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Mentor update 6 partners

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  • 1. Partners Teaching Notes
  • 2. Teaching Objectives • Don’t let them slow down the pace of discovery and customer calls • Make sure teams continue to: – – – – Annotate the business model canvas Update their Discovery Narratives on LaunchPad Central Include diagrams of each part of the hypothesis Acknowledge you’ve been reading their posts (and comment whenever you can) • Focus your main critique on their understanding of revenue models and pricing and the importance of partnerships to their business
  • 3. How? • Ask (recap on Revenue Model): “What is your revenue model? Why did you select it? How do customers buy today? What do they pay today? What do competitors charge? Does it results in a large company with sufficient profit” • Ask (on Partners):How many partners have you spoken to? What alignment does this partner have with your customers? What need do ou solve for this partner and how important is it to the partner? What economic benefit does this partner provide your business? How many partners are there like this?
  • 4. Common Student Errors • Pricing – Students confuse pricing tactics with a revenue model strategy – Students price on cost vs. value – No appreciation of competitive pricing or offerings; revenue adds up to a small business • Partners – Student think their business has to do everything and don’t realize the value of a partner in their value delivery – Students assume getting a partner is relatively easy – Students confuse partnership interest w/closing a deal – Students confuse closing a deal w/successful execution
  • 5. Take Away from Udacity Lecture • Students (and their mentors) should understand: – What is a partner? – Types of partners – Risks associated with having a partner and how to manage them
  • 6. Mentors should emphasize: • Who are partners? • The difference between strategic alliances, competition, joint ventures, buyers, suppliers and licensees • While partners are critical for large companies, strategic alliances and joint partnerships are not needed to servce Earlyvangelists. They are needed for mainstream customers • For startups, partners can monopolize your time • Partners must have aligned goals and customers