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Building Relationships
Increases Business Success
By Michael P. Kurek, PhD, Partner at Biotechnology
Business Consultants
At the recent Louisville Entrepreneur Boot Camp, I met with several emerging companies that were all seeking one thing: Solid advice for ensuring the successful launch of their business ventures. The half-life of the average technology start-up is 87 days, but building solid business relationships before launch can increase the likelihood of success, especially when it comes to obtaining funding.
Acquiring funding is critical to most start-up businesses, and getting that funding is largely dependent on early prep work, including building relationships, completing research and knowing your options. Six key tactics for companies that need to acquire funding:
- Learn all you can about the resources available from local and state economic development programs, including how to qualify as well as how and when to apply.
- Find an attorney able not only to help with your incorporation but also to represent you when you find that first investor.
- Establish a banking relationship by opening a company checking account. Find out when and how the company will be eligible to establish a line of credit.
- Connect with local angel investors and venture capitalists...even if you’re not planning to seek funding from those sources. Investors can provide valuable advice on your business model and strategy.
- Prepare a draft business plan and company presentation. Both will be valuable in telling your story and soliciting feedback.
- If you need R&D funding, prepare and submit proposals to federal programs, such as SBIR/STTR, and similar state programs.
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BBC Leads Two-Day Intensive SBIR/STTR Workshop in Chicago
In January, life science focused entrepreneurs and small companies seeking funding for R&D learned how to prepare and submit a competitive proposal. Workshop participants received detailed instruction on preparing each component of a proposal and up-to-date information on each agency's submission processes.
"The day was very valuable to us and has caused us to reevaluate our proposal writing style and philosophy regarding NIH."
—Workshop Participant
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The PLAY Project Obtains SBIR Grant from NIH, Expanding Its Reach to Children with Autism and Their Parents
Fast-growing firm taps BBC to assist with unique funding request. Jim Lyddy, executive director of The PLAY Project, explains "BBC has a strong reputation for coaching companies to work effectively with, and obtain funding from, the SBIR grant program." Read more... |
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May 1-2
SBIR/STTR Proposal Preparation Workshop–
NIH Specific
Chicago, IL
May 5-6
SBIR/STTR Proposal Preparation Workshop–
Non-NIH Specific
Ann Arbor, MI
May 15
SBIR/STTR 101–
Intro & Overview
Cleveland, OH
May 12-13
SBIR/STTR Proposal Preparation Workshops–
NIH Specific
Ann Arbor, MI
May 22
Intro to Commercialization
Ann Arbor, MI
View BBC Course Schedule |
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View all SBIR/STTR key solicitation dates and special announcements at sbir.gov
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