For Entrepreneurs and Innovators
Launching a new venture is a complex and risky process – lots of things will go right, but there are lots of things that can go wrong too.
We have worked with thousands of entrepreneurs and innovators and have identified 8 critical factors for venture success:
- Performance advantage – is your innovation better than the competition’s?
- Market readiness – are you ready to launch or are you still in development?
- Product uniqueness – does you innovation stand out or get lost in a crowd?
- First customer – is somebody ready to pay you money for your product or service?
- Distribution – can you get it to market?
- Market size – is the market viable?
- The entrepreneur – do you have the right stuff?
- The financial plan – can you make money over the long haul?
The impact of critical gaps
Our research has found that critical gaps in one or more of these 8 factors significantly reduces a venture’s likelihood of success. Fortunately, critical gaps can often be addressed. For new ventures, identifying and dealing with the critical gaps early can make a difference in increasing the chances for success.
Identifying and addressing critical gaps
Our Critical Factors Assessment suite of tools can help you determine if your venture has what it takes for venture success or if you have gaps that you must address. The Critical Factors Assessment not only identifies the issues you need to deal with, but gives you guidance on the best ways to address them.
For more on these critical factors, see out whitepaper The Critical Factors Assessment: Planning for Venture Success .
The Centre has other tools and services to help you at each stage of your venture’s lifecycle. Check out our Commercialization Roadmap suite of services to see how we can help you along your path to market.
Or contact us to see how we can help with your specific challenges.