By Jasmeet Duggal
Given that 90% of all startups are headed for failure, can we increase the success rate of startups and accelerate their path to commercialization? According to Blackbox – an incubator based in Silicon Valley – it can be done by cracking the code of innovation and dissecting it down to a science; a science that can serve as the basis to teach entrepreneurs how to put together a successful startup.
Blackbox introduced the Startup Genome Compass – a benchmarking tool which allows entrepreneurs to evalu
ate their progress against competitors in 25 performance indicators. The benchmarking is supported by empirical evidence gathered from over 3,200 startups.
The Startup Genome Compass can help startups with:
- Avoiding premature scaling
- Setting priorities and aligning your team based on the benchmark your type and stage.
- Finding your weaknesses.
- Exploring resources and tips that are relevant for your type and stage
- Sharing your report with Mentors and Investors so they can support you better
BlackBox beleves that their “…Startup Genome project could mark the beginning of a new era, an era we are calling the Entrepreneurial Enlightenment.”
Jasmeet Duggal is graduate student pursuing her final year in the Master of Biotechnology program at the University of Toronto Mississauga. She is currently the Communications Officer for the RIC Centre, a role which has allowed her to engage in the startup culture and entrepreneurship. In her future endeavors, Jasmeet hopes to pursue a career in business development in the life sciences.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.