The program has several objectives which are outlined below. The main goals of the Hult Founders Lab startup incubator include these as well. From the perspective of the entrepreneur and founding team, you will enter the program with an idea or an early-stage prototype. By the end of the program, you have something tangible that can be brought to early investors, cornerstone partners. Some of our projects even have an MVP and are ready to launch — all of this in nine weeks.
- IDENTIFICATION; The program begins with a 2-day intensive boot camp, where teams get to hone in on what the problem they are solving is. We learn who has the problem and how to design the solution.
- RESEARCH; First teams need to identify what, who, and how their idea is targeting. Afterwards, we pull up our sleeves and get to work. Now it’s time to go into the free market of ideas and gather data, test our assumptions and the problem hypothesis. Research is a cyclical part of the program and goes hand-in-hand with the iterative part.
- ITERATION; This part of the program is tied in with the research and hands-on portion of the program. We test our assumptions and hypothesis’. Every time we are wrong, we ITERATE and pivot — an integral part of our lean methodology.
- EXECUTION; Once our teams have honed in on the target, its time to invest time-resource into building the prototype and MVP. The HFL runs a lean methodology mindset. Precisely what the Hult Founders Lab’s focus when we move to develop in the execution-phase. Aim for minimal cost and maximum effort.