Periodic Reporting for period 1 - RDNA (Empowering New Venture Growth - RDNA)
Période du rapport: 2019-08-01 au 2020-01-31
Our ambition is to help startups translate their ideas into successful businesses by offering venture-building software for incubators and startups. In SME Instrument Phase I, we aimed to develop and validate two new product features that accelerate the value our software provides for its users. These two features are a) a recommendation system that allocates specific objectives and key results to startups based on their user behavior and idiosyncrasies and b) the prediction of scores, reflecting the overall likelihood of startup success.
Throughout the project period of six months, we were able to verify the technical feasibility of these features by collecting the required data, cleaning and enriching the data, and finally building the predictive models with an acceptable model fit. Simultaneously, we validated the market demand further and deployed pilot studies to ensure customer-centric product development. The key learnings comprised: 1) The relationship between startups and incubators is burdened in many cases. Therefore, the startups need to be in the driving seat when using our software. Data should be collected from their progress and daily activities to make the process as least intrusive as possible. 2) Our initial startup interface did not suffice the requirements of the startups, which prohibited implementation. Consequently, we developed an interface based on the startups’ needs. 3) Given their inexperience and lack of founding knowledge, startups have difficulties in setting goals and defining concrete plans. They need substantially more guidance and training on the fly as it provided by incubators. 4) We learned to separate incubators between professionally managed high-touch incubators and poorly managed low-touch incubators. This helped us to narrow down the target group.
Based on the insights from the project, we now put a stronger focus on startups. By integrating growth journeys, performance self-control, automated support, and remote education, we transition from an incubator-centered to a startup-centered software product. We have acknowledged the increasing importance of digital solutions that allow startups to work remotely, more independently, while still receiving guidance and support. This stronger emphasis on the remote education of founders will significantly influence future product and business development.