Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
SpaceLab Detroit Urban LaunchPadSession 3: Designing Your Business
1
“Products” of this Urban LaunchPad Series
• Validated problem statement
• Validated solution & BMC
• Mission & vision statements
• “Bar” pitch
• Elevator pitch
• Pitch deck
Copyright (c) 2018, eBuktu Media LLC 2
• Competitive analysis and strategy
• Finance strategy
• Market entry strategy
• Business plan exec summary
• Organization
• Resources and contacts
Form of Problem Statement
Copyright (c) 2018, eBuktu Media LLC 3
Description – a concise statement of the issues that need to be addressed by the problem-solving team.
Vision – what does the world look like when we solve the problem?
The Five W’s
Copyright (c) 2018, eBuktu Media LLC
4• Who does the problem affect? Who will pay to solve it? Specific groups, organizations, customers, etc. Customer archetype.
• What is the impact of the problem? What will happen if we don’t solve it?
• When does the problem occur? When does it need to be fixed?
• Where does the problem occur? Only in certain locations, processes, products, etc.?
• Why is it important to fix the problem? Why does the problem exist? Why hasn’t it been solved?
5
ExampleSpaceLab Detroit Urban LaunchPad
Copyright (c) 2018, eBuktu Media LLC 6
Problem Description –
Urban LaunchPad
Entrepreneurs who want to form a business that addresses an urban problem don’t have access to an incubation or acceleration resource that addresses their specific needs. They need a proven process for developing and validating an urban-focused business, and they need access to professional advice and resources that are tailored to the kind of business they want to develop.
Mission
Connect urban entrepreneurs with the information and resources they need to achieve success.
Copyright (c) 2018, eBuktu Media LLC 8
Vision
Urban entrepreneurs will create businesses of significant size and scope, and these businesses will have a substantial positive impact in the communities they serve. Urban entrepreneurs will succeed at a rate that is equal to or greater than all entrepreneurs, and will develop businesses of many sizes and types. These urban entrepreneurs will use novel approaches, including new technology, to solve previously intractable problems and increase economic vitality. The idea of urban entrepreneurship will catch fire!
Solution
Create a business development workshop series that delivers to prospective urban entrepreneurs the tools, techniques, access to resources, and connections that will significantly increase their odds of business success.
Sketch
Problem: Would-be urban entrepreneurs need process, advice, resources
Solution: Urban LaunchPad workshop series
$$$: Overview session fee, workshop fee, food and beverage?
Why me?: entrepreneur track record, teaching experience
Copyright (c) 2018, eBuktu Media LLC 12
Solution criteria
Sustainable Scalable Novel
Copyright (c) 2018, eBuktu Media LLC 14
Business Opportunity Checklist
Copyright (c) 2018, eBuktu Media LLC 15
Criteria
Are you and your team excited about this opportunity?
Are you solving an important problem?
Can you clearly identify the Primary Target Audience (PTA) for the solution?
Are you effectively addressing the customer’s need?
Can you acquire the resources to develop, manufacture, market; sell, and support the product??
Is the solution novel, i.e. does it involve significant innovation in technology, design, delivery method, process, materials, or some other aspect?
Criteria
Is the business repeatable and scalable?
How large is the market in terms of #customers and dollars?
Can you price at a level that will provide sufficient income?
Is this a timely solution? (i.e., what is the market stage – introduction, growth, maturity, decline)
Is the business compatible withindustry/regulatory/social/cultural norms and trends?
Can you create and sustain a competitive advantage?
Explain this to me!
16
*adapted from Yishi Yang illustration
selectcommunity
engagecommunity
identifyproblem
proposed solution
validated solution
Copyright (c) 2018, eBuktu Media LLC 17
Tell me about your…
Brainstorming session(s)
Alternative solutions
Customer discovery interviews
Copyright (c) 2018, eBuktu Media LLC 18
Business Model Presentation
• 5 minutes presentation
• 5 minutes for questions and feedback
• Was the business model clear and understandable?
• Did the problem seem important?
• Was the presentation compelling?
Did you experience an emotional reaction?
20
Value proposition / Customer segment
Value Proposition (VP) Components
Copyright (c) 2018, eBuktu Media LLC 22
Brief description of product or service
Benefits/advantages conferred by your
product
Pains alleviated
Gains created
Key features/functions
required to deliver VP
Customer Segment (CS) Components
Copyright (c) 2018, eBuktu Media LLC 23
Brief description
Key customer attributes (characteristics, persona, pains/gains)
“Jobs” performed (i.e., why does the customer need your product? i.e., what are they trying to accomplish?)
A note regarding innovation and technology
Eight primary technologies are riding Moore’s law, many of which will lead to disruptive opportunities: infinite computing, sensors and networks, robotics, 3D printing, synthetic biology, digital medicine, nanomaterials, and artificial intelligence*.
*Peter Diamandis, “Bold”
Idea to Business: The
Process
• Business Model Canvas is the tool we will use to document the business design
• Customer Development is the process we will use to validate the design
• Test and revise the business model hypotheses
• Do this by observing and talking to people out in the marketplace
• This must be done in the field, not from behind a desk
Copyright (c) 2018, eBuktu Media LLC 26
Developing the business model…Every element of the business model canvas starts as a
hypothesis, not a fact. To convert hypotheses to facts, we must test and refine our assumptions.
TestRefine
Propose1.
2.3.
27
Copyright (c) 2018, eBuktu Media LLC 28
• Customer discovery
• Does the customer regard the problem as important?
• Does the solution fit the customer’s problem?
• Is the customer enthusiastic about our MVP or
(prototype)?
• Customer validation
• Will enough customers buy our product?
• Can we scale up sales to required level
• Do we have a validated sales and marketing plan?
“customer discovery” and “customer validation”
BMFiddle.com “workshop”
29
“Homework”
• Talk to at least 5 humans
• Refine your problem statement
• Update Business Model Canvas – use BMFiddle!
• Complete SCORE Opportunity Checklist
• Write down your mission, vision
• Udacity Lesson
Let’s Hit It!
31