In March of this year we launched the Social Ventures Incubator Program (SVIP, Cohort 1) with the City of Adelaide. In May we closed the applications program with 52 applications. 25 startup teams were asked to go through a selection process and pitch their project.
In the end we have a cohort of 11 teams
In the MegaTrend of Social Innovation we discussed the larger environment for a social ventures. In the launch, we discussed why in Adelaide and how we have created the program. And below we detail some of the key assumptions in terms of the delivery of the program.
The SVIP program is built around a set of assumptions of what it takes to support a social venture and its founders with a focus on the right mindset.
- The social venture founders & teams come from a predominantly NFP space rather than a for profit background.
- The key challenge is not values or vision or how to change to world (the participants come with this) but what should we do now for your customers? (design thinking & customer discovery)
- A venture is a venture, whether social or not. What it means is that the same principles, tools and skills are needed for all startups. (lean startup + Steve Blank)
- The main ingredient of success is clarifying the power of pricing, the good of an enterprise, the mindset of building a business model and a bias towards action. (why business can be a force for good)
- There is a need to have more practical support than mentors (tools & skills > inspiration).
- Push, push, push towards action (design thinking is great for this)
Thanks to Ben Hamley for feedback on the blog