The ideation stage is open to creative exploration, as we take advantage of the diverse disciplinary backgrounds our team comes from. Objective frameworks are in place to assess ideas as a team to accelerate our decision making. The plan is to take these ideas and rapidly prototype them to see if they can be validated in the market.
As a result of being flexible to the industry we want to work in, we have been able to create some unique products and services ranging from retail to FMCG to mobile apps.
If an idea passes our assessment, we will proceed to create an MVP to test in the market. Entrepreneurs are encouraged to be resourceful and tackle this challenge head on as we try to gather as much data as possible. We gather market insights, customer feedback, and expert knowledge in order to refine our product and test the market fit. The lean and agile philosophy applies here when working with a limited budget to achieve maximum results.
Based on objective evaluations, we will review the outcome of the MVP’s market test and decide if further investment is worthy. Many businesses will not pass this scrutiny, as various factors are considered here. If successful, the business will go into the building stage where entrepreneurs will have to run it as a start-up. This may mean looking for external funding, developing personal network connections, or even going door-to-door to acquire customers.