Getting from tech idea to start-up success

Some technological whizzes in Illinois have terrific ideas for tech startups but lack the business know-how to make their dreams last. Not all tech start-up companies will succeed, and many of them fail within the first two years. There are some steps entrepreneurs can take, however, in order to increase the likelihood of success.

One of the first steps is for people to reach beyond the idea they have for their technological innovation. It will be difficult to bring it to market successfully without having a solid business knowledge. Entrepreneurs should thus consult with business expertss for help and ideas about growing their companies.

Creating a well-thought-out business plan is very important. According to Bloomberg, 85 percent of the start-ups that created strong business plans at the beginning were still functioning after three years had passed. Determining what type of technology is generating excitement among investors is also important in order to be able to tap into potential funding sources at the right time. Understanding financing cycles may help business owners anticipate when the right time to approach investors for funding is. Knowing the major players who may be interested in acquiring the company down the road is an important exit strategy as well, and that could be key for potential seed or venture capital investors.

In addition to strong research, market analysis and business planning, entrepreneurs may also need to think about the types of business entities that may best fit their tech start-up companies. Each form offers different levels of protection and has different tax and reporting requirements, and an attorney can explain the relative merits of a limited liability company and a corporation.

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