Have you ever thought of yourself as an innovator? Working in science technology and innovation? Somebody who creates their own business? Most people would instantly say,“I can do that”. However, being a business owner requires a great deal more thought. These are some things to consider before going into business on your own,:
  • Are you are ready for this venture ?
  • How will you make your business succeed?
  • How can your core competencies and strengths contribute to your new business?
The first step on this journey is to look at your own characteristics before moving forward:

Looking at your existing skill set and adapting them to fit your business

Your unique set of skills might let you create or offer things in better ways than someone else. Knowing these skills and enhancing them will be an essential component in achieving your goals and ambitions. Be honest with yourself and above all, be realistic! The more you portray an accurate picture of yourself, the easier it is to discover the right opportunity. You may consider the following when assessing yourself:
  • Your existing skill set may need to be adapted to meet the requirements of your new venture
  • Additional skills might need to be developed even though they sit outside of your comfort zone or experience
  • There are some skills that you simply will not be able to master. Know what these are and ensure that they are covered by somebody in your team.

Your Interests, passions and hobbies

Start-ups are generally created out of the passions of their owners. Your passion is going to be core for the future success of your business. Other interests and hobbies will also help you identify and give you the motivation to explore niches markets.

Your Personality

People who are likely to start a company generally display qualities such as resilience and motivation. Assess yourself in order to know your core competencies. For example, are you an inventor or do you manage teams? Are you practical and a hands-on person? Are you focused? Are you determined? Are you a visionary? Certain industries require a specific set of personality traits. Science, Technology and Innovation (STI) based businesses are diverse and require a wide range of personality types.

Your personal and professional network

Starting a business on your own requires you to have access to knowledge, markets and people. In business, it is often your professional contacts, network and groups that play an important role.

Your Lifestyle

Moving from a salaried position to a self-employed business owner might change your life completely. Lifestyle might be one of the big important components to consider when searching for a business opportunity. Be realistic and ensure that you set your own expectations, deadlines and benchmarks to suit your lifestyle.

Your personal risk profile

All business start-ups contain some element of risk. Being aware of your attitude towards taking risks indicates what kind of business you are more suited for. Knowing what these risks are and how you can minimize them , is an important step in assessing the business area that is right for you. Some possible risks are:
  • Financial risk
  • Competency risk
  • Emotional risk
  • Societal risk
  • Physical risk



Entity/individual to fill out application form that provides a high level description of the invention


DED will evaluate applications to ensure eligibility and completeness, which may include an in-person interview with the inventor(s)


Once a decision is made, DED will communicate the result to the applicant including potential next steps