For Entrepreneurs and Innovators
Launching a new venture is a complex and risky process – lots of things will go right, but there are lots of things that can go wrong too.
We have worked with thousands of entrepreneurs and innovators and have identified 8 critical factors for venture success:
- Performance advantage – is your innovation better than the competition’s?
- Market readiness – are you ready to launch or are you still in development?
- Product uniqueness – does you innovation stand out or get lost in a crowd?
- First customer – is somebody ready to pay you money for your product or service?
- Distribution – can you get it to market?
- Market size – is the market viable?
- The entrepreneur – do you have the right stuff?
- The financial plan – can you make money over the long haul?
The impact of critical gaps
Our research has found that critical gaps in one or more of these 8 factors significantly reduces a venture’s likelihood of success. Fortunately, critical gaps can often be addressed. For new ventures, identifying and dealing with the critical gaps early can make a difference in increasing the chances for success.