Our Approach is Balanced
Alberta Venture Factory implements a balanced approach to business. Much like a three-legged stool, this balanced approach is represented by three separate areas, or “legs”; some imbalance is tolerable, but too much will cause the stool to topple, and, similarly, for a business to fail. A successful business requires a mindful balance of the following three critical spheres:
Business Sphere – Without promotion and awareness, an idea will remain only an idea, and nothing more. A business driver is in charge of managing this – he or she is entrepreneurial by nature, and capable of taking a market need and turning it into a business opportunity. Business drivers are communicators, risk takers, and decision makers. These individuals identify ways to make money by introducing the right products to targeted markets. As an outward-focused role, entrepreneurs are conscious of the market needs and the product benefits that determine how much a market, or consumer, will pay. Additionally, the business driver knows how to balance customer satisfaction with pricing and feature sets (i.e., “It’s not profitable to give it away for free…”).
Product Sphere – Each successful product must have a passionate team behind it, one that is driven to develop a high quality product that enables capabilities and efficiency. Product features should extend existing capabilities and create new ways of doing business. Products are the source of value sought out by the entrepreneur; these two parties must work intimately during product design. It is easy for the creation of a product to be consumed by research and product development activities. Left alone, many hours and dollars can be spent perfecting the product before it is introduced to the market.
Organization Sphere – As a business grows and expands, it begins to require attention and a clear strategy of its own. Directing the business’ daily activities in the most efficient and effective manner is crucial throughout the coordination of internal resources and the development of core operational processes. As the organization grows, ensuring processes are suitable and align with the overall business strategy becomes increasingly more complex, as well as more critical to the longevity and balance of the organization.
Alberta Venture Factory’s model combines your business expertise and product passion alongside our organizational infrastructure to help ensure your greatest chance of success. This allows you the time and organization necessary to focus on what matters most to you.