How can the concept of Blue Ocean Fair contribute to the growth of a startup?

The Blue Ocean Shift book suggests formalizing the Business Model for profitable growth by first making a decision and then quickly market-testing a prototype of the new offering. This is done to capitalize on the momentum that has built up with the Blue Ocean Fair. After any last-minute problems are ironed out in the wake of the testing, the team can move on to formalizing the Business Model. The Business Model is a big picture that shows how the value and the cost sides of the business can join together to generate profitable growth at the set strategic price.

Market-testing a prototype in the Blue Ocean Shift strategy is significant as it allows the team to capitalize on the momentum built up with the Blue Ocean Fair. It provides an opportunity to iron out any last-minute problems before formalizing the Business Model. This step ensures that the value and cost sides of the business can join together to generate profitable growth at the set strategic price.