Five maturity stages
Elevent Index Academy: an introduction to the framework by Dr. Bitan Ghosh. Read the framework reference.
Lesson 4
Five maturity stages
5
The same weakness is judged differently at different stages.
Stage 1 of 5
Idea / Pre-Seed
1
Evidence is thin. Judge the founder and the problem, not revenue.
Stage 2 of 5
MVP / Pilot
2
Early product signals matter more than financial polish.
Stage 3 of 5
Early Revenue
3
First paying customers. Revenue quality and repeatable delivery matter.
Stage 4 of 5
Growth
4
Unit economics, governance and repeatability gain weight.
Stage 5 of 5
Scale-Up / Pre-IPO
5
Mature expectations. Weak controls cannot hide behind momentum.
Takeaway
Weights move with maturity
Stage-based weightage prevents false confidence in mature startups.