NFDI believes that structured processes are fundamental in moving a fledgling idea to the marketplace. The founder needs to put the thoughts together as part of a systemic approach. We at NFDI guide the founder through asking relevant questions helping the founder arrive at his own conclusions.
Creating a concept note helps the founder gain clarity, and this is done by completing the preincubation application form after registering on the NFDI website. The Chief Operating Officer of the respective incubator discusses the early idea of the founder and helps develop the Business Model Canvas. The Business Model Canvas is the early road map of the founder on which the pitch deck is based. The pitch is presented to the NFDI Selection and Monitoring Committee who decides on the admission of the founder / Co-founder to the NFDI Incubation and Acceleration program.
After the Founder / Co-founder is admitted to the program, they define the early product or service characteristics and the customer archetype. The feasibility of the idea leading to a Minimum viable product or service is examined through prototype development. Market Feasibility and validation through paying customers are critical components at this stage. With some market traction, the stage is set for a go-to-market strategy. During this phase, the business entity is also created, and necessary shareholding agreements are signed.
Discussion and pitching to angel investors are initiated while NFDI continues to monitor the progress of the founder.
The schema below highlights some of these steps.