01 Feb Why getting it in writing helps your startup’s growth
In a Tech.Co article on medical startups, Dianna Labrien recently discussed some of the important preliminary steps to starting a new company in medical technology. One of the crucial areas she referenced is the need for companies in this area to act differently than doctors do with patients. Specifically, she noted that these businesses should be wary about sharing information or progressing without proper documentation.
"Startups will have a long list of records documenting the brand's key concepts."
Labrien gave multiple examples of what this means for new companies, especially regarding confidential information. Signing an agreement at the beginning of product and company development sets a strong standard for privacy, as well as proper attribution for the creators and founders within the business. After this initial precedent, startups will have a long list of records documenting the progress and ownership of the brand's key concepts.
"Everything about your product should be written down from the point of conception on," she wrote. "In fact, when you write your initial idea on paper, you should do so in the presence of a qualified and trusted witness. Then, have them sign a statement that they witnessed you writing down the idea, along with a confidentiality agreement."
Documentation can also extend to early estimates, which steer business growth as companies react to new opportunities. Writing for Upstart Business Journal, Mike Kalis of Marketplace Homes explained that startups can plan for the "final iteration" of their products by estimating far beyond their first thoughts.
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