Startups have their own magic and words, the Startup lingo, and entering this thriving startup ecosystem can be overwhelming, especially when there’s so many terms to wrap your head around. If you can gain an understanding of the “lingo”, you’ll find it easier to meet and network with other founders, and speak to potential investors or sponsors!
In this blog, we are covering the middle letters of the alphabet, so read on for E – R of startup terms you need to know.
Going public refers to a company’s IPO (Initial Public Offering). This is another way to raise funding, where shares of your company are available to purchase by the public.
GTM (GO TO MARKET STRATEGY):
A go-to-market strategy is the way in which a company brings a product to market. It includes how a company will reach target customers and achieve competitive advantage.
An online marketplace is a website or app that facilitates shopping from many different sources. The operator of the marketplace does not own any inventory, their business is to present other people’s inventory to a user and facilitate a transaction. Uber, Airbnb, ebay, Etsy are all marketplaces.
POINT OF PARITY:
The aspects of a product or service offering that are largely similar to the offerings of like competitors.
POINTS OF DIFFERENTIATION:
The aspects of a product or service offering that are relatively distinct to the offerings of like competitors.
A financial projection is a forecast of future revenues and expenses. This can be for varying time periods including month-by-month for 1 year, or more strategic 3-5 year projections.
A runway is how long your company can survive if your income and expenses stay constant. When companies raise money, they are trying to increase their runway. (For example, if a company spends $100,000/month and has $400,000 in the bank, they have a runway of 4 months. If they were to raise an additional $1,000,000, they would have 14 months of runway.)
If you’re interested in learning more about Startup Gippsland and how we can help you build and scale your business, be sure to take a look at the website here.
Startup Gippsland is a collaborative project by the Bass Coast Shire, Baw Baw Shire, East Gippsland Shire, Latrobe City, South Gippsland Shire and Wellington Shire councils. Its aim is to support entrepreneurs who have business ideas that can scale to a national or international level.
Startup Gippsland has 3 programs to support startups at different life stages:
- A Incubator Program for early-stage startups to focus, validate and grow their business or idea.
- A Accelerator Program for later-stage startups to prepare their business for scale and international expansion.
- A Open Program of one-off events for startups at all stages to learn business fundamentals like business modelling, pitching and exporting.
To find out more about Startup Gippsland and each of the programs, head to www.startupgippsland.com.au
If you have questions about the program, your idea and eligibility, or the application process, then email us at email@example.com or call us on (03) 5644 3321.
Startup Gippsland is funded by the Department of Industry, Science, Energy and Resources, and delivered by GippsTech.