Identify the Ideal Customer Profile Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. In researching a market it’s important to identify the ideal customer profile. The ideal…

How To Size the Market Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Sizing the market is a key step in researching an industry. Follow these steps to size the market for your…

Analyze Industry Trends Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. When conducting market research for your startup, it’s crucial to differentiate between primary and secondary…

Identifying Competitors Through Market Research Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. In researching a market segment for launching a startup, identifying competitors is a…

Questions To Use in Market Research Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. In researching a market use these questions to find out more: Who are these people in the market?…

How To Perform Secondary Research Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Secondary research provides additional information about a market. Typically the information is free…

How To Research a Market Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Market research provides many benefits including identifying your target market and your ideal customer. Here…

Types of Market Research Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. There are several types of market research one can use in studying a market segment. Consider these types of…

Why Do Market Research Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Market research is a key step in preparing to launch a startup. Here’s a list of reasons why it’s important…

Closing the Raise Without a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. There are more startups than there are lead investors. Not every fundable startup will find…

Closing a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. A lead investor is important for raising funding. They negotiate the terms and valuation of the deal and bring…

Characteristics of a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Startup founders are looking for lead investors.  Good lead investors exhibit these…

How To Find a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Most investors do not lead the fundraise round but rather follow-on. There’s a great deal of work and…

What Is the Value of a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The lead investor can be an important resource to a startup. Here’s a list of values lead…

Role of the Lead Investor After the Fundraise Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The lead investor has a role before, during and after the fundraise. Here are some key…

What Are Co-Lead Investors? Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The lead investor typically takes up to half of the round in return for leading the diligence and setting…

Disadvantages to Being a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. While there are many advantages to being a lead investor there are also disadvantages. Here’s…

Advantages to Being a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. While the lead investor has many responsibilities there are also advantages. Here are some…

Attributes of a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The lead investor leads the process of negotiating the terms of a deal with a startup. Here are some key…

Responsibilities of a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The lead investor leads the diligence and negotiations with the startup. Here’s a list of…

What Is a Lead Investor Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. A lead investor is an individual or a group that leads the startup funding round by performing the diligence…

Managing the Grant Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. After winning the grant, the work begins. The research must be carried out and the grant providers must be kept…

Best Practices for Writing a Grant Proposal Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The grant proposal will be read by many people of varying background and technical skill….

How To Write a Compelling Abstract Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. In applying for a grant, it’s important to include a compelling abstract. Not everyone involved…

Mistakes in Applying for a Grant Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Grant applications are complex and come with many challenges. Here is a list of common mistakes in…

How To Write a Grant Proposal Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. There are many sources of grants beyond the government such as family offices and foundations. These…

How To Prepare a Grant Application Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The grant application process can take over three hundred hours to complete. Take these steps to…

Conditions for Using a Grant Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. SBIR grant funding comes with requirements for how to use it. SBIR funds for phase 1 are focused on…

Success Rates for Grant Funding Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. Grant funding is challenging to obtain. Only a fraction of applications receive funding. Over the…

Where To Find Grants Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. There are many sources of grants for startups. The main funding source for government grants is the SBIR and STTR…

Lifecycle of Grant Funding Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. The grant funding process goes through a well-defined lifecycle. Here’s the lifecycle process: Planning…

Pros and Cons of Grant Funding There are pros and cons to grant funding. Here is a list of pros: The funding does not need to be paid back. The funding is non-dilutive as no equity is given. Grants are easy to identify. Grants won can help in raising funding from angels and venture capitalists. […]

Checklist for Writing a Grant Application Before writing a grant application make sure you have these things ready to go: A clear statement of the status of the technology and how it works. A value proposition of the technology and how it can provide benefits. A clearly defined goal for the use of the grant […]

How To Use Grant Funding After winning a grant, you’ll need to apply the grant funding to your project Consider these best practices on how to use grant funding: Build a rapport with your grant representative. The grant representative is your contact point with the granting organization. Find a way to work well with them. […]

Applying for a Grant In applying for a grant consider these factors: Set aside time for writing the grant application. It takes over 300 hours to properly write an SBIR grant. Make sure you are giving it the time and attention it requires. Understand the grant review process. Each granting organization has its own criteria […]

Should You Pursue a Grant? Grants provide seed money to startups. Consider these points in determining whether or not you should pursue a grant. Grant funds can only be used for the stated purpose in the grant proposal. If you need funds for operations, inventory, or administrative tasks, then you probably should not apply for […]

What Is a Grant? A grant is funding to a startup to further the business but does not take equity nor must be paid back. The government provides grants to startups to help commercialize the technology and foster economic growth. Federal grants are given to startups to promote specific technology goals. There are state and […]

Mistakes in Commercialization Commercialization of technology requires key skills in market research, product development, and customer engagement. Avoid these mistakes in commercialization: Focusing on researching the technology only. Set aside time for selling, marketing, and product development. Failing to maintain commitment. Tech commercialization requires several years of work to achieve. Recruiting only other researchers onto […]

How To Engage Academics Into Commercialization Universities often encourage academics to commercialize their technology to advance their research. Here are some key steps to engage academics into commercialization: Focus on the impact of the research rather than the revenue generated. Encourage the researcher to promote the technology into other groups. Foster collaboration with other universities […]

Best Practices for Commercialization 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 […]

How To Build an MVP Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. A minimum viable product or MVP is a usable product that has minimal but must-have features. Here are the key steps to building your MVP: Research the market and the […]

Using Prototypes To Raise Funding In raising funding, a prototype is invaluable. Here are some reasons why investors fund projects that have a prototype: The prototype demonstrates you can build it. It gives you a tool to engage customers.   Prototypes help you define the product better by observing how the customer interacts with it. Prototypes […]

Steps to Creating a Prototype A prototype is an early model of your technology to show proof of concept and gather feedback from potential customers. Prototypes can also be used to raise funding from investors. For building a prototype keep these key issues in mind: The current market for your product — how do customers […]

Purpose of Prototypes in Commercialization In commercializing your technology one of the most important elements is building a prototype. Prototypes provide several benefits and should be a high priority to complete as soon as possible.  Many inventors use their resources to write another white paper or run another experiment. The most important purpose of a […]

Best Practices for Grant Writing Raising grant funding is a key step in commercializing your technology. Here are some best practices for grant writing to consider: Research the goals and objectives of grants to understand what is currently of interest. Make sure you have set up a legal entity for your business before pursuing a […]

Funding Options for Tech Commercialization There are several options for funding the commercialization of technology. Here’s a list of sources to consider: Self-funding — consider putting some of your own funds into the business. This proves to others your commitment to the project. Make sure this funding goes to key enablers such as filing provisional […]

Finding Anchor Customers An anchor customer is one that provides a substantial amount of business on a recurring basis. These customers are important as they give you a base level of business each month. You save the time and cost of prospecting for the customer as they are already signed up. They can be used […]

When Should You License Your Technology Instead of Building a Startup In commercializing your technology there are two primary paths:  building a startup or licensing the technology to others. You should consider licensing your technology when the following conditions exist: The development cost of bringing the final product to market is very high. There’s a […]

How To License Your Technology Licensing your technology to another company provides another path to commercialization. Here are some key steps to licensing your technology: Prepare information about the technology including an introduction, product description, and manufacturing information. Also document the product benefits, market research, and pricing. The product information should provide sufficient information to […]

What Is Licensing in Commercialization Licensing in commercialization is the right to manufacture and sell a product with the technology of another company.   In return for the right, the licensee pays a royalty fee for each unit sold. Licensing brings the following advantages to the licensee: You gain the know-how and experience of the company […]

Key Legal Documents Used in Commercialization There are several legal documents used in the commercialization process Here’s a list of key documents to know: Non-disclosure agreement — referred to as an NDA, this document requires the signatories to confidentiality with regards to information about the project. Material transfer agreement — refers to physical materials such […]

Different Paths of Commercialization There are different paths of commercialization. These paths include startups and licensing. Founders license the technology from the source and then establish a company to create a product to sell for a profit. The startup requires a team to build, sell, and support the product. The startup typically needs to raise […]

Innovation Models Technology commercialization applies new technologies to the formation of a business. Innovation drives technology commercialization. To grow your business you may need to foster the development of the technology and its supporting functions. Here are several innovation models to consider to grow your technology. Open innovation model. Some technologies rely upon other technologies […]

Intellectual Property in Commercialization A key component in commercialization is intellectual property. Intellectual property refers to work or invention that comes from the creativity of the mind such as a design, literature, or artistic works.  It comes in several forms including patents, copyrights, trademarks, trade secrets, and industrial designs. Government institutions carry out the screening […]

Testing Your Idea for Commercialization Before commercializing your technology, test the idea with these questions: What product should you build? There are many ways to apply technology to a problem. Who is the target customer and can they pay for it? It’s important to gain clarity on your target audience and check to see if […]

Key Steps in Commercialization Once you start down the path of commercialization, there are some key steps to accomplish. Determine patent strategy. There are several ways to protect intellectual property including patents, trade secrets, trademarks, and more. Review each option for your technology. Gain a Freedom to Operate opinion. This involves a patent attorney running […]

What Is Commercialization Commercialization is transitioning technologies from the lab into products in the marketplace. It is important because it brings new technologies to solve problems. Technologies and products bring new capabilities and can also reduce the costs of existing solutions. Commercialization requires refactoring the technology into a product that can be reproduced in a […]

Key Questions for Succession Planning Succession planning is a key part of running a family office. Here are some key questions to consider in planning your succession program. Do you need a succession plan? All family offices need a plan to help transition the business to the next management team. That could be a family […]

Succession Planning for Family Offices In running a family office, succession planning is an important function. Here are some key considerations in succession planning: Understand the generational differences in the family and how it may impact the future leadership. Some generations do not want to continue a family office but rather pursue their own passion. […]

Best Practices for Running a Family Office In running a family office here are some best practices to consider: Set up a mission statement that captures the values of the family. Tie that mission statement to the operational goals and financial results. Set up the legal entity and the operations to match the goals of […]

Best Practices for Setting Up a Family Office In setting up a family office consider these best practices: Build an investment strategy that leverages the strengths of the family including their skills, resources and network. Set up a formal diligence process to screen incoming deals in a rigorous manner. Assess the skills and capabilities of […]

Drawbacks to Starting a Family Office There are drawbacks in starting up a family office. Consider these challenges in setting up your family office. The upfront and ongoing costs can be considerable. These costs include the following: Hiring professionals and operational people can cost a great deal in today’s market. This includes not only salary, […]

Operational Objectives for a Family Office In running a family office there are several key operational objectives for the family office to achieve. Here’s a list of key areas to consider: Governance. This includes leadership, board management, communications and succession planning. The leadership should continuously improve the operational efficiency of the family office. Cost structure. […]

Choosing a Leader for a Family Office In setting up a family office, one must choose someone to lead it. There are several types of leaders to consider: Operations — focuses on the day-to-day tasks of running the business. This leader provides oversight over all aspects of the business including investments, tax, and administration. Specialist […]

Problems in Family Offices There are challenges in running a family office. Here are some key problems to watch out for: Treating the family office as a hobby rather than a business. The family office is a legal entity with employees, investments, and tax filings. It’s important to treat it as a business for everyone […]

Functions of the Family Office The family office provides many functions in a family business. Here’s a list of functions to consider including in your family office: Wealth management – this involves setting objectives, identifying investment opportunities and providing ongoing oversight. Impact focus — this includes pursuing investments and activities that promote a social, economic, […]

Types of Family Offices Family offices vary in type and structure. Here are three types of family office structures to consider. Single-family office. This structure provides services exclusively to one family. It offers the most customized program. It is the most expensive type of family office structure. It works best for ultra-high-net-worth families. Multi-family office. […]

Benefits of a Family Office There are several benefits to setting up a family office. Here is a list of key benefits to consider: Carry out the stated mission of the family business. Optimize the wealth of the family through investment strategies. Reduce taxes through tax-advantaged structures. Provide education to the family members who will […]

Structuring a Family Office for Tax Benefits Structuring a family office for tax benefits is a key consideration in setting up a family office.  Consider these points in structuring your family business for tax purposes. Because the family office is a separate legal entity, one can move additional costs from the family members to the […]

Structuring a Family Office Structuring a family office requires many decisions in order to find the optimal solution. Consider these points in structuring your family business: Who does the family business serve? This typically includes the family and their offspring.   What services should the family office provide? There’s a cost to the business for providing […]

Goals of a Family Office Family offices can pursue several goals. Here’s a list of key goals to consider for your family office and their implications in setting up the business. Investments — the complexity of the investments determines the number and type of advisors to engage. The simpler the investments the less support required. […]

Do You Need a Family Office Before setting up a family office, first consider if you need one. Here are some key considerations to review: Do you have the income to support a family office? Aside from a high net worth on paper, you’ll also need to fund the operations that require cash flow. Consider […]

Keys Steps in Setting Up a Family Office In launching a family office there are several decisions to make. Here are key steps in setting up a family office: Choose a family office structure. There are three types of family offices, single, multi, and virtual. The single-family office serves one family while the multi-family office […]

Before Setting Up a Family Office A family office manages the wealth of a family. Before starting a family office consider these points: What is the asset level of the family office? The fee is based on the assets under management. The higher the asset level, the higher the fee. What services does the family […]

How the Board Can Help During a Turnaround During a turnaround, the board should help. Here are some key steps to engage the board in the turnaround process. Interview the board for their input on the turnaround plan. Reconfirm the board’s role in the company. Define the specific activities the board should engage in. Set […]

Why Turnarounds Fail Just as not all startups succeed so not all turnarounds succeed either. Here’s a list of reasons why turnarounds fail: Failure to adapt. The market continually changes so it’s important to keep up. Make sure you are following the market and change to meet it. Failure to embrace the challenge. Turnarounds require […]

Managing Employees in a Turnaround During a turnaround, it’s important to maintain team morale and involve everyone in the process. Here are some key steps to managing the team. Make clear the need for the turnaround. Employees may not have visibility on the financials and don’t know how much the company is losing. They also […]

The Four Rs To Turnaround a Business A turnaround can take several forms based on the severity of the changes required. Some businesses require a complete overhaul of their operations while others perform a repositioning or rebranding. Here are the four Rs to turn around your startup: Retrenchment. In retrenchment, the business refocuses on the […]

Key Tests of a Turnaround Process In turning around a startup there are key tests you must pass to achieve success. Here’s a list of tests: Is the core business viable? If the basic business won’t work then no amount of funding or strategy will save it. Do the team and the investors buy into […]

Best Practices for a Turnaround There’s an old saying, ‘Never let a good crisis go to waste’. A turnaround is not only a crisis but also an opportunity to rebrand, redirect, and reposition the company. Here are some best practices for working on a business turnaround. View each turnaround as unique and customize your approach […]

How To Turnaround a Business Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing. A business turnaround is just like any other aspect of running a business. Here are some key steps in running a turnaround program for your startup: Identify the problem to […]

Hiring a Turnaround CEO In many turnaround situations, you’ll need to hire a new CEO. Here are some key points to consider when hiring: Track record — look for someone with a proven track record in turning around businesses. Cash management — needs to monitor cash on a daily basis and manage all expenses closely. […]

Stages of a Turnaround Process There are several stages in a business turnaround. Consider these phases for your startup: Assessment: This phase determines the crises and their impact on the business. This can include both internal and external factors. Triage: This phase sorts through the potential strategies to recover the business. This can include reorganizing […]

Key Strategies To Turnaround a Business To turn around a business you must take action early and not wait till it’s too late. Here are some key strategies to take to turn around your business: Assess the situation. Review the market to see if the company is still competitive in the current landscape. Check to […]

Signs the Startup Needs a Turnaround Here are some signs your startup needs a turnaround: You’re close to breaching loan covenants. The financial performance is still below expectations. The startup’s revenue and profitability are below the industry average. Cash flow continues to be a problem. The startup has been running for a few years but […]

Business Turnarounds A business turnaround is taking a company that is underperforming and modifying its operations and strategy so that it recovers financially. Startups who are candidates for a turnaround are not doing well. They suffer from a lack of leadership, focus, strategy, or execution.  Consider these steps in a turnaround situation: Identify the problem.  […]

Data Models A data model is a visualization of the data showing the structure, rules, and relationships for how it works. Here’s a list of key data models to consider for your data program: Concept — shows at a high level the overview of the data blocks and what they do. Logical — shows the […]

Data Terms To Know In working with data there are key terms used in the industry. Here is a list of terms to know: Data governance — a set of rules and procedures for managing data for integrity, regulatory and security purposes. Data warehouse — a central repository for all the data. Data mining — […]

Data Sources for Monetization In a startup, there are many sources of data to draw from for monetization. You can capture primary data from your own systems. Consider this list for gathering data from your startup: Start with your customer database or CRM. Review the webforms that capture inbound user traffic. Review your online and […]

Key Factors in Building a Data Business In building a data business here are some key factors to focus on: Provide high-quality data that provides value to the customer. Low-quality data commands a lower revenue rate. Look for data that others don’t have. The more unique the data the higher the monetization value. Focus on […]

Using Data To Increase Sales The market for data continues to grow providing an opportunity for startups to increase revenue by monetizing their data. Consider these points for monetizing your data: Sell your data directly to other companies.  This could be customer behavior, customer preferences, market data and more. Be careful with personalized data and […]

Five Business Models for Linked Data Linked data is structured data that is linked to other data making it more useful for searches and queries. A wiki site often holds linked data sets. Here’s a list of five business models around the use of linked data. Subscription revenue such as monetizing the data directly. This […]

Business Model Examples for Data There are several business models used for monetizing data. Here are some of the more commonly used ones: Brokerage — this model matches data providers for data users for a fee. There are thousands of data sets available and many of them are not easily found. Bundling — this model […]

Building a Data-Driven Business Model A data-driven business model can accomplish a number of goals such as increasing brand awareness, understanding the customer better, and improving products and services. Here are the key steps in building a data-driven business model: First, determine the outcome of the business model. Find clarity on the goal of it. […]

Data Monetization Requirements Monetizing data requires several key components. Here’s a list of components needed to monetize your startups data: Ability to acquire the data — the more you can source your own data versus relying on others the more valuable your data will be. Ability to store the data acquired — you’ll need a […]

Data Business Models There are several ways to approach data monetization. Here are four approaches to consider for your data: Basic content — this business model provides raw or analyzed data that can be used as is.  An example is a customer list with contact information. One can sell this list to other companies who […]

Data Strategy In monetizing data for your startup, you’ll need a data strategy. Here are the key components of a data strategy: Identify the problem to solve — the problem must be specific enough to indicate the type of data needed to present a solution. Store the data — you’ll need to capture raw data, […]

How To Monetize Your Data There are several business models for monetizing data. Consider these models for your startup: Mining your own data — this business model takes your own startups data and uses it to provide new services and products for the business. This could be creating a resource list from your research to […]

Data Monetization Models There are several data monetization models for startups.  Sources of data come from a large network of customers, in depth content, or heavily trafficked websites. Consider these for your startup. Data as a service — takes data generated by the startup and makes it available to other companies.  For example, weather data […]