I’m talking in a few weeks in the symposium Frontiers in Green Chemistry for Small Businesses. I've focused on these 9 tips for green technology entrepreneurs (though most aren't exclusive to green tech).
In the past year, I’ve talked to a lot of start-up companies and these topics keep coming up. I'll share anecdotes along the way and end with consulting tips, since that's my business. What do you think of this presentation summary?
1. Talk to potential customers
Most start-ups fail when they don’t understand the customer and their needs
Build it and they won’t necessarily come
Talk to potential customers and other organizations associated with the technology space (trade associations, NGOs, etc)
Understand the needs, the challenges, the market, the supply chain, etc.
Pivot your business plan based on what you learn
Resources: NSF I-Corps program, local accelerator/incubator, conferences, consultants
2. Seek outside perspectives
Your team, advisors, mentors, other contacts can advise you
Fill in your knowledge gaps through these people
Get a reality check from these outsiders
Prioritize your work
Make important connections
Take advantage of local programs, accelerators, incubators, networking events, conferences, etc.
3. Demonstrate your tech
Turn your idea into a product
Use partners to develop proof of concept, prototype, etc.
Understand the performance criteria you need to meet
It’s almost impossible to raise money if you haven’t demonstrated your technology
4. Raise $ to get more $
Consider what you can start selling to support your research, to reinvest, and to raise money
Other sources: grant, competition, accelerator/incubator, etc.
Funding attracts more funding
5. Know your audience
Know who you are talking to and tailor your pitch or presentation to them
Practice speaking concisely
Get input from others on content and clarity
6. Understand legal implications
What regulations (international, federal, state, local) do you need to meet?
Do you have adequate patent protection?
Is there a standard or certification that would benefit your product?
Are you labelling your product properly?
Green chemistry means many things; it’s not just about using biobased feedstocks or creating a safer product
12 principles of green chemistry cover all aspects of the chemical lifecycle and sustainability
3 pillars of sustainability: people, planet, profit
UN Sustainable Development Goals
8. How is your product better?
Being greener isn’t usually enough
Can your product perform better?
Do you have unique properties that can’t be achieved by competitors?
What are the companies leading in sustainability developing? What do they need?
Are there sector-based initiatives/collaboratives you can participate in?
What gaps can your product fill?
9. My 6 tips for consulting
Know your niche and focus your offerings. Do your own customer discovery to shape your business.
Use your network for opportunities and collaborations.
Use social media to interact and stay relevant.
Volunteer professionally for many benefits.
Don’t get discouraged by “no”.
Follow your instincts.
Do you agree with these 9 tips for entrepreneurs? Are any key tips missing? I would love to hear from you! Send me an email at jentanir@towardsafer.com or comment over LinkedIn or Twitter. Thanks!