You’ve had the brainstorm, jotted down the idea (maybe even on the back of a napkin) and now you are thinking about forming a company. Taking that first step can be daunting, especially if you’ve never ventured into the world of startups. The best way to lay the proper foundation is proving that there is a need and a market for your idea, and that starts with taking time to ensure you can articulate the value, prove the need, and identify who the first buyers for this product will be and what they will pay.

Goals of this stage

Articulate YOUR Concept

Describe your idea in a clear, concise way using verifiable facts. Who you are? What are you doing? Why will it work?

Validate YOUR Market Opportunity

How are you solving a problem and who is willing to spend money on your solution?

Outputs OF THIS STAGE

Value Proposition

Statement clearly identifying the value of your offering
Download Guide: Building A Value Proposition Statement »

Problem Statements

The pain point or challenge your customer is experiencing
Download: Sample Market Validation Questions »

Primary Use Cases

A written outline of how customers will use your offering
Download Guide: Use Case Template »

Business Model Canvas

A one-page tool to help brainstorm a business model
Download Guide: Business Model Canvas Template »

Incorporation Documents

The formal documents necessary to start your business
Download Article: Forming A Business by Buckingham, Doolittle & Burroughs » 

Activities & Exercises to help you on your journey

Customer Discovery

Talk to your potential customers and gather their feedback to refine your value proposition
Download: Customer Discovery Guide »

Wireframe Development

Design a simple mapping/layout displaying the core functionality of your offering
Read The Blog: Wireframes Or Prototypes… Worth The Investment? »

Initial Financial Model

Create a basic framework to illustrate the cost/feasibility of your business

Market Sizing

Define the number of customers who could potentially purchase your offering

Competitive Landscape

Define and assess competitors in your market
Download: Competitive Analysis Worksheet »

Adviser Engagement

Identify areas where you need support and engage the appropriate subject matter experts for assistance
Apply Now: Complete An Application For Assistance From JumpStart And Our Partners »

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