Develop ideas based on insights.
Whether you’re expanding a business, innovating your industry, or aspiring to be an entrepreneur, the Idea Factory powered by Startup Virginia helps you build solutions people want based on insights, not assumptions.
Applications open January 2, 2025
Idea Factory
Creating a new business or product is an exciting journey, but having a great idea is not enough. Ideas must be based on insights, not assumptions, to ensure you build solutions people really want. At the Idea Factory, you’ll learn about customer discovery – the entrepreneur’s secret weapon. It’s the process of uncovering customers’ needs, wants, and pain points before building the product. It’s about getting out of your own head and into the minds of your potential customers.
1
Increase Your Chances of Success
Startups that actively engage in customer discovery are twice as likely to succeed as those that don’t.
2
Become a Better Communicator
Learn to ask the right questions, listen actively, and build customer relationships.
3
Develop Products Customers Love
Identify the problems your customers are struggling with and create solutions they want.
4
Gain a Competitive Edge
Understanding your customers is what sets you apart, giving you a significant advantage over competitors.
Who’s it for?
- Anyone in Virginia with an innovative idea for a new or existing business
- Considering building a new product, service, or way to scale your business?
- Working on an innovative solution to a problem and considering starting a business?
- Passionate about solving a particular problem and don’t know how to begin?
What’s the commitment?
- Attend six Monday evening sessions, 6-8 p.m. (two in-person in Richmond and four online)
- Spring Cohort: March 17 – April 28
- Fall Cohort: October 6 – November 17
- 5 hours weekly of independent work
- Interviewing and surveying strangers
What are the outcomes?
- Learn the customer discovery process
- Identify your potential customers
- Build a target customer database
- Hone your interviewing and surveying skills
- Gain customer insights and identify the best business ideas
- Receive guidance for the next steps for your idea
“We were looking at developing a new product for our business outside our existing market. We needed to test reactions to this new product and gain insights but were unsure how to begin. Idea Factory provided the guidance, and the specific framework to test the market and transformed our understanding of how market research is done effectively.”
Jon Dazeley & Jen Burch
Spring 2024 participants
“Idea Factory gave me an opportunity to learn more about how to better serve my current customer base by interviewing prospective customers in my target demographic. It was such an invaluable and risk-free environment to understand if my business could evolve into a viable scalable venture.”
Grace Mittl
Spring 2022 participant
“Idea Factory was a fantastic way for our team to validate our idea with customers– and as a result, polish our branding to give them exactly what they want. Highly recommend this for all the bold entrepreneurs out there!”
Omar Hafez
Spring 2024 participant
“Idea Factory helped me synthesize that launching an idea in the marketplace is both an art and a science. Idea Factory is a safe place to learn and grow.”
Nicole Mason
Spring 2022 participant
“If your business idea is a seed, Idea Factory is a little pot of topsoil, a watering can, and a whole lot of sunshine. What sprouts up may be different from what you imagined, but this program is powerful for unlocking potential, and getting started is what it’s all about.”
Philip Deng
Fall 2020 participant
Still have questions about the Idea Factory?
Get in touch with us and let’s get started.