- Market. This is possibly the most important factor to consider: is there market demand for your product? If there isn’t you will have a chance even with a mediocre product, however, if there is already a strong market, even an extraordinary product might not do the trick.
- Momentum. You have to continuously show that you are working on your product. You need to have people using your product, not just once, but also coming and a good marketing strategy. This will indicate that you have some traction in the market.
- Team. You need to have a reliable team around you. Only hire people you know and that will stand behind your product and work on it with 100% effort.
- Naysayers. If people are saying what you are attempting can’t be done, that is a good sign. It means that they don’t know how to do it and as a result you know you have discovered something new.
For a more detailed account please see http://bit.ly/d99jDF
Tags: entrepreneurship, funding, innovation, start-ups
You may also want to note that it is important to look beyond the usual “suspects” and talk to facilitators such as eSolve Capital or Esolvenano (the latter specialized on high tech)