Venture Introduction, "We Have Liftoff"

By H. Randall Goldsmith | THE JOURNAL RECORD, August 19, 2002 | Go to article overview

Venture Introduction, "We Have Liftoff"


H. Randall Goldsmith, THE JOURNAL RECORD


In the life of a venture-backed enterprise, there is a defining moment when the entrepreneur is momentarily on top of the world. It occurs when the lawyers for the investors and the entrepreneur complete their documentation, and the first check of investment capital is wired to the entrepreneur's bank account.

It is a truly a moment of exhilaration. It is the culmination of months if not years of extremely hard work, sleepless nights, headaches, heartaches, and financial crises. It is the end of an emotional roller coaster.

Reflecting back, the entrepreneur conceived a venture idea, proved its economic feasibility, developed the venture opportunity, and convinced investors to back the enterprise. Now the life of the venture embarks on a new level of commercial activity -- venture introduction, the fourth stage in the commercialization process.

The introduction stage consists of three activities: the pre- production prototype, market validation, and business start-up. The introduction stage can be considered the defining moment for the enterprise: the business is launched, limited amounts of product are produced and limited sales are made. However, it is a rare venture that experiences a perfect launch -- equipment setups are out of caliber, systems fail to integrate, suppliers are too early or late, advertising is wrong, or the bank fails to set up your line of credit. The objective is to work out the kinks as quickly as possible, maximize efficiencies, generate revenues, break-even financially and achieve profits.

Based upon the desired features of the product as defined in the engineering prototype, a production and operational process, whether it involves people or machines, is put into place to achieve the objective of a reliable, manageable, and dependable system. Alternatively, contracts are executed with outsourced providers. In either case, it is important to verify that the technical assumptions made in the business plan about costs and capacities are valid.

Completion of the pre-production prototype step will result in knowledge about the manufacturability of the product, the manufacturing processes, maintainability and reliability, materials and components lists, plans for field support, installation and production costs, safety and environmental factors, time schedules, and regulatory requirements.

If the venture involves a service product, the pre-production prototype activity will result in knowledge about the systems requirements, resource allocations, integration procedures, interoperability features, and customization needs. Once the assumptions are finally tested and validated, full production is launched or services are delivered.

Even though production is launched, no one would produce a million widgets without knowing whether the end-user was satisfied with the initial product. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Venture Introduction, "We Have Liftoff"
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.