The Lean LaunchPad Session 1: Overview/Business Models/Customer Development Professors Steve Blank,Jon Feiber,  Jim Hornth...
Agenda “ Is This the Right Course for Me?” <ul><li>Introductions </li></ul><ul><li>Course Objectives/teams/project </li></...
Introductions
Steve Blank , Jon Feiber <ul><li>8 startups in Silicon Valley </li></ul><ul><li>Semiconductors </li></ul><ul><li>Supercomp...
Steve Blank,  Jon Feiber <ul><li>8 startups - 32 years in Silicon Valley </li></ul><ul><li>Semiconductors </li></ul><ul><l...
Oren Jacob , Jim Hornthal <ul><li>CEO, stealth startup </li></ul><ul><li>EIR, August Capita </li></ul><ul><li>lCTO, Pixar ...
Oren Jacob,  Jim Hornthal <ul><li>CTO Pixar </li></ul><ul><li>CMEA Capital </li></ul><ul><li>Chairman Triporati </li></ul>
Teaching Assistant <ul><li>TA ’s role :  Class/lecture questions, Grading and attendance </li></ul>Bhavik Joshi <ul><li>Be...
Mentors <ul><li>Mentors are people with real-world experience </li></ul><ul><li>Mentors role is to: </li></ul><ul><ul><li>...
Mentor Introductions Click Here for the Mentor Bios
Course Objectives <ul><li>Understand the real world aspects of Entrepreneurship by getting out of the building </li></ul><...
What Will you Learn? <ul><li>Opportunity evaluation </li></ul><ul><li>Search for a Business Model </li></ul><ul><li>Custom...
The Course  ‘By the Numbers’ <ul><li>4 Instructors,  1 TA, 15+ Mentors,  </li></ul><ul><li>8 Lectures </li></ul><ul><li>8 ...
This Class is  Hard <ul><li>You can’ t pass by attending the lectures </li></ul><ul><li>Your grade is determined by the wo...
Class Logistics
Course Reading <ul><li>Business Model Generation </li></ul><ul><li>Four Steps to the Epiphany </li></ul><ul><li>www.steveb...
Class Schedule <ul><li>Eight (3 hour) Class Sessions:  </li></ul><ul><li>1: Sept 1 st   - Introduction, Business Models, C...
Teams <ul><li>Suggested team size is 4 people </li></ul><ul><li>You chose the roles (hint: no org chart) </li></ul><ul><li...
Team Projects <ul><li>Any  for-profit  scalable  startup </li></ul><ul><li>If you are a domain expert, that ’s your best b...
Team Deliverables - Presentation <ul><li>Each Week </li></ul><ul><ul><li>Lessons Learned presentation 10 minutes </li></ul...
Team Deliverables - Blog <ul><li>Each Week </li></ul><ul><ul><li>Business model canvas updates </li></ul></ul><ul><ul><li>...
Grading <ul><li>Individual - 15% </li></ul><ul><li>Participation in class 15% </li></ul><ul><li>Team - 85% </li></ul><ul><...
Grading <ul><li>Individual - 15% </li></ul><ul><li>Participation in class 15% </li></ul><ul><li>Team - 80% </li></ul><ul><...
Office Hours <ul><li>With your team </li></ul><ul><li>Before and after class </li></ul><ul><li>Look at availability  here ...
Intellectual Property - Suggestions <ul><li>Make sure your project is OK with your company </li></ul><ul><ul><li>disclose ...
Class Disclosure/NDA’s <ul><li>Successful startups are not about the original idea  </li></ul><ul><ul><li>It’s about learn...
How to Build A Startup Idea Size Opportunity Business Model Customer Development
How to Build A Startup Idea Size  of the Opportunity Business Model(s) Customer  Discovery Customer  Validation
How to Build A Startup Idea Size  of the Opportunity Business Model(s) Customer  Discovery Customer  Validation Theory Pra...
How to Build A Startup Idea Size  of the Opportunity Business Model(s) Customer  Discovery Customer  Validation <ul><li>We...
How to Build A Startup Idea Size  of the Opportunity Business Model(s) Customer  Discovery Customer  Validation
Idea
We’ re Engineers Darn It! <ul><li>Aren ’t companies all about product? </li></ul><ul><li>I have a great technology idea </...
Sources of Startup Ideas? <ul><li>Technology shifts </li></ul><ul><ul><li>Moore ’s Law </li></ul></ul><ul><ul><li>Disrupti...
An Idea is _Not_ a  Company
An Idea is _Not_ a Company It’s Just One of Many  Hypotheses
Size of Opportunity
This Class is about  Scalable  Startups <ul><li>Not all startups are designed to scale </li></ul><ul><li>Small business st...
Small Business  Startups Small Business Startup <ul><li>-  Business Model found </li></ul><ul><li>- Profitable business </...
Small Business  Startups <ul><li>-  Business Model found </li></ul><ul><li>- Profitable business </li></ul><ul><li>Existin...
Scalable  Startup Scalable Startup Large Company >$100M/year <ul><li>Total Available Market > $500m </li></ul><ul><li>Comp...
Scalable  Startup Scalable Startup Large Company >$100M/year <ul><li>Total Available Market > $500m </li></ul><ul><li>Comp...
Very Different  Startup Goals Small Business Startup <ul><li>- Business Model found </li></ul><ul><li>- Profitable busines...
Venture Firms  Invest in  Scalable Startups Small Business Startup Scalable Startup Large Company
Market/Opportunity Analysis <ul><li>How Big is It?:  Market/Opportunity Analysis </li></ul><ul><ul><li>Identify a Customer...
How Big is the Pie? Total Available Market Total Available Market <ul><li>How many   people  would  want/need   the produc...
How Big is My Slice? Served Available Market <ul><li>How many people  need/can use  product? </li></ul><ul><li>How many pe...
How Much Can I Eat? Target Market <ul><li>Who am I going to sell to  in year 1, 2 & 3?  </li></ul><ul><li>How many custome...
Segmentation Identification of groups most likely to buy Target  Market <ul><li>Geographic </li></ul><ul><li>Demographic <...
Market Size: Summary <ul><li>Market Size Questions: </li></ul><ul><ul><li>How big can this market be?  </li></ul></ul><ul>...
Business Model
What Is a Business  Model ? <ul><li>Diagram  of flows between company and customers </li></ul><ul><li>Scorecard  of hypoth...
9 building blocks  of a business model:
CUSTOMER SEGMENTS which customers and users are you serving?  which jobs do they really want to get done?
VALUE PROPOSITIONS what are you offering them? what is that  getting done for them? do they care?
CHANNELS how does each customer segment want to be reached? through which interaction points?
CUSTOMER RELATIONSHIPS what relationships are you establishing with each segment? personal? automated? acquisitive? retent...
REVENUE STREAMS what are customers really willing to pay for? how?  are you generating transactional or recurring revenues?
KEY RESOURCES which resources underpin your business model? which assets are essential?
KEY ACTIVITIES which activities do you need to perform well in your business model? what is crucial?
KEY PARTNERS which partners and suppliers leverage your model?  who do you need to rely on?
COST STRUCTURE what is the resulting cost structure?  which key elements drive your costs?
images by JAM customer segments key partners cost structure revenue streams channels customer relationships key activities...
sketch out your business model
building block building block building block building block building block building block building block building block bu...
But, Realize They ’re Hypotheses
9 Guesses Guess Guess Guess Guess Guess Guess Guess Guess Guess
How Do Startups  Search  For A Business Model? <ul><li>The Search is called Customer Development </li></ul><ul><li>The Imp...
Customer  Development Solving For Customer Risk
Customer Development Get Out of the Building The founders ^
More startups  fail from  a lack of customers  than from a failure of product development (focus on “who” more than “what”)
Customer Development Concept/ Bus. Plan Product Dev. Alpha/Beta Test Launch/1st Ship Product Introduction Model Customer  ...
<ul><li>Stop selling, start  listening </li></ul><ul><li>Test  your  hypotheses </li></ul><ul><li>Continuous  Discovery </...
Turning Hypotheses to Facts <ul><li>Test Hypotheses: </li></ul><ul><li>Product </li></ul><ul><li>Market Type </li></ul><ul...
<ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Pay...
<ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul>
<ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Pay...
<ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Pay...
<ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Pay...
The  Minimum Viable Product (MVP) <ul><li>Smallest feature set that gets you the most … </li></ul><ul><ul><li>- orders, le...
The  Pivot <ul><li>The heart of Customer Development </li></ul><ul><li>Iteration without crisis </li></ul><ul><li>Fast, ag...
The  Pivot A Pivot is the  change  of one or more  Business Model  Canvas Components
Pivot  Cycle Time Matters <ul><li>Speed  of cycle minimizes cash needs </li></ul><ul><li>Minimum feature set  speeds up cy...
Tomorrow Team Deliverables <ul><ul><li>Hypotheses for each part of business model </li></ul></ul><ul><ul><li>Test for whet...
Radiation-free Earlier detection Non invasive Pioneering Doctors Hospitals Direct Sales to hospitals Strong clinical data ...
something-something-something.com Original idea SHORT TERM Researchers Lawyers Scientists  LONG TERM Avid book readers Pro...
Tomorrow: Team Deliverable – Blog <ul><li>Each Week </li></ul><ul><ul><li>Business model canvas updates </li></ul></ul><ul...
Direct Sales to hospitals Strong clinical data Training Maintenance Product Development Clinical trials Operating Costs Ca...
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Class 1 - course overview Berkeley/Columbia Lean Launchpad Xmba 296t

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Class 1 - course overview Berkeley/Columbia Lean Launchpad Xmba 296t

  1. 1. The Lean LaunchPad Session 1: Overview/Business Models/Customer Development Professors Steve Blank,Jon Feiber, Jim Hornthal, Oren Jacob https://sites.google.com/site/xmba296t / XMBA296T
  2. 2. Agenda “ Is This the Right Course for Me?” <ul><li>Introductions </li></ul><ul><li>Course Objectives/teams/project </li></ul><ul><li>Class Logistics </li></ul><ul><li>Building a “Lean Startup” </li></ul><ul><ul><li>Idea </li></ul></ul><ul><ul><li>Sizing the Opportunity </li></ul></ul><ul><ul><li>Business Models </li></ul></ul><ul><ul><li>Customer Development </li></ul></ul><ul><li>Class “Culture” and Next Steps </li></ul>
  3. 3. Introductions
  4. 4. Steve Blank , Jon Feiber <ul><li>8 startups in Silicon Valley </li></ul><ul><li>Semiconductors </li></ul><ul><li>Supercomputers </li></ul><ul><li>Consumer electronics </li></ul><ul><li>Video games </li></ul><ul><li>Enterprise software </li></ul><ul><li>Military intelligence </li></ul><ul><li>[email_address] </li></ul><ul><li>twitter @sgblank </li></ul><ul><li>www.steveblank.com </li></ul><ul><li>BS CS/Astro Physics U of Colorado </li></ul><ul><li>VP Networking SUN </li></ul><ul><li>V.C. @ MDV since 1991 </li></ul>
  5. 5. Steve Blank, Jon Feiber <ul><li>8 startups - 32 years in Silicon Valley </li></ul><ul><li>Semiconductors </li></ul><ul><li>Supercomputers </li></ul><ul><li>Consumer electronics </li></ul><ul><li>Video games </li></ul><ul><li>Enterprise software </li></ul><ul><li>Military intelligence </li></ul><ul><li>Teach: Stanford, Berkeley, Columbia </li></ul><ul><li>Details at www.steveblank.com </li></ul><ul><li>BS CS/Astro Physics U of Colorado </li></ul><ul><li>50 th employee, VP Networking @ Sun </li></ul><ul><li>V.C. @ MDV since 1991 </li></ul><ul><li>[email_address] </li></ul>
  6. 6. Oren Jacob , Jim Hornthal <ul><li>CEO, stealth startup </li></ul><ul><li>EIR, August Capita </li></ul><ul><li>lCTO, Pixar </li></ul><ul><li>Director, Studio Tools, Pixar </li></ul><ul><li>Technical Director, Finding Nemo </li></ul><ul><li>CMEA Capital </li></ul><ul><li>Triporati </li></ul>
  7. 7. Oren Jacob, Jim Hornthal <ul><li>CTO Pixar </li></ul><ul><li>CMEA Capital </li></ul><ul><li>Chairman Triporati </li></ul>
  8. 8. Teaching Assistant <ul><li>TA ’s role : Class/lecture questions, Grading and attendance </li></ul>Bhavik Joshi <ul><li>Better Place (13th employee, first non-Israeli, non-Jewish, non ex-SAP, Asian employee) </li></ul><ul><li>Berkeley/Columbia MBA class of 2008/09 </li></ul><ul><li>Co-founder: Berkeley Stanford Cleantech Conference Series (since 2007) </li></ul><ul><li>2000 – 2007 Enterprise Software </li></ul><ul><li>1998 – 2000 Tata Motors India </li></ul>[email_address] http://about.me/bhavikjoshi
  9. 9. Mentors <ul><li>Mentors are people with real-world experience </li></ul><ul><li>Mentors role is to: </li></ul><ul><ul><li>Help you “Get you out of the building” </li></ul></ul><ul><ul><li>Share contacts </li></ul></ul><ul><ul><li>Offer “Real-world” entrepreneurial advice </li></ul></ul><ul><ul><li>Critical feedback </li></ul></ul><ul><li>You arrange your schedule for the mentors, not the other way around </li></ul>
  10. 10. Mentor Introductions Click Here for the Mentor Bios
  11. 11. Course Objectives <ul><li>Understand the real world aspects of Entrepreneurship by getting out of the building </li></ul><ul><ul><li>Analyze and assess an opportunity </li></ul></ul><ul><ul><li>Build the product </li></ul></ul><ul><ul><li>Get orders </li></ul></ul><ul><ul><li>Work with a team </li></ul></ul><ul><li>Give you a framework and methodology </li></ul><ul><li>Learn what entrepreneurship is to you </li></ul>
  12. 12. What Will you Learn? <ul><li>Opportunity evaluation </li></ul><ul><li>Search for a Business Model </li></ul><ul><li>Customer Discovery and Validation </li></ul><ul><li>Operating and decision making in chaos with insufficient data </li></ul><ul><li>Ruthless pursuit of an objective by a team </li></ul>
  13. 13. The Course ‘By the Numbers’ <ul><li>4 Instructors, 1 TA, 15+ Mentors, </li></ul><ul><li>8 Lectures </li></ul><ul><li>8 10-minute presentations per class </li></ul><ul><li>1 Final 20 minute presentation </li></ul><ul><li>2 Textbooks </li></ul><ul><li>10-15 hours of work a week outside the classroom </li></ul>
  14. 14. This Class is Hard <ul><li>You can’ t pass by attending the lectures </li></ul><ul><li>Your grade is determined by the work you do outside the class </li></ul><ul><li>There’ s a lot of it </li></ul><ul><li>You are dependent on group success – communication is critical </li></ul><ul><li>You don’t need to be friends you need to be partners </li></ul>
  15. 15. Class Logistics
  16. 16. Course Reading <ul><li>Business Model Generation </li></ul><ul><li>Four Steps to the Epiphany </li></ul><ul><li>www.steveblank.com </li></ul>
  17. 17. Class Schedule <ul><li>Eight (3 hour) Class Sessions: </li></ul><ul><li>1: Sept 1 st - Introduction, Business Models, Customer Development </li></ul><ul><li>2: Sept 2 nd – Value Proposition/Customer Segment </li></ul><ul><li>3: Sept 22 nd – Channels </li></ul><ul><li>4: Sept 23 rd - Demand Creation (Customer Relationships) </li></ul><ul><li>5: Oct 13 th – Revenue Model </li></ul><ul><li>6: Oct 14 th – Key Resources and Activities </li></ul><ul><li>7: Nov 11 th - Cost Structure </li></ul><ul><li>8: Nov 12 th – Fund Raising </li></ul><ul><li>9 & 10: Dec 1 st / 2 nd – Lessons Learned Presentations </li></ul>
  18. 18. Teams <ul><li>Suggested team size is 4 people </li></ul><ul><li>You chose the roles (hint: no org chart) </li></ul><ul><li>Present Weekly and for Final </li></ul><ul><ul><li>Weekly lessons learned </li></ul></ul><ul><ul><li>Final is demo and summary </li></ul></ul><ul><li>Class is about discovery and fast iteration </li></ul>
  19. 19. Team Projects <ul><li>Any for-profit scalable startup </li></ul><ul><li>If you are a domain expert, that ’s your best bet (but not required) </li></ul><ul><li>If you pick a web project, you have to build it (and there needs to be some novelty) </li></ul>
  20. 20. Team Deliverables - Presentation <ul><li>Each Week </li></ul><ul><ul><li>Lessons Learned presentation 10 minutes </li></ul></ul><ul><ul><li>Updated business model canvas </li></ul></ul><ul><ul><li>Update blog/wiki </li></ul></ul><ul><ul><li>10 ’s of hours of “outside the building” progress </li></ul></ul><ul><li>Final Presentation </li></ul><ul><ul><li>20 minute Lessons Learned Summary </li></ul></ul>
  21. 21. Team Deliverables - Blog <ul><li>Each Week </li></ul><ul><ul><li>Business model canvas updates </li></ul></ul><ul><ul><li>Interviews </li></ul></ul><ul><ul><li>Photos/Videos </li></ul></ul><ul><ul><li>A/B tests </li></ul></ul><ul><ul><li>Strategy </li></ul></ul>
  22. 22. Grading <ul><li>Individual - 15% </li></ul><ul><li>Participation in class 15% </li></ul><ul><li>Team - 85% </li></ul><ul><li>40% out-of-the-building progress as measured by blog write-ups each week. </li></ul><ul><li>20% weekly team “lesson learned” summaries </li></ul><ul><li>25% team final report </li></ul>Grade is on how much you learn
  23. 23. Grading <ul><li>Individual - 15% </li></ul><ul><li>Participation in class 15% </li></ul><ul><li>Team - 80% </li></ul><ul><li>40% out-of-the-building progress as measured by blog write-ups each week. </li></ul><ul><li>20% weekly team “lesson learned” summaries </li></ul><ul><li>25% team final report </li></ul>You ’re graded on how much learn , not how much you sell
  24. 24. Office Hours <ul><li>With your team </li></ul><ul><li>Before and after class </li></ul><ul><li>Look at availability here </li></ul><ul><li>Get on the calendar </li></ul>
  25. 25. Intellectual Property - Suggestions <ul><li>Make sure your project is OK with your company </li></ul><ul><ul><li>disclose to team what IP rights your company has to inventions </li></ul></ul><ul><li>You own what IP you brought to class with you </li></ul><ul><ul><li>No team member has claim to anything you brought </li></ul></ul><ul><li>Your team jointly owns any IP developed for the class </li></ul><ul><ul><li>If any of you decide to start a company based on the class, you own only what was developed and completed in the class </li></ul></ul><ul><ul><li>You have no claim for work done before or after the class quarter </li></ul></ul><ul><ul><li>If a subset of the team decides to start a company they do NOT “owe” anything to other team members for work done in and during the class </li></ul></ul><ul><ul><li>All team members are free to start the same company, without permission of the others </li></ul></ul><ul><li>You are agreeing to this unless the team decides in writing to do something different </li></ul>
  26. 26. Class Disclosure/NDA’s <ul><li>Successful startups are not about the original idea </li></ul><ul><ul><li>It’s about learning, discovery and execution </li></ul></ul><ul><ul><li>You will not be presenting your IP/technical details </li></ul></ul><ul><li>You get to see how previous teams solved problems by looking at their slides, notes and blogs </li></ul><ul><li>Therefore: </li></ul><ul><li>Your slides, notes and blogs will be public </li></ul><ul><li>This is an open class. No non-disclosures </li></ul>
  27. 27. How to Build A Startup Idea Size Opportunity Business Model Customer Development
  28. 28. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation
  29. 29. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation Theory Practice
  30. 30. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation <ul><li>Web startups get the product in front of customers earlier </li></ul>
  31. 31. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation
  32. 32. Idea
  33. 33. We’ re Engineers Darn It! <ul><li>Aren ’t companies all about product? </li></ul><ul><li>I have a great technology idea </li></ul><ul><li>Teach me how to make a company around it </li></ul><ul><li>Just like Facebook and Google (or Intel or Apple) </li></ul>
  34. 34. Sources of Startup Ideas? <ul><li>Technology shifts </li></ul><ul><ul><li>Moore ’s Law </li></ul></ul><ul><ul><li>Disruptive tech </li></ul></ul><ul><ul><li>Research </li></ul></ul><ul><li>Market changes </li></ul><ul><ul><li>Value chain disruption </li></ul></ul><ul><ul><li>Deregulation </li></ul></ul><ul><li>Societal changes </li></ul><ul><ul><li>Changes in ways we live, learn, work, etc. </li></ul></ul><ul><ul><li>The world is flat (outsourcing) </li></ul></ul><ul><li>Dinosaur factor </li></ul><ul><ul><li>Arrogance </li></ul></ul><ul><ul><li>Deadened reflexes </li></ul></ul><ul><li>Irrational exuberance </li></ul><ul><ul><li>Undervalued assets </li></ul></ul>
  35. 35. An Idea is _Not_ a Company
  36. 36. An Idea is _Not_ a Company It’s Just One of Many Hypotheses
  37. 37. Size of Opportunity
  38. 38. This Class is about Scalable Startups <ul><li>Not all startups are designed to scale </li></ul><ul><li>Small business startups have different goals </li></ul><ul><ul><li>They are done by normal people </li></ul></ul><ul><li>Scalable startups are designed to grow big </li></ul><ul><ul><li>Typically require venture capital </li></ul></ul><ul><li>This means the size of the opportunity needs to be $100’s of millions to billions </li></ul>
  39. 39. Small Business Startups Small Business Startup <ul><li>- Business Model found </li></ul><ul><li>- Profitable business </li></ul><ul><li>Existing team </li></ul><ul><li>< $1M in revenue </li></ul>
  40. 40. Small Business Startups <ul><li>- Business Model found </li></ul><ul><li>- Profitable business </li></ul><ul><li>Existing team </li></ul><ul><li>< $10M in revenue </li></ul><ul><li>5.7 million small businesses in the U.S. <500 employees </li></ul><ul><li>99.7% of all companies </li></ul><ul><li>~ 50% of total U.S. workers </li></ul>http://www.sba.gov/advo/stats/sbfaq.pdf Small Business Startup
  41. 41. Scalable Startup Scalable Startup Large Company >$100M/year <ul><li>Total Available Market > $500m </li></ul><ul><li>Company can grow to $100m/year </li></ul><ul><li>Business model found </li></ul><ul><li>Focused on execution and process </li></ul>
  42. 42. Scalable Startup Scalable Startup Large Company >$100M/year <ul><li>Total Available Market > $500m </li></ul><ul><li>Company can grow to $100m/year </li></ul><ul><li>Business model found </li></ul><ul><li>Focused on execution and process </li></ul><ul><li>Typically requires “risk capital” </li></ul><ul><li>In contrast a scalable startup is designed to grow big </li></ul><ul><li>Typically needs risk capital </li></ul><ul><li>What Silicon Valley means when they say “Startup” </li></ul>
  43. 43. Very Different Startup Goals Small Business Startup <ul><li>- Business Model found </li></ul><ul><li>- Profitable business </li></ul><ul><li>Existing team </li></ul><ul><li>< $10M </li></ul>Scalable Startup Large Company <ul><li>Total Available Market > $500m </li></ul><ul><li>Company can grow to $100m/year </li></ul><ul><li>Business model found </li></ul><ul><li>Focused on execution and process </li></ul><ul><li>Typically requires “ risk capital ” </li></ul>
  44. 44. Venture Firms Invest in Scalable Startups Small Business Startup Scalable Startup Large Company
  45. 45. Market/Opportunity Analysis <ul><li>How Big is It?: Market/Opportunity Analysis </li></ul><ul><ul><li>Identify a Customer and Market Need </li></ul></ul><ul><ul><li>Size the Market </li></ul></ul><ul><ul><li>Competitors </li></ul></ul><ul><ul><li>Growth Potential </li></ul></ul>
  46. 46. How Big is the Pie? Total Available Market Total Available Market <ul><li>How many people would want/need the product? </li></ul><ul><li>How large is the market be (in $ ’s) if they all bought? </li></ul><ul><li>How many units would that be? </li></ul><ul><li>How Do I Find Out? </li></ul><ul><li>Industry Analysts – Gartner, Forrester </li></ul><ul><li>Wall Street Analysts – Goldman, Morgan </li></ul>
  47. 47. How Big is My Slice? Served Available Market <ul><li>How many people need/can use product? </li></ul><ul><li>How many people have the money to buy the product </li></ul><ul><li>How large would the market be (in $ ’s) if they all bought? </li></ul><ul><li>How many units would that be? </li></ul><ul><li>How Do I Find Out? </li></ul><ul><li>Talk to potential customers </li></ul>Served Available Market Total Available Market
  48. 48. How Much Can I Eat? Target Market <ul><li>Who am I going to sell to in year 1, 2 & 3? </li></ul><ul><li>How many customers is that? </li></ul><ul><li>How large is the market be (in $ ’s) if they all bought? </li></ul><ul><li>How many units would that be? </li></ul><ul><li>How Do I Find Out? </li></ul><ul><li>Talk to potential customers </li></ul><ul><li>Identify and talk to channel partners </li></ul><ul><li>Identify and talk to competitors </li></ul>Total Available Market Target Market Served Available Market
  49. 49. Segmentation Identification of groups most likely to buy Target Market <ul><li>Geographic </li></ul><ul><li>Demographic </li></ul><ul><li>Psychographic variables </li></ul><ul><li>Behavioral variables </li></ul><ul><li>Channel </li></ul><ul><li>etc… </li></ul>Total Available Market Served Available Market
  50. 50. Market Size: Summary <ul><li>Market Size Questions: </li></ul><ul><ul><li>How big can this market be? </li></ul></ul><ul><ul><li>How much of it can we get? </li></ul></ul><ul><ul><li>Market growth rate </li></ul></ul><ul><ul><li>Market structure (Mature or in flux?) </li></ul></ul><ul><li>Most important : Talk to Customers and Sales Channel </li></ul><ul><li>Next important: Market size by competitive approximation </li></ul><ul><ul><li>Wall Street analyst reports are great </li></ul></ul><ul><li>And : Market research firms Like Forester, Gartner </li></ul>
  51. 51. Business Model
  52. 52. What Is a Business Model ? <ul><li>Diagram of flows between company and customers </li></ul><ul><li>Scorecard of hypotheses testing </li></ul><ul><li>Rapid change with each iteration and pivot </li></ul><ul><li>Founder- driven </li></ul>* Alex Osterwalder
  53. 53. 9 building blocks of a business model:
  54. 54. CUSTOMER SEGMENTS which customers and users are you serving? which jobs do they really want to get done?
  55. 55. VALUE PROPOSITIONS what are you offering them? what is that getting done for them? do they care?
  56. 56. CHANNELS how does each customer segment want to be reached? through which interaction points?
  57. 57. CUSTOMER RELATIONSHIPS what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?
  58. 58. REVENUE STREAMS what are customers really willing to pay for? how? are you generating transactional or recurring revenues?
  59. 59. KEY RESOURCES which resources underpin your business model? which assets are essential?
  60. 60. KEY ACTIVITIES which activities do you need to perform well in your business model? what is crucial?
  61. 61. KEY PARTNERS which partners and suppliers leverage your model? who do you need to rely on?
  62. 62. COST STRUCTURE what is the resulting cost structure? which key elements drive your costs?
  63. 63. images by JAM customer segments key partners cost structure revenue streams channels customer relationships key activities key resources value proposition
  64. 64. sketch out your business model
  65. 65. building block building block building block building block building block building block building block building block building block building block building block building block
  66. 66. But, Realize They ’re Hypotheses
  67. 67. 9 Guesses Guess Guess Guess Guess Guess Guess Guess Guess Guess
  68. 68. How Do Startups Search For A Business Model? <ul><li>The Search is called Customer Development </li></ul><ul><li>The Implementation is called Agile Development </li></ul>
  69. 69. Customer Development Solving For Customer Risk
  70. 70. Customer Development Get Out of the Building The founders ^
  71. 71. More startups fail from a lack of customers than from a failure of product development (focus on “who” more than “what”)
  72. 72. Customer Development Concept/ Bus. Plan Product Dev. Alpha/Beta Test Launch/1st Ship Product Introduction Model Customer Development Company Building Customer Discovery Customer Validation Customer Creation Pivot
  73. 73. <ul><li>Stop selling, start listening </li></ul><ul><li>Test your hypotheses </li></ul><ul><li>Continuous Discovery </li></ul><ul><li>Done by founders </li></ul>Customer Discovery Customer Discovery Customer Validation Company Building Customer Creation Pivot
  74. 74. Turning Hypotheses to Facts <ul><li>Test Hypotheses: </li></ul><ul><li>Product </li></ul><ul><li>Market Type </li></ul><ul><li>Competition </li></ul>
  75. 75. <ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Payer </li></ul>
  76. 76. <ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul>
  77. 77. <ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Payer </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Demand Creation </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Product </li></ul><ul><li>Market Type </li></ul><ul><li>Competitive </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Pricing Model / Pricing </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Size of Opportunity/Market </li></ul><ul><li>Validate Business Model </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul><ul><li>(Customer) </li></ul><ul><li>(Problem) </li></ul>
  78. 78. <ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Payer </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Demand Creation </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Product </li></ul><ul><li>Market Type </li></ul><ul><li>Competitive </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Pricing Model / Pricing </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Size of Opportunity/Market </li></ul><ul><li>Validate Business Model </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul><ul><li>(Customer) </li></ul><ul><li>(Problem) </li></ul>Customer Development Team Agile Development
  79. 79. <ul><li>Test Hypotheses: </li></ul><ul><li>Problem </li></ul><ul><li>Customer </li></ul><ul><li>User </li></ul><ul><li>Payer </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Demand Creation </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Product </li></ul><ul><li>Market Type </li></ul><ul><li>Competitive </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Pricing Model / Pricing </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Size of Opportunity/Market </li></ul><ul><li>Validate Business Model </li></ul><ul><li>Test Hypotheses: </li></ul><ul><li>Channel </li></ul><ul><li>(Customer) </li></ul><ul><li>(Problem) </li></ul>Customer Development Team Agile Development
  80. 80. The Minimum Viable Product (MVP) <ul><li>Smallest feature set that gets you the most … </li></ul><ul><ul><li>- orders, learning, feedback, failure… </li></ul></ul>
  81. 81. The Pivot <ul><li>The heart of Customer Development </li></ul><ul><li>Iteration without crisis </li></ul><ul><li>Fast, agile and opportunistic </li></ul>
  82. 82. The Pivot A Pivot is the change of one or more Business Model Canvas Components
  83. 83. Pivot Cycle Time Matters <ul><li>Speed of cycle minimizes cash needs </li></ul><ul><li>Minimum feature set speeds up cycle time </li></ul><ul><li>Near instantaneous customer feedback drives feature set </li></ul>
  84. 84. Tomorrow Team Deliverables <ul><ul><li>Hypotheses for each part of business model </li></ul></ul><ul><ul><li>Test for whether your business is worth  pursuing (market  size) </li></ul></ul><ul><ul><li>Test for each of the hypotheses     </li></ul></ul><ul><ul><ul><li>- What  constitutes a pass/fail signal for the  test  (e.g. at what point would you say your hypotheses wasn ’t even close to  correct)? </li></ul></ul></ul>
  85. 85. Radiation-free Earlier detection Non invasive Pioneering Doctors Hospitals Direct Sales to hospitals Strong clinical data Training Maintenance Product Development Clinical trials Operating Costs Capital Equipment Sales and disposable item Product Development IP Clinical trials FDA IP Leading doctors Technical Expertise Hospitals Leading doctors 3 rd party manufacturers Distributors MammOptics Business Model Canvas 1
  86. 86. something-something-something.com Original idea SHORT TERM Researchers Lawyers Scientists LONG TERM Avid book readers Professionals Import, organize and share thousands of papers FB/TW posts from users you know Company blog, FB, TW, support forums Affiliate program SEO/SEM/SM IE/FF/Chrome App Stores Targeted marketing Product development Constant iteration & testing Developers Marketers Libraries, Universities, Research Centers Bloggers and media targeting customer segment Academic Database providers Affiliate program fees Licensing Subscription fees Ad revenue AWS Infrastructure SEM Eng & Marketing OpEx Invincible Business Model: Version 1.0
  87. 87. Tomorrow: Team Deliverable – Blog <ul><li>Each Week </li></ul><ul><ul><li>Business model canvas updates </li></ul></ul><ul><ul><li>Interviews </li></ul></ul><ul><ul><li>Photos/Videos </li></ul></ul><ul><ul><li>A/B tests </li></ul></ul><ul><ul><li>Strategy </li></ul></ul><ul><li>Must be up and running by Tomorrow </li></ul><ul><li>We prefer Lean Launchlab </li></ul>
  88. 88. Direct Sales to hospitals Strong clinical data Training Maintenance Product Development Clinical trials Operating Costs Capital Equipment Sales and disposable item Product Development IP Clinical trials FDA IP Leading doctors Technical Expertise Doctors: Earlier detection Price Accuracy Immediate Results Patients: Radiation Free Non-Invasive MammOptics Business Model Canvas 4
  89. 89. Photos Videos
  90. 90. Surveys
  91. 91. Interview & Photos
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