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What Startups Really Need

Posted: June 30, 2013 by Tony Shipley in Ecosystem, Leadership, Startup

tonyshipleyFor those people who are connected to our community’s entrepreneurial ecosystem, you may remember the Regional Technology Initiative (RTI) created in 2001 that involved 200 people working for 100 days to create a master plan for entrepreneurial growth. Greater Cincinnati’s entrepreneurial spirit has grown phenomenally since then and the resources to support the goals have flourished.

So what do our region’s entrepreneurs really need to jump-start their businesses? Customers.

In every business, sales cures a lot of ills, and nothing of significance really happens until a company sells something. In startups creating sales is mission critical for success. Early customers provide tremendous value to startups. Sales provide much needed non-dilutive cash as it comes with no equity or debt strings attached. These transactions provide much needed validation that value exists in the product or service. No marketing study or survey can demonstrate that better than a customer exchanging their hard-earned dollars for a company’s product or service offering.