Five keys to launching a social venture we learned at the 2018 Accelerator
The Drawdown INNOVATE program was Net Impact’s innovation approach to climate change. A total of 29 Chapters participated from 9 different countries, reaching more than 450 people with solutions to reverse global warming. Finalist ideas included a food leftover sharing service, a food waste app, an e-waste directory, and a regenerative agriculture carbon trading platform.
From April 5-7th, 2018, finalists from the Drawdown INNOVATE program and the Food Solutions Challenge came together at Net Impact's Oakland headquarters to learn from and refine their ideas with innovation consultancy IXL. Participants not only worked hard and got an incredible amount out of the Accelerator, but they left with new friends from around the world. One participant expressed that the experience had changed their life.
Here are 5 of the many takeaways from the Accelerator:
Be a trend geek
According to Accelerator facilitators IXL, “if you want to be a great entrepreneur, be a geek for trends.” Apply future forces on different market segments. Watch science fiction. Consider what the future of sustainability, healthcare, connectivity, boredom, inconvenience, food, demographics, and more might look like.
Focus on building the business, not the business model
Many MBA programs stress starting with the creation of a complete, multi-page business model. Before you dedicate all that time and energy, focus on testing your concept with potential customers.
Nobody wants your baby
Share your idea with everyone. Seriously. Nobody wants your idea because there’s something special about an idea that you have personally invested time into, and they won’t feel that. Ideas, like babies, are a ton of work to raise. And if they do steal your idea successfully, it a) validates the market demand and b) shows you were not the right team to make it reality or you would have done it better or faster.
Make a brochure and show it to people that matter
IXL has seen great success in creating a brochure that describes your idea as if it existed today. This helps you think through key questions like price, access, and and targeting your audience. It also stimulates conversation since potential customers can mark it up directly with you.
Build your dream team
Consider the type of person you would want to take with you on your entrepreneurial journey. Is there someone on your team who will keep your business on track and moving forward? What is important to you and does your team represent those qualities? What can you find via partnerships?
Stay tuned for finalist final video pitches, fall 2018 programs that can engage you in meaningful topics, and check out photos and Instagram stories from the event.
