Using practice-based evidence, VentureWell developed the Venture Development Framework to describe the development of early-stage science and technology-based ventures. This framework can inform the development, implementation, and evaluation of programs supporting entrepreneurs. For example, it can help practitioners define program scope, develop program content, or identify program gaps and partners. For researchers and evaluators, it can inform program evaluation by articulating what milestones ventures can achieve after completing different programs.
The framework is presented in a technical brief entitled, Developing and Evaluating Programs for Early-Stage Entrepreneurs: Describing Science and Technology-Based Venture Development.
Venture Development Framework Overview
Dimensions of Venture Development
The Venture Development Framework describes the development of science- and technology-based ventures at the very earliest stages of commercialization. It is focused primarily on a trajectory for for-profit ventures that will likely seek equity investments. It describes venture development along six dimensions:
Team & Venture Structures: The people involved in and the structure of the venture.
Technology Innovation: The product/service, including the ability to manufacture it.
Intellectual Property (IP): The strategy and structures needed to secure venture-owned IP and to license university-owned IP (if relevant).
Market: The intended stakeholders/customers.
Business Model: How the team will make money, self-sustain, and/or disseminate the innovation.
Resources: The financing and relationships/institutional support needed to advance the venture.
Example assessment of an E-Team at 2015 and 2019
Venture Development Stages
For each of the dimensions, we have identified milestones: the observable changes we expect to see as a venture develops over time. We have grouped the milestones into five venture development stages that focus on teaching the following concepts to promote progress.
Explore the interactive framework below to learn more about the five development stages and their respective milestones: