17 August 2015 | Q: Is it possible to evaluate a startup before its start? A: Yes, it is possible. The following discussion is to provide explanation.
The meaning of “evaluation”
Evaluation here does not mention to financial value. Evaluation is to measure, somehow test, the readiness of the startups for market competition.
How to evaluate
#1 The Entrepreneurs:
Genuine vs. Disguised
Risk and Uncertainty
#2 Innovation Capacity (not capability)
#3 What Are Missing?
To collect startup information, the first set of questions are developed from
- Experience in discussing and mentoring a number of startupsQuestion in the business model canvas and lean startup.i2Metrix questionnaires which have been introducing to a number of well-established firms. The i2Metrix questions are simplified to meet the early stage of the startups.
- Questions in the business model canvas and lean startup.
- Experience in discussing and mentoring a number of startups
Please note that the startups are asked to both (a) fill in as much as possible information about their idea/product/business/team/resource, and (b) score/assess themselves.
If possible, different members of the startup team are asked to give their score (expectation: they will make different assessment). Also, it is better if there are more than one appraiser.
This first set of questions are to
- understand the readiness for market competition of the startups
- provide the startup founders with a comprehensive view of their startup and its competitiveness
- offer an evaluation measure
In order to measure the improvement of the startups, the survey can be repeated after three or six months. After one year, it is recommended to use the i2Metrix questionnaires.
— to be cont. —