Topic 3 Preparation & development of your business
In order to proceed with your preparation you need to get your approval for the Startup Visa. Below you can see some of the criteria:
- Capability of the Team to develop new or clearly improved products, services or processes with high technological or industrial risk.
- Motivation and commitment of the Team to bring the innovation to market (ownership structure / stock option plans, etc.)
- Previous experience of the Team and relevance to the company’s business.
- Appropriate business model, go-to-market and commercialization strategy and IPR management.
- Soundness of the financial planning and projections.
- Potential to scaleup / growth prospects (incl. the potential to create new working positions).
- Appropriate market and competition analysis.
- Soundness, credibility, feasibility, timing of the proposed idea.
- Degree of innovation / advancement over the current state-of-the-art.
- Potential to create a new market or significant impact in existing ones / unique selling proposition.
- Proof of financial viability of the startup enterprise for the next two years
- Presentation of: Budget and cash flow planning, fixed and variable costs, forecasted sales, monthly revenue
Once you get your approval you can develop your business idea!
- “What, How, Why” – Define the company / business objective and scope.
- Description – Explain what you are providing. Define your audience and it’s needs.
- Does your business addresses a problem? – If yes, then make it obvious. Who has it? How does the product you provide solve the problem? What has the market for this solution? What is your value proposition and your unique selling point?
- Solution – Demonstrate your company’s value proposition to make the customer’s life better.
- Explain how is it better and different than anyone else’s
- Keep a unique approach!
