One of the most cited definitions of a star-up is the following: “A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty” (Eric Ries, 2011 - The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Business).
A start-up could be defined as well as any newly formed and potentially fast-growing company or new business that aims to fulfill the needs or a gap in a relevant marketplace. So, a start-up aims to navigate and minimize the risks of uncertainty through a set of minimum viable products (MVPs), rigorous experimentation, and a commitment to learning.
The criteria to apply to this FIBO Awards category are:
§ The company should have been in the market for at least 2 years.
§ Its business model is based in an MVP that is solving a problem that can be identified, and the proposed solution can be properly articulated.
§ The solution effectiveness/value can be demonstrated (i.e. proof of concept, validation study, etc).
Considering that our industry is focusing in creating, developing and delivering products and services that promote active living, the start-up candidates have to be able to articulate how they contribute on achieving this broader goal.