The Venture Value Chain InnovationShapeLaunchScaleRefineHarvest DefineProve concept Establish SOPs Perfect operations IPO PlanProve market RepeatRefine incrementally M&A ValidateGrowCash Cow

Shape Begins with a domain expert who identifies a market need and a solution Iteratively shape and reshape opportunity New company is not yet formed… But significant $ and time are invested Research validates opportunity

Launch Company is legally formed and initially funded Founders quit day jobs Moves from stealth mode to broader public Founders seek informal financing to prove product concept and market appeal

Scale Only after proof-of-concept is proven (customers will buy; product performs as advertised) New venture is qualified for larger rounds of financing Build out staff and infrastructure Can consume LARGE amounts of $

Refine Venture should now be consistently cash- positive and self-sustaining Focus now less on growth (scale stage) and more on operational efficiency Fine-tune day-to-day operations Produce high-as-possible market valuation

Harvest Get a return on your and your investors’ investments IPO, M&A, cash cow