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【NY Startup Lesson】Entrepreneurship Course 5: North Star, Product Market Fit, and Social Impact

This year, i2i has partnered with American accelerator EntreCamp to launch the 2024 IP2 Scale Out Program in New York. This initiative aims to help promising Taiwanese startups participate in a six-week, all-English expert course.


Instructor: Terry Hsiao


Course 5: North Star, Product Market Fit, and Social Impact


Summary

Session five of the EntreCamp online course covered several pivotal topics related to startup operations, including an in-depth exploration of a business’s North Star. Participants discussed their respective North Stars with peers and shared their insights during the session.


Additionally, the session explored product-market fit, where our lecturer Terry outlined strategies for startups to align more closely with ideal outcomes. Lastly, Terry discussed the social impact of businesses, using the well-known company Whole Foods as an example. He demonstrated how a venture could balance fundraising and operations while committing to social responsibilities.





Course Outline


  • North Star

  • One of the essential insights from our last session is that the best competitive strategy is to eliminate competition.

  • The North Star represents the goal that all key business activities aim toward.

  • This concept is similar to the core value of your business.

 

  • Product Market Fit

    • Startups have limited resources, especially funds.

    • Typically, a startup’s resources only allow for one or two strategic pivots.

    • If there’s no evidence of product market fit, adjustments are necessary.

 

  • Social Impact

    • Social responsibility. What actions can your business take to improve society and make the world a better place?

    • Most businesses across various industries can identify ways to contribute to social impact, except in extreme cases involving certain types of businesses.

    • How can you demonstrate that your business values social impact while also convincingly showing investors your potential for profitability?

    • Increasingly, investors are considering social impact as a critical criterion.

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