Blue Ocean Markets

Markets that are unknown and have to be created. In these markets, startups can create their own demand instead of having to fight over it. Some of the key elements of the creation of a Blue Ocean Market are differentiation and low cost.


Startup situation in which the founder tries to build the company without any external financing, relying on personal means and the revenue of the Startup alone.

Business model

Companies plan to make profits. It should include the value delivered, value creation, and value captured by the company.

Demo day

Event organized by the program where the startups participating in it can pitch their idea to a room full of investors in order to try and secure funding.

Downstream capital

Investment made by a larger fund or company into a smaller entity. An example of downstream capital is the investment made by VC Funds to startups.

Early-stage startup

Startup stage in which it is starting to develop. In this stage, startups are usually still developing their products, building a customer base, and making little to no revenue.


Community of people and startups that belong to a particular extended network trying to progress and create new startups. A startup ecosystem includes everyone from the founders, to the acceleration and incubation programs, include a wide range of investors, such as VC funds, and mentor organizations, such as universities and established members of the corporate community.


Assets that may have liabilities attached to them, into which a company or startup can be divided.


Action plan startups have to set up when looking to reach their target audience and assert their competitive advantage.

Horizontal programs

Growth strategy that seeks to expand products or services to enter new markets or business domains. A horizontal program for Startups would encourage them to expand into new horizons and set up new products or services which might be risky for an early-stage startup.

Idea-stage startups

Earliest startup stage where the solution the startup is offering may still need to be defined. Once this is done, the startup can look at what the Minimum Viable Product is to start its development and be able to test, improve, and adjust its viability for the Early-stage startup phase.

Industry agnostic

Program that does not specialize or focus on a specific industry.

Innovative Venture Ecosystem

Community including the various players and stakeholders that are critical for innovation.

Investment thesis

Document elaborated by Startup Programs in order to secure funding for their Programs. An investment thesis is comparable to a business plan and should include how the investments will be done and what the expected returns are.

Key Performance Indicators (KPI)

Measurable values that allow a startup to objectively evaluate its performance towards a specific objective.


Body of knowledge acquired through experience or training a Startup Program can offer its founders.


Group of contacts an individual or organization can set up over a long period of time that connects them to the rest of individuals to expand and share their knowledge. One of the most valuable things a Startup Program may have to offer its participants is a rich and varies network of contacts through which they can expand their entity.


Startup stage where there is not yet a developed program but the startup should have something to show and have identified a clear market opportunity. At this stage, it is usual that only the founders of the startup are yet involved, that the startup is bootstrapping, or only has financing from family and friends.

Proof Of Concept (POCs)

Process that seeks to determine whether an idea can be transformed into a reality. POCs can be used to determine your KPIs. At the idea or pre-seed stage startups may be asked to run a Proof of Concept to ensure they can move on to the seed or early-stage.

Scouting process

Process through which programs may look over a number of startups to determine, in accordance with a set of criteria, which will be a part of their Program.

Sector agnostic

Program that does not specialize or focus on a specific sector.


Program that specializes or focuses on a specific sector.

Seed stage funds

Startup stage in which a team has been established, and a product has been tested to work. At this stage startups can start looking for larger investments from angel or institutional investors.

Spillover effects

Effect through which something seemingly unrelated ends up impacting several aspects of an economy. In the world of startups, Programs should seek to promote positive spillover effects to enrich Ecosystems and Networks.

Startup accelerator

Program that supports Startups at different stages of their development through means such as funding, training, and education.

Startup incubator

Program that seeks to empower individuals with high-potential ideas to turn into a sustainable business. It offers tools such as know-hows, networking opportunities, and sponsorships.

Unicorn startups

Privately held startup that is valued at, at least, 1 billion US dollars.

Venture Capital Fund (VC Funds)

Pooled investments in early-stage startups in return for a share of its equity. VC funds are usually considered to have high-risk but may generate very high-returns on investment.

Vertical programs

Growth strategy that seeks to scale-up the product or service a startup might be offering within the same line of business. Due to its reliability and safety it is the most common growth strategy proposed in Startup Programs.

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