Here are some common categories of traction that can help emphasize your business is gaining momentum:
1. Product Development
- Where do you stand in the product development process?
- Do you have a working prototype?
- Do you have an MVP (minimum value product)?
- Is your product already in the market and acquiring customers?
- Do you already have an established partner for production/manufacturing?
- What are your forecasts about your distribution channels?
3. Early Customers & Revenue
- Do you have any existing customers? If so, how many, and what is your customer base growth rate and its (fast-moderate-slow)?
- Have you started generating revenue? If so, how much?
4. Testimonials & Social Proof
- Did you receive any client reviews or comments that can illustrate positive customer response to your product/service?
- Has your product/service been reviewed/endorsed by any industry experts?
- Do you have any high-profile customers (celebrities or industry experts if it’s a B2C product, well-known brands if it’s a B2B product)?
Did you establish already partnerships with solid firms or companies?
6. Intellectual Property
Do you have any patents for the technology or ideas behind your company?
Is your company name trademarked?
7. Press Mentions
Was your company featured in any social platform/ media? If yes, where and how many times?
|1. Business Plan: Milestones, accessed October 2020, https://leanplan.com/lean-business-plan-milestones/|
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