How to Assess the Value of Startup
Entrepreneurs have a variety of inexpensive avenues into market research to help determine potential market demand: libraries, small business development centers and other local, on-the-ground resources that you can find through the KCSourceLink Resource Navigator
. The first steps to assessing the market potential of your idea
, however, can start with a few questions, a Google search and some solid feedback.
Tool to Predict Startup Success
A 2011 study undertaken by the Blackbox seed accelerator found that many tech startups fail because they focus more on their product than on their potential customers. Out of that research came a tool to predict startup success: Startup Genome Compass
. The compass analyzes five dimensions of a tech startup - customers, product, team, business model and financials - to help startups see their current state, warn them of potential disconnects and determine actions that will help them move ahead.
Kansas and Missouri Innovation Marketplace
The Innovation Marketplace connects innovations and inventions with potential investors, distributors and manufacturers. A kind of online "matchmaker," the marketplace lets inventors, patent holders and intellectual property owners post ideas in search of partners, buyers and licensees. Before inventions are listed, the registry provides in-person or online workshops to help inventors recast their often-technical prose in jargon-free descriptions for the business and industrial customers shopping at the site.
The website service is free to manufacturers. Entrepreneurs are charged a fee for listing ideas or inventions.
For more information about the Innovation Marketplace, contact the Missouri Enterprise
or, if you’re in Kansas, the Mid-America Manufacturing Technology Center
, part of the federal Manufacturing Enterprise Partnership.