When it comes to entering the world of a startup, it helps to know the language. It can be a little overwhelming at first, but we’ve got you covered. Runway uses a lot of these words in its courses. Learn the lingo and start dropping it in your conversations like a pro!
- A Startup is an is a newly emerging business venture that aims to meet a marketplace need, want or problem by developing a viable business model around products, services, processes or platforms.
- A Scaleup is an established business looking to expand its operations to either additional regions, products, services or markets. Ideally a Scaleup is making profit and has an average annualized return of at least 20% in the past 3 years.
- An Accelerator is a program for Startups or Scaleups that provides the knowledge, tools and resources to execute a plan for entry into the market, or provide further traction and sustainability for established business. The program is based on the Lean methodology. The Lean Startup method teaches you how to drive a startup, how to steer, when to turn, and when to persevere-and grow a business with maximum acceleration. It is a principled approach to new product development.
- An ecosystem in the context of the Startup world, is a community that brings people, resources, tools, knowledge and space together to support the startup world.
- A Meetup is a casual gathering of interested parties who want to find out more about the Startup or Scaleup community. Individuals may come with ideas that they want to explore and mentors are available to provide preliminary advice.
- A Runway Masterclass is a session delivered to a group providing information on a specific component of the Lean methodology. The information is focused on the what and why. The Unearthed program will deliver 6 Masterclasses.
- A Runway workshop is a session delivered after a masterclass and is related to the component that was covered from the Lean methodology. It is a deep dive on the “How To” of that particular component and allows the participant to apply the learnings to their own idea/business.
If you are interested in learning more about the ‘startup’ world and Lean Method, you can sign up to the Great South Coast’s free Unearthed Program below.