Episodit

  • Best Practices for Grant Writing Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Raising grant funding is a key step in commercializing your technology. Here are some best practices for grant writing to consider: Research the goals and objectives of grants to understand what is currently of interest. Make sure you have set up a legal entity for your business before pursuing a grant as a grant goes to a business and not a university or individual. Set aside sufficient time to write the grant as a proposal will take 200 to 400 hours to complete. Communicate with the program managers to understand what they need to approve a grant. Make clear in the summary what the project is and why it is important. Avoid jargon and acronyms and use plain English. Provide a complete set of materials including scientific papers, references, research strategy, and budgets. Customize your proposal to the granting department as they each have different criteria. Demonstrate how your proposal is unique and has solid research behind it. Follow these guidelines in completing your proposal.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Funding Options for Tech Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are several options for funding the commercialization of technology. Here’s a list of sources to consider: Self-funding -- consider putting some of your own funds into the business. This proves to others your commitment to the project. Make sure this funding goes to key enablers such as filing provisional patents, building prototypes, and forming a team. Your network -- pursue those you know to capture additional funding. This includes people you work with, family members, and friends. Use this money to establish a website, progress the prototype, and identify customers. Angels and venture capitalists -- it may be too soon for many in the angel and VC world to fund your venture but some may support you with small amounts. Government funding -- research available grants and contracts.  The government supplies nearly half of the capital required to bring an innovation to the market through grants as well as contracts. Corporate funding -- pursue contracts from corporations for custom versions Corporations seek the benefits of new technology and will fund projects that apply the technology to solve their problems. Customer funding -- pursue anchor customers. Anchor customers have a specific need and will fund a project that provides a solution. Consider these options for funding your commercialization project.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

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  • Finding Anchor Customers Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. An anchor customer is one that provides a substantial amount of business on a recurring basis. These customers are important as they give you a base level of business each month. You save the time and cost of prospecting for the customer as they are already signed up. They can be used to bring in new customers who see you working with the anchor customer. Startups developing their product can use anchor customers to help fund their business. By providing a customized version of the envisioned product, the startup can charge a customized fee which provides sufficient funding for the team. With two to three anchor clients many startups can build out a platform that can be sold for a standard price. The work from anchor customers provides several additional benefits as follows: They provide a definition of the product they want. They give feedback on design choices and help make tradeoff decisions between performance and price. They can test the product and identify changes to be made. They can provide a testimonial to other customers and investors. Make sure you build the custom products on your standardized architecture and programming tools.   Consider anchor customers as a part of your funding strategy.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • When Should You License Your Technology Instead of Building a Startup Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In commercializing your technology there are two primary paths:  building a startup or licensing the technology to others. You should consider licensing your technology when the following conditions exist: The development cost of bringing the final product to market is very high. There’s a high level of risk to the startup from market conditions, product development, and sales execution. There’s a great deal of competition in the market already. There’s going to be a great deal of competition in the near future. There may not be enough revenue to sustain a startup into a full-fledged business. The inventor does not have sufficient time or financial resources to launch a startup. The amount of funding required to launch the startup is high. The technology is a minor value-add to the customer’s solution. Licensing the technology is a better path for many technologies because there’s insufficient market demand, and high development costs to create the final product. Consider licensing your technology.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • In this episode of Investor Connect, Hall T. Martin chats with Mike VandenBos, VP of Business Development at KingsCrowd. KingsCrowd empowers everyone to invest in startups confidently through research, ratings, data analytics, founder interviews, and financial products. Mike shares his journey from discovering startups through Michael Lewis’s book "The New New Thing" to diving into the entrepreneurial world via Startup Weekend. Mike discusses his transition from sales to business development and how KingsCrowd serves investors with robust due diligence tools. By tracking over 8,000 campaigns, KingsCrowd helps investors make informed decisions quickly. The platform offers a comprehensive suite of resources, enabling investors to discover promising startups efficiently. Mike highlights the democratization of startup investments through the Jobs Act and the rise of equity crowdfunding. He envisions a future where investors can access real-time data on active raises, making the investment process seamless and integrated into daily routines. KingsCrowd's tools also facilitate direct engagement between investors and founders, fostering a more intimate investment ecosystem. Mike advises aspiring crowdfunders on the importance of building an audience and leveraging available resources. He also outlines KingsCrowd’s future plans, including educational programs for founders and enhanced due diligence tools. Hall and Mike emphasize the need for continued investor education to support informed investment decisions. Visit KingsCrowd here: https://kingscrowd.com/. To connect with Mike click here: https://www.linkedin.com/in/mikevandenbos/ ________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org   Check out our other podcasts here: https://investorconnect.org/   For Investors check out: https://tencapital.group/investor-landing/   For Startups check out: https://tencapital.group/company-landing/   For eGuides check out: https:/_/tencapital.group/education/   For upcoming Events, check out https://tencapital.group/events/   For Feedback please contact [email protected]    Please follow, share, and leave a review. Music courtesy of Bensound.

  • How To License Your Technology Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Licensing your technology to another company provides another path to commercialization. Here are some key steps to licensing your technology: Prepare information about the technology including an introduction, product description, and manufacturing information. Also document the product benefits, market research, and pricing. The product information should provide sufficient information to show what the technology can do, how it will perform in various cases, and any limitations. Make the license information available on your website and key sources of any related technology. For those interested in using the technology, have the licensee sign a non-disclosure agreement. The licensee will need to perform a feasibility study to determine if the technology will work for their application and how well it will work. In this step trade secrets may be disclosed. Upon completion of the feasibility study, ask the licensee to sign a letter of intent to confirm their interest in pursuing the license.  Negotiate the final terms of the license agreement based on the use case of the licensee. This can range from 1% to 10% of the revenue generated. There are often minimum license fees to consider.  Other key terms include any exclusivity, geographical coverage limitations, future improvements on the technology, transfer rights, and termination provisions.  Finally, sign the contract to complete the agreement.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • What Is Licensing in Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Licensing in commercialization is the right to manufacture and sell a product with the technology of another company.   In return for the right, the licensee pays a royalty fee for each unit sold. Licensing brings the following advantages to the licensee: You gain the know-how and experience of the company that created the technology. It comes at a lower cost than buying the company. There’s no cost for technology development. You only pay when you sell something. It reduces your risk in the event the product doesn’t sell. You can draw from other markets to benefit your target market. There are disadvantages: The license is typically for the life of the technology which can be many years. There may be a minimum licensing fee. The license may require some restrictions on its use and target market. There may be limits on further development of the technology. Licensing works well in a rapidly changing marketplace in which products are replaced quickly due to new technologies coming into the market.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Key Legal Documents Used in Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are several legal documents used in the commercialization process Here’s a list of key documents to know: Non-disclosure agreement -- referred to as an NDA, this document requires the signatories to confidentiality with regards to information about the project. Material transfer agreement -- refers to physical materials such as biologics and chemicals that ensure transfer of possession but not legal title.  Licensing agreement -- defines the terms and conditions of the use of technology by the licensee. This also includes the financial terms and licensor’s obligations. Contract research agreement -- this defines the research work to be done and the terms and conditions of the work. Collaborative research agreement - this defines the work to be done by both parties in a joint project. Participation agreement -- this defines the role and responsibilities of a researcher working in a project. Consultation agreement -- this defines the consulting work to be done along with the rules and requirements. Consider these documents in your commercialization process.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Different Paths of Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are different paths of commercialization. These paths include startups and licensing. Founders license the technology from the source and then establish a company to create a product to sell for a profit. The startup requires a team to build, sell, and support the product. The startup typically needs to raise funding from grants and later private investors to fund the early stages of the business. There must be a market for the product and the company must be able to sell it in order to succeed. Licensing takes the technology and packages it into a format that can be implemented into other products by third parties. The user pays a royalty to the owner of the technology for its use. Licensing requires the intellectual property to have awarded patents but can also include trade secrets. A licensing agreement defines the scope of the license, as well as the financial and legal conditions. The advantage of licensing is that it typically does not require funding to build and sell the technology. The disadvantage is that it captures less revenue than a startup would. Consider these paths for your technology.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Innovation Models Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Technology commercialization applies new technologies to the formation of a business. Innovation drives technology commercialization. To grow your business you may need to foster the development of the technology and its supporting functions. Here are several innovation models to consider to grow your technology. Open innovation model. Some technologies rely upon other technologies and so an open innovation model helps bring products to market through buying, selling and licensing related technologies. Acquiring companies for their technology is also an option. Disruptive innovation. In this model, technologies are developed for new customers not currently served in the market.  These customers are typically entering the market at the low end. Over time, the technology increases in capability and expands up market, and disrupts the market. Frugal innovation. In this model, technologies are created and then iterated upon to increase the capabilities. Over time, the technology gains a following and customers adapt to use it. Innovation prizes. In this model, a prize is given for the first one to create an innovation that achieves a milestone.   The prize money incentivizes the innovation of new technologies and company formation. Consider these innovation models for your technology.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Intellectual Property in Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. A key component in commercialization is intellectual property. Intellectual property refers to work or invention that comes from the creativity of the mind such as a design, literature, or artistic works.  It comes in several forms including patents, copyrights, trademarks, trade secrets, and industrial designs. Government institutions carry out the screening and awarding of patents.   This includes the US Patent Office for the US and the World Trade Organization for international cooperation and mutual recognition of country-specific intellectual property. Before launching a product into the market, the founder should consider an intellectual property strategy. Patents require full disclosure of the invention and documents how it works. To file one must first do a search for prior art and gain a freedom to operate opinion. Trade secrets keep the intellectual property undisclosed.    An example of this is the formula for Coca-Cola.   Only the inventors know the formula.   A good intellectual property strategy contains most if not all of the various structures including patents, trademarks, copyrights, and trade secrets. Start your intellectual property strategy by filing provisional patents.   Provisional patents give you one year to determine whether or not the patent should be pursued.   At the end of the year, pursue the ones that give protection to the business and let go of the rest. Intellectual property should be considered before fundraising as investors look for protection on the business before funding.    Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Testing Your Idea for Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Before commercializing your technology, test the idea with these questions: What product should you build? There are many ways to apply technology to a problem. Who is the target customer and can they pay for it? It’s important to gain clarity on your target audience and check to see if they have a budget to pay for your solution. How big is the market? It’s best to pursue a large target market so there’s ample opportunity to sell the product. Who is the competition? Even if there’s no product like yours on the market, customers are solving the problem already in some manner. What intellectual property strategy should be applied? There are multiple ways to protect a technology including not only patents but also trade secrets. Can the product be manufactured for a cost that fits the customer's budget? One can consider licensing the technology instead of creating a product. What regulatory requirements must be met to sell the product? It’s important to understand the regulatory landscape for your industry. What is the ballpark cost to build the product? This will determine your selling price. Test your proposed product with these questions.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Key Steps in Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Once you start down the path of commercialization, there are some key steps to accomplish. Determine patent strategy. There are several ways to protect intellectual property including patents, trade secrets, trademarks, and more. Review each option for your technology. Gain a Freedom to Operate opinion. This involves a patent attorney running a search on prior art to determine whether or not you can win a patent if filed. This also includes a validity opinion on existing patents and whether or not they can prevent you from filing your own patent. Consider product design. This includes designing a product that solves the customer’s problem by developing a technology solution that is manufacturable at a reasonable cost. Develop a regulatory strategy. This includes reviewing the relevant regulatory requirements and considering the various regulatory pathways. Consider manufacturing design. This includes designing the product so it can be built in a cost-efficient manner. Focus on usability. This includes user interfaces and connectivity to other products so it’s easy to use. Determine your supply chain. Consider what to build and what to buy and make sure the suppliers can meet your requirements in a timely manner.  Consider these steps for your project:   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Elements of Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Commercialization is the process of transitioning technologies from the lab into products in the marketplace to create financial value. Here are the key elements of the commercialization process: Assessing the technology. This includes identifying the commercial potential by examining multiple markets, applications, and use cases. Checking feasibility. This includes a review of the capabilities of the technology and its performance in a set of applications. Building a prototype. This includes making a minimum viable product to test capabilities and check interest with customers and investors. Researching the market. This includes identifying existing competitors and potential customers. Setting up intellectual property. This includes filing patents, trademarks, and copyrights in addition to setting up trade secrets. This may also include licensing the technology from others. Raising funding. This includes sources such as grants, custom build contracts, angel investors, and other sources of capital. Selling the product. This includes negotiating the price and closing the sale of the product with customers. Delivering the product. This includes building the final product and shipping it to the customer. Consider these steps in commercializing your technology.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • What Is Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Commercialization is the process of transitioning technologies from the lab into products in the marketplace. It is important because it brings new technologies to solve problems. Technologies and products bring new capabilities and can also reduce costs of existing solutions. Commercialization requires refactoring the technology into a product that can be reproduced in a cost-efficient manner. Here are some key steps in commercialization: Define the product to take to the market. Identify the ideal customer.  Test the product idea with the ideal customer to check for interest. Sell the product to test the pricing and positioning. Reformulate the product with the pricing and positioning for the customer. Build a sales and marketing program to take the product to market. It takes several iterations to find the right product with the right market.  The first concept of a product and its customer will most often change as you talk with customers. Be open to pivoting to a different product format and target customer.  Consider these steps in commercializing your technology.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • In this episode of Investor Connect, host Hall T. Martin shares essential strategies for raising funding, drawing from his extensive experience in the field. Hall engages with guests from McKee, discussing their smart home controller product and their journey in securing investments. He emphasizes the importance of investor relations and the various methods Ten Capital uses to connect startups with potential investors through online events, in-person roadshows, and dinner meetings.   Hall highlights the significance of structuring fundraising efforts into manageable stages, starting with a lower valuation to attract early investors. This approach helps build a successful track record, making subsequent funding rounds smoother. He also touches on the practical aspects of fundraising, such as preparing effective pitch decks and setting up comprehensive data rooms.   Throughout the conversation, Hall provides practical tips and insights, underscoring the importance of market validation and strategic planning. His approachable style and humor make the complex process of fundraising more accessible and less daunting for entrepreneurs. Tune in to gain valuable advice on navigating the fundraising landscape and learn how to effectively raise capital for your startup.   ________________________________________________________________________ For more episodes from Investor Connect, please visit the site at:    Check out our other podcasts here:    For Investors check out:    For Startups check out:    For eGuides check out: https:/_/tencapital.group/education/   For upcoming Events, check out    For Feedback please contact     Please follow, share, and leave a review. Music courtesy of Bensound.

  • Key Questions for Succession Planning Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Succession planning is a key part of running a family office. Here are some key questions to consider in planning your succession program. Do you need a succession plan? All family offices need a plan to help transition the business to the next management team. That could be a family member or someone outside the family. A succession plan in place prepares everyone for a transition. When to start planning? It’s best to start planning now if you have not already begun the process. Succession planning will evolve over several months and sometimes years. Where to start with the planning process? Create a list of roles and responsibilities for the current leadership team. Map out other resources and players including advisors and contractors. This lays the groundwork for a succession planning process. What to include in a succession plan? Capture the jobs to be done now and in the future. Create an emergency plan in case of a crisis. How to find a successor? The successor could be from within or outside the family. Based on the family members’ interest in leading the family office and their skills will determine where the next stage of leadership will come from. Consider these questions for your family office succession planning.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Succession Planning for Family Offices Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In running a family office, succession planning is an important function. Here are some key considerations in succession planning: Understand the generational differences in the family and how it may impact the future leadership. Some generations do not want to continue a family office but rather pursue their own passion. For succession planning it’s important to know who wants to join the family office and who does not. Investment strategy may differ as the next generation will want to consider new investment opportunities such as ESG. Goals for the family office may diverge from one generation to the next. Consider those who may lead and where they will take the family business. Internal rivalry may become an issue. The greater the amount of money at stake the higher the chance of sibling rivalry taking over the family dynamic. Assess your skills in succession planning and engage assistance from others in setting up a plan. Succession planning takes years to plan and execute.   It will not come together in a day.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • More Best Practices for Running a Family Office Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In running a family office consider these additional best practices. Document your family legacy. Capture in writing the history of the family and its business. Share the story with the entire family. Educate the next generation of the family. Assess the skills and education. Build a program to prepare them for taking a role in the family business. Identify the core values and culture of the family. Capture those values into a document and communicate to the entire group. This can also be used in evaluating investment opportunities. Assess the healthcare needs of the family. Engage services to assist with family members in need. In many families there are distant relatives who are not familiar with the core family. Reach out to meet them, and understand their situation and build a relationship. Consider these best practices for your family office.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .

  • Best Practices for Running a Family Office Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In running a family office here are some best practices to consider: Set up a mission statement that captures the values of the family. Tie that mission statement to the operational goals and financial results. Set up the legal entity and the operations to match the goals of the business. Look for tax-efficient entities and low-cost operational structures. Focus on investments that fit the expertise of the family and their values. This program should include generational transfer, tax, and reporting requirements. Implement rigorous accounting and financial reporting from the start. Publish quarterly and annual reports for tracking performance. Seek out experienced professionals who can augment the skills of the family. Setup up an organization structure so the rules of governance are clear. Build an operations team that is efficient and cost-effective.  Focus on the core business functions that need to get done. Consider these best practices for your family business.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact [email protected]    Please , share, and leave a review. Music courtesy of .