How Much Does It Cost To Start An Innovation And Technology Co. ? (In 2023)

Pat Walls

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Updated: January 18th, 2023

Start An Innovation And Technology Co.

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

The cost of opening a an innovation and technology co. can vary based on several factors. However for a an innovation and technology co. you can expect to spend $62 to $23,259 with an average cost of $12,272.

The minimum startup costs for an innovation and technology co. : $62
The maximum startup costs for an innovation and technology co. : $23,259
The average startup costs for an innovation and technology co. : $12,272

Here's a detailed list of an innovation and technology co. startup costs:

Learn more about starting an innovation and technology co. :

Where to start?

-> Pros and cons of an innovation and technology co.

Need inspiration?

-> Other innovation and technology co. success stories
-> Examples of established innovation and technology co.
-> Marketing ideas for an innovation and technology co.

Other resources

Business Formation Fees

There are a few key costs associated with forming your business entity, such as setting up an LLC and getting trademarks, copyrights, and patents sorted.

Cost	Required?	Min Cost	Max Cost
Set up business: LLC & Corporations	Required	$50	$500
Small Business Insurance	Recommended	$500	$2,000
Permit and License Fees	Optional	$50	$700
Lawyer Fees	Optional	$0	$1,500

Software Expenses

Your innovation and technology co. needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost	Required?	Min Cost	Max Cost
File Hosting Service	Recommended	$0	$299
Email marketing tool	Recommended	$0	$100
CRM Software ➜	Recommended	$12	$300
Project Management Software	Recommended	$0	$25
Internal Communication Tool	Recommended	$0	$20
Accounting & Invoicing Software	Recommended	$0	$50
IT Support ➜	Optional	$150	$2,000
Social Media Management Tools	Optional	$0	$50
Design Programs & Software	Optional	$0	$50

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your innovation and technology co. grows.

Cost	Required?	Min Cost	Max Cost
Rent ➜	Optional	$0	$5,750
Utility Costs For Office Space ➜	Optional	$0	$1,150
WiFi & Internet ➜	Optional	$0	$100

Employee & Freelancer Expenses

Cost	Required?	Min Cost	Max Cost
Payroll Costs & Fees ➜	Optional	$150	$250

Website Costs

Every business should have a website, and it's worth spending a bit of money to set it up right.

Cost	Required?	Min Cost	Max Cost
Domain Name ➜	Required	$12	$200
Website Hosting Costs ➜	Required	$0	$300
Website Builder ➜	Recommended	$10	$500
Business Email Hosting Service ➜	Recommended	$1	$15
Web Designer ➜	Optional	$200	$6,000

Advertising & Marketing Costs

Cost	Required?	Min Cost	Max Cost
Business Cards ➜	Optional	$0	$50
Networking Membership Fees	Optional	$0	$250
Direct Campaigns, Printing and Mailing	Optional	$0	$300
Press	Optional	$0	$500
Google Ads	Optional	$0	$300

Part of

Starting An Innovation And Technology Co. : Everything You Need To Know

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Pat Walls, Founder of Starter Story

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