Table of Contents
- What should be your first step?
- Step 1: Identify a Market Opportunity
- Step 2: Develop a Unique Value Proposition
- Step 3: Build a Strong Team
- Step 4: Develop a Solid Business Plan
- Step 5: Startup Name
- Step 6: Trademark Search
- Step 7 State of Delaware – Division of Corporations
- Step 8: Internet Presence
- Step 9: Secure Funding
- Step 10: Focus on Growth
- Step 11: Be Adaptable
- Need Help?
How often are we at dinner with our friends, or grabbing coffee with a co-worker, when an idea strikes us…
Wouldn’t it be great if there was a startup company that ______?
There should be a startup service that______!
Why can’t they just add ______ to _______, I would use that all the time!
As an experienced law firm that has worked with hundreds, thousands of startups we can help you take your idea and form it into a company with the assistance of a San Francisco and Silicon Valley Attorney.
What should be your first step?
(Besides a killer algorithm that isn’t buggy, of course)
Step 1: Identify a Market Opportunity
The first step in starting a unicorn startup is identifying a market opportunity.
This may involve conducting market research, analyzing industry trends, and identifying a gap in the market.
You should also consider your own skills, experience, and passions when choosing a market opportunity.
Step 2: Develop a Unique Value Proposition
Once you have identified a market opportunity, you need to develop a unique value proposition that sets your company apart from the competition.
This may involve developing a unique product or service, offering a more affordable or convenient option, or providing a superior customer experience.
Step 3: Build a Strong Team
Building a strong team is crucial to the success of a unicorn startup.
You should look for team members who have the skills, experience, and passion necessary to help you achieve your goals.
This may involve hiring employees, partnering with suppliers and distributors, and developing relationships with investors and advisors.
Step 4: Develop a Solid Business Plan
A solid business plan is essential for a unicorn startup.
Your business plan should include a description of your company, market analysis, marketing and sales strategy, management structure, and financial projections.
It should also outline a clear path to achieving a $1 billion valuation.
Step 5: Startup Name
you must think of a startup name! A name that grabs the user, but also encapsulates the idea of your product.
Thought of a startup name? Dreaming of the way the logo will look as Apple’s Featured App of the Week?
Not so fast… you must make sure that you have the right to use the name in connection with your product and brand.
There are several things you can do in the comfort of your own home, to check whether or not a name is available to use.
Step 6: Trademark Search
A simple trademark search will let you know if you will be able to trademark the product and use the startup name and logo in commerce.
You can conduct a trademark search on www.USPTO.gov.
You may need an experienced trademark attorney to review the search results to ensure the name is clear.
Step 7 State of Delaware – Division of Corporations
You may use the Delaware Division of Corporations Entity Search to check if the name of your corporation is available.
The name of your corporation cannot be the same as the name of any other corporation, although a slight variation in the name is perfectly acceptable. You can conduct the search here:
Step 8: Internet Presence
Once you have figured out what the name of the corporation will be, it’s wise to reserve the name of your new corporation as a domain on https://domize.com/.
Step 9: Secure Funding
Raising sufficient funding is crucial to the success of a unicorn startup.
This may involve seeking funding from investors, such as venture capitalists or angel investors, as well as crowdfunding or obtaining loans.
You should develop a funding plan that outlines how you will finance your company and achieve a $1 billion valuation.
Step 10: Focus on Growth
To achieve a $1 billion valuation, your unicorn startup needs to focus on growth.
This may involve expanding into new markets, developing new products or services, or acquiring other companies.
You should also focus on building a strong brand and reputation, developing a loyal customer base, and investing in marketing and advertising.
Step 11: Be Adaptable
Building a unicorn startup is not an easy task, and it often involves unexpected challenges and opportunities.
To succeed, you need to be adaptable and willing to pivot your strategy as needed.
This may involve changing your product or service offering, entering new markets, or adjusting your business model.
Need Help?
If you would like to set up a free consultation with an experienced business attorney, please reach out to us at Sutter Law.
