S. E. C. U. R. E. Framework
Start-ups struggle to validate their business ideas and business models in the early stages of their life cycle. Considering the perilous nature of a start-up, evaluation of its business model is considered to be necessary. However, evaluation frameworks for start-ups are under-developed and their ability to evaluate start-up business models comprehensively is under-examined. As result, subjective and narrowly focused measurement criteria are used to evaluate start-ups without adequate research evidence.
This smart scale proposes a comprehensive evaluation framework, the measures of which are informed by theory and research. The start-up evaluation calculus using research evidence (SECURE) comprises of measurement criteria from multiple functional domains aimed at measuring all possible start-up success factors. These functional domains include opportunity, marketing, operations, management and finance.
The SECURE framework aims to potentially enable educators, investors, policy makers, researchers and entrepreneurs to evaluate start-ups effectively and conclusively using a quantitative rating scale. Further, the SECURE framework provides a set of recommendations for each of the assessed criteria, which will aid in decision making and improve start-up business models. The SECURE framework can be empirically applied in most industries and research settings.
The measures and readiness level are for indicative purposes only. It does not guarantee start-up success. Please seek advice from the author in case of doubt.