A framework for entrepreneurs, mentors and investors.
Successful entrepreneurs appreciate the need to balance the many diverse needs of their business baby. They might still start with an idea, a new technology, a product they can get excited about, but they know that building a business is about so much more than developing an exciting new product.
They know they need to assemble people and resources and develop innovative ways to deliver that product into the hands of customers at a cost that is significantly less than what they are willing to pay… and if the company is to grow, to keep on finding new, valuable customers.
Therefore, the Balanced startup is a tool for which startups can visualise their development. Today, entrepreneurs can count on a wealth of support from business accelerators, incubators and mentors, as well as their own non-execs and advisors; it's key that they are all on the same page.
The Balanced Startup provides a simple framework for all these parties to share insights and understanding about where a business is at, what gaps need to be filled, what challenges need to be met, where it is aiming for and how it plans to get there.
Where did it come from?
The Balanced Startup began as my own personal checklist to use for review meetings in my role as an Entrepreneur-in-Residence at Surrey Incubation and as a coach for startups pitching for funding at the Surrey 100 Angel Club and SETsquared Investor Showcase events.
Inevitably funds and fundraising are ongoing topics for startups and while some investors will be carried by the excitement of a product, perhaps the majority will at least want to know where a startup stands in all aspects of its development… and where there are opportunities and gaps, how convincing their plans are to exploit/fill them.
Understanding what seasoned and successful investors instinctively look for - and helping the less seasoned and successful entrepreneurs to prepare themselves to give these investors what they want - is central to helping a startup become investor ready. This is the key driver behind the Balanced Startup as the framework allows investors to see clearly a startup’s position in development of various aspects of the business.