Milton Chang, director, Precision Photonics, shares his views about how company must be started. Venture capitalists interested in this general technology area have shifted in the meantime away from telecom into nanotech, energy, biotech and medical, semiconductor and display fields. According to Chang, the current funding environment, however, is very difficult, aggravated by today's economic
... [Show full abstract] turmoil. Venture capitalists are limiting their funding mostly to companies in their portfolio, having stopped making capital calls to their investors for more than a year now to avoid the embarrassment that the investors may not be able to pay up. Chang reveals that one can improve your chances of success by setting goals consistent with the number of necessary materials you have on hand. Having an explicit strategy to focus on provides one the confidence to proceed in an orderly manner without falling into the temptation to 'move just a little faster' which will increase risk by building overhead that could be delayed.