Well, this is a first! The first GLIDE blog...when we started GLIDE in 2001 I am not sure if blogs existed. But over ten plus years you see and learn a lot. And that's what the GLIDE blog will be for the most part, a discussion of the entrepreneurial lessons we've both learned and shared in the past decade. All the questions we've been asked by entrepreneurs and the business advice we've given will make their way to this blog.
We'll be posting to this blog on a fairly regular basis, but its impact will depend on your response. Our intent it not to just toss around some advice, but to have it land on respective and engaged ears. We want the content of this blog to be driven by the entrepreneurs in Northeast Ohio—so pose your questions via comments or email us. Share your question with us and we'll share it with the region.
I don't like to waste time, so this isn't just an intro. Let's get down to business assistance. I'd like to talk about the first of five things entrepreneurs should think about before they start their business. To me, these are the most important five factors to consider. In no particular order:
Patentability and Dominance
The first thing investors will want to know is if your idea or product can be patented. Why? That piece of paper from the patent office is the first piece of tangible asset that can be valued. You can sell or license it because it has value. It may be the only thing of value when you start up a business.
While a patent helps, you need to look beyond it. Ask yourself it will allow you to dominant a large market. If the practicing area is so narrow because of competing patented technologies you will not have as large a market to practice your invention. You want to be able to dominate!
Not having a patent does not mean you will not be successful, so long as you can still dominate a market. But it does make it a lot tougher. Regardless it is very important you understand the patent landscape for your business.
Up next...
- Market need and competitive advantage
- Market size
- Task/time/cost to market
- Unit manufacturing cost
Is there something you'd like to know that pertains to these topics or beyond? Leave your comments below.
