Here’s some unusual advice for entrepreneurs

Composite image of panel and details of webinar (State Dept.)
Experts will offer advice in an August 9 webinar on starting innovative businesses. (State Dept.)

Worried about the competition? Forget about it. Just come up with a new business product that nobody else has on the market.

Easier said than done, but it happens when someone comes up with a bright, new idea that threatens and eventually overtakes the long-established but slow-footed leader in a business sector.

On August 9, four experts on tech startups will hold an hourlong webinar on the topic “Disruptive Innovations: Making Competition Irrelevant.” It’s the latest in a series of broadcasts by the U. S. Department of State’s Global Innovation through Science and Technology (GIST) initiative aimed at young tech entrepreneurs.

The message to entrepreneurs, said moderator Eli Velasquez, director of Lubbock Angel Network at Texas Tech University, is to ask themselves, “Where can you really carve out a market opportunity? Where can you develop a competitive advantage that would help you garner traction much faster?”

The other GIST panelists are Shintaro Kaido, director of startup services at Drexel Ventures, which helps Drexel University faculty and students start businesses; Duygu Oktem, an adviser to the European Investment Bank and founder of Turkey’s first startup accelerator; and Hemai Parthasarathy, scientific director for the Thiel Foundation Breakout Labs, which invests up to $350,000 to help entrepreneurs innovate in the biotech field.

Watch on the GIST website on August 9 at 15:00 UTC.