When building new ventures, we have learned that business models and circumstances vary too much to enforce a rigid venture building process. However, we have agreed on a set of mile stones that our ideas need to pass on their way to launch.

Step 1: Ideation

Generally, we try to “kill” ideas as fast as possible so that we focus our valuable resources on the most promising concepts. During the ideation phase, a very small team of up to three people focus on the following points: Does the idea solve a big enough problem? Why will the customers love the service? Does it fit into our portfolio strategy? Can it actually be done? What does the market, including regulations and competitors, look like?

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Step 2: Proof of concept

Once a concept has passed our key questions in the ideation phase, we set out to build a proof of concept. Again, what that proof actually turns out to be, depends largely on the idea itself. It may be a prototype that goes through extensive user research, a set of live landing pages on which we spend some marketing efforts or simply a presentation for eventual business partners. Our goal is to deepen our understanding of the product market fit and that no red flags turn up.

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Step 3: MVP build & launch

After we feel confident with our proof of concept, we define the MVP scope based on our product vision and start to hire the full team needed to build the first iteration of the product. Depending on the business model, the time to market for our ideas varies widely, but we aim to get in touch with real customers within the first few months.

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