Term
| 5 stages of product development + funding |
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Definition
1. Discovery > Idea
2. Proof of concept > Pre-Seed F
3 product design > Seed F
4. product development > Start-up F
5. mass manufacturing > Growth/Mezzanine |
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Term
| 3 different ways to use a business plan |
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Definition
1. Organize Idea
2. Communicate to attract funding
3. Supervise and manage the company |
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Term
| 6 parts to sustainable advantage |
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Definition
- Lock on IP - Portfolio
- Dynamic product line
- Dramatic cost improvement per unit
- Proven team with inside relationships
- Lock on the market or customer base
- Strong focus and product differentiation |
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Term
| fatal assumptions of entrepreneurs |
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Definition
- we have no competition
- our product will sell itself
- product can easily be patented
- my financial objections are realistic
- i can manage the business myself
- that one weakness wont matter later
- we can easily make enough sales to be profitable |
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Term
| 4 different funding sources |
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Definition
1. self > in discovery phase
2. 3Fs
3. Angel Investors
4. Venture Capitalists |
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Term
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Definition
Good for 2 years
No legal defense, just placeholder |
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Term
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Definition
| legally defensible property rights |
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Term
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Definition
| a selection of copyrights, trademarks, trade secrets and patents, that your company owns |
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Term
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Definition
Copyrights
Patent
Trade Secret
Trademark |
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Term
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Definition
- costs around 20.000 -30.000 $
- different categories
- 99.5% of claims fail |
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Term
| What is the USTPO looking for in a patent claim? |
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Definition
1. No prior art
2. Utility
3. Novelty
4. Non-obvious |
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Term
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Definition
| You cannot copyright your idea, just tangible art around it |
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Term
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Definition
- Formula, pattern, device, process
- must be kept secret
- limitless duration
- NOT protected against someone else figuring it out |
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Term
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Definition
| an existing system of structure, design, code, or otherwise is analyzed and broken down with the purpose of understanding the system and how it functions, and is then reproduced or improved upon. |
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Term
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Definition
1. Lawyer
2. CPA
3. Banker
4. Insurance Broker
5. Doctor |
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Term
| How do we attract funding to our idea? |
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Definition
- Business Plan
- Elevator Pitch
- BPCs
- Websites > Billboard
> Micro-funding websites |
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Term
9 Business Models
BAIMMACSU |
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Definition
1. Brokerage
2. Advertising
3. Infomediary
4. Merchant
5. Manufacturer (Direct)
6. Affiliate
7. Community
8. Subscription
9. Utility |
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Term
| 2 categories of first hire person |
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Definition
1. operations focused person
2. business focused person |
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Term
| What are you looking for in your first job? |
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Definition
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Term
| How much money do you need to start up? |
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Definition
- no matter how much it is, prove it
- how to justify numbers |
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Term
| Quantifying future costs? |
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Definition
- start with a list of what needs to get done
- find others that know |
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Term
| What resources give your numbers credibility? |
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Definition
- Mentors
- Five friends
- Organizations:
- Biz Starts
- WEDC - WAN
- Act 255 |
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