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Reflection on Business Plans Content

In the last two years I’ve been reviewing numerous business plans from young entrepreneurs looking to raise seed funding for their startups. Some business plans impressed me by the extent of research made to thoroughly assess a business opportunity. However, a number of business plans failed to capture some important components. Below are some of my observations. (1)  Business plan contains too many details about technology and insufficient research of the market, competition and customers A business plan is not a research article and as such there is no need to give in-depth analysis of all features that your technology…

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Outsourcing software development

Are your a small business owner looking to outsource your IT / software development and achieve cost effective solution to your IT needs? In the last few years, I have been working with several software development projects which I decided to outsource. Unfortunately, many of these projects did not succeed for various reasons but provided me with a valuable opportunity to learn from failures. Our main objective for outsourcing was to reduce cost without compromising the quality. Software developers with many years of experience charged around $20 per hour in developing countries in contrast to over $100 per hour in…

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IT Outsourcing for Small Business

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Life Science Innovation

If we look at Australian startups the vast majority of those are in the software/IT industry. However, there is much smaller number of life sciences startups because they often have even higher risk of failure and require much larger upfront investment than their software-based counterparts. IT startups in Australia can leverage funding opportunities through crowdsourcing and angel investors. But majority of life science startups are deprived from these funding schemes. Except for several success stories such as CSL, Resmed and Cochlear, Australia does not have global pharma or medical device companies making partnering activities for local startups more challenging. Also,…

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How to create a successful global Start-Up Company in Australia

Last week I attended a Professional Development Forum (PDF) in the Sydney CBD where Tony Surtees gave a presentation “How to create a successful global Start-Up Company in Australia “. PDF is organised about once a month, and is attended by a sizable group of young professionals from around Sydney. This forum features presentations by company executives and  entrepreneurs who shares their advice on how to build successful careers and build important skills & experiences for business success. Tony is the leading entrepreneur in Australia, a board member of Commercialisation Australia, a mentor and a startup founder. Before the presentation Tony…

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