The startup lifecycle, in essence, encompasses the distinct phases that a startup experiences while expanding and evolving. Numerous models depicting the startup lifecycle exist, ranging from three to seven stages. While we recognize the individuality of each startup, a majority will navigate through similar core stages during their growth and maturation. Together, these stages outlined in this series constitute the entirety of the start-up lifecycle.
In this series, our objective is to delve into the different phases that constitute the lifecycle of a startup while emphasizing the legal requirements crucial to startups within these stages. In today’s discussion, we will provide a comprehensive overview of the first three stages and furnish founders with essential advice pertinent to each phase.
1) Ideation Stage – At this phase, founders explore potential solutions to address a specific problem. The utmost importance during this stage lies in founders conducting thorough research to ascertain the feasibility of their idea, ensuring it is practical rather than a mere ambitious notion.
2) Pre-seed Round – In this stage, founders embark on the process of turning their idea into a tangible project, necessitating an initial investment or pre-seed funding. During this phase, founders initiate their efforts to secure funding by exploring online platforms for entrepreneurs interested in similar startups, participating in pitch competitions, seeking entry into an incubator, and engaging with accelerators.
3) MVP Launch – Characterized as the initial practical phase within the startup lifecycle, this is when the startup constructs its minimum viable product using minimal time and capital investment. It’s important to recognize that perfection isn’t the primary goal here; instead, the focus is on generating investor interest in seed funding for the forthcoming phase.
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References
- https://fourweekmba.com/startup-lifecycle accessed 23rd August 2023
- https://www.qulix.com/about/blog/startup-lifecycle/ 23rd August 2023
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