Noosa Venture Playbook

This Playbook offers a set of tools to support individuals and organisations who want to improve their ability to start, scale and grow an innovative venture in Noosa.

The aim is to help you understand, assess and strengthen key capabilitites that will help your venture be viable and successful by connecting you to a network of local resources.

Assess your innovation capacity

How it works

Build your capacity

There are 20 Capacity Areas, organised into 4 Categories, that are essential to establishing an innovative venture.

1.1
Industry Knowledge
1.2
Interpersonal & communication skills
1.3
Technical & research skills
1.4
Marketing skills
1.5
Business & Financial Knowledge
2.1
Business Strategy & Planning
2.2
Project Management
2.3
Financial Planning
2.4
Success Metrics
2.5
Resource Management
Explore the Noosa innovation ecosystem

Understand your venture stage

There are five key stages that ventures typically progress through.
Perhaps you don’t have an idea yet, but you have an entrepreneurial spirit and want to get involved in a new venture or find some inspiration to create your own. Maybe you want to see what’s out there and connect with others in the startup/entrepreneurial scene. There are many opportunities to do this in the Noosa area, if you know where to look and are willing to take the initiative.

The Inspiration Stage of your venture is the time for you to be actively curious, try new things, attend lots of events, connect with interesting people, and ask lots of questions. Get a “lay of the land” by exploring your local ecosystem to help you determine what shape your venture might take and how it fits in to your local area. Once you find something you are interested in, you can start the next stage: Discover & Define.

 Key Questions to answer during this stage:

  • What are some problems that could be solved?
  • Who experiences these problems?
  • What is there a real need for in your area?
  • What sort of projects energise you?
You’ve got an idea – great! The Discover & Define stage is about clearly understanding and defining the problem you are trying to solve, who you are solving it for, and what value you can bring by solving it. Immerse yourself in the issue to get a deeper understanding of the space. This information will set the foundation and direction for your venture and is a common element in prominent innovative startups.

Key questions and things to consider before proceeding to the next stage:

  • What problem are you trying to solve, and why? Gather evidence for why this is a problem through research and observation.
  • Who is experiencing this problem? In other words, who is your customer/user?
  • How is this problem being addressed (either fully or partially) already, if at all?
  • What might happen if you solved this problem?
You now have a solid understanding of what your problem is, who experiences it, and why it’s important. Now you can start generating ideas and hypotheses for how the problem can be solved. Think outside the box and draw on the research insights you gained to help develop an alternative view of the problem that will lead to an innovative solution.

The focus of the Solution Validation stage is to ensure you develop the right solution for your problem (and customer) with minimal resource investment. This approach is based on the Design Thinking methodology and involves rapid prototyping, or finding low-cost, quick ways to test elements of your idea or business model to get feedback that you can integrate into the next design iteration. This will help you constrain your solution, build connections with customers and partners, and find out sooner rather than later what works and what doesn’t (fail fast, fail cheap).

Key questions and things to consider before proceeding to the next stage:

  • Explore a number of different ideas for how the problem can be solved.
  • Think outside the box and draw on the research insights you've gained to help develop an alternative view of the problem that will lead to an innovative solution.
  • Find quick, inexpensive ways to test your ideas (or elements of them) early on.
  • Ask potential users, partners, customers for feedback on the concept and integrate this into the next design iteration.

 

You’ve built, tested, refined, and validated your idea and now it’s time to transform it into a viable and sustainable venture. It’s full steam ahead now, so you’ll need to have a solid business case, be able to pitch your idea confidently, and be prepared to invest more heavily in resources to implement your idea.

The Venture Development stage involves developing a solid business case, be able to pitch your idea confidently, and preparing to invest more heavily in resources to implement your idea. This may require getting a more significant source of funding, seeking partnerships, and expanding your network. You’ll need to build a plan and strategy for your venture, consider logistics, finances, resource management, and more in order to ensure that you can deliver your venture successfully.

Key questions and things to consider before proceeding to the next stage:

  • Develop a structured project plan for building your venture.
  • What resources will you need to start refining your idea and building your venture (e.g. space, equipment, materials, funds, people)?
  • What sort of funding opportunities are available for your type of venture?
  • Connect with local mentor groups or entrepreneur networks to help you navigate this stage.
At this stage, your venture should be fully operating, even if perhaps on shaky legs. Now you can focus on achieving medium and long-term stability, establishing a good reputation with your customers and network, and perhaps growing your venture to address new problems and reach new markets.

You will likely focus on refining your business plan and strategy, establishing good financial management, acquiring new investment, maintaining good relationships with stakeholders, leadership in the community, and/or scaling your venture so it can grow.