Starting today, Enable begins a new series of columns designed especially for start-ups. The goal is to provide a concise roadmap for start-ups to follow in their quest to go from an idea to a dominant - publicly traded (or acquired) - player in their industry.
The need for a roadmap is clear. Start-ups, especially those with Internet based ideas, must hit the ground running. The roadmap will provide you with proper direction - showing you where to run to and why. The Internet will be intertwined in our roadmap. We will continue to provide you with the most relevant sites, and show you how to make the most of each of them.
The issues below are examples of some of the hurdles you will face as you seek to grow your start-up. Start thinking about them already and in the weeks to come, the roadmap will help you overcome them - or avoid them altogether:
- Conceptualizing Your Idea: Ok, so you think you have a great idea - how do you really know that it is a breakthrough? Why would someone invest in such an idea? How should you define and explain it? What about similar ideas and competitors? What about commercialization and feasibility? Will you be a product or a company? What exactly is the whole product that will come from your idea?
- Intellectual Property: What kind of intellectual property protection should I seek? What about domain name registrations? Should everyone I meet with sign a non-disclosure agreement? Should I file for a patent, and if so, where? Can I do a patent search myself and can it be done for free online? What about trademark and copyright protection? Is my business model patentable? What is a provisional patent?
- Professionals: At what point will I need to bring in lawyers, accountants and consultants? How can I check them out first? What should I look for? What are the characteristics of added value professionals? Can I make a deal regarding fees and compensation? What types of questions should I ask? My brother in law is a lawyer - why not just use him?
- Investors: Should I go to friends and family first - or should I seek out professionals? What about Angels? Can I raise the money I need via the Internet? What about firms that will "incubate" me? Should I use an investment banker? How much money do I need to raise? What about the valuation? What materials will I need to present? What about a strategic investor?
- Building The Team: What key personnel should I seek out first? Should I use headhunters and other professionals? Can I use the Internet to seek out employees? What about compensation? What about stock options and vesting?
- Marketing: When do I start marketing activities? What is pre-marketing? Where can I find information on my potential market? Which tradeshows are the best to attend and why? How do I find out about various tradeshows and conferences? What about conducting focus groups and other activities? Which journals should I be reading? How can I use the Internet for marketing? How can I avoid becoming a spammer?
- Public Relations and Investor Relations: When should I begin working with public relations firms? Can I send press releases myself via the Internet? What is investor relations and why is it important to me at such an early stage?
We want Enable's roadmap for start-ups to be as beneficial as possible. Therefore, please send me your comments, questions and any obstacles that you are having difficulty with. We will try to help you overcome them and stay on track.
Published by Israel's Business Arena on October 12, 1999