Stage 4:
Introduction (Test the Market)
Strategically entering the market to finalize your technology for scaled production
Navigate each of the processes below by reading more, downloading support files, and/or watching some of our online webinars. Each of them provides more context and support throughout the Goldsmith Model.
Process 4.1 - Business Start-Up
Achieving the capability for your product or service to comfortably enter the market
Now that the entrepreneur has a Strategic Business Plan outlining what the business should look like, it’s time to begin the Start-Up. Normal business essentials such as HR, Policies, Legal, and procedures need to be created in order for there to be a standard that is set and for the culture of the business to begin thriving. Employees and team members will need to be screened and invited to the team as well. The business should introduce the company to the market, while inside the parameters defined in the business plan. The value of a Business Start-Up is pretty self-explanatory: the entrepreneur now has a presence in the market while producing a product/service that meets customers' needs and provides possible profits as well.
Process 4.2 - Pre-Production Prototype
Developing and finalizing manufacturing process of your technology or service
In order to efficiently produce your product to the best of its capabilities, one must understand the processes of manufacturing. These need to be well defined throughout each step of the operation. Take note of attributes such as the process itself, component list, plans for support & maintenance, etc. as these all play a significant role in the efficiency of the overall process. Once these processes have been adjusted and perfected, final tests should be made to verify all previous assumptions. The value of analyzing a Pre-Production Prototype lies in the inventor's better understanding their product’s manufacturing process.
Process 4.3 - Market Validation
Assessing market approaches as you enter your product to the market
Market Validation, in short, is understanding the market's satisfaction levels with one’s technology/product. Though it may sound straightforward, it is a vital step that can include many different avenues to collect information. This information should be quantitative and measurable rather than subjective and opinionated. For instance, measure data points such as number of sales per contact, rate of sales growth, number of repeat customers, satisfaction surveys, etc. These points of reference will provide value through clear quantitative analyses of limited sales and customer satisfaction.