Once you have validated the concept and solidified the funding, it's all about the execution. Every new technical startup is fraught with risks, but that's what makes it exciting and makes the opportunity large. Yet, every entrepreneur needs to understand that there are smart risks that everyone should take and stupid risks that should be avoided at all costs.

In the context of startups, I would define new technology as the making, modification, and usage of new hardware, software, systems, and methods of organization in order to solve a customer's problem. Launching any new technology is risky—it might not work exactly as you envisioned. There might be quality problems or unintended side effects. However, if you wait until someone else works out all the bugs and proves its value, you will be too late for the business opportunity. It's smart to take that risk.

On the other hand, if you invent something new and great but...