Towards a Concept of the Business Idea Lifecycle:
A Framework, Stages and Maturity
DOI:
https://doi.org/10.56177/12icmie2025.178Keywords:
Business idea, business idea assessment, business idea lifecycle, business lifecycle, business planAbstract
This paper presents a novel perspective on the business idea development, namely business idea lifecycle, which is of crucial importance for any start-up business venture, mainly in case of the new technology-based business ideas. A couple of practical instruments to be used during the business idea lifecycle to increase the probability to succeed are introduced.
Two arguments based on author’s own experience are provided to avoid terminology confusions. They stimulated both theoretical and applicative side – so that both secondary and primary research (literature survey) methods support this endeavour.
The abstract concept of the business idea lifecycle is not of theoretical importance only. Its practical implications can be measured in the concrete terms of less business failures. The same theoretical-practical balance is applicable to the proposed framework for discussing the business idea lifecycle, stages and maturity (on one side) and the practical instruments presented, applicable during business idea lifecycle (on the other side). The implications for the business community in general and for the startup ventures are virtually limitless, while further theoretical studies are possible as well. However, longer-term macroeconomic studies relative to business success rate are of remote perspective.
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