Problem/Solution: This is the stage where the startup discovers a valid solution for a problem worth solving for a sizable population.
At this stage, it is important for the startup to interview users to see if it has made the right hypothesis on the problem and the solution. This is also a good time to learn about how the product should be built.
Product/Market Fit: This is the stage where the startup has built the solution into a product that people want and have validated its business model.
The startup is not focusing on getting users before it has achieved Product/Market Fit. Instead, it works with its early adopters and keeps tweaking its solution until it's there.
This step is, where the startup will have its first sale. A good way to know whether or not the startup has reached this stage is if at least 40% of its users would be very disappointed if they could no longer use the product.
Business Development (Scale/Growth): After the startup has validated that the product is fit for the market, it should now be launched to the mass market.
The startup can now begin to focus on getting new users, go viral (Growth Hacking + Content Marketing + SEO), etc. The startup will continue to optimize each of its product features to create a frictionless experience for the users.
This is a step where the startup will have a continuous sale and is ready to upscale the business.
Exit from SDU: At this stage, the startup will leave SDU Entrepreneurship Labs with a sustainable business model and a product in demand.