Abstract
There has to be a commercially viable idea, an invention, when commencing a new company. This invention, forming the basis for a new company, can come from different sources such as academia, companies, or private inventors. To start a company, a set of predefined criteria must be fulfilled, including product specification, market evaluation, and patent rights to the product. The product must be defined by establishing a detailed product description, including information on the product itself, its function, and its characteristics. Question to ask are (1) What is the product? (2) Who is going to buy the product? (3) Is the product unique, and if so in what way? (4) Who described the product or product concept first and when?
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