InnoBlog: How to set up your own start-up

As you already gathered, EIT InnoEnergy Master School trains you with the skills to build your own business next to the traditional engineering skills.

Let’s talk about something that every successful start-up needs - a sustainable business model. What exactly does this mean? The shortest response is that your consumers are pleased with your product or service, and you are pleased with the outcome.  The EIT InnoEnergy programmes offer you the chance to validate these assumptions before you venture into launching your own company.these are some of the actions that helped me in this process: Step into the real world - forget about google forms and questionnaires. Speak with your customers: hear their difficulties, listen to their thoughts, and understand their feelings! During the Innovation & Entrepreneurship course at ESADE Business School, me and my colleagues talked with many students as the first step of validation!

• Questions first, explanations afterwards – if you begin by discussing your idea and only after ask for input, the most likely response will be: That sounds wonderful! or I love the concept! People are hesitant to criticise you since they don't want to make you feel bad. To avoid this from happening, begin by asking questions about your assumptions.
  
  
• MVP, BML, split-tests and pivot – after you've tested your assumptions, you'll need to put your product or service to the test. These metrics are the most used to validate any of them, whether you are constructing an app, designing an algorithm, or selling a product:
  
  
  • Minimum viable product (MVP) – every start-up requires it, and it is critical for product testing. Something you can quickly and easily construct and display to potential clients to get feedback. In my company, Mjolnir Energy, our MVP was our alpha algorithm, a basic version but enough to validate some ideas we had.
    
    
  • Build, measure, learn (BML) – this strategy is used in conjunction with your MVP to understand various metrics about your product. First, you build the prototype (MVP), then test it with customers to get input, and ultimately, you upgrade it and repeat the cycle. In my other start-up, 2Gather, we are doing exactly this!
    
    
  • Split-tests – some aspects of your product or service may not be as valuable as you previously believed. Split testing should be used to avoid selling "wasting features" and to verify that you provide value to your customers.
  • Pivot – the final and possibly most crucial but most difficult to adopt method. Ask yourself on a regular basis whether a change in any part of your business is necessary, such as redefining the fundamental value of your product, pursuing a different sort of consumer, switching to a different sales channel, and so on.
    
    
    
  Now, both my start-ups are in the pre-seed stage which means it was not necessary to revaluate our business yet. However, our traction will hopefully start to grow, and, if so, we will have to!

These are just some of pointers I have picked up along the way in my entrepreneurial path before and after graduation.

Still, I am learning every day when it comes to running my own start-up. Most recently, I had the chance to read Eric Ries' book "The Lean Startup." It makes for an excellent read to keep you busy as you are travelling for your Innovation and Entrepreneurship Journey!.

I hope after reading this blog you will feel more empowered to start your own venture! If you do so, make sure to check out the EIT InnoEnergy Master’s programmes and the Battle of Green Talent,  an opportunity to test your idea and win 10,000 EUR!


by Martim Perestrelo, EIT InnoEnergy Master School graduate