I recently returned from Israel where I had the privilege of watching my daughter, Peyton, compete in the 19th Maccabiah Games representing the United States of America in swimming. The Maccabiah Games is the third largest international sporting event in the world. Thousands of athletes from around the world converge every four years in Israel to excel in their respective events. (By the way, Peyton won a gold and two silver medals).
The sporting venues are filled with fans cheering on their countries and athletes. At the swimming venue, there was downtime from the competition that allowed me to intermingle with the other spectators. Obviously, a significant number of the spectators were Israeli. In the course of conversation, I confirmed my understanding that a number of the Israelis were highly educated and involved in the high-tech arena. Some have developed, or they are developing, products that will benefit all those around us. I was curious how many of those products were developed in a relatively short time frame, and how they were soon thereafter placed in the open market. After numerous questions, I garnered that the Israeli government did not significantly interfere with bringing a product to market. In fact, I was informed that the Israeli government afforded assistance in the advancement of product development.
It is important that there be fair competition (via an even playing field) throughout the world and even throughout the various states within our republic. It would be helpful if you participate in lobbying efforts to minimize regulatory impediments. A grass roots way of achieving this is to work through your local and state chamber of commerce. Time is of the essence.
The timeliness of bringing a product to market can dictate the success or failure of that enterprise. We are in an economy whereby those who are first with their foot in the door have a higher probability of success. Tardiness can be the death knell to all the hard work and cost that went into product development. The passage of time is the enemy. Time kills. Among other things, financing may no longer be available or as enticing, commitment to the product or the endeavor may wane, political climate may change, or competition may shoot you out of the water before you ever get started.
The regulatory environment throws many obstacles in your path that impact the timing of your endeavor. You should procure the assistance of a good business attorney to assist you with navigating the bureaucratic minefields, ease the path to procurement of financing, and help you push down on the accelerator.
About Rick Greenberg
