Understanding the innovation arena and the actors is one of the requirements for success. Factors for success are favorable circumstances and can be instruments, conditions, agents, contributors, or platforms. Unfortunately, KSFs do not only have a positive impact, but they also tend to have potential negative side effects.
The twelve KSFs that have been discussed are:
1. Patents — Patents serve to create a degree of exclusivity to a company in defense of higher margins. For a start-up, the prime reason for applying for a patent is to make the company owner of the IP because that is a critical requirement for investors.
2. Investors — Finding the right investors and keeping them happy are key challenges for a start-up company.