Most anyone can point to a childhood dream they coddled as a child or young adult: a yoga studio, a bakery, a music app they are certain will be the next Spotify. While many people write these ideas off as pipe dreams, research shows that there really may be no time like the present to get your Start-Up off the ground. Industries such as robotics, cryptocurrency, and agtech, have increased by over 1000% from 2012-2017; and those numbers keep increasing. The reason for this drastic increase is simple: people, now more than ever, have the means to share their ideas, reach investors, and make their dream company become a reality.
While your business idea may be creative and top notch, and your product marketing plan first class, there are often portions of the start up process that entrepreneurs struggle to accomplish on their own: whether that be receiving an initial investment, or maintain funding throughout the entirety of the startup process. Fortunately, there are organizations out there that know the world is full of creative, soon-to-be-successful entrepreneurs who feel passionate about helping start-ups succeed. What do these type of organizations looks for? Revolutionary ideas that will change a specific industry, or an evolutionary idea that will impact how a product or processes is created.
So how do you know if your idea is ready for pitching to investors, needs more development, or is even creative enough to be considered marketable? MassChallenge, and organization that empowers and promotes high potential start ups, recommends asking yourself these list of questions:
- What is the problem you are wanting to solve?
- What is the differentiator in your product or service?
- Are the functional business elements of your business (i.e. accounting, website, etc.) in order?
- What are your revenue goals?
- Can you show that your product creates interest or demand?
- What is your business strategy?
- Who is on your team?
If you have taken time to answer these questions, you may be ready to take your business from a dream to a destiny. Below is an infograph that provides even more information about how to know when your start-up is ready to take flight, and next steps that can be taken so your business can soar. Creativity, a few investments, and a pinch of bravery, your idea could be the next big thing.