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Created with Fabric.js 1.4.5 Crucial Stages of a Startup Ideation &Discovery Potential scalable product/serviceidea with a substantial target market Founding team is formed;sometimes comprisingonly the founder Many customer interviews conductedto see whether anybody would hypotheticallybe interested in the startup's solution Value proposition is found Minimally viable products are created Joins an accelerator orincubator Funds from familyand/or friends Pioneer mentors comeon board (5 - 7 mths) Validation Looks to get early validationthat people are interested intheir product Refinement of corefeatures of product Metrics and analyticsimplementation Hires team members Gets seed fundings Able to see some usergrowth or sales Work on Product-market fit (3 - 5mths) Efficiency Refine business modeland improve efficiency ofacquiring customers Value propositionrefined Conversion funneloptimized User experiencedoverhauled Viral growthacheived Found repeatable salesprocess and/or scalablecustomer acquisition channels (5 - 6 mths) Tries to drive growthvery aggressively Gets series A funding Massive customeracquisition Hires first fewexecutives of the startup Process implementation Establishment ofdepartments Focus on back-endscalability improvements (7 - 9 mths) Scale Establishing Achieved greatgrowth No longer needs to "try" toget resources and can attractthem easily Have proven that $X investedin sales and marketing willgenerate $Y revenueand profit Expansion can be donewith little risk Management style andfocus changes Founders continueto run the business Exit Infographics created bybased on Steve Blank's 4 Steps to the Epiphany
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