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Tech Based Start-Ups: 101

Starting a tech-based start-up can be daunting, but understanding some fundamental business principles can help. All businesses share common traits, and it's crucial for entrepreneurs to educate themselves about the industry. Utilize excellent resources like the SBA, local incubators in Northeast Ohio, and various business development centers to refine your idea. Remember, having an idea isn’t enough—transform it into a viable product and business. Seek expert advice, remain adaptable, and always pivot when necessary. Passion and resilience are key to entrepreneurship.

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Tech Based Start-Ups: 101

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  1. Tech Based Start-Ups: 101

  2. Some Basics • At fundamental levels, all businesses are the same • Owe it to yourself to learn something of business • If you’re new to this, you don’t know what you don’t know.

  3. Good resources • www.sba.gov (US SBA) • Small Business Development Centers • Ohio Business Gateway www.business.ohio.gov • www.jumpstart.org • NE Ohio Incubators: Glide (Lorain), Incubator at Magnet, Braintree (Mansfield), Akron Global Business Accelerator , YBI • Ohio’s Edison Centers

  4. Ask everyone – not just your mom- what they think about your idea.

  5. Do your homework. • All products have a shelf-life.

  6. Understand who’s in your space…and who’s likely to enter?

  7. Never Enter an Assumptive Markets (Unless your Steve Jobs)

  8. Assumptive Market Exception: • Ignore previous rule if you are Steve Jobs

  9. The Golden Rule: • Find a Way To Make Money!

  10. Having an idea is not the same thing as having a product.

  11. The Corollary • Having a product is not the same as having a business!

  12. Get expert advice…and heed it. • Spend your money – and time- wisely.

  13. Don’t turn your idea into a Christmas tree. • Be prepared to step down.

  14. Understand the realities and limitations of IP protection

  15. Idea not working? Pivot…..or find your next great idea. Don’t Wallow In Failure.

  16. Don’t have an idea? Look around!

  17. Starting a business is easy. Running a business is the hardest thing you’ll ever do.

  18. Be passionate!

  19. Contact us: Barb Ewing Jim Phipps bewing@ybi.orgjphipps@techudson.org 330-746-5003 330.998.7701 Jim Cossler George Buzzy Jcossler@ybi.orgglbuzzy@gmail.com Rose Shaffer Rshaffer@ybi.org

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