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Concept: An initial concept outline is available, but without a functioning product
Pre-seed: Market research; determination of potential of idea, development of prototype, preparation for market launch
Seed: Conceptual development completed, first prototype ready, initial market launch with beta tests; adaptation of product functions to market requirements; no or very low revenue realized; planning, organizational development, culminating in market readiness
Start-up: Establishment, market-ready product available, first revenues and/or customer use, business plan fine tuned, development of production and sales, development of organization
1st stage: Corporate development phase, market-ready product available, start of production, consolidation of market, strong growth in revenues and/or customer use