Pheno

Design Your Startup Ecosystem

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.

By Vadim Pinskiy, Founder and CEO, Pheno

Vadim Pinskiy

Vadim Pinskiy, Founder and CEO, Pheno

So, you’ve got an innovative idea to solve a problem. Congratulations. You’ve taken the first step to becoming an entrepreneur. Next, successful entrepreneurs need a network of partners invested in the company’s growth for staff and advisor roles. Here are the top three actions for establishing a startup ecosystem that I recommend for anyone who wants to create a thriving business.

Identify the right talent. Entrepreneurs surround themselves with diverse and unique personalities who bring creative solutions to the table. A great startup team includes a mix of engineering and businesspeople who are functional experts, most bringing the drive to independently learn about business functions that are unfamiliar to them. This is an “all hands-on deck” situation and there is rarely enough funding to hire talent for every needed discipline.

Enlist experts as advisors. Recruit a team of “experts” who have relevant industry or functional knowledge and experience taking products from idea to execution. Expert advice saves time, prevents frustration, and saves the company from recreating the startup wheel.

Align with the right investors. Investors are more than a source of money. While investors may be friendly and want you to succeed, each has self-motivated goals for the business. So, be sure you align with good partners that bring funding, knowledge and other resources that get you to your shared goals.

The best advice for meeting like-minded individuals is trial-and-error. Building your startup ecosystem should be routine, by frequently connecting with new people and assessing the expertise you need on your team. Remember, it’s a marathon, not a sprint.

New Jersey has a strong academic and professional network within biotech, finance, and engineering. With a bit of search, entrepreneurs will find ample networking opportunities. Jersey is a great place to be an entrepreneur.

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.

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