Market Readiness Program (MRP)
You have a good idea and you are sure that your product or service will conquer the market! After all, it is innovative and has a major social impact. But you still notice that customers are not interested, further traction is lacking or that you keep getting the same question when looking for financing: what problem are you solving in the market and who will be your first customer?
Starting an innovative business is a risky business. Various studies show that most startups fail to grow into a healthy company. This high failure rate is often due to the fact that (i) there appears to be no demand for a product or service and/or (ii) financial resources are running out and it is not possible to attract new financing in time (source: CB Insights).
Through the Market Readiness Program (‘MRP’) we want to give impactful sustainable innovations the opportunity to increase their chance of success in building a healthy company. The program is designed in such a way that you gain insight into how your company can grow successfully, collect the necessary market insights & validation and learn how potential clients can be attracted.
What can you expect from us?
- A step-by-step method, in which we train you to get started at the right time and in the right way with your problem, solution, pricing, business model and sales process.
- A weekly plenary theory session (~3 hours a week), mixed between online and at location (see ‘planning’), in which you receive feedback from the trainer, coaches and other participants.
- Practical assignments (a lot of conversations with potential customers) in preparation and completion of each module, in which you collect the required market insights and validation.
- Valuable one-on-one guidance (~1 hour a week) with a venture developer or investment manager from InnovationQuarter.
- Conclusion of the program with a 100-day plan, so that you can continue to work with focus on your specific objectives after the program.
- The MRP is a proven instrument within the regional development agencies (‘ROMs’) to strengthen companies and increase their chances of success. It can for example help in situations where you want to launch a new product on the market, gain customer insight for the further development of your prototype, or are already 'on the market' and notice that traction is lacking.
- Participation results in (i) a greater chance of success from idea to a sustainable business, (ii) a sharp focus on prioritizing attention, time and money, (iii) thorough knowledge and insight about your customer and required revenue model, (iv) a specific step-by-step plan for the next phase and
(v) valuable knowledge sharing between other participating companies. If you have made sufficient progress within the program, we can support you (if desired) with your next steps towards financing.
- Participation in an MRP via InnovationQuarter is free for companies. However, selection does take place and a serious commitment is required in terms of time and involvement. Especially for the weeks in which you have to conduct interviews, assume at least 20 hours a week.
Profile of participants
- Startup or innovative SME, located in the province of South Holland
- Innovation with economic and social impact, preferably also strengthening of the regional ecosystem
- Clear picture of the first market and customer segment and the availability of contacts to conduct ~50 conversations during the program (with people involved in the decision making process)
- Already talking to potential customers and about to enter the market or already having some sales or (pilot) customers
- Founder/(co-)founder or CEO of the company with sufficient time, enthusiasm and open to feedback
What we expect from you
- We ask for an effort of at least 0.5 FTE per participant during the ten weeks that the program runs. This means that an average of 20 hours per week is required from your company.
- Attendance at the weekly group sessions (for ten weeks on Thursday afternoon), including completion of the associated assignments.
- January 11: Information session
- January 15: Deadline for registration
- Febuary 1: Start program
Note: there is room for ~10 participants during an MRP. Selection will already take place during the registration period. Once the maximum number of participants has been reached, registration will be closed.
The MRP is provided by Gritd and you will be coached 1-on-1 by InnovationQuarter. The purpose of this program is to systematically collect customer insight and convert this into a proposition that fits seamlessly with your customer's core problem, ultimately creating a paying (core) customer. In the MRP you follow ten weeks of workshops, in which you test all assumptions about your customer. In the first weeks you work towards a validated customer problem that is worth solving, then in the remaining weeks you work on your product, business model and the commitment of your first customer; the program also includes a pitch training.
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