Business Stages Served
– Idea: This is the very beginning of the business lifecycle, either defining or refining the idea of the business. This stage involves problem validation, market analysis, and a potential IP evaluation. Ultimately, it is an assessment of how viable the startup can be.
– Launch: After the problem, market and potential IP have been vetted, a startup will launch (often with an MVP-minimal viable product) to validate customer demand, technical feasibility, and target market(s). The startup should have paying customers in this stage (with the exception of some life science companies who should have strong partnership interest)
– Grow: After the startup has demonstrated the ability to attract and retain paying customers with a proven business model, this stage is focused on growth where the business is generating consistent income and regularly adding on new customers. Cash flow should start to improve as recurring revenues help to cover ongoing expenses, and the startup should see profits improve slowly and steadily.
Business Types Served
– Innovation-led: Businesses in which research and development brings forth an innovative product or process; job-creating firms that form around a breakthrough technology or process with big market potential
– Main Street: Companies that make up a large segment of our economy, serve communities’ growing populations and define our cultural character (i.e., dry cleaning, grocery store, coffee shop, restaurant, or graphic design boutique); brick-and-mortar storefronts that define a city’s character
– Microenterprise: Businesses that require less than $35,000 in capitalization to start; require little capital to launch and don’t require a physical location
– Second Stage: Enterprises that have survived the startup phase and have owners who are focused on growing and expanding; have grown past the startup stage and generate millions in revenue