Earl Foote, CEO and Travis Gunn, VP of Business Relations at Nexus IT had the opportunity to speak on Park City TV about the power of digitization for start-ups. They discussed the common roadblocks startups face, how entrepreneurs can thoroughly vet their ideas before taking off, and much more. Watch the complete video or keep reading to hear what they had to say:
Earl Foote: From my own experience and seeing a lot of entrepreneurs start companies, know-how or knowledge is the biggest roadblock – knowing your resources and having the experience. And of course, is there a market for what you’re selling? And if needed, can you procure the capital you need to take your product or service to market?
What Should Entrepreneurs Do To Vet Their Idea Before Taking Off?
Travis Gunn: There’s a lot of ideas out there and some people are afraid to give it a try. I would recommend having conversations with trusted mentors. Mentorship is beneficial because you can identify what are the steps, from A to Z, to accomplish what you want, but it comes down to just doing it. Talk to the right people and push it forward.
Earl Foote: You also have to do your market and competitive analysis research. Decide what’s going to set you apart. Most people are unable to really invent something brand new or disrupt an industry. If you’re going to have competition, figure out what makes you different and why people would prefer to use you over someone established in the industry.
Travis Gunn: Sometimes, applying for a patent just to be safe is a good idea. It’s not expensive and it gives you peace of mind. Plus, you can find out if a patent for your idea already exists out there.
Some of the best innovations in the marketplace come from people with no experience in business – they’re scientists, engineers, designers, etc. so for those who are worried about the business side of things, what do you do to help out?
Earl Foote: We do offer services for that, but from a technology perspective, obtaining the data and evaluating it can help. There’s a lot of things we do to help startups. Many of them aren’t necessarily savvy or sure about how to integrate technology into their vision and how to achieve what they want through the proper use of technology, automation, etc.
Travis Gunn: A lot of people will look at the idea and think there’s a technology element to it but assume that’s too expensive. We try to sit down and talk about it. It’s not always as expensive as you think.
What exactly can technological integration do for a new or existing business?
Earl Foote: There’s so much technological integration can do. Aside from crunching the numbers/data, the buzzword “digital transformation” has been around for a while. If you’re able to leverage technology to replace a lot of manual tasks and responsibilities or automate systems, that’s helpful. Most businesses have anywhere from 6-12 software platforms and it’s helpful to have data pass back and forth between them.
Travis Gunn: Even more basic, the technology on the hardware side – spending a few extra dollars up-front avoids having to replace equipment for being outdated or not working for you. It saves you a lot of money as you start to grow.
How can anyone who is interested in or recently started a business get help from you?