Entreprenuerial opinions/advice

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tmcc
Posts: 162
Joined: Tue Feb 06, 2018 6:38 pm

Entreprenuerial opinions/advice

Post by tmcc » Thu May 31, 2018 7:49 am

I am trying to bring an idea to life. I'm struggling with how to go from early stage concept to reality.

Here is what I have done thus far at a summary level:
1. R&D costs for technical feasibility
2. Legal/org costs for boiler plate NDA, org docs and entity structure
3. 5 year business strategy
4. 5 year DCF/P&L budget by quarter
5. Presentation deck with chronological of execution of planned strategy, risks, requirements etc
6. Basic technology/headcount planning in budget/strategic plan
7. Handful of estimates for contract labor to do initial technology build for demo purposes (MVP)

Where I'm light is professional networking, time, capital and technology. These are pretty big hurdles unfortunately. I'm already invested for R&D, legal and org fees. Its a fairly trivial amount in the grand scheme of things but it's (was) still my money. I have a mega corp day job which obviously eats up a great deal of time. I have also hit a technology ceiling because I am a hobbyist not a career engineer. From a capital raise perspective, I would expect that no one will really care about what I've already spent either. Its likely perceived viability that matters....

I am hoping to get some high level advice on how to go from where I'm at to reality. What I don't need is a book. I need real experience. Is this a matter of cold calling after sifting through linkedin and the like to find the right audience? Thanks in advance

Theseus
Posts: 451
Joined: Sat Jan 23, 2016 9:40 am

Re: Entreprenuerial opinions/advice

Post by Theseus » Thu May 31, 2018 8:21 am

You seem to have done a lot of ground work. So you should feel fairly good about it.

You should consider working with a SCORE mentor (www.score.org). You should be able to search for a mentor that has a background you desire. And you may want to continue the relationship as you build the business. It will save you a lot of grief along the way. I always tell people that there is no reason to make the same mistakes we have made. Go make some new mistakes :D

SCORE is a completely free service offered by volunteers who are usually retired. Many of them have been entrepreneurs and/or have run small and large organizations. Their backgrounds vary from technology to business to arts and everything you can imagine.

I am a certified SCORE mentor and I see individuals like you often. What I have found is that many times the answer is right in front of them, we just need to help them discover it.

Good luck.

tmcc
Posts: 162
Joined: Tue Feb 06, 2018 6:38 pm

Re: Entreprenuerial opinions/advice

Post by tmcc » Thu May 31, 2018 7:48 pm

Thank you for the feedback. I reached out to setup a mentoring session through Score. TBD!

hicabob
Posts: 2720
Joined: Fri May 27, 2011 5:35 pm
Location: cruz

Re: Entreprenuerial opinions/advice

Post by hicabob » Thu May 31, 2018 8:02 pm

for some businesses going to the relevant trade shows and perhaps exhibiting/selling works well. You will meet all manner of other folk in the same biz too.

cp73
Posts: 34
Joined: Thu May 31, 2012 6:02 pm

Re: Entreprenuerial opinions/advice

Post by cp73 » Thu May 31, 2018 10:58 pm

You might also want to contact "Tech Coast Angels". They are a group of successful business persons/investors looking for start ups to help.

https://www.techcoastangels.com

smitcat
Posts: 2056
Joined: Mon Nov 07, 2016 10:51 am

Re: Entreprenuerial opinions/advice

Post by smitcat » Fri Jun 01, 2018 7:15 am

I have been working with a person who has a great concept and 3 patents issued (one pending) for anew device.
SCORE was of great help here in NY but the SBDA had more extensive assistance and made for more networking.
With that said funding any project without reasonable sales is nearly impossible. You may/will get offers that are very one sided but any real funding typically follows products that are being produced. What typically happens then is that you really need the funds to scale up and produce a viable product in order to realize reasonable sa;es, but you need funding to get the product to that stage (proto's, production, inventory, POS, legal, marketing, etc).
At least that has been our experience these past 3+ years.
Good luck and hope that the SBDA has a presence near you.

Theseus
Posts: 451
Joined: Sat Jan 23, 2016 9:40 am

Re: Entreprenuerial opinions/advice

Post by Theseus » Sat Jun 02, 2018 4:23 am

smitcat wrote:
Fri Jun 01, 2018 7:15 am
I have been working with a person who has a great concept and 3 patents issued (one pending) for anew device.
SCORE was of great help here in NY but the SBDA had more extensive assistance and made for more networking.
With that said funding any project without reasonable sales is nearly impossible. You may/will get offers that are very one sided but any real funding typically follows products that are being produced. What typically happens then is that you really need the funds to scale up and produce a viable product in order to realize reasonable sa;es, but you need funding to get the product to that stage (proto's, production, inventory, POS, legal, marketing, etc).
At least that has been our experience these past 3+ years.
Good luck and hope that the SBDA has a presence near you.
Good point. Local SBDC is also a terrific resource. IMHO SCORE and SBDC (or a local county/city incubator) are complementary to most extent and one can benefit from engaging with both of them.

smitcat
Posts: 2056
Joined: Mon Nov 07, 2016 10:51 am

Re: Entreprenuerial opinions/advice

Post by smitcat » Sat Jun 02, 2018 6:03 am

I do not know what the SBDC is like in other areas of the country - but here in NY they have a very extensive capability with many single consultant offerings as well as many peer group gatherings. Here is a link to the one that was very helpful to our cause….

https://www.stonybrook.edu/commcms/sbdc/

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