SPACE TECHNOLOGY INNOVATION AND INCUBATION CENTRE

Discovery Phase

The journey typically starts with an ideation stage or the seeding phase of the startup. The entrepreneur discovers a problem and develops a solution (product) for it. During this first stage, the entrepreneur learns if the business idea (product / service) provides a solution to a real problem.

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Validation Phase

The startup evaluates if people are interested in the developed product / service. The first metrics (from user traction, first revenues or other considerations) are generated for validation. This is an essential stage for the startup venture to fully understand its business model and prepare for future growth. Failure to generate and confirm an interest in the product / service can lead the startup to cease or swindle.

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Efficiency Stage

In this post- validation stage, the viability and repeatability of the business idea is proven. The business model will be upgraded to escalate the operational efficiency. The user acquisition and operational excellence will be targeted and the startups usually start to raise more money.

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Scaling Stage

The external investors tend to board the startup which emerges more efficient in its execution. The scaling stage drives further development and effective growth. During this stage the startups often are supported by financial investments.

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The Profit Maximization Stage

The startup can now be considered an established company. At this stage, the startup expands its production and operations to increase its revenue and makes the most money.  Usually this happens with the support of an investor unless the startup is bootstrapping.

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The Renewal Stage

Following the profit maximisation stage, the startup has to reinvent its business, and come up with a new innovation in order to stay alive. Similar to the product life cycle, a renewal stage helps the startup to prevent decline.