Pursuing entrepreneurial endeavors is not an easy task. No-one will come along and pay you millions for your idea. Instead, it's all about execution. Although we respect people and their ideas, we do not sign NDAs. Our aim is to provide the guidance, resources, mentorship and connections necessary to go all the steps outlined below, no matter where in the process you are.
Although we've outlined these steps, and in this order, few companies are created equal, and your scalable startup may not follow the same path. Once accepted into our program, we'll be there to guide you along the way.
We're looking for ideas which scale. We're happy to recommend many small business resources in the area. If you want to understand how to take your idea to the next level, we're here for you!
We take entrepreneurs on a journey to explore the basics of an entrepreneurial idea, using tools such as the Business Model canvas. We'll recommend you attend Startup Weekend to understand what it means to be entpreneurial and execute an idea in 54 hours over a weekend. We'll ask critical questions, with the goal of you understanding that its all about execution.
Please don't make a business plan. We want you to do research, learn along the way and pivot as your idea evolves. Document why you're pivoting, but don't lock yourself into a 5-year plan in the wrong direction!
"I have no competitors" -- Don't ever get caught saying that. Everything has a competitor, even if its indirect, or the old way of doing things. Have you searched Crunchbase? AngelList? HackerNews? Who is your nearest competitor?
Competition isn't always bad. Maybe your competitor has missed out on a segment of the market that you can address. Maybe they're priced their product incorrectly, are missing a key feature, or have poor execution on their sales strategy. We walk you through evaluating your competitors, where you stand in the marketplace, and how to differentiate yourself. You'll walk away with a better idea of changes you need to make to your pricing, product, business model, sales strategy and more.
What is your addressable target market? Your opportunity isn't just 1% of a broad, billion dollar market category. Are your target users willing to pay the price you're proposing? What value are you providing them for the price (value-based pricing). Put yourself in their shoes, and explain why they're interested. What pain do they experience that you're addressing? Is your solution a vitamin, vaccine, or advil? How will you acquire your first 10 users, first 100? And how does that strategy differ as you exceed 1,000 customers? These questions and more are explored while evaluating if your idea really has what it takes to make it to $10M and beyond!
How do you make money? Do you have an innovative business model, and do the numbers work? Do your research on advertising supported businesses. Who succeeds at it in your industry? Don't expect to be Google, Facebook or Twitter. If the New York Times can't survive on that business model, how will you? Who has the pain, who holds the purse strings? Is it a vitamin, vaccine, or advil? These questions and more are explored while evaluating if your idea really has what it takes to make it to $10M and beyond!
Minimally Viable Product
Once you know what you're selling, the market will bear, and your customers want, you're ready to demonstrate your offering by creating a Minimally Viable Product (MVP). This is what you'll use to demonstrate your product to investors and potential customers. Your first users will get started here, and help you shape future development.
We help your understand the software development process. How to hire the right technical staff, and make the right decisions for programming languages and technologies to utilize. How to scope your product, what to focus on, and how to prevent scope creep.