Final answer:
New venture concepts must pass the project definition and project forecast stages. Project definition assesses market fit and strategic alignment, while project forecast reviews financial viability. Angel investors and venture capitalists provide crucial early-stage funding.
Step-by-step explanation:
The two stages new venture concepts must pass in order to get off the ground are project definition or justification in terms of its attractiveness in both the marketplace and fit to the firm's strategy, and project forecast or the financial payback the project is likely to provide on the investment.
Project definition involves the business plan and its alignment with market needs and the company's strategic goals, while project forecast relates to the financial aspects and how the venture will return profits or gains on the investment made.
Firms that are just beginning often only have an idea or prototype and face challenges in raising financial capital, as they have yet to show any ability to earn profits and thereby pay a rate of return to investors. This early-stage funding often involves founders putting their own money into the venture, and seeking additional funds from angel investors and venture capitalists, who offer capital in exchange for equity stakes in the company.