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Creating a high-tech company or tech startup consists of a project to develop a high-tech product or service. Typically, these projects require high technical skills. The organization of a project to create a high-tech company
To organize a project based on developing new technology, participants must structure their approach. It is necessary to proceed in stages, without haste, to reach the objective:
- Validation of the idea
- Protection of the concept
- Definition of the economic model
- Study of needs for the research and development phase
- Division of the project into several stages
- Constitution of the project team
Once the technology remains developed and the company starts commercializing, a lean startup method can improve the offering. This method uses an iterative approach to validate concepts with future customers.
High-Tech Company: Innovation To Create A Competitive Advantage
The main competitive advantage of a high-tech company remains based on the technology developed as part of the project. The product or service acquired by a high-tech company is often an important innovation. Sometimes, it is even a technological breakthrough compared to the existing one.
The competitive advantage provided by the new technology allows the company to differentiate itself from current market offerings. Sometimes, innovation almost creates a new market.
The Project Team, A Criterion For The Successful Project
The group gathered around the high-tech project is decisive for its success. Participants must collect all the skills necessary to develop the product or service.
The project’s success will not only depend on the development of technology. It will then be necessary to generate income, and strategies, communicate, recruit, and manage staff to succeed. The project team must remain enriched by non-technical profiles: financiers, salespeople, and managers.
Financing A High-Tech Company
A project to create a high-tech company needs financing to be able to make investments and pay team members. A high-tech project does not generate income during the research and development phase.
Initially, team members may receive unemployment benefits.
However, this income is temporary, and the research and development phase can take along. Otherwise, some members may pursue a remunerative activity in parallel. However, the time they devote to it will not remain allocated to developing the product or service.
A clear and understandable business plan must remain drafted when requesting external funding. At the start of the project, the difficulty is attracting investors’ interest because the founders have nothing very concrete to present. Partners need to understand the value of the project. The presentation must be simple and understandable and avoid using too technical jargon for the readers.
Innovative projects and companies are eligible for several financial measures that can provide a serious boost: loans for innovation, research tax credit, etc. A chartered accountant can accompany the company on these devices.
Once the technology remains developed and initial tests validate the interest of the proposed innovation, the search for funding will be much simpler. Depending on the power of the project and development needs, fundraising may remain considered.
The Visibility Of High-Tech Companies
High-tech business creation projects are not the most numerous. Those are complex projects to carry out. On the other hand, they can arouse a lot of interest.
Many high-tech projects develop in incubators, which allows them to work on their visibility within the ecosystem in which they operate.
To increase the visibility of the project, a communication strategy must be developed, including through social networks and press releases published on relevant media.
Participation in a business creation competition focused on new technologies can bring a real boost to a high-tech company.
Creating A High-Tech Company: Risks And Constraints
Launching a project to create a high-tech company is primarily based on the research and development phase. This stage can have a long duration, during which the company does not generate any income. Thus, the first constraint of a high-tech project is financial. Sufficient financial resources must be available during the research and development period of the project.
Then, many high-tech projects fail. The failure rate is higher than on conventional projects. Therefore, it is necessary to consider, from the outset, the hypothesis of failure. In return for this greater risk, successful projects have powerful financial potential.
In high-tech projects, the team consists mainly of technicians and researchers. The project focuses on research and development operations. However, a clear and precise business model must be established as part of an entrepreneurial approach. Before developing the technology, you need to have a marketing strategy.