This phase may be the riskiest stage of the startup life-cycle because its time to launch! Your idea has been canvassed, tested and protected – its now time to launch your startup. Continue to iterate and validate the product based on the product-market fit and initial customer feedback. Implement analytics and metrics to measure product conversion funnels for your new customers. Consider creating a board of advisors which may consist of mentors that have been critical during the early process and business experts. Additionally, you will likely be hiring your first few employees at this phase, so consider company culture and employee fit. Some company founders and investors decide they are not the best CEO based on their experience and would rather remain as a CTO (Chief Technology Officer) or in another position. Be sure to evaluate your skills and the needs of the company for the best fit. Begin refining your presentation/pitch skills for future fundraising.
Typical funding options at this phase include public grants such as SBIR/STTR, additional research funding, crowdfunding, angel investors, grants from SCRA and investments from SC Launch, Inc. Learn more about funding opportunities through SCRA’s Entrepreneurial Programs.
Key Concepts of this phase:
- Product development
- Product-Market Fit
- Customer/User Acquisition and conversion funnels
- First key hires
- Develop a Board of Advisors
- Refine pitch skills for future fundraising
Typical resources needed at this phase (update this list – it is just an example):