When starting a new company, it’s easy to focus entirely on the business you are building, but it’s also important to make sure that you see the big picture. Here are three areas to keep covered:
1. Make sure a market exists. While you may be convinced that you have the answer to an important question, talk to people who know the space you are trying to move into. They can help you figure out whether your solution addresses a pressing need that people are willing to pay for.
2. Protect your intellectual property. Under the new “first to file” rules, you need to make sure that you are the “first inventor to file” in order to protect all of your intellectual property—not just your patents. Your trade name is a powerful part of your brand and provides real value to you and your investors.
3. Establish a regulatory pathway. Make sure you have addressed all of the regulatory issues that might affect your business and that you understand how to navigate the jungle of rules and regulations. Savvy investors will want to hear your strategies.
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