I was a finalist in last year's 50k competition, and here's some things I learned:
1) The team is crucial. Assemble a well-rounded group of people with key backgrounds. Think technology (got that covered), marketing, finance, operations.
2) Business Plan. It's necessary. It takes time. A lot of time. But doing it well will give you the answers to the questions that the VC's and Angels will ask. "Business Plans for Dummies" as actually a good book.
3) For techie toys, prototypes that look like the finished product and work are very beneficial.
As far as protecting your friend's idea goes, provisional patents are OK, document everything that happens, but when it comes right down to it don't depend on the patent/legal system, NDA's or anything else to keep anybody from doing what you're doing. If you do have a good product and manage to succeed in the marketplace, there will be 100 similar products on the shelves 2 months after you. You won't have the time nor resources to sue to enforce every patent violation that comes along.
Instead, concentrate on bulding a solid product and business strategy that protects itself, and get it to the market faster than your competitors.
Slashdot Mirror
Great advice!
I was a finalist in last year's 50k competition, and here's some things I learned:
1) The team is crucial. Assemble a well-rounded group of people with key backgrounds. Think technology (got that covered), marketing, finance, operations.
2) Business Plan. It's necessary. It takes time. A lot of time. But doing it well will give you the answers to the questions that the VC's and Angels will ask. "Business Plans for Dummies" as actually a good book.
3) For techie toys, prototypes that look like the finished product and work are very beneficial.
As far as protecting your friend's idea goes, provisional patents are OK, document everything that happens, but when it comes right down to it don't depend on the patent/legal system, NDA's or anything else to keep anybody from doing what you're doing. If you do have a good product and manage to succeed in the marketplace, there will be 100 similar products on the shelves 2 months after you. You won't have the time nor resources to sue to enforce every patent violation that comes along.
Instead, concentrate on bulding a solid product and business strategy that protects itself, and get it to the market faster than your competitors.
-Tim