entrepreneurshipMy friend and I worked together at a project at the university he is doing his PhD on it and we want to make a start-up out of it if the development works out. I have a day job now and do not work on the project with him together. We have some great people with whom we worked and could work with in the future. The product has in my opinion great potential if we solve the technical difficulties. The point is, it will take another two years to finish his PhD which will also be the time by when the product should be able to be sold.
Now my question: What can I do during these two years, to maximize the probability of a successfull start-up. I have thought about a few things I could do like: save money as starting capital, look for a incubator were we can operate from the first few years and look for people to help with our kickstarter campaign.
You’ll want to first ensure you have a market for your product. Great technology has no value in business unless you can develop a business model to exploit the revenue generating capabilities of the technology.
You could start the process of customer discovery. Identify what sort of person would your customers might be. You could try making mockups or prototypes of the product. For consumer products this could be drawings, mockups out of cardstock or wood, or even actual product prototypes. For software you could start with screen mockups, clickable wireframes, or even hand sketches on paper. Then meet with prospective customers show them the prototype and get their feedback. Don’t be shy about asking if they would pay for the product, and if so how much.
Other more general activities you can do is to start getting involved in your local startup ecosystem. Networking is important. If things go well you’ll need advice and services from lawyers, finance, accounting, marketing, recruiting and more. Best way to get these connections is through referrals from your network. Finding a mentor that has done this before would be a huge boon and make your journey less lonesome.
Take advantage of this time to learn more about the startup process, minimal viable product development, startup financing, etc. You might need to learn more about a specific industry or competitors. These are all great uses of your time for now.
Good luck!
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