No research goes to market without time and money spent. Great ideas often die in a lab or workshop because the person behind them does not have the knowledge on how to bring the idea to market. While one may have the talent and skills to develop an idea, it’s crucial to have someone on the team who understands marketing, accounting, fundraising, et cetera, to bring the idea to real-world production and turn it into a thriving business. According to the National Association of Small Business’s Economic Report, it’s estimated that the startup failure rate at four years is about 44 percent. This is where a company like Xcellerate comes in — to provide the skills founders need to successfully launch their business.
This involves taking research or ideas from the lab and developing transitional strategies and roadmaps to create marketable products and services to generate revenue. The first step is to start by validating that the market exists and has a want for the product or service. According to the above-mentioned report, 42 percent of the businesses that fail do so because there was no market for their product or service.
Once a need is confirmed, the next step is developing a solid go-to-market strategy for building teams, building sales and generating demand. It may sound simple, but many founders ignore this critical step. Having a collective of skills and knowing who to hire to bring one’s idea to life is often the best determinant of companies’ future success.
Ben Smith is a seasoned entrepreneur, executive and marketer with nearly three decades of experience serving across a variety of sectors, building corporate structure, creating global brands, overseeing complex mergers, acquisitions and integrations, and developing high-performing teams. In his current role as CEO of Xcellerate Biomedical Technologies, he is fostering growth and helping bring products and services to market that have a positive impact on health and humanity.
Did You Know
Xcellerate Now Managing Partner of BrandLab Studios
Xcellerate, a Phoenix-based consulting firm committed to helping startup companies turn research into revenue, has taken a new role as managing partner of BrandLab Studios. Formerly known as 3125 Studios, BrandLab Studios is a newly re-branded 34,000-square-foot creative space in Tempe.
Filled with classrooms, breakout and conference rooms for business events, recording and podcast studios, and other creative spaces, the venue has the capacity to host events with guests ranging from 10 to 400.
