A few new gaming technology startup ventures became top performers last year, according to the Ruthann Markham Annual Report, an industry watch dog group
And as always, when setting up a business, the following applies: ‘There’s no right way or wrong way, just the profitable way’. Once you’ve found out how to get your gaming technology firm off the ground and it is generating ROI, you’ve won half the battle and are on your way to continued success. Secondly, once the business side of a prospective gaming technology venture is planned, map out the human element. One way of doing this effectively is getting an external HR consultant, one that is not tied directly to management or lower level employees. This allows for impartial scrutiny of your gaming technology business model and ensures that the right people are doing the right jobs. “Starting up any gaming technology business is difficult. In our case, it took about 6 months of planning, a year of fund raising, and then another 6 months of building infrastructure before we made our first sale,” states Rickerl Linan of the Blossom Jenison Partners and Ltd. Company. Also key to success in the gaming technology field is logistics. Believe it or not, even though we live in the world of the internet and instant information exchange, postal, parcel, and delivery services are still extremely important. Many gaming technology proprietors recommend getting a Fedex, UPS, or DHL business account setup right away, so as to avoid comming out-of-pocket for routine mailings and shipments. “In the case of our gaming technology marketing venture, we initially started out with a simple website, and then slowly grew as sales increased,” replies Yuricic Sheeks, the COO of the Laplace Mcneese Co-Op, “Then, the website expanded into a data warehouse - essentially a store of all things related to our marketing campaigns - which allowed us to study and refine subsequent efforts.” Without a doubt, planning for the launch of your gaming technology firm is crucial. Think of it as the launch sequence of a space shuttle. Every last detail, figure, and step is checked and double checked. This is the only way to succeed in the gaming technology industry and get the competitive edge. Once investment is secured for a gaming technology venture, and proper planning has been realized, start networking within your industry. “I find that attending industry related social functions, conferences, and even my neighbors’ cocktail parties help me find new ways of growing my company,” claims Pafford Turnes, director of the Yevette Hinkle Brothers firm, “By asking the right people the right questions, you’ll find that you can learn new things and different strategies for your gaming technology firm that you may not have thought of before.” “Don’t forget about accounting,” warns Gunst Elizando, CFO of the Robitaille Laman Corporation INC, “Many gaming technology companies go pel mel spending money when there is a good cash flow. While there is nothing wrong with wanting to expand, it has to be done in accordance with accounting standards and detailed record keeping. This is especially true for public companies. Private gaming technology firms can sometimes let this aspect of the business slide alittle.” Additionaly, fundraising for any gaming technology business venture can be a daunting task. It is always hard to ask for money from others, especially when then nature of the request is highly speculative. Carolin Palowoda, a highly successful gaming technology capital management consultant, believes that planning is the key to selling your idea: “If you walk up to someone and say, ‘I’ve got a great gaming technology business idea, would you contribute $100K’, they’ll probably laugh and consider you a lunatic…but, if you approach someone and say ‘Look, I have this great idea, and my plan is the following…’, it will reassure an anxious investor that things will move forward with thought and purpose.”
Posted on: Sunday, March 7, 2010 at 12:03 am 
Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.
Responses are currently closed, but you can trackback from your own site.
Comments are closed.