Examine the problems that DrawQuest encountered. How could the company have avoided or navigated around each problem?
Answer to relevant QuestionsWhat alternatives did DrawQuest have for generating income for its app? Why do you think the company didn’t try any of these alternatives before shutting down? If you worked for an entrepreneurial venture, what would you want to know about a large company before recommending that your firm form a partnership with that large, established company? Why is it so important to get a personal introduction before approaching a potential investor or banker? What is a Small Business Innovation Research grant (SBIR)? Why would a firm want to apply for such a grant if it qualifies for it? The following sentence appears early in this chapter: “There are three reasons that most entrepreneurial ventures need to raise money during their early life—cash flow challenges, capital investments, and lengthy product ...
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