What comes after the idea?
At a Life Science Ventures Summit hosted by the Kauffman Foundation, Huffington Post writer Jennifer Hill led a discussion focused on the players in entrepreneurship (0:11:57 – 0:14:52). The panel included Nick Franano, Avi Roop, Geoff Clapp and Sofie Qiao.
Hill started the conversation by asking the panel what the first steps are after coming up with an idea or concept for a startup company.
Here were some of the key points from the panel:
Know the ins and outs - "One of the most important things to think about is differentiating in medical devices between an observed issue, observed event in a hospital versus a problem that potentially physicians and proceduralists have versus a true unmet clinical need," said Roop.
Have more than an idea - Clapp said that entrepreneurs need to "get out of the kitchen" and get their ideas out. "It's too easy to not build something...I don't care if it is a prototype. I don't care if it is a piece of paper. Get out and talk to people and show people things," said Clapp.
Family support – Having a support system can go a long way. "If you don't have your spouse or family behind you, it makes it really difficult to make it over the long run," said Franano.
Team chemistry - Entrepreneurs can't be afraid to share their ideas. "Bounce the idea off others and assemble a team that can work with you to achieve this vision," said Qiao.