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Innovative venture creation process
The document outlines the 7 key steps in an innovative venture creation process: 1) Idea, 2) Preseed, 3) Seed, 4) Startup, 5) Initial Growth, 6) Expansion, and 7) Restructuring. Each step involves certain activities like prototyping, fundraising, hiring, and product development. Gates or stagegates are reached at the end of each step to evaluate commercial potential and organizational readiness before advancing to the next phase.
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Innovative venture creation process
- 1. Innovative Venture Creation Process 1
- 2. / the 7steps Idea Preseed Seed Startup Initial growth Expansion Restructuring
- 3. • Ideation, researchand networking Idea • Gate: Idea Screening • Does it work? IPR, partners, money, development Preseed • Gate: Preliminary Business Plan • Prototype, more money, contact customers, documentation Seed • Gate: Product and evaluation of commercial potential
- 4. • Market intro,production, organization, money Startup • Gate: Market launch and organization that works • Expand capacity, money, improve product Growth • Gate: Profitable business Expansion Restructure
- 5. Idea Ideation Research Networking Idea Description Stagegate: Ideascreening – News – Level of innovation – Market potential – Realisability – Risks 5
- 6. Pre-seed Market potential? – Customer • Need/wish/pain • Willingness to pay – Market size Technology – Does it work – IPR • Ways to protect • Offending IPR of others 6
- 7. Pre-seed (2) Partners – Potential customers – Suppliers Funding – Estimating requirements Resources – Other resource requirements? Product development Stagegate: Preliminary business plan – Capital needs – Need for other resources – Patent needs and opportunities – Technological challenges – Market challenges – Critical milestones 7
- 8. Seed Adding resources – Finance –Knowledge Prototype Contact customers and partners Documentation and presentation Stage gate – Product – Evaluation of commercial potential 8
- 9. Startup Market introduction Establishing production Organization –Sales – Production – Board of directors Developing new skills – Sales – Production – Logistics – Purchasing 9
- 10. Startup (2) Raising finance Stagegate:Organization & Market launch – Organization that works – Market launch organized • Agreements with sales channels • Potential customers found • Market introduction started 10
- 11. Initial Growth Raising finance Enhanceproduction capacity Expand sales activities Hire more employees Improve the product Stagegate: Profitable business – Positive cashflow – Net profits 11
- 12. Expansion 12
- 13.