Startup Week is a fantastic event that happens each year in many cities - including here in Colorado Springs. This year (2016) Synthesis presented. So, if you missed it, we have now posted the -shortened - content as an article.This is for entrepreneurs to help navigate the new territory in bringing their new products to market. A product oriented new business is different than other types of starts, (comparing to a service or retail or food business). So if you are going in the product direction (where you are the source of the item, rather than buying it from someone to resale), please read on.
Abstract
In every new venture there are activities where entrepreneurs can get bogged down. For product based ventures there are some common "sand pits" worth noting. Whether as a new company with a new product, or a new product offering for an existing company, these ideas apply.
In this article "Keep Your Startup Out Of The Sand" we speak to some of these common "Sand Traps" and talk about tactics for navigating through them instead of getting stuck.
Presentation Topics
A "Sand Trap" in this context is anything that consumes resources ineffectively. Whether it is money resources, or time. If something is consuming inordinate amounts, it is a Sand Trap. With each topic, we will discuss examples (some obvious and some hidden) to watch for. If you can see them coming, they are so much easier to avoid.
Topics from startup week, and in the article for avoiding common "Sand Traps" include:
- Introduction
- Setting The Stage - Preparing your mind and business trajectory for Success.
- Hey, That's My Idea !! - A little discussion on Patents and Intellectual Property.
- Google Maps Won't Get You There - Getting directions to keep moving forward.
- Screaming From The Mountain Tops - The role of marketing in a new product venture.
- Who Makes This Stuff? - Notes about Manufacturing for your new product.
- Pulling It All Together - A good summary of the coming adventure and tie-up.
As new business ventures, we sometimes ignore these areas, or don't realize what is actually coming. Or, sometimes we just don't deal with them in healthy ways. Because slogging through issues is exhausting and frustrating, it can drain the life blood of enthusiasm. While it is best to avoid the sand traps altogether, having awareness is also really important to identify traps and get yourself out, too. Build your resources, and plan for success. We must all travel through or past the various "traps" in bringing a new product to market - the question: Will we effectively navigate through?
Even though bringing a new product to market may be entirely new to you, it is not entirely new. Certainly your path will be different than others, but that does not mean it is all new. Avoiding some of the common sand traps will streamline your efforts for success - and that is the goal.
This presentation highlights a few common traps for new (physical) product entrepreneurs. While some apply for other goods (like software), our focus is physical new products. The article discusses ways to identify the traps, how to decide if you are in one, and most important, how to get out - or avoid them all together. Click the link at #1 above for starters.
Startup Week Presentation
There were a lot of great presentations at Startup Week this year (2016). For entrepreneurs, or folks thinking about striking out on their own, Startup Week each year is always worth the time. Tons of great information, so I just wish I could attend them all. Keep your eyes on it, because it will happen again each year.
Hopefully, our Startup Week presentation and this resulting article will help a few entrepreneurs too. It is a big task to work through the beginnings of a new venture, to launch a new and creative product. Since there are always highs and lows on the path, we hope this helps. More highs, and fewer lows, that is the challenge.
Good luck, and let us know if there are things we can help you with on your journey. While Synthesis does provide services for product based ventures, most of this article is for you to do. We have been down this road a lot of times with many companies, and we always like to see success. If you need it, we are also willing to give a little advice. Enjoy.
Startup Week in Colorado Springs was presented by Peak Startup, an organization that focuses on assisting entrepreneurs and the Colorado Springs business community grow. Thank you, Peak Startup, for hosting the event. Thanks, also, to the many other organizations and presenters that are a part of making these events happen.
I love that our community has so many wonderful people willing to give of their time, knowledge and talent in helping others also find success. Thank You!