The term bootstrapping refers to starting a business with limited resources. Sound familiar? Putting in the hard yards on your own and investing significant personal capital requires serious courage. Without external investors, the need to identify customers and engage them early is pivotal. Victor Higgs, founder of Applied Nanodetectors and member of the MSc Innovation, Entrepreneurship and Management advisory board did just that, and now provides his top tips for starting out on your own.
In 2004, Victor Higgs, founder and managing director of Applied Nanodetectors, witnessed a gap around issues faced by asthma patients in monitoring and improving their condition. He saw this as a unique opportunity to explore how technology could be used in the medical arena to manage and prevent the chronic illness which affects thousands of individuals each year.
It was a business built on many trials and errors, which Victor states has made the company more successful through its learning opportunities. They are currently looking at utilising mobile health to diagnose other chronic illnesses such as cancer, as well being available ‘off-the-shelf’.
Victor shares his top tips for starting up your own business
- Engage potential customers early on and find out their needs
- Think of a tangible solution early on and optimise it – keep developing instalments and fine tuning until it adds value.
- Test out an original concept quickly – the sooner it’s in the hands of customers and the more tangible it is, the more feedback you receive early on which makes the next version of the product/device/company more successful
This is a guest post by Victor Higgs, founder and managing director of Applied Nanodetectors Ltd; a technology company providing solutions for medical and environmental markets. He is also a guest lecturer on the Imperial College Business School MSc Innovation, Entrepreneurship & Management programme.