From Lab to Patient, Garage to Market SECRETS TO A $10 MILLION STARTUP
late-1800s patent for the incandescent light bulb wouldn’t have become a reality. ... continued from Cover A similarly rocky road guided the transistor’s arrival. As ingenious as they were, co-discoverers Walter Brattain, John Bardeen and William Shockley shared a fractious relationship marred by squabbles over proper recognition and credit. Tensions escalated when Brattain and Bardeen conducted critical research without Shockley’s participation, leaving him feeling sidelined. Shockley retaliated by conducting his own independent research, leaving the others feeling cast aside when breakthroughs were achieved. The rivalry extended to disagreements over who should be on the patents and who should be featured in publicity photos. Although the three eventually reunited in 1956 to accept a joint Nobel Prize for their work, one wonders what more they could have achieved together had their partnership been more harmonious. As a lawyer representing innovators, I also can’t help but see the trio’s internal issues as an example of why today’s startup co-partners must enter into agreements that solidify everyone’s roles and stakes in whatever breakthrough they’re developing. The excitement and unity they may feel at the beginning of a venture can sometimes fade once conflicting opinions, egos and concepts of “success” cloud that initial positive vision. There’s much to learn from the stress that plagued the transistor’s development. As life-changing as the light bulb and transistor have been, I’m convinced unknown innovators in labs and garages around the world today have the potential to affect humanity as profoundly. The path ahead for these trailblazers likely won’t be easy, as it takes more perseverance and grit than most people possess. As an entrepreneur, you’ll have plenty of brilliant ideas that will either never make it to paper or crash and burn once they do. You’ll likely spend sleepless nights worrying about money and hoping that someone, somewhere, understands what you’re trying to do. You may be greeted by as many blank stares as you will blank checks. That’s when you keep going. A person’s belief in what they have to offer and their persistence in seeing it through are what will always distinguish a successful innovator from an
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“I think that is a magic trick that many of our listeners and viewers would like to replicate!”
When Philip Crowley makes this declaration during Episode 31 of his “From Lab to Patient, Garage to Market” podcast, he references one of the most awe-inspiring achievements ever featured on the series: a startup that raised $10 million in revenue without any outside investors. As incredibly rare as this feat may be, it’s not impossible. During one of the podcast’s most engaging episodes, special guest Aaron Price explains this “magic trick” and shares strategies to help rising entrepreneurs turn their ambitions into marketplace realities. Best known for his work as CEO of TechUnited:NJ (an organization and community dedicated to supporting and publicizing the work of innovators in the Garden State), Price is no stranger to future-focused innovation. While still in high school, he (along with his brother) developed a patented weightlifting device. Later, he founded deliverU, an online food ordering platform long before the days of smartphones. His entrepreneurial journey continued with the founding of the technology startups weCraft, effordables and livecube.
Now in the role of mentor, Price takes pride in providing TechUnited:NJ members with resources to help them avoid common pitfalls that lead to early failure.
“For early-stage entrepreneurs, it’s very personal [for me],” he explains to Crowley. “I was the member whom I am now serving. I was the person who needed a lot of access to expertise and wisdom, much like what you’re trying to do with this show to help people avoid mistakes.”
More information on TechUnited:NJ is available at TechUnited.co .
Hosted by Crowley Law LLC Founder and Managing Partner Philip Crowley, the “From Lab to Patient, Garage to Market” podcast is available on YouTube, LinkedIn, Facebook, Apple Podcasts, Spotify and all major podcast channels.
unsuccessful one. If Crowley Law LLC can help you achieve that success in any way, we’re always a phone call away.
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–Philip Crowley
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