The decision to start a business is one that takes guts. Many take the plunge as soon as they have a business idea. Others dream of one day being able to make such a life changing decision. No matter when one decides to go into business on their own, those starting a business in Baton Rouge can find success.
Take for example, a biomedical engineering student at Tulane whose senior project was to come up with some kind of medical technology. After some discussion, his project focused on IUDs (intrauterine devices used for birth control). Despite the high effectiveness of this particular type of birth control, the usage rate is relatively low, due to the complicated procedure. His new device replaces the five tools that are currently used for the procedure.
What started out as a class project has now turned into a start-up company. The student even found a partner for his business. Their business has now lined up investors and the company even received a $250,000 grant to get the device ready to distribute. They hope to begin distribution in the United States and move on to Europe.
Although great ideas can spark vast possibilities, the process of business formation to capitalize on a great idea can sometimes be tricky and even daunting. Turning an idea into a reality is a dream that many have and many may find they need help. An attorney who specializes in business can get one started on the right path. From licensing, to contract negotiations, things can be confusing and it’s important to have a professional to guide one along the way.
Source: NOLA.com, “New Orleans start-up seeks to simplify birth control, attracts investors, grants,” Mark Waller, Aug. 30, 2013