This phase leverages understanding of the market and business obtained in phase one to do a deep dive into the preferred and backup commercialisation options. Different options have different risk/return profiles and especially different investment and timing considerations. Understanding the trade-offs is key to this phase: objective of any startup is to fail fast whilst not giving up any upside. Strategies that provide maximum flexibility to a business and/or restrict competitors’ manoeuvrability at low cost are proven to be long-term winners, especially in volatile market places. Against this, a short list of options provided as input into Stage 3.