Establishing and running a small business is no easy feat. It requires all the assistance one can get to ensure a smooth run. As per the Small Business Administration (SBA) Office of Advocacy 80% of small businesses survive their 1st year of operation, but only 50% of them reach the 5th year mark. Â
The struggle beyond that is even more disheartening as only 1 in 3 businesses make it to the 10th year. While this does sound discouraging, all is not lost. A few smart moves and techniques can increase your chances of success in this world of cut-throat competition. Â
One such tool is the Technology Evaluation Report or TER. In the subsequent paragraphs, we discuss more about what the Technology Evaluation Report is and how it can help your small business prosper. Â
A variety of reasons contribute to failure in business, but leading among these are:Â
Lack of funding to support a business is a major reason that businesses fail to take off. Besides the ability to attract capital, the skill to manage it is also necessary. A balance between the revenue generated and overheads is essential. Financial mismanagement can spell disaster for any entrepreneurial venture.Â
A sound business plan outlines the company’s goals and objectives along with strategies to achieve them. It is a crucial document that helps keep track of achievements and targets. Lack of clarity in a business plan is detrimental to the future of businesses. Â
For a business to prosper a constant source of revenue is vital. This means a steady flow of customers to buy your product or service. Marketing is the key tool to attracting new customers and retaining old ones. A robust marketing campaign caters to your target audience and helps in building the brand. Businesses without a marketing plan seldom survive the competition. Â
When running a business, one must always remember that customer is king. It is crucial to keep abreast of the latest trends as well as customer preferences. Surveys, feedback, and competition monitoring are some ways to stay up-to-date with the audience. Inability to understand customer needs and fulfil them can spell doom for a business.Â
Companies often price their items lower than the market rate in order to entice customers. However, this strategy tends to fail in the long run leading to the business shutting down. It is important to price the product in a manner that retrieves the cost invested in it. Â
Unexpected events can occur at any time in the lifetime of a business. while unfortunate, these challenges truly test the mettle of any business. Innovative thinking and openness to change are pre-requisite to help face any trials. Â
A Technology Evaluation Report serves the important function of assessing the effect and worth of a technology. It is a useful instrument for small businesses, patent attorneys, as well as inventors as it helps them know the current and future potential of a tech. Following are the aspects of a Technology Evaluation Report:Â
The summary consists of a brief introduction contained in the complete document. The objective of the invention, competitors, as well as a short assessment of the tech, are mentioned in this section.Â
In the description, one will find a detailed analysis of the technology. It is also accompanied by an insight into the background/broad category to which the technology belongs. Â
The improvements that the tech offers over prevailing techniques are elaborated upon here. This is a crucial section because it highlights the Unique Selling Point of the technology and makes it attractive to investors. Â
For any technology to be an asset, its practical applicability and need in the market must be evaluated. This part deals with a narrow as well as broad research into the market conditions for new as well as existing markets. A thorough investigation is conducted into the companies working in the same domain, patents filed etc. to give an idea of market potential.Â
The use cases where the invented tech may be placed are researched and listed in this section. Â
Any new technology faces the barrier of existing IP. A TER report runs a check to confirm if a patent already exists based on the intended tech. This is especially recommended if the company aims to launch a new tech in the market. Technical challenges can be another hurdle that companies might face. Both these risks are addressed in a Business Evaluation Report.Â
The duty of a Business Evaluation Report does not end at just revealing the strengths and challenges. It extends to offering suggestions to overcome any difficulties, as well as laying out a strategy to pursue. Given the detailed insight it offers into a business, a TER is an excellent source of reference when preparing for an investor pitch or a presentation elucidating your business.  Â
The importance of TER in identifying the right market, saving costs, gauging competition, as well as making a business aware of its strengths and weaknesses cannot be undermined. It is an exceptional reference document that informs the company about the dos and don’ts for better performance. For this reason, a Technology Evaluation Report serves as a true hallmark of a stable and reliable business. Â
We’ve constantly identified the value of new technology carried out by our pretty skilled executive crew with backgrounds as our professionals. Like the IP professionals we empower, our starvation for development is never-ending. We IMPROVISE, ADAPT, and IMPLEMENT in a strategic manner.
TT Consultants offers a range of efficient, high-quality solutions for your intellectual property management ranging from
and much more. We provide both law firms and corporations in many industries with turnkey solutions.
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