding raised.  

Grants should be used to further the business opportunity with clearly defined steps and objectives. 

Grants should be used to add on to the funds you are committing to the project.

Grants work best when the next phase of the project is clearly defined.

For example, the technology works well on the lab bench but now needs to be proven in a prototype to show potential customers and investors.

Grant funding works best when the goals of the startup and the goals of the granting organization are aligned.

For example, the granting organization wants to find a cure for a disease, and the proposed technology offers a potential cure for it.

Consider these points before pursuing a grant.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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What Is a Grant?

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A grant is funding to a startup to further the business but does not take equity nor must be paid back.

The government provides grants to startups to help commercialize the technology and foster economic growth.

Federal grants are given to startups to promote specific technology goals.

There are state and local grants to foster business development.

Research and development grants come in either an SBIR Small Business Innovation Research (SBIR) or STTR Small Business Technology Transfer Program (STTR).

These grants are structured in three phases:

Phase 1 -- feasibility study to determine commercial potential.

Phase 2 -- commercialization of the technology.

Phase 3 -- taking the product to market.

The SBIR and STTR are given by each department of the government, including:

Department  of Agriculture

Department of Defense

Department of Energy

Department of Transportation

Environmental Protection Agency

Department of Homeland Security

National Aeronautics and Space Administration

National Institute of Health

National Science Foundation

National Institute of Standards and Technology

You can find specific information about grants from the US government at grants.gov.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Mistakes in Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Commercialization of technology requires key skills in market research, product development, and customer engagement.

Avoid these mistakes in commercialization:

Focusing on researching the technology only.

Set aside time for selling, marketing, and product development.

Failing to maintain commitment.

Tech commercialization requires several years of work to achieve.

Recruiting only other researchers onto the project.

You’ll need skills from outside the research community such as sales and marketing skills.

It’s important to build a team with diverse backgrounds.

Failing to raise funding.

It’s important to build a network of investors funding your project both public and private.

Inadequate vendors and suppliers.

Make sure to recruit providers who can meet your specifications and criteria.

Skipping customer research.

It’s easy to admire your own idea but it’s critical to find customers who will pay for it.

Ignoring the competition.

It’s important to understand the competitors and their offerings.

Failure to follow the market.

Markets evolve and change over time so you’ll need to follow the market with product updates.

Consider how to overcome these challenges in your commercialization efforts.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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How To Engage Academics Into Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Universities often encourage academics to commercialize their technology to advance their research.

Here are some key steps to engage academics into commercialization:

Focus on the impact of the research rather than the revenue generated.

Encourage the researcher to promote the technology into other groups.

Foster collaboration with other universities and research groups to carry the research forward.

Hold regular meetings to share the results of the collaboration.

Identify the market size and opportunities to demonstrate the need for the technology.

Expose the market to the technology and check interest.

Follow up significant interest that may lead to funding further research.

Measure the impact of industry funding on increasing research into the technology and advancing its application.

Identify specific companies that would benefit from the use of the technology and open a dialog about their financial support.

Researchers need support in identifying the market opportunity, building collaboration groups, and accessing funding to progress the technology.

Focus on these areas to encourage academics to engage in commercialization.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Best Practices for Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In commercializing technology here are some best practices to consider:

Educate the market about the problem you solve and the solution you offer.

It’s often the case the technology founder assumes the world understands the problem.

You must educate the potential customer about the problem and how you solve it.

Engage the market early in the process.

The more you understand the market and the customer’s situation, the better choices you will make about implementation of the technology and how to sell it.

Choose potential customers who are engaged with your product and want to see it reach the market.

Many technical founders focus on large companies with deep pockets or close contacts who they know.  

It’s best to look for customer engagement upfront.

Be open to new information about the application and value of the technology.

The researcher often brings a strong opinion about how the technology should be used.

Take feedback into account about how you position and promote your technology.

Spend your time with customers learning about their needs rather than selling your solution.  

The selling part will come later.

Identify the customers’ alternative solution to your technology.

This often includes customers doing nothing.

No battle plan ever survives first contact with the enemy.  

So no business plan ever survives first contact with the customer. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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How To Build an MVP

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A minimum viable product or MVP is a usable product that has minimal but must have features.

Here are the key steps to building your MVP:

Research the market and the customer requirements.

Start with a customer problem and review the current solutions.  

These solutions could include doing it yourself or do nothing.

Determine if there are enough customers to form a market.

Identify a solution that can add value to the customer.

What are some basic features to offer that would help the customer?

Understand the job to be done by the customer.

Figure out how your solution fits into the customer's workflow.

Create a list of potential features to offer the customer and prioritize them in a logical order to build out in steps.  

Each new feature added should build on the previous features.

Build the MVP with the initial feature.

Promote and sell the MVP to the customer.

It’s useful to put a price on the MVP so you can gauge the customers’ reaction.

At this stage measure user engagement, not revenue.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Using Prototypes To Raise Funding

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In raising funding, a prototype is invaluable.

Here are some reasons why investors fund projects that have a prototype:

The prototype demonstrates you can build it.

It gives you a tool to engage customers.  

Prototypes help you define the product better by observing how the customer interacts with it.

Prototypes help validate the market and customer acceptance of the product.

Prototypes help build a better financial forecast as the cost to build and maintain the product becomes more accurate.

Prototypes help recruit team members who can see the vision of the company coming to life in the product.

Prototypes help define the intellectual property better.

Prototypes also help recruit partners, suppliers, and contractors.

Many startups skip the prototype phase and go straight to building the first product. 

This can be challenging as the cost to build a final product is much greater than a prototype and therefore requires more funding.

Consider these reasons in planning your product launch strategy with a prototype.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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I recently had the opportunity to host the  Shaping Funding in MedTech: Insights from Industry Insiders webinar.  by Keiretsu Forum.

I had the honor of moderating the discussion.The panelists include Paul Gianneschi, Managing Principal and Founder, CEO of Hatch Medical, Dr. Lishan Aklog - Chairman and CEO of Lucid Diagnostics, Todd Wallach - CEO of SOLUtion Medical and serial entrepreneur, and Brianna McDonald- President of Keiretsu Forum Northwest and Rockies

In the first Segment 1: The Vision 
· We explore the guest’s inspiration behind focusing on life science/ medical device technologies.

· Detail their approach to project leadership, industry expertise, and resource allocation for bringing novel products to market.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Steps to Creating a Prototype

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A prototype is an early model of your technology to show proof of concept and gather feedback from potential customers.

Prototypes can also be used to raise funding from investors.

For building a prototype keep these key issues in mind:

The current market for your product -- how do customers currently solve the problem.

Specific needs of the customer -- what are the requirements of a solution.

Usability -- how will the customer interface and interact with the product.

Competition -- what current solutions are available and how are you better, faster, cheaper.

Market position -- what position in the market do you want to take.

Here are some key steps in building your prototype:

Ideate on a potential solution.

Create a drawing showing how it will look.

Develop a mock-up showing what it might look like in physical form such as a box, a layout of the screen showing the functionality, etc.

Create an actual prototype that provides limited functionality.

Test the prototype to understand performance.

Refine and enhance the prototype incrementally.

Prototypes can be useful in writing patent applications, giving investors the image of what can be built, and showing customers how it may solve their problems.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Purpose of Prototypes in Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In commercializing your technology one of the most important elements is building a prototype.

Prototypes provide several benefits and should be a high priority to complete as soon as possible. 

Many inventors use their resources to write another white paper or run another experiment.

The most important purpose of a prototype is to help raise funding.

Investors will find a prototype compelling as it shows you can take the invention and make a useful product out of it.

More white papers and experiments have little impact on the investor.

Additional benefits include testing and refining the design of your proposed product.

With a prototype, you can test different configurations, materials, and designs.

A prototype helps you sell the product.

A working version demonstrates to the potential customer that you can build it.

A prototype helps you define the patents to file as the unique aspects of the project are easier to identify.

It also helps the product development team define the final product better.

Consider these use cases for your prototype.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Best Practices for Grant Writing

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Raising grant funding is a key step in commercializing your technology.

Here are some best practices for grant writing to consider:

Research the goals and objectives of grants to understand what is currently of interest.

Make sure you have set up a legal entity for your business before pursuing a grant as a grant goes to a business and not a university or individual.

Set aside sufficient time to write the grant as a proposal will take 200 to 400 hours to complete.

Communicate with the program managers to understand what they need to approve a grant.

Make clear in the summary what the project is and why it is important.

Avoid jargon and acronyms and use plain English.

Provide a complete set of materials including scientific papers, references, research strategy, and budgets.

Customize your proposal to the granting department as they each have different criteria.

Demonstrate how your proposal is unique and has solid research behind it.

Follow these guidelines in completing your proposal.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Funding Options for Tech Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several options for funding the commercialization of technology.

Here’s a list of sources to consider:

Self-funding -- consider putting some of your own funds into the business.

This proves to others your commitment to the project.

Make sure this funding goes to key enablers such as filing provisional patents, building prototypes, and forming a team.

Your network -- pursue those you know to capture additional funding.

This includes people you work with, family members, and friends.

Use this money to establish a website, progress the prototype, and identify customers.

Angels and venture capitalists -- it may be too soon for many in the angel and VC world to fund your venture but some may support you with small amounts.

Government funding -- research available grants and contracts. 

The government supplies nearly half of the capital required to bring an innovation to the market through grants as well as contracts.

Corporate funding -- pursue contracts from corporations for custom versions

Corporations seek the benefits of new technology and will fund projects that apply the technology to solve their problems.

Customer funding -- pursue anchor customers.

Anchor customers have a specific need and will fund a project that provides a solution.

Consider these options for funding your commercialization project.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Finding Anchor Customers

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

An anchor customer is one that provides a substantial amount of business on a recurring basis.

These customers are important as they give you a base level of business each month.

You save the time and cost of prospecting for the customer as they are already signed up.

They can be used to bring in new customers who see you working with the anchor customer.

Startups developing their product can use anchor customers to help fund their business.

By providing a customized version of the envisioned product, the startup can charge a customized fee which provides sufficient funding for the team.

With two to three anchor clients many startups can build out a platform that can be sold for a standard price.

The work from anchor customers provides several additional benefits as follows:

They provide a definition of the product they want.

They give feedback on design choices and help make tradeoff decisions between performance and price.

They can test the product and identify changes to be made.

They can provide a testimonial to other customers and investors.

Make sure you build the custom products on your standardized architecture and programming tools.  

Consider anchor customers as a part of your funding strategy.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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In this episode of Investor Connect, Hall T. Martin chats with Mike VandenBos, VP of Business Development at KingsCrowd. KingsCrowd empowers everyone to invest in startups confidently through research, ratings, data analytics, founder interviews, and financial products. Mike shares his journey from discovering startups through Michael Lewis’s book "The New New Thing" to diving into the entrepreneurial world via Startup Weekend.

Mike discusses his transition from sales to business development and how KingsCrowd serves investors with robust due diligence tools. By tracking over 8,000 campaigns, KingsCrowd helps investors make informed decisions quickly. The platform offers a comprehensive suite of resources, enabling investors to discover promising startups efficiently.

Mike highlights the democratization of startup investments through the Jobs Act and the rise of equity crowdfunding. He envisions a future where investors can access real-time data on active raises, making the investment process seamless and integrated into daily routines. KingsCrowd's tools also facilitate direct engagement between investors and founders, fostering a more intimate investment ecosystem.

Mike advises aspiring crowdfunders on the importance of building an audience and leveraging available resources. He also outlines KingsCrowd’s future plans, including educational programs for founders and enhanced due diligence tools. Hall and Mike emphasize the need for continued investor education to support informed investment decisions.

Visit KingsCrowd here: https://kingscrowd.com/. To connect with Mike click here: https://www.linkedin.com/in/mikevandenbos/

________________________
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When Should You License Your Technology Instead of Building a Startup

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In commercializing your technology there are two primary paths:  building a startup or licensing the technology to others.

You should consider licensing your technology when the following conditions exist:

The development cost of bringing the final product to market is very high.

There’s a high level of risk to the startup from market conditions, product development, and sales execution.

There’s a great deal of competition in the market already.

There’s going to be a great deal of competition in the near future.

There may not be enough revenue to sustain a startup into a full-fledged business.

The inventor does not have sufficient time or financial resources to launch a startup.

The amount of funding required to launch the startup is high.

The technology is a minor value-add to the customer’s solution.

Licensing the technology is a better path for many technologies because there’s insufficient market demand, and high development costs to create the final product.

Consider licensing your technology.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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How To License Your Technology

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Licensing your technology to another company provides another path to commercialization.

Here are some key steps to licensing your technology:

Prepare information about the technology including an introduction, product description, and manufacturing information.

Also document the product benefits, market research, and pricing.

The product information should provide sufficient information to show what the technology can do, how it will perform in various cases, and any limitations.

Make the license information available on your website and key sources of any related technology.

For those interested in using the technology, have the licensee sign a non-disclosure agreement.

The licensee will need to perform a feasibility study to determine if the technology will work for their application and how well it will work.

In this step trade secrets may be disclosed.

Upon completion of the feasibility study, ask the licensee to sign a letter of intent to confirm their interest in pursuing the license. 

Negotiate the final terms of the license agreement based on the use case of the licensee.

This can range from 1% to 10% of the revenue generated.

There are often minimum license fees to consider. 

Other key terms include any exclusivity, geographical coverage limitations, future improvements on the technology, transfer rights, and termination provisions. 

Finally, sign the contract to complete the agreement.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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What Is Licensing in Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Licensing in commercialization is the right to manufacture and sell a product with the technology of another company.  

In return for the right, the licensee pays a royalty fee for each unit sold.

Licensing brings the following advantages to the licensee:

You gain the know-how and experience of the company that created the technology.

It comes at a lower cost than buying the company.

There’s no cost for technology development.

You only pay when you sell something.

It reduces your risk in the event the product doesn’t sell.

You can draw from other markets to benefit your target market.

There are disadvantages:

The license is typically for the life of the technology which can be many years.

There may be a minimum licensing fee.

The license may require some restrictions on its use and target market.

There may be limits on further development of the technology.

Licensing works well in a rapidly changing marketplace in which products are replaced quickly due to new technologies coming into the market.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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Key Legal Documents Used in Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several legal documents used in the commercialization process

Here’s a list of key documents to know:

Non-disclosure agreement -- referred to as an NDA, this document requires the signatories to confidentiality with regards to information about the project.

Material transfer agreement -- refers to physical materials such as biologics and chemicals that ensure transfer of possession but not legal title. 

Licensing agreement -- defines the terms and conditions of the use of technology by the licensee.

This also includes the financial terms and licensor’s obligations.

Contract research agreement -- this defines the research work to be done and the terms and conditions of the work.

Collaborative research agreement - this defines the work to be done by both parties in a joint project.

Participation agreement -- this defines the role and responsibilities of a researcher working in a project.

Consultation agreement -- this defines the consulting work to be done along with the rules and requirements.

Consider these documents in your commercialization process.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Different Paths of Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are different paths of commercialization.

These paths include startups and licensing.

Founders license the technology from the source and then establish a company to create a product to sell for a profit.

The startup requires a team to build, sell, and support the product.

The startup typically needs to raise funding from grants and later private investors to fund the early stages of the business.

There must be a market for the product and the company must be able to sell it in order to succeed.

Licensing takes the technology and packages it into a format that can be implemented into other products by third parties.

The user pays a royalty to the owner of the technology for its use.

Licensing requires the intellectual property to have awarded patents but can also include trade secrets.

A licensing agreement defines the scope of the license, as well as the financial and legal conditions.

The advantage of licensing is that it typically does not require funding to build and sell the technology.

The disadvantage is that it captures less revenue than a startup would.

Consider these paths for your technology.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Innovation Models

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Technology commercialization applies new technologies to the formation of a business.

Innovation drives technology commercialization.

To grow your business you may need to foster the development of the technology and its supporting functions.

Here are several innovation models to consider to grow your technology.

Open innovation model.

Some technologies rely upon other technologies and so an open innovation model helps bring products to market through buying, selling and licensing related technologies.

Acquiring companies for their technology is also an option.

Disruptive innovation.

In this model, technologies are developed for new customers not currently served in the market. 

These customers are typically entering the market at the low end.

Over time, the technology increases in capability and expands up market, and disrupts the market.

Frugal innovation.

In this model, technologies are created and then iterated upon to increase the capabilities.

Over time, the technology gains a following and customers adapt to use it.

Innovation prizes.

In this model, a prize is given for the first one to create an innovation that achieves a milestone.  

The prize money incentivizes the innovation of new technologies and company formation.

Consider these innovation models for your technology.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Intellectual Property in Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A key component in commercialization is intellectual property.

Intellectual property refers to work or invention that comes from the creativity of the mind such as a design, literature, or artistic works. 

It comes in several forms including patents, copyrights, trademarks, trade secrets, and industrial designs.

Government institutions carry out the screening and awarding of patents.  

This includes the US Patent Office for the US and the World Trade Organization for international cooperation and mutual recognition of country-specific intellectual property.

Before launching a product into the market, the founder should consider an intellectual property strategy.

Patents require full disclosure of the invention and documents how it works.

To file one must first do a search for prior art and gain a freedom to operate opinion.

Trade secrets keep the intellectual property undisclosed.   

An example of this is the formula for Coca-Cola.  

Only the inventors know the formula.  

A good intellectual property strategy contains most if not all of the various structures including patents, trademarks, copyrights, and trade secrets.

Start your intellectual property strategy by filing provisional patents.  

Provisional patents give you one year to determine whether or not the patent should be pursued.  

At the end of the year, pursue the ones that give protection to the business and let go of the rest.

Intellectual property should be considered before fundraising as investors look for protection on the business before funding. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Testing Your Idea for Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Before commercializing your technology, test the idea with these questions:

What product should you build?

There are many ways to apply technology to a problem.

Who is the target customer and can they pay for it?

It’s important to gain clarity on your target audience and check to see if they have a budget to pay for your solution.

How big is the market?

It’s best to pursue a large target market so there’s ample opportunity to sell the product.

Who is the competition?

Even if there’s no product like yours on the market, customers are solving the problem already in some manner.

What intellectual property strategy should be applied?

There are multiple ways to protect a technology including not only patents but also trade secrets.

Can the product be manufactured for a cost that fits the customer's budget?

One can consider licensing the technology instead of creating a product.

What regulatory requirements must be met to sell the product?

It’s important to understand the regulatory landscape for your industry.

What is the ballpark cost to build the product?

This will determine your selling price.

Test your proposed product with these questions.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Key Steps in Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Once you start down the path of commercialization, there are some key steps to accomplish.

Determine patent strategy.

There are several ways to protect intellectual property including patents, trade secrets, trademarks, and more.

Review each option for your technology.

Gain a Freedom to Operate opinion.

This involves a patent attorney running a search on prior art to determine whether or not you can win a patent if filed.

This also includes a validity opinion on existing patents and whether or not they can prevent you from filing your own patent.

Consider product design.

This includes designing a product that solves the customer’s problem by developing a technology solution that is manufacturable at a reasonable cost.

Develop a regulatory strategy.

This includes reviewing the relevant regulatory requirements and considering the various regulatory pathways.

Consider manufacturing design.

This includes designing the product so it can be built in a cost-efficient manner.

Focus on usability.

This includes user interfaces and connectivity to other products so it’s easy to use.

Determine your supply chain.

Consider what to build and what to buy and make sure the suppliers can meet your requirements in a timely manner. 

Consider these steps for your project:

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Elements of Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Commercialization is the process of transitioning technologies from the lab into products in the marketplace to create financial value.

Here are the key elements of the commercialization process:

Assessing the technology.

This includes identifying the commercial potential by examining multiple markets, applications, and use cases.

Checking feasibility.

This includes a review of the capabilities of the technology and its performance in a set of applications.

Building a prototype.

This includes making a minimum viable product to test capabilities and check interest with customers and investors.

Researching the market.

This includes identifying existing competitors and potential customers.

Setting up intellectual property.

This includes filing patents, trademarks, and copyrights in addition to setting up trade secrets.

This may also include licensing the technology from others.

Raising funding.

This includes sources such as grants, custom build contracts, angel investors, and other sources of capital.

Selling the product.

This includes negotiating the price and closing the sale of the product with customers.

Delivering the product.

This includes building the final product and shipping it to the customer.

Consider these steps in commercializing your technology.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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For Investors check out: https://tencapital.group/investor-landing/ 
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