Stage 3: Proof-of-Concept
The purpose of the Proof-of-Concept stage is to develop a ‘prototype thesis’ for your business model and commercial roadmap. Your V1 business model, revenue plan and go-to-market strategy should be informed by your findings collected during the first round customer discovery effort, as well as what your team has learned thus far from research online and via other secondary sources. Your V1 commercial plan will inherently be imperfect, though will serve as a foundational starting point as your team continues to build upon its industry know-how and tightens its commercial strategy.
Questions to answer: What should I build? Who do I need on my team?
A business plan is a valuable strategic tool for founders. A good business plan helps entrepreneurs focus on the specific necessary steps for advancing a business, and provides an effective platform for communicating value to potential investors, partners and potential team members.
CRI is gradually adding to its network of external service providers that can bring value to Northeastern founders. External services include legal services via preferred law firms, certified public accounting (CPA) firms, office space providers, venture capitalist and angel investor custom, SBIR/STTR grants and contracts grant writing consultants, website design and development specialists, and more.