Launching a successful startup company requires commitment, dedication, and perseverance. Many companies fail even if the core technology is innovative and promising. However, when the right technology is implemented at the right time, it has the potential to significantly benefit society. Components of a successful start-up include a compelling concept, a strong market opportunity, a competitive advantage, a sound business and financial plan, sufficient financing to execute this plan, and an experienced management team. Luck and timing are also important.
Entrepreneurs spearheading the new company formation will be the key champions for the technology and the startup. In addition to navigating the standard technology transfer process, they are responsible for a variety of tasks such as identifying the market opportunity, developing a business plan, and pursuing financing. Every startup follows its own unique path. But there are many common steps to get the business off the ground as outlined in this section. Additional Resources are available in the Resources section to help guide Yale entrepreneurs through this process.
Often an important immediate question for Yale inventors is whether they want to be involved in these tasks directly as part of the company team or to continue in their Yale roles as faculty, research staff or students. Guidance about these decisions and information about options (e.g., taking a leave of absence) is available from School Deans and the Provost’s Office.
Also, faculty mentors often share their personal experiences with other inventors.