About the framework
Implications for investors, policy makers and potential entrepreneurs
The SECURE framework for evaluation of start-up ventures is intended to provide potential investors with an actionable tool for assessing the quality of the investment. The SECURE framework would enable investors to evaluate start-ups on all functional domains and would provide conclusive results that would aid investment decision making. SECURE framework would also aid policy makers not only to evaluate start-up business models, but also be well equipped to guide entrepreneurs based on the set of recommendations. Finally, entrepreneurs can self-assess their business plans or even their existing ventures and gain confidence and guidance on areas of improvement.
Implications for educators and researchers
Educators can assess business ideas and business plans using the SECURE framework. Researchers and educators will have the chance to reflect on a number of performance measures that are theoretically anchored and the relevant research evidence will provide them with further reference points. SECURE would also be beneficial for entrepreneurial education in general as it can enable educators to guide students and also act as a guide on the assessment of business plans and feasibility studies.
Although a number of evaluation criteria and measures were included in the SECURE framework, not all possible measure could be included for the sake of clarity and simplicity. Therefore, the SECURE framework is primarily targeted towards beginners and new entrepreneurs. It is a basic assessment of business models by educators and additional tool to aid decision-making for investors. Withstanding the merits on weighted average and summation of scores, the SECURE framework involves aggregation of scores so that the scale can be conclusive and aid decision-making. Therefore, the merits of weighted average scoring cannot be applied to SECURE framework. The SECURE framework is not suitable to evaluate not-for-profit ventures and therefore social and environmental impacts are not measured. Finally, despite some qualitative assessment, the SECURE framework largely remains a quantitative measure. Therefore, its ability to interpret responses in depth remains rather limited.
The SECURE framework is a diagnostic tool that helps to analyse success potential of any start-up. It is built on 5 SECURE pillars namely desirability, marketability, feasibility, scalability and viability. Additionally, the SECURE canvas helps to understand the interrelated parts of a business model, providing a visual representation of key elements of a start-up. Just answer all the questions in the SECURE survey scale by rating them on a scale of 1-5 (5-high, 1- low) and get a score on each of the SECURE pillars, accompanied by a set of recommendations. Finally, receive the total score at the end of the survey indicating the start-up’s readiness level.
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