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Your business stage is IDEATION.

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At this stage your business idea can be somehow tested with potential users, addressing them through an initial proof of concept (this could be i.e. an online interview) to check assumptions, which might regard product features, consumers needs and pains, willingness to buy similar solutions, etc.

→ The most suitable financing tools include:

 1. International or local specific business programs

If you’re a green entrepreneur you have for sure heard the thousands reasons not to go into business: “it’s too risky” or “you might go into debt” or “your social life is ended”. But, if even with all these uncertainties, you have a strong idea, you should work on starting your green business. So, despite your early stage, you should search for a convenient organisation in your country that could provide you the classes, the technical and business applications you might require to build you green business.
Most of the time, if you have difficult to access to specific programs in your country you can also choose to take classes online, following international or national options.
You should also remember that networking can always bring you added value. So, try to learn from other’s experiences, enlarge your circle of friends and acquaintances and you will learn how other survived and overcame their challenges.

2. The SwitchMed Methodology

In order to support you during this stage the SwitchMed programme developed a specific methodology for the development of the green business plan in order to achieve all the objectives successfully.

Download below the SwitchMed green business model canvas training materials:

→ Training Material: The Handbook for Green Entrepreneurs in the Mediterranean:

This book explains all the major steps for setting up your green business project. Designed to provide the necessary theoretical basis, the Handbook describes the methodology, the main concepts and the tools included in the Workbook, and presents different examples of entrepreneurs and their businesses. It will become your essential companion for your green entrepreneurial journey.

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→ Training Material: The Workbook for Green Entrepreneurs in the Mediterranean:

This book is directly associated with the Handbook. It will help you to put into practice the knowledge you acquire from the Handbook, but above all, to make your project progress in a more practical way. It will guide you along the journey of creating a business, and taking it from a business idea to a green business model. It is conceived from the perspective of a green entrepreneur that wants to take an initial business idea and turn it into a feasible green business, following a series of exercises.

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3. FFF (Friends Family and Fans) – Love money

As an ideation stage entrepreneur, if you’re looking for a seed fund, your best chances for an initial investment into your business may be from one or more of these three sources: Friends, Family and Fools. It is known as Friends, Family and Fools (3F) because in many instances, it’s friends and family that help fund start-ups. The term fools that’s used isn’t a very nice one, but it refers to the fact that such investors have just invested in a business at such an early stage, with all the risks involved, and such early stage businesses have a high potential for failure. This economic support it is received primarily from the people around you like friends and family.

The advantages of love money are obvious: good rates when required, soft credit standards and the chance for FFF investors to take part in your business success. However, there are also few disadvantages to love money that you should consider too. Sometimes relations can suffer and the personal connection might lead love money-investors to ignore the uncertainty of your business.

Try to keep the expectations regarding repayment no too high in order to avoid disappointment and always be clear with your friend and family member about the possible risks.

4. Grants and Competitions

→ Register your company to the Switchers Platform and have access to grants and competitions info in your region!