Person, Process, Choice: The Psychology of New Venture Creation
Innovative venture creation process
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Transcript of Innovative venture creation process
Innovative Venture Creation Process
Innovative Venture
Creation Process
1
/ the 7 steps
Idea Preseed Seed Startup Initial growth Expansion Restructuring
Idea
Ideation, research and networking
Gate: Idea Screening
Preseed
Does it work? IPR, partners, money, development
Gate: Preliminary Business Plan
Seed
Prototype, more money, contact customers, documentation
Gate: Product and evaluation of commercial potential
Startup
Market intro, production, organization, money
Gate: Market launch and organization that works
Growth
Expand capacity, money, improve product
Gate: Profitable business
Expansion
Restructure
IdeaIdeation
Research
Networking
Idea Description
Stagegate: Idea screening News Level of innovation Market potential Realisability Risks
5
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
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
SeedAdding resources Finance Knowledge
Prototype
Contact customers and partners
Documentation and presentation
Stage gate Product Evaluation of commercial potential
8
StartupMarket introduction
Establishing production
Organization Sales Production Board of directors
Developing new skills Sales Production Logistics Purchasing
9
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
Initial GrowthRaising finance
Enhance production capacity
Expand sales activities
Hire more employees
Improve the product
Stagegate: Profitable business Positive cashflow Net profits
11
Expansion
12
Restructuring
Change in ownership
13