Build A Business

• 1). Know the technology. Nearly anyone can come up with a great new idea. However, having an in-depth understanding of a technology is entirely different. Not only do you need to have a scientific background in the specific field, you need to have a thorough understanding of where the technology fits in the larger business world. Many new technologies come from established entities such as research universities, graduate business school projects and research arms of major corporations. There are, though, a number of new technologies that were invented by college students. These include Bill Gates' Microsoft operating system and Mark Zuckerberg's Facebook social media company.
  
  
• 2). Form a basic business team. Very few technologies get off the ground without having strong support. Before you put together your business plan, you should consider the people who would be essential to running the key parts of the business and be assets when you approach investors. If you haven't started a technology company before or don't have deep business experience, you might want to consider approaching your business associates who have more experience. Typically, a new technology company needs at least a chief executive officer and a chief technology officer.
  
  
• 3). Create a business plan. While all new companies need a business plan, it is even more essential for a new technology company. The vision of the company is likely going to be creating something that is sophisticated as its core business, so writing a business plan that explains the intricacies of the technology is key. Entrepreneur Magazine provides a comprehensive list of software and books to help you formulate a professional business plan. You should also consider hiring a consultant in your field to overlook the plan.
  
  
• 4). Apply for a patent. If your technology is new, you should apply to the U.S. Patent and Trademark Office to protect your invention. The process and requirements for getting a patent are explained in detail on the office's website.
  
  
• 5). Find investors. To get any new technology company off the ground, you are most likely going to need money, and lots of it. Investment generally comes from venture capitalists, angel investors and private investors. Once you have a business plan, do your research to see who generally invests in the type of technology in which your company is based. Most venture capitalists tend to be focused on specific fields that they know very well. The National Venture Capital Association provides a detailed list of all the major venture capital companies. There are also many angel investor groups thoroughout the country.