Page 10 - 2020 Startup Guide

10
Launching a Start-up
OTD realizes that most innovations that are created at FAU are very early stage and require a significant financial investment to commercialize. Launching a successful start-up based on a FAU innovation requires commitment, dedication, and perseverance. Many companies fail
even if the core innovation is promising. Components of a successful start-up include a compelling concept, a strong market opportunity, a competitive advantage, a sound business plan, sufficient financing to execute the business plan, and an experienced management team.
Every start-up follows its own unique path, but there are some common steps that many entrepreneurs follow in order to get a new business up and running. Highlighted in this section are several steps in the start-up creation process that are particularly relevant to entrepreneurs starting a new company based on FAU intellectual property.