I am aware that this may be seem like an unusual topic for somebody who works for a business incubator, but it actually fits very much in line with our philosophy at CEI of trying to elevate our industry in any way that we can. The fact is incubators and accelerators must evolve as fast as the entrepreneurs they serve in order to maintain relevance, and it is something that many fail to do. And I won’t be repeating the 87% stat - the number of companies still in operation after 5 years removed from an incubation program - from a study that was conducted nearly two decades ago but continues to be cited as a leading indicator of success. Indeed, the real value of these startup support organizations has yet to be definitively proven.
Your business is expanding, you are attracting and converting more customers and hiring employees to meet that growth. The fact is: you are no longer a startup. Now the question becomes how do you manage that growth? In the final installment of our Startup Lifecycle blog series, we provide perspectives of company scaling from “been there, done that” executives.
Now that you (in theory) have a validated problem and minimum viable product solution, the question becomes: How does my business make money? Welcome to the third stage of the startup lifecycle: commercialization. In the latest post of our blog series, we touch on how to develop an effective Go-to-Market strategy in order to become a viable, profitable, and sustainable business.
The latest in our “Startup Lifecycle” series, this blog explores the second stage of startup growth: product development. Whether you are building a software, hardware or even non-product solution, a key component of this stage is to apply lean principles to the development of a minimum viable product or MVP. Eric Miller, Principal of Phoenix Analysis & Design Technologies (PADT), shares his top-10 principles for lean product development.
No two companies share the exact same path to growth and success. The plain fact is that various factors influence how a business develops; these can include existing market conditions, industry type, founding team (or lack thereof), so on and so forth. However, there are general stages of development that a majority of startup companies experience: 1) Idea-Market Validation 2) Product Development 3) Commercialization 4) Scale-Growth. In this blog series, we will offer some unique insights from leading experts in each of these areas.