Step 1: Develop a fundraising strategy
Map out specific milestones that you would like to achieve and exact amounts of funds needed to achieve these milestones. Identify key sources of financing that you would like to target in your fundraising efforts. Develop a pitch deck and company executive summary to support your fundraising efforts. You can learn more about fundraising on the Startup Resources webpage.
Step 2: Market your startup company
The decision of when to begin marketing your startup is highly dependent on your company's specific goals and stage of development. For most startups, the main goal of marketing your company is to build awareness to attract investment, partnership, and resources. If you plan to do direct sales, you should consider writing a marketing plan on how you will attract customers and measure your marketing performance.
The development of a website, logos, business cards, company executive summary, and other marketing collateral is one of the first steps in marketing your company. If you would like your company posted on the CE website, please submit a company logo, brief company description, and website link to the OHSU Collaborations and Entrepreneurship. We can also market your company to potential investors, strategic partners, and business talent, if you also provide a non-confidential company executive summary,
Step 3: Secure seed funding
Step 4: Hire an accountant
Hire an accountant who can help you set up your record keeping and accounting systems, provide tax advice and services, and assist with auditing.
Step 5: Obtain business insurance
Obtain business insurance to help cover liability claims.
Step 6: Set up your Human Resources
Before you begin hiring employees, you will need to set up payroll, employee benefits, employee handbook, employee contracts, and employee compensation packages. Be sure to orient yourself to state and federal employment laws.
Step 7: Develop your leadership team
Develop executive talent compensation packages. Recruit C-suite talent and Board of Directors.*
* Ideally, the recruitment of C-suite talent and Board of Directors will occur early while forming the company. This is the latest stage when these recruitments should occur. C Corporations require the establishment and maintenance of a Board of Directors.
Step 8: Provide reports to OHSU Technology Transfer
Provide yearly report on startup activities and commercialization plan to OHSU Technology Transfer.
Step 9: Keep us in the loop
Continue to update the OHSU Collaborations and Entrepreneurship and OHSU Technology Transfer offices on your progress and achievements.