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Most innovators don’t have a technical background, so it’s hard to evaluate the truth of the situation. And unless they have a tech background, they can’t look under the hood themselves. The answer is to engage a trusted outside source for a TechnicalReview – a deep-dive assessment that provides a C-suite perspective.
Leading edge technology software and manufacturing require constant course corrections and iterative restarts. It’s hard to write a detailed specification on an evolving new service, process, or product that embodies your core competency. But customers are not looking yet another homogeneous product or service, so be careful.
When a founder is raising money, he/she should expect that any serious investor will conduct some level of duediligence before getting to yes. More mature companies will have to answer more detailed questions around their tech, product, and business. Thoughtful investors should know this and be respectful of that cost.
This is the mysterious and dreaded duediligence process, which can kill the whole deal. Some entrepreneurs do very little to prepare for duediligence, assuming all the talking has already been done, and the business plan and results to-date tell the right story. My best advice is to stick to the middle ground.
Why do this without the right technical advisor? Just like attorneys, technical advisors can help navigate waters that many find murky. Actually, many startups need two kinds of technical advisors. CTO Founder – Do they really still need a technical advisor? Then, a month later, the product is still 90% done.
Key Takeaways Understand the shift from traditional to contemporary performance reviews. The arrival of sophisticated software for performance review has been crucial in this change, offering robust tools that enable continuous feedback and real-time performance analysis, setting the stage for more dynamic workplace environments.
Most technical entrepreneurs focus hard on building an innovative product, but forget that an elegant solution doesn’t automatically translate into a successful business. Defining the right business model requires the same diligence as designing the right product, but the approach and skills required are different.
This is the mysterious and dreaded duediligence process, which can kill the whole deal. Some entrepreneurs do very little to prepare for duediligence, assuming all the talking has already been done, and the business plan and results to-date tell the right story. My best advice is to stick to the middle ground.
We just completed the fourth week of our new national security class at Stanford – Technology, Innovation and Great Power Competition. Joe Felter , Raj Shah and I designed the class to cover how technology will shape all the elements of national power (America’s influence and footprint on the world stage).
Source Leverage Advanced Technologies Harnessing advanced technologies can transform how startups operate and compete. With this insight, companies can tailor their products to deeply connect with customers. Observing their marketing strategies, product releases, and pricing helps predict market changes and react promptly.
Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
We just wrapped up the second year of our Technology, Innovation, and Great Power Competition class – now part of our Stanford Gordian Knot Center for National Security Innovation. government agencies, our federal research labs, and government contractors no longer have exclusive access to these advanced technologies.
If your startup is great enough to get a term sheet from angel investors or a venture capitalist, the next step for the investor is to complete the dreaded duediligence process. Some startups do nothing to prepare for the duediligence process, assuming the people and business plan documents will speak for themselves.
Some pundits argue that the E-Myth principle is now outdated, due to the instant access to information via the Internet, pervasive networking via social media, and courses on entrepreneurship at all levels of education. In this view the product features, cost, and support are the key to success. Hence most fail.
Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
A closer analysis often indicates the cause to be a lack of diligence in handling common business finances. If you fail to pay a cash obligation when it is due, the business is technically insolvent. Not producing and reviewing financial reports regularly. Prepare it, update it regularly, and use it.
In reality, too many choices actually dilutes customer interest in your existing market, and makes your job of production, marketing, and support much more complex. New entrepreneurs, especially technical ones, are excited by early adopters, and tend to focus on their feedback, which will always suggest more product features and options.
We just held our fifth session of our new national security class Technology, Innovation and Modern War. Joe Felter , Raj Shah and I designed a class to examine the new military systems, operational concepts and doctrines that will emerge from 21st century technologies – Space, Cyber, AI & Machine Learning and Autonomy.
When launching a product, digital technology can play an important part during the testing and research phase. Below are just a few different ways in which you can use digital tech to test and research your product. Competitor analysis Before designing and launching a product, it’s useful to know who your competitors are.
Every technical entrepreneur is an early adopter of technology, so naturally they build things with people like themselves in mind. The good news is that early adopters are never reluctant to sign up as beta customers and will provide you early feedback on product quality. Psychologists call this the confirmation bias.
Every one of you business owners I know periodically introduces new products and services to sustain growth, fight off competitors, or take advantage of new technologies. The cost of any new product these days must include education and rollout marketing, perhaps equal or greater than the development costs. Incent these early.
We just held our seventeenth session of our new national security class Technology, Innovation and Modern War. Joe Felter , Raj Shah and I designed a class to examine the new military systems, operational concepts and doctrines that will emerge from 21st century technologies – Space, Cyber, AI & Machine Learning and Autonomy.
Every startup founder loves to prompt for questions from investors and potential key team members about their vision, and the huge opportunity that can be had with their disruptive technology. If the company has been around for more than a couple of years, and still has no product or revenue flow, there better be a good explanation.
Entrepreneurs need to be effective team leaders, since no one can transform an idea into a product and a business without some help. Unfortunately many founders I work with as a mentor are experts on the technical side, but have no insight into leading a team. If your team has trouble finding you, you won’t make productive connections.
Mention that you do “Consumer tech” as a startup founder and you’d be limiting your funding options to one third of the venture capital funds (in Israel that figure is probably closer to 10%). Until now, consumer tech was perceived as a risky binary investment.
Many of the entrepreneurs I advise or invest with spend considerable time on the Internet, keeping up with technology, customers, and competitors, but very few feel the need for an early personal presence. In fact, some totally avoid it, assuming their product or solution will speak for itself later.
You are a native of NYC tech with a strong network. You have 4-6 years of professional experience as a technology operator, founder, or investor in New York. You have unbounded curiosity for emerging trends, a love for experimentation, and you’re always eager to dive into new products and technologies before others do.
The global lockdown, due to the pandemic, has forced companies to digitize their operations. Boasting extensive experience in technology, engineering, and research, Simone coordinates the TourScanner team, leading the strategy, business, fundraising, administration, and product management departments.
Entrepreneurs need to be effective team leaders, since no one can transform an idea into a product and a business without some help. Unfortunately many founders I work with as a mentor are experts on the technical side, but have no insight into leading a team. If your team has trouble finding you, you won’t make productive connections.
This post previously appeared in the Harvard Business Review. Three types of organizations – Incubators, Accelerators and Venture Studios – have emerged to reduce the risk of early-stage startup failure by helping teams find product/market fit and raise initial capital. I asked how much he knew about how to get started.
Professional investors and advisors, on the other hand, usually refuse to sign these agreements today due to the risk of litigation and administrative workload, and will walk away. If you are approaching a recognized venture capital group, or even an accredited angel investor, a non-disclosure agreement is counter-productive.
Leading edge technology software and manufacturing require constant course corrections and iterative restarts. It’s hard to write a detailed specification on an evolving new service, process, or product that embodies your core competency. But customers are not looking yet another homogeneous product or service, so be careful.
In addition to goodwill justified by a great leader and an outstanding team, investors will use their duediligence process to assess the organizational structure and effectiveness as well. Research has confirmed that culture is a primary driver for financial performance, customer experience, and team productivity.
You are a native of NYC tech with a strong network. You have 4-6 years of professional experience as a technology operator, founder, or investor in New York. You have unbounded curiosity for emerging trends, a love for experimentation, and you’re always eager to dive into new products and technologies before others do.
In addition to goodwill justified by a great leader and an outstanding team, investors will use their duediligence process to assess the organizational structure and effectiveness as well. Research has confirmed that culture is a primary driver for financial performance, customer experience, and team productivity.
Market your solution and user benefits, not the mysterious technology behind it. There seems to be an insatiable demand from consumers for a better shopping experience, meaning they will pay a premium to a company that can present them a better match in products to their interests, without jeopardizing their good name.
Partially due to the pandemic, but also due to longer, healthier lives and changes in job tenure, Boomers are now expected to stay in the labor force longer, and according to projections , could actually dominate the labor market by 2024. In terms of job creation, innovation, and productivity, entrepreneurs drive growth.
Even a single unsatisfied customer can lead to negative reviews that deter future business. The good news is that technology, specifically ERP solutions , offers tools to eliminate unnecessary delays and keep your customers happy. Startups often face delays due to limited resources and fragmented processes.
If you are the hot-shot technical innovator that invented your solution, make sure you have an equally adept business and marketing expert to complement your skills. “If Bill Gates was the technical genius, but Steve Ballmer, from Procter & Gamble, ran the business side of the equation. Needed help can be your biggest burden.
The “valley of death” is a common term in the startup world, referring to the difficulty of covering the negative cash flow in the early stages of a startup, before their new product or service is bringing in revenue from real customers. Bartering technically means exchanging goods or services as a substitute for money.
According to an old Harvard Business Review article, many people in history, famous for their inventions, like Thomas Edison, were entrepreneurs who only later were remembered as inventors of the products they commercialized. Of course it helps to have innovative technologies before you start building a business.
Too many entrepreneurs I know start by highlighting their new technology , and assume that it will sell itself. Unfortunately, technology doesn’t create a vision, and usually frightens customers away, unless they understand the vision and value first. Show results with a minimal viable product (MVP).
At TechEmpower, we frequently talk to startup founders, CEOs, product leaders, and other innovators about their next big tech initiative. After all, that’s what tech innovation is all about. Background Questions Let’s start with some background questions about the business and product. Who are the customers?
A new report collated by F2 Capital and derived from a survey of 25 early-stage VCs in Israel (including our input at Remagine Ventures ), analysed investment trends for pre-seed in 2024 and reviewed the expectations for 2025. It also notes that consumer-facing generative AI apps with low technical barriers may be overvalued.
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