Steve Smith’s viewpoint: New Year’s resolutions for 2010
14/01/10
New years are all about new starts, or so the saying goes, and
2010 should be no exception.
I’ve always believed that taking a fresh look at our goals,
whether they’re personal or business, early in a new year is time
well spent. Having worked with many start-ups and early stage
businesses, where lots of things are new and change is the only
constant, I can highly recommend investing some time to do
this.
Here are my top 7 New Year’s resolutions for starting and
growing a new technology spin-out in 2010:
-
Decide your value proposition: does your
product or technology address and satisfy a current or future
customer need?
-
Define your unique selling point: what makes
your product or technology better than existing competition?
-
Protect your intellectual property: the “know
how” behind your technology is fundamental to building business
value, so how are you going to protect it?
-
Strengthen your management team: is your team
committed to commercial success. Does it have the right skills to
face current challenges and the uncertainties of the future?
-
Think about your route-to-market: how will you
sell your product or technology? Who will buy it and how much will
they pay for it?
-
Value your business: how much do you require to
commercialise the business? What funding options are available to
you?
-
Consider your exit potential: what are the
likely returns for investors? Do you know of any precedents? What
is your exit plan?
We’re investing more at Finance Wales - over £20 million so far
in 2009 – 10, in fact, and we’re keen to invest in your
business.
So, I’d encourage you to make some lasting changes to your
business and go for growth in 2010!
What you should do now
Contact us with details about your
business plan.