The Lean LaunchPadLecture 1: Business Models and    Customer Development              Steve Blank              Jon Feiber ...
What’s A Company?
What’s A Company?  A business organization which sells aproduct or service in exchange for revenue                 and pro...
How Are Companies   Organized?
How Are Companies    Organized?Companies are organized around      Business Models
What’s a Business Model?
What’s a Business Model? A business model describes all the partsof the company necessary to make money
What About My Technology?
What About My Technology?Your technology is one of the many critical  pieces necessary to build a company.   It is part of...
What About My Technology?Customers don’t care about your technology     They are trying to solve a problem
What’s A Startup?
What’s A Startup?A startup is a temporary organization designed to search for a repeatable    and scalable business model
How to Build A Startup             Idea       Business Model       Size Opportunity    Customer Development
How to Build A Startup         Business   Size of the   Customer    CustomerIdea     Model(s)   Opportunity   Discovery   ...
How to Build A Startup        Size of the         Business     Size of the                       Business     Customer    ...
How to Build A Startup        Size of the         Business     Size of the                       Business       Customer  ...
How to Build A Startup        Size of the         Business     Size of the                       Business     Customer    ...
buzzgroup
A business model describes allthe parts of the companynecessary to make money
what are those parts? whatparts is a business modelcomposed of?
22
?   ?
BusinessModel Canvas
to describe, challenge,design, and inventbusiness models moresystematically
buildingblocks
CUSTOMER SEGMENTS                    images by JAM
VALUE PROPOSITIONS                     images by JAM
CHANNELS           images by JAM
CUSTOMER RELATIONSHIPS                     images by JAM
REVENUE STREAMS                  images by JAM
KEY RESOURCES                images by JAM
KEY ACTIVITIES                 images by JAM
KEY PARTNERS               images by JAM
COST STRUCTURE                 images by JAM
key    value proposition       customer            activities                           relationships     key             ...
key    value proposition       customer            activities                           relationships     key             ...
images by JAM
CANVAS OVERLAYKEY        KEY          OFFER         CUSTOMER      CUSTOMERPARTNERS   ACTIVITIES                 RELATIONSH...
CANVAS OVERLAYKEY        KEY          OFFER         CUSTOMER      CUSTOMERPARTNERS   ACTIVITIES                 RELATIONSH...
Business Model Canvas                    building                    block                                            buil...
illustration               45
why should some of thesmartest scientists in the worldwaste their time thinking abouta business model for coffee?
not just because most scientistsdrink a lot of coffee. we can learna lot from innovative businessmodels across industries
how much did the cost ofhome coffee consumptionchange for Swiss householdsover the last couple of years?
600%to800%more
Nespressochanged the   business (model) for   espresso
RESULTS
one of the fastest-growing businesses inthe Nestlé group
average growth of30% p.a. since 2000
over 3 billion CHF annualrevenue with 1 product line(3.2 bio USD)
buzz group             57
Discuss and describe how youwould design a business modelaround Nespresso’s invention
?       ?             ?         ?       ?     ?               ?60
Nespresso                                                 club              production                                   N...
but Nespresso almost failed in1987 due to a nonperformingbusiness model
Nespresso      system                 joint venture                      with                 manufacturer63
what is the most powerful aboutusing a shared language, such asthe Business Model Canvas?
buzz group
?       ?             ?         ?       ?     ?               ?71
possiblealternatives
radiation-free     detection of     hospitals     breast cancer73
medicaldevicema     proprietary IP                      nufacturers74
?       ?             ?         ?       ?     ?               ?75
But,Realize They’re Hypotheses
9 Guesses                            GuessGuess    Guess                                     Guess                  Guess ...
How Does This Really Work?Stanford Lean LaunchPad Class  8 Weeks From an Idea to a Business
I.I.T.Y.I.W.H.T.K.Y
Key Opinion Leaders      (KOLs)
Key OpinionLeaders (KOLs)
Key OpinionLeaders (KOLs)
Key OpinionLeaders (KOLs)
Key OpinionLeaders (KOLs)
Key OpinionLeaders (KOLs)
••••••
Customer DevelopmentThe founders    ^  Get Out of the Building and Search for the Business Model
The Customer Development Process  Customer            Customer     Customer   Company  Discovery           Validation   Cr...
The Minimum Viable Product (MVP)  Customer            Customer     Customer    Company  Discovery           Validation   C...
A Pivot is the change of one ormore Business Model CanvasComponents
The PivotCustomer            Customer     Customer   CompanyDiscovery           Validation   Creation   Building          ...
Pivot Cycle Time Matters       Customer            Customer         Customer        Company       Discovery           Vali...
The Customer Development Process        Customer Discovery   Customer        Customer          Customer         Company   ...
The Customer Development Process       Customer Validation Customer          Customer               Customer          Comp...
Blog Your Progress
How?• Customer Development   – The Process• Narrative   –   Interviews   –   Surveys   –   Videos   –   Prototypes• Busine...
We Made StudentsBlog Their ProgressIt Changed Everything
Interview
Photos   Videos
Surveys
Interview& Photos
Competitive  Analysis
Key Findings
A/B TestResults
Key Question
Strategy
Business Model Canvas as      the Scorecard
Market TypeFour Types of Markets
Type of Market               Changes EverythingClone Market   Existing Market     Resegmented      New Market             ...
Definitions: Four Types of Markets  Clone Market   Existing Market     Resegmented   New Market                           ...
Size of Opportunity
Market/Opportunity AnalysisHow Big is It?: Market/Opportunity Analysis  – Identify a Customer and Market Need  – Size the ...
How Big is the Pie?              Total Available Market                       • How many people would want/need           ...
How Big is My Slice?                Served Available Market                        • How many people need/can use product?...
How Much Can I Eat?                            Target Market                               • Who am I going to sell to in ...
Market Size: Summary• Market Size Questions:  – How big can this market be?  – How much of it can we get?   – Market growt...
Team Deliverable by Tomorrow1.   Hypotheses for each part of business model2.   Test for each of the hypotheses          W...
Sweet SensorsGlucose Monitor:                                                                 We have developed a         ...
Examples
Market size  Total availablemarket = $1.2 billion           - 300 million patients worldwide                              ...
Market Size                                 • Growing market                                     – Aging population       ...
Business Model Canvas                                                                                  Yi Lu, Tian Lan    ...
Action Plan                                                                                  Yi Lu, Tian Lan              ...
The Business Model Canvas                                                                            Technical Assistancec...
The Business Model Canvas                                                                            Technical Assistancec...
Critical Success Factors• Validation of the need  – By talking to diabetic patients, clinician and    nurses• Validation o...
Backup
Customer DiscoveryBus Model     Extract                                   Pivot or                         Test Problem   ...
Customer Discovery - PhysicalBus Model       Extract                                      Pivot or                        ...
Customer Discovery - WebBus Model        Extract                                        Pivot or                          ...
Customer Discovery - PhysicalBus Model            Extract                                           Pivot or              ...
Customer Discovery - WebBus Model            Extract                                            Pivot or                  ...
Customer Discovery - PhysicalBus Model          Extract                                           Pivot or                ...
Customer Discovery - WebBus Model           Extract                                                                Pivot o...
Customer Discovery – Web/PhysicalBus Model          Extract                                                              P...
Customer Validation - WebGet Ready to                                            Pivot or                       Sell, Sell...
Customer Validation - Physical    Get Ready to                                     Pivot or                    Sell, Sell,...
Customer Validation - Web    Get Ready to                                      Pivot or                     Sell, Sell, Se...
Customer Validation - Physical            Get Ready to                                           Pivot or                 ...
Customer Validation - Web            Get Ready to                                              Pivot or                   ...
Customer Validation - Physical/Web                 Get Ready to                                                           ...
Customer Validation - Physical/Web                 Get Ready to                                                           ...
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
Lecture 1: Business Model & Customer Development
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Lecture 1: Business Model & Customer Development

  1. 1. The Lean LaunchPadLecture 1: Business Models and Customer Development Steve Blank Jon Feiber Jon Burke http://i245.stanford.edu/
  2. 2. What’s A Company?
  3. 3. What’s A Company? A business organization which sells aproduct or service in exchange for revenue and profit
  4. 4. How Are Companies Organized?
  5. 5. How Are Companies Organized?Companies are organized around Business Models
  6. 6. What’s a Business Model?
  7. 7. What’s a Business Model? A business model describes all the partsof the company necessary to make money
  8. 8. What About My Technology?
  9. 9. What About My Technology?Your technology is one of the many critical pieces necessary to build a company. It is part of the “Value Proposition”
  10. 10. What About My Technology?Customers don’t care about your technology They are trying to solve a problem
  11. 11. What’s A Startup?
  12. 12. What’s A Startup?A startup is a temporary organization designed to search for a repeatable and scalable business model
  13. 13. How to Build A Startup Idea Business Model Size Opportunity Customer Development
  14. 14. How to Build A Startup Business Size of the Customer CustomerIdea Model(s) Opportunity Discovery Validation
  15. 15. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation Theory Practice
  16. 16. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation • Web startups get the product in front of customers earlier
  17. 17. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation
  18. 18. buzzgroup
  19. 19. A business model describes allthe parts of the companynecessary to make money
  20. 20. what are those parts? whatparts is a business modelcomposed of?
  21. 21. 22
  22. 22. ? ?
  23. 23. BusinessModel Canvas
  24. 24. to describe, challenge,design, and inventbusiness models moresystematically
  25. 25. buildingblocks
  26. 26. CUSTOMER SEGMENTS images by JAM
  27. 27. VALUE PROPOSITIONS images by JAM
  28. 28. CHANNELS images by JAM
  29. 29. CUSTOMER RELATIONSHIPS images by JAM
  30. 30. REVENUE STREAMS images by JAM
  31. 31. KEY RESOURCES images by JAM
  32. 32. KEY ACTIVITIES images by JAM
  33. 33. KEY PARTNERS images by JAM
  34. 34. COST STRUCTURE images by JAM
  35. 35. key value proposition customer activities relationships key customerpartners segments cost revenuestructure key streams resources channels images by JAM
  36. 36. key value proposition customer activities relationships key customerpartners segments cost revenuestructure key streams resources channels images by JAM
  37. 37. images by JAM
  38. 38. CANVAS OVERLAYKEY KEY OFFER CUSTOMER CUSTOMERPARTNERS ACTIVITIES RELATIONSHIPS SEGMENTS KEY CHANNELS RESOURCESCOST STRUCTURE REVENUE STREAMS images by JAM
  39. 39. CANVAS OVERLAYKEY KEY OFFER CUSTOMER CUSTOMERPARTNERS ACTIVITIES RELATIONSHIPS SEGMENTS KEY CHANNELS RESOURCESCOST STRUCTURE REVENUE STREAMS images by JAM
  40. 40. Business Model Canvas building block building block building block building building block block building block building block building block building building block block building building building building block block block block
  41. 41. illustration 45
  42. 42. why should some of thesmartest scientists in the worldwaste their time thinking abouta business model for coffee?
  43. 43. not just because most scientistsdrink a lot of coffee. we can learna lot from innovative businessmodels across industries
  44. 44. how much did the cost ofhome coffee consumptionchange for Swiss householdsover the last couple of years?
  45. 45. 600%to800%more
  46. 46. Nespressochanged the business (model) for espresso
  47. 47. RESULTS
  48. 48. one of the fastest-growing businesses inthe Nestlé group
  49. 49. average growth of30% p.a. since 2000
  50. 50. over 3 billion CHF annualrevenue with 1 product line(3.2 bio USD)
  51. 51. buzz group 57
  52. 52. Discuss and describe how youwould design a business modelaround Nespresso’s invention
  53. 53. ? ? ? ? ? ? ?60
  54. 54. Nespresso club production Nespresso machines Nespresso pods distribution Nespresso channels .com production coffee facilites 1x B2C machine distribution sales61
  55. 55. but Nespresso almost failed in1987 due to a nonperformingbusiness model
  56. 56. Nespresso system joint venture with manufacturer63
  57. 57. what is the most powerful aboutusing a shared language, such asthe Business Model Canvas?
  58. 58. buzz group
  59. 59. ? ? ? ? ? ? ?71
  60. 60. possiblealternatives
  61. 61. radiation-free detection of hospitals breast cancer73
  62. 62. medicaldevicema proprietary IP nufacturers74
  63. 63. ? ? ? ? ? ? ?75
  64. 64. But,Realize They’re Hypotheses
  65. 65. 9 Guesses GuessGuess Guess Guess Guess Guess Guess Guess Guess
  66. 66. How Does This Really Work?Stanford Lean LaunchPad Class 8 Weeks From an Idea to a Business
  67. 67. I.I.T.Y.I.W.H.T.K.Y
  68. 68. Key Opinion Leaders (KOLs)
  69. 69. Key OpinionLeaders (KOLs)
  70. 70. Key OpinionLeaders (KOLs)
  71. 71. Key OpinionLeaders (KOLs)
  72. 72. Key OpinionLeaders (KOLs)
  73. 73. Key OpinionLeaders (KOLs)
  74. 74. ••••••
  75. 75. Customer DevelopmentThe founders ^ Get Out of the Building and Search for the Business Model
  76. 76. The Customer Development Process Customer Customer Customer Company Discovery Validation Creation Building Pivot
  77. 77. The Minimum Viable Product (MVP) Customer Customer Customer Company Discovery Validation Creation Building Pivot •Smallest feature set that gets you the most … - orders, learning, feedback, failure…
  78. 78. A Pivot is the change of one ormore Business Model CanvasComponents
  79. 79. The PivotCustomer Customer Customer CompanyDiscovery Validation Creation Building Pivot•The heart of Customer Development•Iteration without crisis•Fast, agile and opportunistic
  80. 80. Pivot Cycle Time Matters Customer Customer Customer Company Discovery Validation Creation Building Pivot•Speed of cycle minimizes cash needs•Minimum feature set speeds up cycle time• Near instantaneous customer feedback drives feature set
  81. 81. The Customer Development Process Customer Discovery Customer Customer Customer Company Discovery Validation Creation BuildingBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed
  82. 82. The Customer Development Process Customer Validation Customer Customer Customer Company Discovery Validation Creation Building Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed
  83. 83. Blog Your Progress
  84. 84. How?• Customer Development – The Process• Narrative – Interviews – Surveys – Videos – Prototypes• Business Model Canvas – Scorekeeping• Real-time Feedback• Physical Reality Checks – Skype – Face-to-face
  85. 85. We Made StudentsBlog Their ProgressIt Changed Everything
  86. 86. Interview
  87. 87. Photos Videos
  88. 88. Surveys
  89. 89. Interview& Photos
  90. 90. Competitive Analysis
  91. 91. Key Findings
  92. 92. A/B TestResults
  93. 93. Key Question
  94. 94. Strategy
  95. 95. Business Model Canvas as the Scorecard
  96. 96. Market TypeFour Types of Markets
  97. 97. Type of Market Changes EverythingClone Market Existing Market Resegmented New Market Market• Market • Sales • Customers – Market Size – Sales Model • Needs – Cost of Entry – Margins • Adoption – Launch Type – Sales Cycle – Competitive – Chasm Width Barriers •Finance • Ongoing Capital – Positioning • Time to Profitability
  98. 98. Definitions: Four Types of Markets Clone Market Existing Market Resegmented New Market Market• Clone Market – Copy of a U.S. business model• Existing Market – Faster/Better = High end• Resegmented Market – Niche = marketing/branding driven – Cheaper = low end• New Market – Cheaper/good enough, creates a new class of product/customer – Innovative/never existed before
  99. 99. Size of Opportunity
  100. 100. Market/Opportunity AnalysisHow Big is It?: Market/Opportunity Analysis – Identify a Customer and Market Need – Size the Market – Competitors – Growth Potential
  101. 101. How Big is the Pie? Total Available Market • How many people would want/need the product? • How large is the market be (in $’s) if they all bought?Total Available Market • How many units would that be? How Do I Find Out? • Industry Analysts – Gartner, Forrester • Wall Street Analysts – Goldman, Morgan
  102. 102. How Big is My Slice? Served Available Market • How many people need/can use product? • How many people have the money to buy the product Total • How large would the market be (in $’s)Available Served if they all bought? Market Available • How many units would that be? Market How Do I Find Out? • Talk to potential customers
  103. 103. How Much Can I Eat? Target Market • Who am I going to sell to in year 1, 2 & 3? • How many customers is that? • How large is the market be (in $’s) if they all bought? Total Served • How many units would that be?Available Available Market Market Target Market How Do I Find Out? • Talk to potential customers • Identify and talk to channel partners • Identify and talk to competitors
  104. 104. Market Size: Summary• Market Size Questions: – How big can this market be? – How much of it can we get? – Market growth rate – Market structure (Mature or in flux?)• Most important: Talk to Customers and Sales Channel• Next important: Market size by competitive approximation – Wall Street analyst reports are great• And : Market research firms Like Forester, Gartner
  105. 105. Team Deliverable by Tomorrow1. Hypotheses for each part of business model2. Test for each of the hypotheses 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?3. Plan to get out of the building to test the hypotheses• Summarized in a 5 Minute PowerPoint Presentation – Business Model Canvas – Market Size – Getting out of the building plan Don’t Over Think Your Hypotheses
  106. 106. Sweet SensorsGlucose Monitor: We have developed a novel technology to use• Widely available any glucose monitor• Cheap without modifications to• Quantitative detect a wide range of information non-glucose targets at• $10 billion market very low concentrations (such as diseases (e.g.,However, it can detect TB), heavy metal ionsonly one target: glucose (e.g., Pb, Hg), organicand at very high toxins, bacteria, virusesconcentrations and cancers) Yu Xiang and Yi Lu, Nature Chem. 3, 697-703 (2011).
  107. 107. Examples
  108. 108. Market size Total availablemarket = $1.2 billion - 300 million patients worldwide - Required HbA1C testing every 60-90 days Serviceable Available Market = $600 million - Available in-home HbA1C tests today are $100/10 tests Target market - Assuming $1 per test, TAM = $1.2 billion = $120 million - Assuming 50% people have the access to a HbA1c test, SAM = $600 million - Assuming we can capture 20% of SAM (high-end diabetics and early adopters), Target market = $120 million
  109. 109. Market Size • Growing market – Aging population – Living Style & DietsTotal Available market – Chronic disease 170M (US & EU5) $25B • Driving factors – Healthcare costs – Reimbursement – Healthcare labor shortage Target market 3.5M (Resistant Hypertension) $500M
  110. 110. Business Model Canvas Yi Lu, Tian Lan Sweet Sensors Neil Kane Chris Sorensen Conferences Product R&D Diabetics At home Product supportsGlucose monitor QC Clinicians (in rural area) Convenient Patient manufacturers Marketing network/community Triage nurses Less exposure toKit manufacturers infectious diseases Pre-diabetics in the hospitalReagent suppliers Cheaper More frequent Retailers (Walgreen) IP Personnel Better indicator of Online vendors (Amazon) health (diabetic management) Direct sales Reagents Manufacture Disposable test kit (used repeatedly Licensing on a regular basis) FDA certification?
  111. 111. Action Plan Yi Lu, Tian Lan Sweet Sensors Neil Kane Chris Sorensen Conferences Product R&D Diabetics At home Product supportsGlucose monitor QC Clinicians (in rural area) Convenient Patient manufacturers Marketing network/community Triage nurses Less exposure toKit manufacturers infectious diseases Pre-diabetics in the hospitalReagent suppliers Cheaper More frequent Retailers (Walgreen) IP Personnel Better indicator of Online vendors (Amazon) health (diabetic management) Direct sales Reagents Manufacture Disposable test kit (used repeatedly Licensing on a regular basis) FDA certification?
  112. 112. The Business Model Canvas Technical AssistancecGMP manufacturer SOPs for precursors (Image Atlas) RadiopharmaciesRadiopharmacies and drugs Accessibility (RCY) FDA regulatory supportNuclear Medicine and Recruit clinical sites Purity Equipment producersRadiology In vivo animal studies Speeddepartments Develop regulatory PET/SPECT Prescribing physicians plan for pre IND Multiplatform meeting Technical assistance Sensitivity (nca) Radiologist who ID cGMP CRO Specific compounds Pharmaceutical perform studies Fund-raising development companies General IP methodology for PoP data Direct sales of Drug developers adding fluorine to precursor lead compounds of IP interest PoP data R&D and clinical studies presented in Radiologists Regulatory plan Understanding of journals and meetings the regulatory process Sales of intermediates Contract cGMP precursor manufacture Salary, Rents Technology license Clinical trials Product license (royalty)
  113. 113. The Business Model Canvas Technical AssistancecGMP manufacturer SOPs for precursors (Image Atlas) RadiopharmaciesRadiopharmacies and drugs Accessibility (RCY) FDA regulatory supportNuclear Medicine and Recruit clinical sites Purity Equipment producersRadiology In vivo animal studies Develop regulatory Speeddepartments PET/SPECT Prescribing physicians plan for pre IND meeting Multiplatform Technical assistance Sensitivity (nca) Radiologist who ID cGMP CRO Pharmaceutical Specific compounds perform studies Fund-raising development companies General Direct sales of IP methodology for precursor PoP data adding fluorine to Drug developers lead compounds of R&D and clinical IP interest studies presented in PoP data journals and meetings Radiologists Regulatory plan Understanding of Sales of precursor the regulatory through global finished process pharmaceutical distributor Sales of intermediates Contract cGMP precursor manufacture Salary, Rents Technology license Clinical trials Product license (royalty)
  114. 114. Critical Success Factors• Validation of the need – By talking to diabetic patients, clinician and nurses• Validation of the customer segmentation – By talking to glucose monitor and kit manufactures• Evidence of market accessibility – By talking to glucose monitor and kit distributors
  115. 115. Backup
  116. 116. Customer DiscoveryBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed
  117. 117. Customer Discovery - PhysicalBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed • TAM/SAM •Product MVP • Customers •Channel •Market Type • Customer Relationships: Get/Keep/Grow • Key Resources • Partners • Pricing
  118. 118. Customer Discovery - WebBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed • TAM/SAM •Low Fidelity MVP • Customers/Source • Channel •Market Type • Customer Relationships: Acquire/Activate •Traffic Partners • Pricing
  119. 119. Customer Discovery - PhysicalBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed •TAM/SAM • Low Fidelity MVP •Customer Contacts • Customers •Problem Understanding • Channel •Market Type • Customer Understanding •Cust Relationships • Traffic Partners •Market Knowledge • Pricing
  120. 120. Customer Discovery - WebBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed •TAM/SAM • Low Fidelity MVP •Customer Engagement • Customers •Test Low Fidelity MVP • Channel •Market Type • Customer Understanding •Cust Relationships • Traffic Partners •Traffic & Competitive Analysis • Pricing
  121. 121. Customer Discovery - PhysicalBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed • TAM/SAM • Low Fidelity MVP •Update Bus Model • Customers •Create Prototype/Prod Presentation • Channel •Market Type •Test Solution with Customer •Cust Relationships • Traffic Partners • Update Business Model • Pricing • 1st Advisory Board Members
  122. 122. Customer Discovery - WebBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed • TAM/SAM • Customer Engagement • Low Fidelity MVP • Test Low Fidelity MVP • Update Bus Model • Customers • Customer Understanding •Test High Fidelity MVP • Channel • Traffic & Competitive Analysis •Market Type • Measure Customer Behavior •Cust Relationships • Traffic Partners • Update Business Model • Pricing • 1st Advisory Board Members
  123. 123. Customer Discovery – Web/PhysicalBus Model Extract Pivot or Test Problem Test Solution Canvas Hypotheses Proceed • TAM/SAM • Customer Engagement • Low Fidelity MVP • Test Low Fidelity MVP Verify the: • Customers • Customer Understanding •Value Prop • Channel • Traffic & Competitive Analysis •Market Type •Cust Segment •Cust Relationships • Traffic Partners •Cust Relationships • Pricing • Channel • Revenue Model • Pivot or Proceed
  124. 124. Customer Validation - WebGet Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed Pivot
  125. 125. Customer Validation - Physical Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed•Craft Positioning•Develop Sales Materials•Hire “Sales Closer”•Sales Channel Action Plan• Refine the Sales Roadmap• Formalize advisory board
  126. 126. Customer Validation - Web Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed•Craft Positioning•Acquire/Activate Plans and Tools• Build High Fidelity MVP• Build Metrics Toolset• Hire data analytics chief• Formalize advisory board
  127. 127. Customer Validation - Physical Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed•Craft Positioning•Acquire/Activate Plans• Build High Fidelity MVP •Find Earlyvangelists• Build Metrics Toolset• Hire data analytics chief • Test Sell – Out of the Building• Formalize advisory board • Refine Sales Roadmap • Test Sell Channel Partners
  128. 128. Customer Validation - Web Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed•Craft Positioning•Acquire/Activate Plans •Prepare Optimization Plans & Tools• Build High Fidelity MVP• Build Metrics Toolset • Out of the building Activation Test• Hire data analytics chief • Measure and Optimize Results• Formalize advisory board • Test Sell Traffic Partners
  129. 129. Customer Validation - Physical/Web Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed•Craft Positioning• Acquire/Activate Plans • Prepare Optimization Plans • Company Positioning• Build High Fidelity MVP • Out of the building Activation Test • Measure and Optimize Results • Product Positioning• Build Metrics Toolset• Hire data analytics chief • Test Sell Traffic Partners • Validate Positioning• Formalize advisory board
  130. 130. Customer Validation - Physical/Web Get Ready to Pivot or Sell, Sell, Sell Positioning Sell Proceed•Craft Positioning• Acquire/Activate Plans • Prepare Optimization Plans • Assemble Data• Build High Fidelity MVP • Out of the building Activation Test • Measure and Optimize Results • Validate Business Model• Build Metrics Toolset• Hire data analytics chief • Test Sell Traffic Partners • Validate Financial Model• Formalize advisory board • Pivot or Proceed
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