In a lot of ways, today’s podcast completes the venture capital trifecta. In episode #137 with Dave Knox, we spoke about his work with the Cincinnati-based start-up accelerator The Brandery and why budding entrepreneurs have to act on their ideas. In episode #143 with Ed Zimmerman, a venture lawyer, we spoke about how he helps start-ups to raise the necessary funding to get their great ideas off the ground. Today, we speak with Frank Dale, the Entrepreneur-in-Residence at DeveloperTown, a venture development firm.
I had never really thought about VC firms vs. venture development firms, but Frank explained the different positioning of the two and how venture development firms are more hands on operationally.
For those of us who have thought of starting our own business Frank’s advice was surprisingly simple. Much like Dave Knox sharing that one has to act on the idea, Frank asks two simple questions:
- What have you done to validate that the problem you are trying to solve exists?
- What is your strategy for connecting the new product with the right consumer demographic on a large scale?
Simple, succinct advice. To hear more of Frank’s interview on thinking innovatively, finding gaps in the marketing and identifying the new needs of consumers. Listen below, on iTunes, or Stitcher.
[Lead Image via OnStartups.com]