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Innovation
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Innovation is often confused with Invention. Invention is the 'creation' of something from scratch whereas innovation refers to imaginitive activity that produces original outcomes of commercial value. Innovation can be far more powerful than an invention. Regardless of whether you innovate or invent, the idea is only the first (and easiest) step in creating a business of lasting value.
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Intellectual Property
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Intellectual property (IP) refers to creations of the mind. Most people think of patents when discussing IP but it is actually a far broader concept, incorporating literary and artistic works, designs, methods, trade secrets, symbols or tradenames and images used in commerce. Patents are the most obvious form of IP protection but it is not always the best method to capture value for your new business idea.
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Strategy
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The conventional business plan is too long-winded. You can't know enough about your new business to write a 50 page document. Typically, your hypothesis is untested and unvalidated. Few businesses actually make a success with their original plan, so capture the essence of your opportunity, get to work quickly and continually refine the plan as you learn more about your market.
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Financing
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How do you finance your new idea? Consider the scale of your opportunity and the key stages in your growth profile. How much money do you need to reach each stage? Can you grow organically? There are many options for the entrepreneur these days beyond the traditional Angel or VC investor. Above all, work consistently to build value ahead of your need to ramp up the investment.
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Business Development
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Many startups make the mistake of focusing too heavily on technical or product development. All too often their 'perfect' offering misses the mark - they did not validate their hypothesis in the market. Even those who are on the money with their product often forget about developing the market. Build value by developing the market early in your venture and in lockstep with the product. Make this your mantra.
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