After canvassing and testing the business idea during the Exploration and Ideation phase it is time to develop a minimally viable product (MVP) and the core founding team. Consider what the product is, to whom you will sell to and the customer acquisition strategy. Develop an early prototype to test organic users. Begin to establish core founders with complementary skills and develop an ownership plan. At this phase be sure to evaluate your idea to determine if there is intellectual property that needs to be protected and file a patent if needed.
Typical funding options at this phase include owner-funding, friends and family investments, public grants and research funding.
Key Concepts of this phase:
- Minimally Viable Product
- Iterate early and often
- Get early organic users to validate the idea and market
- Test user acquisition strategy
- Intellectual property protection and landscaping
Typical resources needed at this phase: