Although 84% of business leaders acknowledge that innovation is key to their competitive advantage moving forward, 95% of product innovation fails. After working with over 500 business owners and entrepreneurs facing the challenge of working with technology to digitize or innovate, a clear series of patterns emerged.
While business leaders and entrepreneurs have many tips, techniques, practices and methodologies supporting them to commercialise and grow early stage companies, many end up confused as filtering and selecting the next best step can be overwhelming. As a result, many choose a course of action that involves far more risk than is necessary.
In the past, there existed no framework to provide clarity on how to innovate, commercialise and launch an early stage venture. With the Genesis Framework™, the world’s first venture building framework, we enable business owners and entrepreneurs a way to grow their venture leaner, faster and with less risk.
The Genesis Framework consists of the following:
DISCOVER. Have you selected one business seed? Many founders start with an overwhelming number of ideas and therefore cannot begin the journey of building their company.
- DEFINE. Is that seed validated? Is there real demand? As early as possible, we should be out in the market assessing whether people want our product or service.
- DESIGN. Can a whole, scalable business be built off that seed? Is your product truly clear? You must create your blueprint before you build your house. Many entrepreneurs skip this step and create unnecessary rework.
- DEVELOP. Is your product built? There are key differences between building a small scale software versus a large scale, global reaching software product.
- REFINE. Are you revenue generating? If we have met the last stages properly, this should be a natural result.
- SCALE. Are you executing on a scale plan? This is where a company finds its product market fit and moves from a startup into an established company.