Design Thinking: What Is It and What Does It Mean for Your Business?
People often talk about design thinking, but do you know what it really means? In this article, we’ll tell you a little bit about this process and its impact on your business.
Everyone who works with technology and innovation knows the importance of finding creative solutions for common problems. After all, this is one of the pillars that makes an idea a successful business. But what does Design Thinking have to do with that?
4 Steps to Turn an Idea into a Successful Business
There are various routes you can take when itcomes to turning an idea into a successful business. However, we want to recommend 4 simple steps that will make you reach this goal easily and with less risk. Everyentrepreneur dreams of turning their idea into a successful business. After all, one of the most complicated parts has already been achieved: the powerful insight about anew service or business that will change many people’s lives. However, after this first step, we need to focus on the plans that will actually make this dream come true. In other words, the idea needs to be validated, which is a process that’s based on a few essential points. This is important because, sadly, it is all too common to see new startups hit the market with very interesting goals, yet be unable to remain afloat for very long. You’ve certainly seen various examples of this. That being said,in this post we’ll help you with the process, from getting your idea off the drawing board to taking it tomarket safely and responsively. Stay alert and focus on these 4 steps! According to sales and personal development expert Brian Tracy, “average person has four ideas a year which, if any one is acted on, would make them a millionaire”. With this in mind, and to help you act on your idea, we’ve outlined four simple steps to help you start your journey to success. Ready? 1. Be clear about what pain point you solve This first step may seem obvious to many people, but that doesn’t match the findings published by CB Insights in their report about the main flaws leading startups to fail. According to their survey, the second most commonmajor mistake entrepreneurs made was that their products or solutions failed to meet a real market need. That means it’s pivotal to truly understand what pain point you’re solving. 2. Study your market After having in mind what type of pain you’ll helpsolve, you need to look at the market and understand if there are already any competitors around, if this is the best time to launch your product or solution, among other things. Here, the focus is on getting a broader and more in depth view of the problem or need, defining the value proposal you plan to offer, and learning more about your client or customer, which includes studying the size of your market and of your competitors. Another aspect you’ll want to analyze carefully in this regard is the following: what factors distinguish your solution from any that your competition may already offer? 3. Create a business plan Next, after obtaining all the information we listed above, it’s important to “draw up” your Business Plan. Essentially, this is a document with details about your plan and idea. In other words, it should include,for instance, your main idea, what audience you want to reach, the market where your company will operate, the solutions your business intends to offer, what goals you want to achieve and how you’ll achieve them, among other items. 4. Find a Venture Studio Lastly, the final bit of advice we offer is to find a Venture Studio that shares your goals and values. Keep in mind that this investment model offers you and your business various advantages, because experience makes all the difference when starting out. For example, here at Boomerang we quickly analyze every idea so that we can get started on the necessary actions as soon as possible to take it to market. At the same time, we provide a team of specialists to help your company with its day-to-day operations. This way, you can focus on more strategic matters, while we offer financial and intellectual support. As a result, we can present new solutions or products—with less risk exposure and faster scalability. Our goal is to turn your idea into a successful business! We want to help you turn your idea into a successful business Our mission at Boomerang Ventures is to help solve the most urgent healthcare challenges facing the world today. With our Venture Studio and Venture Capital, we can ensure better quality of life for everyone. In short, our specialty is bringing to life ideas aligned with our mission. If you have an insight about healthcare and want to make a difference for the global population, we want to help you! […]
Everything you need to know to find an investor for your idea
So, you’ve got an innovative idea, but you don’t know how to find an investor to move it from the drawing board and take it to market? In this article, we’ll share the main options to make your venture successful. Every day, we see brilliant ideas appear on the market, but we know that for them to flourish into effective businesses, a number of factors must be considered. And one of them is how to find an investor to succeed on the market and grow in scale. This is even more important because, for many startups, failing to secure investments can be a death sentence. According to a survey conducted by the business analytics and tech market intelligence platform CB Insights, 29% of startups fail because they run out of money. Even if you have the capital for an initial investment, at some point you’ll need to obtain additional funding in order to grow and scale up to the market. That’s why, in this article, we’ll talk about how to find an investor for your idea. In other words, what are the main investment choices that can help you? Additional reading: How To Scale a Business with a Venture Studio? 5 ways to find an investor Today, there are a few different ways of raising funds for your idea or business, but we’ll talk about the five main options for you to study and understand which ones are the best fit for your business. 1. Incubators If your idea, business, or startup is still in its embryonic stage, and you need some help smoothing out its rough edges before receiving seed money, this model is an option. Normally, incubators are based on a regional or government directive. In addition, they invest public funds both in their own growth and in the projects they help develop. Incubators are connected to universities and teaching institutions that support new entrepreneurs. Their business models are often structured like traditional consulting firms. 2. Startup Accelerators Unlike incubators, accelerators look for startups that already have significant growth potential. In other words, startups that are currently growing and validating their MVP (Minimum Viable Product). That means this funding option is managed by individuals using private capital for financing. They generally offer financial, structural, consulting, and training support in exchange for participation in the new company’s equity. 3. Angel Investor In the vast majority of cases, an angel investor is an individual willing to invest in innovative businesses in their initial stage. In other words, those that already have a product or service, but still need a viable way to “get started” commercially. They are often groups of entrepreneurs, known as angel groups, that support entrepreneurs by applying their knowledge, experience, and network to advise newcomers and improve their chances of success. In short, it’s a type of corporation that resembles an offer to sell shares of the company to someone else, since these investors acquire a share of the business. […]
How to Scale a Business with a Venture Studio?
Today, our society faces increasingly complex challenges, so it’s no surprise to see various companies and solutions arise. But there are still challenges and questions about how to scale a business to make it successful. Undoubtedly, developing a new product or building a company from the ground up are not easy tasks, because they involve […]
How First-Time Founders Benefit from Venture Studios
Let’s cut to the chase. Entrepreneurship is exciting, but it’s also a risky business. Regardless of enthusiasm, product-market fit and funding, only about one in ten startups make it. The other nine fail. The top five reasons startups fail are: No market need: 42% Ran out of cash: 29% Wrong team: 23% Better competitors: 19% Pricing/cost […]
Innovating to Drive Growth in Life Science Corporations? Here’s How a Venture Studio Can Help
For the first 30 years of my career, I was a corporate guy. I held a number of senior global business management roles in leading life sciences companies. I had my hands in everything at one time or another: imaging, instrumentation, consumables, reagents, informatics, services. I often carried the flag for growth initiatives, convincing teams […]
Lessons for Life Sciences Startups from a Former Medical Device Exec
Throughout my 30-plus years with one of the world’s best-known medical device companies, Zimmer Biomet, in a wide range of roles from design to product development and commercialization to corporate strategy, innovation has been an integral part of my career. So when Oscar Moralez invited me to join Boomerang Venture Studio as chief innovation officer, […]
Hurdles to Overcome in Building a Successful Life Sciences Business Venture
Starting a new business generates excitement, expectations and hope. Not only for the entrepreneur who is taking the initiative and risk, but also for coworkers, friends and family. To some, entrepreneurs are an inspiration. Others, namely those who are risk averse, see launching a new company or technology as an invitation to fail. The truth […]