Potential $25,000 in funding
to model and test your idea
Proof of Concept &
Minimum Viable Product
It's the motto for any start up business. Money is the fuel for any new business idea. It determines the length of the runway you have, before you must be off the ground and generating revenue - so you can't afford to waste a drop.
"Fail fast, then iterate."
You might have a world-beating new idea, but 99.9% of times it will need a number of modifications, before it sees any success in the market. The purpose of proof of concept and minimum viable product validation, is to find the traps and gaps in your concept and to refine your design as quickly as possible.
Most new services or products today require digital design & / or coding as well as sales process development to find their path to market. The proof of concept and minimum viable product stages, aim to prototype and test a design, before buckets of money are committed to expensive development.
- Review any existing proof of concept &/or prototype
- Apply for MVP funding grants where applicable
- Verify why the product should exist & what problem it solves
- Determine the market and assess potential competition
- Strategic plan - operational timeline and funding requirements
- Develop MVP concept creative for user experience & market testing
- Market testing - find the people who are looking for your product
- Design the sales process & workflow
- Wireframe specifications for digital development
A step-by-step program combining planning and execution
where each stage validates and learns as a strong product is developed.
Is this a good idea?The trick is, to get the answer to this question as quickly and cheaply as possible. Testing and validating a business concept is a smart investment. To assist in the process the NSW government offer MVP grants of up to $25,000 to support the development of promising new businesses. The program recognises the importance of first testing a business model and gathering customer feedback.
CompanyHQ's MVP Program works in stages. Sometimes there are mixed emotions. Hopes may be dashed, but investments protected where the program uncovers gaps in logic, demand or financial viability. Many concepts do not pass the first few hurdles.
Business concepts that complete the program, are able to present a strong proposition to both the market as well as any potential investors. Along the way a strategic plan and operational timeline will have been developed, along with iterative advances in design specifications that contributed to an initial prototype offer. Of equal importance, there will be a clear definition of the target market, together with a study of potential revenue models and options.
If you know it's going to work, it's not innovation.HQ Director, Rob Keogh has been the whole nine yards. He has built and sold successful start-ups; won recognition for mobile innovation at Ad-tech San Francisco; accessed private and government funding to get projects off the ground and seen half a million dollars of his own money evaporate like a teardrop on a hot barbeque, when brilliant ideas spectacularly failed.
Experience is a good school, but the fees can be really high. This program is for individuals and companies who would like a strategic, staged approach to shaping, defining and testing a new business concept. The aim is to create a test environment to check and iterate a business model, before development & infrastructure commitments are made.