Every entrepreneur is faced with a tough choice: Do I demo my new product or service as soon as I can, or do I wait until it’s fully polished? I think one should always go for the early demo. It’s important for investors, for building momentum with partners, and for getting critical feedback from the market that can be incorporated into the product itself. Don’t worry about the competition getting a look at it—think instead about how much traction you will get by taking your product to the real first test: a demo in front of customers. Just make sure it works!

Jon Medved Venture capitalist and CEO Vringo Beit Shemesh, Israel (with offices in New York and San Diego)

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