What Really Makes a Startup Successful

If you’re a startup, you don’t need an article or blog post telling you that your business ideas need to be original, useful, and well, amazing to catch the world’s attention.
You know that, and you know your business plan will execute it all. So when you’re in deep thought about what makes your startup unique, think broader than just your business’ product or service, because when it comes down to it, all past successful startups provide the same type of service that people love so much – saving time.
Nowadays, all people want to do is save time, no matter what they are doing. From automatic doors to an angry emoji, basic and complex technology is working together so humans have less work to do.

The reality is, if technology disappeared, we’d all be lost, and most of all, we’d notice how much extra work we were putting in to accomplish even the simplest of tasks. We rely on technology for online banking, obtaining world news, and the list goes on.
Gaining such reliance on technology isn’t known as the best quality of this generation, but it is prime time for tech entrepreneurs to make it big with their innovative ideas.
Spotify is a good example of a tech innovation that saves time for users. No one wants to pay three dollars for an individual song. So when Spotify came out, people could instantly have access to millions of songs for a small fee.
And what do people want to save as much as time? Money.
Instead of making that long-distance call, you now can use Skype. Why pay full price when there are sites like Groupon? And who even has cable anymore when all the good shows are waiting on your Netflix account (or your friends account you haven’t logged out of)!
Convenience here is also key. Saving time and money is great for anyone, but if you’re making the user do more than signing up an account for your business, you may scare them away.
Think of an app like Uber. Uber on average is a cheaper alternative to a taxi service, but what made it even more popular is the process of ordering one. All users had to do was download an app and account, so getting a guarunteed ride in 10 minutes was just a click of a button away.
So, if you’re an entrepreneur in this digital age, remember – if your startup can save a person time, money and overall be convenient to the customer, you are on the right track, keep hustling.

Are you a tech entrepreneur?

Learn more about how we help ag-tech, clean-tech, healthcare and digital startups grow
throughout Peterborough and the Kawarthas and accelerate worldwide HERE.

10 Reasons Entrepreneurs are Lifelong Learners

Being an entrepreneur is hard work and takes a lot of growth personally and professionally to reach success for a new business. As an incubator for entrepreneurs to start and grow their business, we know one of the most important qualities for our startups to have is the motivation and willingness to learn in order to reach success.
Here are some reasons why the Innovation Cluster’s entrepreneurs are lifelong learners.

Our Entrepreneurs. . .

1: Never Miss An Opportunity
Always wanting to grow their knowledge, entrepreneurs seize every moment of their day and keep their eyes open for what event may be an opportunity where the average person may not notice. For example, when meeting a stranger, entrepreneurs don’t just introduce themselves, they use it as a chance to network with a new person. Meeting someone in a career like theirs could help their business further on, and if the person lives a completely different lifestyle, it’s seen as an opportunity to learn about new topics.

At the Innovation Cluster, we know how important it is to network, so we host events like E-Connect for the community to learn about the small businesses around them and so entrepreneurs can make connections with new locals.

2: Know the Benefits of Teamwork
Entrepreneurs work well independently as they are creative sorts, but understand what scales a business upwards most is efficient teamwork. Collaborating with people who have different visions, experiences and knowledge will create a business that provides the best for consumers, and that is exactly what an entrepreneur strives for.

Inside of the Cluster’s incubator The Cube, startups get to work side-by-side with other companies, and find it beneficial to learn from one another when another company has recently solved that bump in the road they are encountering.

3: Use Modern Technology to Their Highest Potential
You’ve likely heard the saying, “We have the world of information at our fingertips on the internet but instead we spend our time watching videos of cats.” Well not entrepreneurs! Technology is the biggest advantage for people trying to start their business in today’s world. When it comes to self-learning, it has never been easier! Entrepreneurs have a lot on their plate and know just how much the internet can help.

The Innovation Cluster is technology-based innovation, so you would see most of our client’s using computer, manufacturing and VR technology on a regular basis, researching how to advance these products and use them to their company’s benefit.

Getting @OCEinnovation Discovery started off right with some #VR artwork! ⚡️ #OCEdiscovery #innovation #tech pic.twitter.com/dzEGNtu6mM

— Innovation Cluster (@InnovationPtbo) May 15, 2017

4: Use Personal Time to Grow Knowledge in New Things
Entrepreneurs don’t only use technology to their advantage, they utilize any spare time they have in a day. Everyone has spare time, even if it is “wasted” on the long drive to work, waiting in a doctor’s office, or watching your food cook. Entrepreneurs motivate themselves by knowing the benefits of good time management, both for themselves and the future of their business! They get creative by listening to informative podcasts while driving, reading a page of a book they carry around when they are stuck waiting in line, or get inspired by their surroundings, whether people they talk to or an article shared online.
We never hear our entrepreneurs sitting around saying they are bored. They are constantly thinking on how they can be better in every aspect of their life each day. In The Cube our Innovation Specialists are always meeting with company’s to ensure they are staying on the right path of being motivated and using their time to stand out from other businesses.
5: Accept Criticism and Use it to Grow
After working hard on a project then have someone say it needs work, or maybe even a huge re-do, it can be hard to change perspective to see it in a new light. But honestly, good criticism can take a business a long way. Entrepreneurs recognize failure as another word for try again.
“Success is walking from failure to failure with no loss of enthusiasm.” — Winston Churchill
An entrepreneur can’t fully make it on their own without some support in growing a business. Being a startup in an incubator like The Cube provides workshops such as a Path to Building a Successful Business, where entrepreneurs are challenged to consider each section of their business model canvas and make sure they are setting the right foundation for their business to successfully grow.

Our awesome clients are learning all about #digitalmarketing & #socialmedia today! 📱 #innovation #entrepreneur pic.twitter.com/ubVrUUlKqW
— Innovation Cluster (@InnovationPtbo) May 30, 2017

6: Want to Learn More Than the “Bare Minimum”
Independent entrepreneurs may go by the title Founder, CEO, or President when first starting out, but reality is they cover all positions when first starting their own business. There’s operations, finance, marketing, communications, manufacturing, and they must understand it all. It sounds overwhelming, but what makes a true entrepreneur is the willingness to learn new things outside of their comfort zone.

In an incubator like The Cube, startups have resources and tools to learn the basics of each section of growing a business, but at the end of the day it is up to them to lift the bar higher to execute those resources and succeed in every section of their business.
7: Enjoy a Good Challenge
No one enters the life of an entrepreneur who wants the same routine everyday. Each event brings a new problem they need to solve, some harder than others. As these entrepreneurs face these challenges, they learn how to overcome the problem and in return their knowledge, experience and business get stronger because of facing those challenges head on.
The Innovation Cluster provides workshops called Hands-ON that feature topics for entrepreneurs to conquer challenges and overall be successful. For example, our most recent workshop was “How To Be Happy” as an entrepreneur, hosted by knowledge partner Inclusive Advisory.

Hosting our Hands-ON workshop with Dr. Michael Konopaski about the road to #happiness for #entrepreneurs! 😎 pic.twitter.com/s7fyLoacmS

— Innovation Cluster (@InnovationPtbo) May 31, 2017

8: Remove the Barrier Between Their Professional and Personal Life
In today’s society, people tend to focus more on either their professional or personal life, often struggling to find a happy balance between both. Entrepreneurs start out on the right path to finding a balance as they are creating a business which they are passionate about and have their own voice and schedule. By choosing this lifestyle, they give themselves more opportunity to thrive in both aspects and open up doors for more learning as they don’t feel trapped in one section of their life.

9: Are Coachable
Entrepreneurs have every opportunity to seek out experienced and established business professionals in all aspects of the working world to take note of their success and learn.

At the Innovation Cluster, we have an abundance of connections to knowledge partners that are eager to help startups grow their business and find their best path to market. A range of knowledge from the partners are available to our clients whenever they have questions or concerns, and know how important it is to seek help rather than go alone off assumptions.
10: Know if They Aren’t Getting Better, They’re Getting Worse
In a world of competition and used-up ideas, entrepreneurs need to stay on their toes and take inspiration from the abundance of businesses and advancements around them to better their own creations. The world is advancing fast, and it’s not waiting for entrepreneurs to catch up.

It might seem like every idea has been used, but here at the Innovation Cluster, we believe ideas can always be turned into greater ideas, and our entrepreneurs have that mindset too. We have clients advancing the food, clothing, tech, healthcare industry and beyond.
At the Innovation Cluster, the possibilities are endless!

The Art of the Pitch – Four Key Pitches Every Entrepreneur Must Have

In his Guest Blog for Innovation Cluster Industry Partner, the National Angel Capital Organisation, Ray Walia writes: “Crafting a pitch is an art — it takes time, practice and multiple revisions to craft your perfect business pitch. But by investing time and effort into crafting your pitch, you will find that many doors will open for you throughout your journey as an entrepreneur.”

Walia argues that every early-stage entrepreneur must have four key pitches in their back pocket, with three versions of each: A one-minute (elevator pitch), a two-minute, and a five-minute pitch.

Each one is designed to spark interest from the recipient and get you more time in order to expand to the two minute or five minute pitch — then ultimately, for a proper sit-down meeting.
“When it comes to the perspective of an investor, we listen to hundreds of pitches each week,” Walia writes.
“Your pitch must be clear, and concise in order to grab our attention so that you can stand out from the crowd. Attention spans are only getting shorter and shorter every single day (not just for investors, but everybody) due to the digital distractions in our everyday lives.”

The following four types of one minute pitches you must have in your back pocket all have fundamentally, the same elements. The only exception is the value proposition, which differs for specific audiences:
1. The Investor Pitch
(This pitch is where your audience is an investor or representatives affiliated with funding opportunities)
The first three elements (which should be consistent across all four pitches) are:
· What is the problem you are trying to solve?
· What is solution that you’re solving it with (your product or service)
· Who are you, and why are you the one that can solve this problem
The value proposition for the investor needs to revolve around how are they going to benefit by investing in your company? (i.e. how are they going to make money, or how will an investment into your company add to their portfolio and/or benefit the other companies in their portfolio).

2. The Strategic Partners Pitch
(For when you’re looking for partner organizations, stakeholders, etc.)
The value proposition for this audience is, simply put, how are you going to make them money or how will you make their company more successful? For them, it’s all about increasing their bottom line.

3. The Team-Recruit Pitch
(To be used when seeking a co-founder, employees, or specific people you want to work with to help build your company)
For this audience, list out the problem, solution, why you (your skill sets) and finally, why them? Why should they join you, and how will joining your company be a great career move for them? How, in the next ten years will this company be amazing? Tailor your value proposition to their needs and wants of being part of an organization and the movement you wish to create.

4. The Grandmother Pitch
(You guessed it — this is the pitch you would use to explain what your company does to your grandmother)
If you can’t keep the problem and the ‘how’ simple enough for even your grandmother to understand, it doesn’t matter how much time and energy you spent on the previous three pitches and their respective value propositions because you would have lost the person’s attention before you even got to the value proposition.
I’d also add that the value proposition that you would include for this kind of pitch is why are youdoing this? What’s the outcome that will make you happy? Because, A) your grandmother wants to see you happy, but B) it also clarifies and affirms for yourself on why you are on this path in life, and what are the outcomes you want to see from this endeavour.
For all of these pitches, know your audience.
Sometimes, the audience might fit in a grey area — but that’s up to you to make the gut call on what sort of pitch they want to hear. If you do it properly, you’re going to get that two-minute or five-minute time frame with them, and at that time you elaborate further on the how and dive into the who and discuss elements of the business model. Ultimately, you are looking to lock in a next meeting where you are able to deliver a formal presentation tailored to that specific audience.

If you’re at a conference, and you know which investors will be in the room, understand their investment vertical, recent investments, or what excites them. When pitching to investors at a conference, make sure your pitch is clear, concise and that the value propositions reflect the aspects that will resonate with that investor.
For strategic partners, you should know who they are, what will trigger their bottom line, and what opportunities are going to excite them. The more you show the alignment between your company and theirs, the easier the sell.
With these four pitches, evaluate the context of the situation. Use the one-minute pitch for casual encounters — like at a convention, conference or meet up group. It’s the classic elevator pitch, but the ask will be for more time. Design your pitches so that you can break through the noise and get your message across in a quick, efficient manner.

Lastly, get out there and pitch as often as you can — but most importantly, practice, practice, practice. Test your various pitches and tailor them to your specific audience. Even if the person you are pitching to knows you (or you’ve met them at previous events), chances are if they like you and your company, they are going to talk about or even pitch your company to someone else on your behalf.
By providing a clear, concise and consistent pitch, you can ensure that they can in turn pitch your business appropriately in your absence. Don’t half-ass it, don’t cut corners. Take the time to construct your pitches as you want your message to resonate with each audience, and allow them to carry it forward the way you want it to be done. By taking the time to craft your perfect pitch, it will create a ripple effect of extending your company’s message — which may open more opportunities for you in the future when you least expect it.

Ray Walia is an entrepreneur and investor with experience in multiple businesses in a variety of industries with multiple successful exits. His entrepreneurship background evolved through extensive involvement in his business as producer of global concerts & events for the Bollywood movie industry. In 2012 Ray co-founded LX Ventures & Launch Academy and took over as Executive Director of Metabridge. In 2014 Ray was named Entrepreneur Mentor of the Year for British Columbia and the Forty Under 40 list by Business In Vancouver. 

“Start-ups Need To Start With Intellectual Property” – by Tony Orsi, Bereskin & Parr

One of the Innovation Cluster’s key Knowledge Partners is Bereskin & Parr LLP, a “Top 10″ Canadian intellectual property (IP) law firm.
Bereskin & Parr generously provides IP and legal advice, guidance and mentorship to the Innovation Cluster’s client companies, members and sponsors, as well as guidance and advice to members of Peterborough’s start-up community.

In this thought-leadership article, below, Bereskin & Parr Partner, Tony Orsi, explains why intellectual property is an important issue for start-ups…
“Start-ups have many items to focus on when they are first starting their business, including incorporation and working on a business plan.
Intellectual Property (IP) may not be considered to be a priority by start-ups, but IP really should be considered right from the start.
This is because IP affects many business areas, including choosing a business name, doing negotiations and working with third party entities, creating timelines for commercialization of services and/or products, as well as competing in the marketplace.
IP is important since innovation is seen as an increasing necessity in many industries today.
For example, IP can be used to create a corporate identity/brand, increase goodwill and promote a reputation of innovation. IP may also help a business protect domestic and foreign opportunities, differentiate their products and services as well as contend with competitors as IP rights are territorial and are pursued in each country where protection is desired.
Obtaining IP rights may also help with raising funds whether it is from attracting VC or angel investors, generating licensing revenue to IP securitization and IP sales.
A business needs to have a clear IP strategy that is aligned with and supports its business strategy. So the first step in developing the IP strategy is to look at various aspects of the start-up including, but not limited to, the competitive advantages, the services and products that will be offered, and how the start-up will operate (e.g. manufacture in-house or work with a manufacturer), to name a few.
Step 2 is to determine what IP rights can be used to support the business characteristics identified in step 1. IP rights include copyrights, trademarks, patents, and trade secrets. Each IP right provides a certain type of protection, has an associated cost and has advantages and disadvantages. So one should educate themselves on how different IP rights work, what are the timelines and costs are for obtaining IP rights, and how IP rights can be applied to their start-up. For example, a patent application must be filed before an invention is publicly disclosed (although a small number of countries provide a grace period under certain conditions) but a trade name, product name or service name may be publicly disclosed before applying for a trademark.
Step 3 involves digging deeper into the IP rights that apply to your start-up to determine what is available for your start-up to pursue and what may already be covered by another business. This also provides competitive intelligence for determining your competitors and their IP rights as well as figuring out what IP rights you can obtain to beat your competitors.
For example, you may want to use a certain name for your start-up but the name may already be used and/or registered by another business. Alternatively, you may have a product that you think is inventive and wish to protect with a patent, but you need to consider what knowledge is in the public domain (as this will affect the ability to obtain a patent as well as the scope of protection) and whether your product may be subject to the existing patent rights of a third party.
Step 4 involves determining how IP rights will affect your dealings with third parties and whether any action should be taken.

For instance, you may have a technology that you are developing and need to work with a third party to develop it but do not want the third party to disclose any information on the technology to the public. In this case, a Non-Disclosure Agreement (NDA) (also called a Confidentiality Agreement) should be created and signed by both parties. Another example, is that your start-up may hire a third party to build a product in which case a contract with an IP clause should be put in place setting out who owns the existing IP and the IP that is generated during the contract.
Step 5 involves estimating how much IP rights will cost on an annual basis and then budgeting for these costs. For a start-up, funds are limited so lowering IP costs is important. This may include working with a company that provides services for free or at a low cost (for example some commercialization centres may conduct prior art searches for free). A start-up can also do some IP work themselves such as searching the public domain including some of the major patent and trademark databases for technology that has been described or trademarks that have been registered that are pertinent to the start-up’s products or services. In addition, a start-up can try to negotiate with legal service providers to perform certain legal services for a capped fee rather than charging by the hour – in this regard the start-up should look at what it can do to work more efficiently with the legal service provider to help reduce costs.
Step 6 involves internally tracking the IP rights that have been or are being obtained (e.g. your IP portfolio), monitoring your start-up’s activity to see if new IP rights can be obtained and policing the market place to see if anyone is infringing on your IP rights. Internally tracking the IP rights generally includes keeping track of the start-up’s IP rights in terms of any registered rights that have been obtained, any applications that are currently being examined, any upcoming due dates related to certain procedures or maintenance fees and the generation of new IP (e.g. through new product development and marketing). Policing the market place may involve looking for products that have technology which is similar to the claims of the start-up’s patented technology or looking for products, services and companies having names that are similar to any trademarks or trade names for which the start-up may have registered or common law rights.

To conclude, IP is important for any company and a start-up must consider how to use IP rights to support its business strategy right from the start.
This includes having a business strategy in place, being knowledgeable about IP rights, determining which IP rights can be used to support the business strategy, determining the IP rights of others and how it may affect the start-up’s ability to obtain IP rights, and managing the IP portfolio and policing the marketplace to look for infringers.”
Information in this article is for informational purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or not take any action, based upon this information. Professional legal advice should be promptly obtained. Our Knowledge Partners at Bereskin & Parr LLP will be happy to advise you further. Please contact us for further information or to arrange a one-on-one meeting.
More about Bereskin & Parr
Bereskin & Parr LLP  was founded in 1965 and has grown to be one of the largest IP law firms in Canada, serving clients in over 100 countries from offices located in major economic or technology centres: Toronto, Mississauga, Waterloo Region, and Montréal. Bereskin & Parr is made up of over 70 lawyers, patent and trademark agents, many of whom are recognized as leading practitioners in their respective fields. The firm’s practice encompasses all aspects of intellectual property, with the following practice groups: Patents; Trademarks; Biotechnology & Pharmaceutical; Electrical & Computer Technology; Mechanical & Industrial Processes; Chemical; Automotive; Clean Tech; Litigation; IP Management & Strategic Counseling; Licensing & Transactions; Regulatory, Advertising & Marketing; New Media/Copyright.

“Advice for my 25 year old self”: by Innovation Cluster Board Member, Tim Barrie

An Innovation Cluster Board Member and Peterborough’s 2013 Business Citizen of the Year, Tim Barrie of Merit Precision Moulding Ltd – an Innovation Cluster “Silver Sponsor” – spoke recently to the Greater Peterborough Chamber of Commerce’s Breakfast Club on the topic of advice he would give his 25 year old self!
Tim presented 15 points. Here are a few of them:
Work for someone else first

• Build up some experience and personal equity
• Soak up the experience you will learn everyday
• You will learn as much from your bad bosses as you do from the good

Your biggest challenge will be managing people

• Be prepared to “lose a lot of battles to win the war”
• Do what is fair for both parties
• Explain your decisions and be consistent over time

Cash is king in small business

• You must be financially literate
• You need to be able to make a cash flow statement out of a balance sheet and income statement
• You need to understand where cash gets eaten up

Get yourself a small advisory board

• Small business can be very lonely
• Four advisors that meet quarterly
• Forces you to manage and not just fight fires

Work/life balance

• • Get a hobby outside your business
• • Go home for lunch
• • Don’t take work home
• • Give back to your community
• • Don’t flog your wealth, if you have any

The truth about small business

• It is highly volatile and unpredictable
• You must be resilient and flexible

Tim concluded his advice for his 25 year old self with: “after all the hard work there is nothing better than working for yourself.”
The Chamber is a Community Partner of the Innovation Cluster. Their Breakfast Club meets on the second Tuesday of every month at the Carousel Restaurant. Coffee’s on at 7 am with breakfast at 7:30. Click here for further information!