TIGER Talk Recap: Concept to Growth
Growing a successful business can feel like an overwhelming venture, especially when you are first starting out. But rest assured, you won’t have to look far to realize the resources and support available to you right here in Columbus, Ohio.
An Innovate New Albany partner, Rev1 Ventures provides entrepreneurs with a unique blend of services, connections and funding that help take your business from concept to growth.
Mike McCann, Vice President of Programs and Partner Engagements at Rev1 Ventures, was Innovate New Albany’s TIGER Talk presenter on Friday November 4. TIGER Talks are free, educational luncheons designed to help entrepreneurs in the areas of Technology, Innovation, Growth, Entrepreneurship and Responsibility. Mike’s presentation, “Concept to Growth” walked the audience through the challenges and questions every entrepreneur must answer in the five business areas: Product, Customer, Business, Talent and Capital.
Mike said according to CB Insights, the biggest reason businesses fail is because the market doesn’t need the product or service they offer. The key to success is answering a series of questions for each business area as it goes through the Idea, Validate, Launch and Growth stages:
The Idea Phase
Product – Is the product differentiated? Where can you access your serviceable market, where there aren’t any competitors?
Customer – Is there a serviceable market? Conduct a competitive analysis and surveys to determine if people will find value in your product.
Business – Can you outline a business model? Get directional data from surveys, rank what features are getting good feedback, and then validate the feedback.
Team – Can the team validate the concept?
Capital – Is the company fundable?
The Validate Phase
Product – Does the prototype fit market need? Work towards building a test that you can offer your customer.
Customer – Do early customers value the product?
Business – Do you have a positive unit-value proposition?
Team – Can the team execute?
Capital – Can the team effectively use the capital?
The Launch Phase
Product – Can you build the full product?
Customer – Can you engage early customers?
Business – Can you manage to the financial model?
Team – Can the team hire key talent?
Capital – Will the capital get the company to the next phase?
The Growth Phase
Product – Can you further develop the product?
Customer – Can you expand market share?
Business – Is there a path toward profitability?
Team – Can the team scale?
Capital – Will capital scale the company?
Mike said starting a business is about improving your probabilities of success at any stage. You cannot know or solve for everything, but by solving these key “knowable unknowns,” you can know your risks and manage the business to mitigate them.
Rev1 Ventures is a seed-stage venture fund that combines investment capital and strategic services to help entrepreneurs build products people want and companies that succeed. They are the most active investor in the state of Ohio and the Great Lakes region.
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