Building successful start-ups was never quite as easy as it seemed, and the changing economic climate has raised the stakes, reduced the margin of error. New entrepreneurs can't stumble into wealth on the power of half-formed ideas, or turn dreams into reality without doing a lot of homework. It's time to get smart. This book teaches would-be entrepreneurs the skills they need to get through the venture capital process with companies that will survive to grow and succeed.

Rob Ryan, a pioneer in the high-tech industry, founded Ascend Communications in 1989, and throughout the nineties provided firms with the infrastructure they needed to keep up with the rapid growth of the Internet. At the beginning of 1999, Ascend was sold to Lucent for $25 billion. Since retiring from Ascend and starting Entrepreneur America, Ryan has helped launch a string of successful companies, including Virtmed, RightNow, and Virtual Ink. All provide electronic solutions to real-world problems, meet existing—rather than manufactured—needs, and save their customers time and money.

In Smartups, Ryan focuses on methods he's developed over the years for building a sustainable business that makes money. He emphasizes the importance of testing ideas on customers and making sure that a product offers something new and important. Recognizing a team's key competencies is crucial, Ryan says. He also finds it necessary to take certain steps at the correct stages of a company's inception. Smartups will show you how to turn your idea into a real product, take it to investors, and get your start-up started right.

Rob Ryan is founder of Ascend Communications. Shortly after taking the company public, Ryan retired from Ascend and started Entrepreneur America from his 1,000-acre ranch in Montana. David J. BenDaniel is Don and Margi Berens Professor of Entrepreneurship at Cornell University.

Rob Ryan's book is a no-nonsense guide to starting a company. His real-life examples focus on what it takes to develop a profit-generating company, and his view of the role of technology in a venture's success is particularly insightful.

Evan Thornley, CEO, LookSmart:

Rob is a walking reality check for entrepreneurs.... He pushes really hard and pulls no punches. Rob was a key driver in helping LookSmart emerge from a dire financial crisis to a two-billion-dollar public company in less than two years—his results speak for themselves.

Ben Weisshaut, Blue Market:

In its depth, wisdom, and futuristic insight, Rob's bootstrap philosophy gave us the tools to execute our vision. Rob challenged us to discover our true value proposition for customers and investors. Rob is the true start-up guru!

Craig Barrett, CEO, Intel:

A very readable book for the high-tech entrepreneurial wanna-be or for anyone interested in what it takes to be successful in the high-tech venture capital system. The case studies and real-life examples provide fascinating examples of how to do it right, and why so many start-ups never get off the ground.

Ken Siebel, Managing Director, U. S. Trust Company:

A must-read for venture capitalists, angel investors, and small capitalization investors. Rob captures the essence of successful investing. He articulates both the discipline and the decision-making process that are necessary in order for companies to be successful in this highly competitive environment.