New ventures typically go through four phases when taking an innovation to market. Each phase builds on and includes its previous phases. Central to each phase is the recruitment of a key class of stakeholders to the business. Marketing is the strategic discipline that powers this process, based on targeting, positioning, attracting and building relationships with the right stakeholders to meet their needs better than other options.

In the first phase, the focus is on attracting and securing investors. A powerful vision and business plan for the company is key. You will also need effective messaging, reputation building and relationship building with targeted prospective investors. Companies searching for capital frequently need to market to hundreds of prospective investors in order to identify a sufficient pipeline of prospects to achieve the funding needed.

While each phase is critical, the launch phase is the most challenging for new ventures. The focus of this phase is building a core customer base in your initial target market. These customers become the foundation of your future business – they provide critical revenue and cashflow, they shape your solution for success, and they provide the references to allow you to move your business to the next level. What can make or break a company is their ability to build this core customer base on limited funds and with limited market awareness.  This requires extraordinary skill and effort in a specific set of key marketing disciplines.

Once the company is through the launch phase, they can typically accelerate growth through the right set of strategic partnerships. Attracting partners requires another comprehensive marketing program, this time focused on the needs and interests of prospective partners. When the partner is secured, the focus will be on creating marketing initiatives targeted at their partner’s customer base.

Building the right set of partners lays the natural foundation for phase 4, as in many cases strategic partners are prime candidates to acquire the company. In order to maximize exit deal value for the company, it is essential to attract as wide of a range of prospective acquirers as possible. This requires a very subtle and skillful marketing program that handles the paradox of a healthy, rapidly growing company seeking an exit.    

Raising Start-Up Capital
Inc.com

Association for Strategic Planning
San Diego Chapter

Exit Strategies for your Business
Entrepreneur.com