The Journey of a Tech Company
I thought it was fitting as we started a new year, and the inaugural Cowan Insurance Group blog, to discuss the beginning of the journey for a technology company. We are lucky in Waterloo to have institutes such as the Accelerator Center and Communitech, which can help guide clients on their path, instruct them on potential pitfalls and guide them to successes. There is certainly plenty to think about (and that is after the initial concept!) such as overall strategy, putting together a team, designing, launching, PR, Legal, Accounting, Funding, etc (this is a fun infograph showing it). When considering all of these crucial areas, it is important to be measuring the risk associated with all of these stages. Deloitte recently surveyed CEOs and CROs across the globe and found that there is a renewed focus on not only building a Risk Management strategy, but augmenting the current one they have in place. Typically, there are 4 mains stages that a start-up technology company will go through and there are associated concerns with each.
- Start-up with R&D and no product: evaluating implications of real estate, equipment and furniture contracts, evaluating lender/investor coverage and the business plan
- Emerging Growth, manufacturing and recruiting employees: Continued contractual risk assessment, creating and reviewing vulnerabilities of customer and 3rd party contracts and inspecting facilities for loss control
- Going public: IPO risk assessments
- Post IPO and continual growth/expansion: continually examining and modifying protection
This series of blogs will dive deeper into the specific risks, concerns and vulnerabilities that start-ups need to consider and how you can work to mitigate and eliminate those risks. We are all in this together.
Industry Leader, Technology