Develop ideas based on insights.
Whether you’re expanding a business, innovating your industry, or aspiring to be an entrepreneur, the Idea Factory powered by Startup Virginia helps you build solutions people want based on insights, not assumptions.
Applications open August 1 – September 6, 2024
Fall session runs October 7 – November 18
Idea Factory
Creating a new business or product is an exciting journey, but having a great idea is not enough. Ideas must be based on insights, not assumptions, to ensure you build solutions people really want. At the Idea Factory, you’ll learn about customer discovery – the entrepreneur’s secret weapon. It’s the process of uncovering customers’ needs, wants, and pain points before building the product. It’s about getting out of your own head and into the minds of your potential customers.
1
Increase Your Chances of Success
Startups that actively engage in customer discovery are twice as likely to succeed as those that don’t.
2
Become a Better Communicator
Learn to ask the right questions, listen actively, and build customer relationships.
3
Develop Products Customers Love
Identify the problems your customers are struggling with and create solutions they want.
4
Gain a Competitive Edge
Understanding your customers is what sets you apart, giving you a significant advantage over competitors.
Who’s it for?
- Anyone in Virginia with an innovative idea for a new or existing business
- Considering building a new product, service, or way to scale your business?
- Working on an innovative solution to a problem and considering starting a business?
- Passionate about solving a particular problem and don’t know how to begin?
What’s the comittment?
- Attend six Monday evening sessions, 6-8 p.m. (two in-person in Richmond and four online)
- Spring Cohort: March 4 – April 15
- Fall Cohort: October 7 – November 18
- 5 hours weekly of independent work
- Interviewing and surveying strangers
What are the outcomes?
- Learn the customer discovery process
- Identify your potential customers
- Build a target customer database
- Hone your interviewing and surveying skills
- Gain customer insights and identify the best business ideas
- Receive guidance for the next steps for your idea
“The Idea Factory gave me an opportunity to learn more about how to better serve my current customer base. It was such an invaluable and risk-free environment to understand if my business could evolve into a viable, scalable venture.”
Grace Mittl
Spring 2022 participant
“Idea Factory helped me synthesize that launching an idea in the marketplace is both an art and a science. Idea Factory is a safe place to learn and grow.”
Nicole Mason
Spring 2022 participant
“Going through this process is a must. The Idea Factory will allow you to understand your potential customers more and also your product or service.”
Rojay Chase
Fall 2020 participant
“If your business idea is a seed, Idea Factory is a little pot of topsoil, a watering can, and a whole lot of sunshine. What sprouts up may be different from what you imagined, but this program is powerful for unlocking potential, and getting started is what it’s all about.”
Philip Deng
Fall 2020 participant
Still have questions about the Idea Factory?
Get in touch with us and let’s get started.