As we open The Collider’s Phase 2, participants feel the pressure increasing.
Phase 1 was fun and full of post-its, flip charts, workshops and market research. By now, our runner-ups have their ideas set. Validation is done. Iteration is done. And pretotyping is also done to “make sure – as quickly and as cheaply as you can – that you are building the right it before you build it right” (Google’s word).
On the last day of the Opportunity Validation phase, our participants pitched their projects to an internal committee. As a result, out of the 8 projects, 5 are moving forward, 2 are pivoting and 1 has dissolved.
Following this –intensive- month of ideation January sets start to the next phase, Venture Building. The Collider’s Phase 2 is a four-month journey with a very strict selection process based on OKR standards. In the OKR monitoring, “O” stands for “objectives” and the “KR” for “Key Results”; the first being qualitative and the latter –usually three- being quantitave. If anyone fails to pass the biweekly OKR tests, their situation in the program will be seriously compromised.
The Venture Building phase will be divided in 4 stages, with the content organized as follows:
MVP. Focused on defining the minimal viable product, sharpening brand building and learning launch.
Costumer Value. Based on perseveration or iteration, developing sprint planning, and improving the product market fit.
Scalability. Encompasses acquisition and retention, KPI and marketing analytics plus growth formula.
Business modelling. Aimed at improving the model and pitch for the demo day.
Thankfully for our Colliders, an extra help is coming along. This phase sees a pool of mentors joining one each team, according to expertise, to supply close guidance and support. Among them, we have experts in health, tech, retail and VC.
But first comes first. Colliders need to open up the fund flow, for which they have a clear requirement: constituting their businesses. But turning a research project into a company requires a lot of negotiation and paperwork: polishing business plans, defining equity, reaching an agreement with the research centers, etc.
If you’re curious to know the result of this process, keep posted for more.