How to start a tech start up

A start up is the dream for many people. But is it all as simple as it’s made out to be? The only way to know is to start making your plans. You need to think about your choice, what area of technology you want to work on, what need does it bridge in the market. It would help to have some space to work out your ideas. Renting or leasing a new space is expensive so look around your house and see what room can be used. If you have a functional basement, consider using that space. The question is what will you do with the things you already have in there? Consider renting self storage NYC for a temporary duration. You can rent it for as long or as little time as you need. Now that you’ve got some space cleared up, get to work.

You need to start making some serious plans now. The most important question is- what possibilities will your technology or device offer the public? Is it different to whatever is in the market right now? Unless your concept is innovative, you will struggle to make it stand out. Once you’ve answered these questions, you need to think about what you have to do to make it work. How do you make an innovative idea, work? How do you take a concept and make it a thing?

This is the project phase that you’re in right now. How you manage a project and take it to the next level is crucial. One of the most important steps is a market survey- what’s the market like and what is its situation. Does it change constantly, in a state of flux or is the shift slow? Consider the finances of the business. How much do you have, going forward? How much can you raise from friends, family and venture capitalists ? If you’re considering a profit margin what amount will you fix it at?

An important element of the success of your product is how a customer perceives its value. What makes a product valuable? The need it fulfils, the distinct idea it contains and how it makes life easy in the long run.

How do you want to develop your product? College think tanks offer much potential, as do private or state run laboratories. This is a slippery slope. You must consider the ownership of the technology. Will it be something you will hold on to or will you share it with the people helping you bring it to fruition? Patent rights are not to be taken lightly. License agreements, intellectual property rights may all sound like dull stuff but this is what you need to do to protect your company and its interests. Having a lawyer go through any document is a great idea. They read the fine print better than anyone else and will be able to tell you what’s not obvious.

A word of caution- do not go big before you go home with homework, that is. You need to ensure that you look at the big picture before you dream big.