September 30, 2023
I work with a lot of startups. So much so that I recently discovered a program at George Mason University called ICAP. Sponsored by the good folks at the Virginia SBIC, according to their website: “The Innovation Commercialization Assistance Program (ICAP) assists Virginia-based technology and innovation-driven startups on their path to success. Supporting startups – from ideation, all the way through seeking Series A level of funding and beyond – ICAP services are offered at no cost to participants and all advising is strictly confidential. Experiential learning programs and one-on-one advising with our experienced team of ICAP Mentors (all successful entrepreneurs and entrepreneurs), have created a long track record of success for our clients. Through ICAP, our clients have been able to: learn how to validate their business model (for themselves and funders) before investing significant dollars, connect with subject matter experts, deeply understand their marketplace and competition, and make industry and funder connections”.
I know that is a mouthful, so let me see if I can break it down for you. The lean startup introductory course shows you how make a hypothesis or two about who your target market segment is and what problems they may have. Then you go ASK THEM. Not tell them about your product (selling) but ask them what problems they have in their day to day lives (interviewing). What are their pain points? What is their hair-on-fire problem? You get them to talk to you and they tell you what is keeping them up at night. Then, after doing 20+ interviews you can begin to see trends and see if your product /idea can solve their pain points (maybe as is, or with some modifications).
So why do this? Because asking people what their problems are and analyzing that data to determine what product you need to offer them is a LOT cheaper than THINKING you know their problems and spending money to develop a product only to find out that you really didn’t know, and no one wants your product.
Are you getting the picture? Stated a different way, companies fail not from a lack of products but from a lack of customers! (I absolutely love this last statement. It’s not mine, but I use it every day in talking to teams). Anyway, if you want to learn more, most states have an ICAP program. All states have an SBDC (Small Busienss Development Center) so I would start there. If you happen to be in Virginia, the George Mason University ICAP program is at https://www.virginiasbdc.org/icap-programs/. I cannot recommend it highly enough.
BTW - I am so impressed by this program that I joined as a mentor. I already have 6 companies that I am helping, and I am excited about how they are developing. If you are an entrepreneur, or you are thinking about being an entrepreneur, this is really a program that could offer you a lot. It is now so widely accepted that many grant and venture capital folks won’t talk to you until you have been through this or a similar program. In fact, many will ask to speak to your mentor before giving you money! So, check them out.
Until then, thanks for reading. Follow me on twitter at @DCJimS.