article thumbnail

How Do I Start Your Own Business?

Strategy Driven

Usually, adding a little detail to an existing product (such as changing the colour of something) is not enough to start a business, so try more than you think you need. Part 2 Create a Business Plan. Determine the Cost of the Operation. You need a solid business plan to present to potential investors.

article thumbnail

The Problems With Incubators, and How to Solve Them

Harvard Business Review

This knowledge gap, I have come to believe, is best filled by savvy incubators. However, there are over 7,500 business incubators around the world. The first business incubator in the U.S. opened in 1959 and is still operating. For them the goal is to achieve customer validation, not financing.

article thumbnail

How the U.S. Can Rebuild Its Capacity to Innovate

Harvard Business Review

According to a recent study , even when MIT-based hardware startups had access to the skills and financing needed for R&D and proof-of-concept work, they required additional capital, production capabilities, and lead customers that the U.S. Invest in hardware startups and scale-ups. simply couldn’t provide. Mind the Mittelstand.