I really enjoy being a part of the board of the Rainmakers, Incubators hub. Every month, we have a terrific speaker, someone, I don’t have a chance to hear at other meetings. This month, it was David Castor. Here is a brief summary of his remarks,
It is probably no surprise that Attorney David Castor looks for ” proof” when valuates new business ideas. While not the evidence you might take into a courtroom, David looks for “proof” you thought through the details of what it would take to turn the idea into a business.
He shared the three elements of “proof” in his presentation to Incubators on Tuesday, April 6.
- Proof of Concept – It is a good idea, but can you build it or execute the service promise?
- Proof of Scale – As demand increases can you scale the business? Are their built-in capacity constraints which will limit growth?
- Proof of Commercialization – Is there revenue model? Will anyone besides your mother actually buy it, and can you derive enough profit to create a viable business
Answering those three challenges will put a new business owner on the path to a successful launch.
If you missed David’s presentation, don’t worry, we have a number of other excellent speakers lined up to talk to Incubators the First Tuesday of Each Month.