Stage 1: idea

Team

The team consists of only part-time founder(s) and is unincorporated.

Business model

The team has developed a preliminary business plan and/or pitch deck and may be looking to validate externally (business consultant/mentor).

Customers

No customers yet but the venture may be in discussions with potential customers to determine demand in the market. The pricing/revenue structure may have been developed, but needs market validation.

Revenue

The venture has no revenue.

Investors

The founder(s), their friends or family may have provided some seed investment.

Product

The specifications for a minimum viable product are in the process of being developed.

Stage 2: start-up

Team

The team consists of some part-time/full-time founder(s) or only full-time founder(s). The team has secured advisers and/or mentors in critical areas of the venture. The team has incorporated the venture.

Business model

The team has developed a full business plan and/or investor pitch deck with strategies put in place for marketing & sales and operations etc.

Customers

Market need has been validated through market research and initial sign-ups have come through in this pre-launch phase.

Revenue

The company is about to launch and has no revenue yet.

Investors

Investment may have been raised via friends/family or professional investors (angel, accelerators, funding competitions, venture capital etc).

Product

Launch is imminent.

Stage 3: growth

Team

The team consists of full-time founder(s) and is in the process of hiring employees and/or interns, and appointing advisory board members.

Business model

The team continues to refine the business model periodically based on market feedback.

Customers

The company has achieved significant traction and use-based growth.

Revenue

The company is collecting revenue.

Investors

Prior investment may have been raised and the founders are prepared to pitch to professional investors if additional capital is needed for continuous growth.

Product

The product has been launched and is periodically refined based on market feedback.