Best Practices for Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In commercializing technology here are some best practices to consider:

Educate the market about the problem you solve and the solution you offer.

It’s often the case the technology founder assumes the world understands the problem.

You must educate the potential customer about the problem and how you solve it.

Engage the market early in the process.

The more you understand the market and the customer’s situation, the better choices you will make about implementation of the technology and how to sell it.

Choose potential customers who are engaged with your product and want to see it reach the market.

Many technical founders focus on large companies with deep pockets or close contacts who they know.

It’s best to look for customer engagement upfront.

Be open to new information about the application and value of the technology.

The researcher often brings a strong opinion about how the technology should be used.

Take feedback into account about how you position and promote your technology.

Spend your time with customers learning about their needs rather than selling your solution.

The selling part will come later.

Identify the customers’ alternative solution to your technology.

This often includes customers doing nothing.

No battle plan ever survives first contact with the enemy.

So no business plan ever survives first contact with the customer.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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