Jul 26, 2024
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.
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Espresso where we help startups and investors connect for
funding.
Let’s go startup something today.
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