Steps taken to start a new venture can make for rocky road ahead if consideration is not given to the points reviewed in this chapter. How to select and build a team and fairly distribute the founder’s equity, how to select an advisory board or a board of directors, and the importance of establishing a culture within the new company are all points discussed in detail and highlighted through personal stories and case examples. The main components of a business plan are covered in many texts and blogs, so this chapter focuses on the practical issues that few academic texts discuss, such as: how to perform due diligence on your investors and tips on creating slide decks , pitching and presenting business plans, and structuring financials and milestone to meet investors key concerns. The sources of financing and expectations of investors are reviewed with a view to guiding the entrepreneur or executive through the key elements for success, including successful closing on a term sheet or preparing for due diligence so that the process moves smoothly towards closure of the financing. The specific challenges facing an academic technopreneur moving into a decision-making executive (CSO or CEO) role are reviewed and guidance offered on utilizing the strength of the team around them.