Your validated idea is ready to move to the next level

Here are the key stages of incubating a startup and what you can expect at each step.

Stage 1: Prototyping With a validated idea in hand, you move on to creating a prototype. This is where your concept starts to take shape, whether a physical product or a digital offering. Developing a prototype (working model with sales potential ) allows you to test your product's functionality and design and make necessary adjustments based on feedback. In the prototyping stage, you might create a basic version of your product, such as a sustainable cardboard packaging solution. This could be a simple model of a box that demonstrates the materials used and the design. You test its durability, fit, and form and gather feedback from potential users (testers) to refine the product. Stage 2: Business Model Development After crafting a prototype, it's time to develop a business model. This stage involves outlining how your startup will operate, generate sales, and grow the business. You define your target customer and create a pricing strategy, research sales channels, and other essential components of your business plan. In our example, for the sustainable packaging startup, you might decide to target eco-conscious businesses. Depending on the type of business, you will need to set a competitive pricing strategy. To maximize your reach, you also explore other sales channels, such as online marketplaces and partnerships with retailers. You will need to define your preffered payment channel (and a backup) and the timelines customers need to make a payment.

Stage 3: Launch Preparation As you prepare for launching your product, you focus on refining every area of your startup. This includes improving your product, setting up logistics, and creating marketing materials (including developing a brand identity, as something that resonates with your target audience). You also establish the areas where you will need additional help, from outsourcing job to hiring your first team members. During this stage, for our example startup, you finalize and/or refine the design and production of your sustainable packaging product. You will need to develop a marketing campaign highlighting its environmental benefits and revolutionary approach to efficiency. You will also create a brand story for your new approach to sustainable packaging (based on the new designs and concepts offered).

Stage 4: Launch and Iteration The final stage is launching your startup, then making the first change based on feedback. Once your product is on the market, you monitor its performance and ask customers for insights, so you can make improvements. This stage is about generating change in a safe manner, at the same time ensuring your startup's long-term success. After launching your sustainable packaging product, you collect and evaluate customer feedback to identify areas for improvement. You develop a plan to record and compile comments and a timeline to make changes to the design (or expand) your product line, based on this valuable input. By observing these stages, you can effectively incubate a validated startup idea and turn it into a viable enterprise. Each stage is an opportunity to learn, grow, and ultimately create something exciting.