Innovate Manawatu Stage 2 Workshop

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  • What is the idea full of that you have sorted by the time you are a business?
  • What is the idea full of that you have sorted by the time you are a business?
  • The good news is that there is a methodology that can help you through the process of developing your idea, AND there is more than honour and recognition as a return.
  • Elements of a Value Proposition: Newness Performance Customisation Getting the Job Done Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/usability
  • Innovate Manawatu Stage 2 Workshop

    1. 1. Stage Two Entrants Workshop Polish Your Rough Gem
    2. 2. Innovate Partners
    3. 3. Agenda <ul><li>Introductions </li></ul><ul><li>The Innovate Process </li></ul><ul><li>Key Issue: IP and Confidentiality </li></ul><ul><li>Idea to Business </li></ul><ul><ul><li>The Business Model Canvas (BMC) </li></ul></ul><ul><li>Wrap up, Evaluation & Afternoon Tea </li></ul>
    4. 4. The BCC <ul><li>The BCC is all about Realising Innovation. </li></ul><ul><ul><li>we offer structure, support and mentoring for  start-ups ; </li></ul></ul><ul><ul><li>we facilitate the  commercialisation  of new technology from the lab to industry; and </li></ul></ul><ul><ul><li>We raise or locate  investment to shape and grow technology businesses. </li></ul></ul>
    5. 5. Innovate Process
    6. 6. TakeAways <ul><li>You’re not being marked by us here </li></ul><ul><ul><li>Workshop = Sharing Knowledge </li></ul></ul><ul><ul><li>Develop your idea for your benefit </li></ul></ul><ul><ul><li>Share with your partner </li></ul></ul><ul><ul><ul><li>Use questions to clarify, not to criticise </li></ul></ul></ul><ul><ul><ul><li>Accentuate the positive </li></ul></ul></ul><ul><ul><ul><li>Remember, their idea is “Work in Progress” </li></ul></ul></ul>
    7. 7. Intellectual Property <ul><li>What is IP? </li></ul><ul><li>Your ideas </li></ul><ul><ul><li>Knowledge </li></ul></ul><ul><ul><li>Knowhow </li></ul></ul><ul><ul><li>Drawings </li></ul></ul><ul><ul><li>Designs </li></ul></ul><ul><ul><li>Products </li></ul></ul><ul><ul><li>Brands </li></ul></ul><ul><ul><li>Software code </li></ul></ul><ul><ul><li>Formulas </li></ul></ul>
    8. 8. Protecting Your IP <ul><li>Patents </li></ul><ul><ul><li>Novel and inventive ideas </li></ul></ul><ul><li>Trademarks </li></ul><ul><ul><li>Brands, logos, etc </li></ul></ul><ul><li>Copyright </li></ul><ul><ul><li>Written material, art, music, drawings, software, etc </li></ul></ul><ul><li>Trade secret </li></ul>
    9. 9. The Protection Process <ul><li>Talk about the “What” but not the “How” </li></ul><ul><li>Have confidentiality agreements signed </li></ul><ul><li>File a patent or trademark </li></ul><ul><li>Embed the software code </li></ul><ul><li>Keep it a trade secret </li></ul><ul><li>Be first to market and establish a strong brand </li></ul><ul><li>Create high entry barriers for competitors </li></ul>
    10. 10. Idea to Business <ul><li>Idea </li></ul><ul><li>Aha! moment </li></ul><ul><li>Assumptions </li></ul><ul><li>No product/service </li></ul><ul><li>No customers </li></ul><ul><li>No revenue </li></ul><ul><li>Business </li></ul><ul><li>Capital & Resources </li></ul><ul><li>Validated Value Proposition </li></ul><ul><li>Competitive Product/Service </li></ul><ul><li>Clearly defined customers </li></ul><ul><li>Revenue stream </li></ul><ul><li>Channel Partners </li></ul><ul><li>SCALE! </li></ul>
    11. 11. Idea to Business <ul><li>Idea </li></ul><ul><li>Aha! moment </li></ul><ul><li>Assumptions </li></ul><ul><li>No product/service </li></ul><ul><li>No customers </li></ul><ul><li>No revenue </li></ul><ul><li>Business </li></ul><ul><li>Capital & Resources </li></ul><ul><li>Validated Value Proposition </li></ul><ul><li>Competitive Product/Service </li></ul><ul><li>Clearly defined customers </li></ul><ul><li>Revenue stream </li></ul><ul><li>Channel Partners </li></ul><ul><li>SCALE! </li></ul>Start-Up
    12. 12. What is a “Start-Up”? <ul><li>The search for a repeatable and scalable business model. </li></ul><ul><li>The key: How to recognize failure, learn from it, and pivot – FAST! </li></ul><ul><li>“ Fail early and fail fast” </li></ul><ul><ul><li>Key isn’t failing fast – it’s L earning Faster . </li></ul></ul><ul><li>Get Out of the Building! </li></ul>
    13. 14. The Business Model Canvas Key Partners Key Activities Value Proposition Customer Segments Key Resources Customer Relationships Channels Cost Structure Revenue Streams Efficiency Value
    14. 15. Customer Segment <ul><li>A group of customers with shared needs is at the Heart of any successful Business Model </li></ul><ul><li>Better to make a few users love you than a lot ambivalent </li></ul><ul><li>Understand “Pain” = Potential “Gain” </li></ul><ul><ul><li>Ie. No Pain, No Gain </li></ul></ul><ul><li>If you don’t get this right the rest is a waste of time </li></ul>
    15. 16. Group Buying
    16. 17. Key Partners Key Activities Value Proposition Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Customer Relationships Channels Cost Structure Revenue Streams Efficiency Value
    17. 18. Customer Segments <ul><li>What are the segments in my target market? </li></ul><ul><ul><li>“ Everyone who has a…” is not a segment </li></ul></ul><ul><li>Decision: </li></ul><ul><ul><li>Which segment has the greatest unmet need? </li></ul></ul><ul><ul><li>Which segments should I ignore? </li></ul></ul><ul><li>What is the Customer’s “Pain”? </li></ul><ul><li>Who are your most important Customers? </li></ul>
    18. 19. Value Proposition <ul><li>A clear statement of the tangible results a customer gets from using your products/services </li></ul><ul><li>The bundle of products and services that create value for a specific Customer Segment. </li></ul><ul><li>Your solution to their Problem/Pain </li></ul><ul><li>What are Coke or Nike’s VP’s? </li></ul>
    19. 20. Key Partners Key Activities Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Customer Relationships Channels Cost Structure Revenue Streams Efficiency Value
    20. 21. Value Proposition – Q’s <ul><li>What is the main problem I am solving for people in my chosen segment? </li></ul><ul><li>How are these Customers going to benefit from using my product or service? </li></ul><ul><li>Your value proposition should discuss only what matters to your customers and the value you can bring to them. </li></ul>
    21. 22. Channels <ul><li>How a company communicates with and reaches its customer segments to deliver its Value Proposition. </li></ul><ul><ul><li>Awareness </li></ul></ul><ul><ul><li>Evaluation </li></ul></ul><ul><ul><li>Purchase </li></ul></ul><ul><ul><li>Delivery </li></ul></ul><ul><ul><li>After sales service </li></ul></ul>
    22. 23. Key Partners Key Activities Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Customer Relationships Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make them aware of new deals. Cost Structure Revenue Streams Efficiency Value
    23. 24. Channels – Q’s <ul><li>Through which channels does my Customer Segment want to be reached? </li></ul><ul><li>Which Channels work best at each stage? </li></ul><ul><li>How am I integrating the channels with customer routines? </li></ul><ul><li>Who could be my channel partners? </li></ul>
    24. 25. Customer Relationships <ul><li>Describes the types of relationships a company establishes with specific Customer Segments. </li></ul><ul><li>Can de driven by the following motivations: </li></ul><ul><ul><li>Customer Acquisition </li></ul></ul><ul><ul><li>Customer Retention </li></ul></ul><ul><ul><li>Upselling </li></ul></ul>
    25. 26. Categories of Cust. Relationships <ul><li>Personal Assistance </li></ul><ul><li>Dedicated Personal Assistance </li></ul><ul><li>Self-service (provide the means for customers to help themselves) </li></ul><ul><li>Automated services (recognises individual) </li></ul><ul><li>Communities (eg. Online) </li></ul><ul><li>Co-creation (eg. Amazon reviews) </li></ul>
    26. 27. Customer Relationships
    27. 28. Key Partners Key Activities Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Customer Relationships Web-based self-service. Links to personalised service when needed. Community through FB and discussions. Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals. Cost Structure Revenue Streams Efficiency Value
    28. 29. Customer Relationship Q’s <ul><li>What type of relationship does my customer segment expect me to establish & maintain with them? </li></ul><ul><li>How could I serve them better? </li></ul><ul><li>Is this integrated with the rest of my business model? </li></ul>
    29. 30. Revenue Streams <ul><li>The way you generate cash from your customer segment. </li></ul><ul><li>What value are your customers willing to pay for? </li></ul><ul><ul><li>Asset sale </li></ul></ul><ul><ul><li>Usage fee (eg. Phones) </li></ul></ul><ul><ul><li>Subscription fee (eg. Gym) </li></ul></ul><ul><ul><li>Renting/Leasing </li></ul></ul><ul><ul><li>Licensing </li></ul></ul><ul><ul><li>Brokerage/Commission Fees </li></ul></ul><ul><ul><li>Advertising </li></ul></ul>
    30. 31. Key Partners Key Activities Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Customer Relationships Web-based self-service. Links to personalised service when needed. Community through FB and discussions. Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals. Cost Structure Revenue Streams Commission on sales Efficiency Value
    31. 32. Revenue Streams – Q’s <ul><li>What would your customers prefer to pay for? </li></ul><ul><ul><li>Asset sale </li></ul></ul><ul><ul><li>Usage fee (eg. Phones) </li></ul></ul><ul><ul><li>Subscription fee (eg. Gym) </li></ul></ul><ul><ul><li>Renting/Leasing </li></ul></ul><ul><ul><li>Licensing </li></ul></ul><ul><ul><li>Brokerage/Commission Fees </li></ul></ul><ul><ul><li>Advertising </li></ul></ul><ul><li>Does your Revenue Stream fit your customer’s needs and the rest of your model? </li></ul>
    32. 33. Key Partners Key Activities Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Human – sales force that can generate deal flow Customer Relationships Web-based self-service. Links to personalised service when needed. Community through FB and discussions. Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals. Cost Structure Revenue Streams Commission on sales Efficiency Value
    33. 34. Key Partners Key Activities Develop platform Create deal flow Grow subscriber base Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Human – sales force that can generate deal flow Customer Relationships Web-based self-service. Links to personalised service when needed. Community through FB and discussions. Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals. Cost Structure Revenue Streams Commission on sales Efficiency Value
    34. 35. Key Partners Web designer/database developer Branding expertise Key Activities Develop platform Create deal flow Grow subscriber base Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Human – sales force that can generate deal flow Customer Relationships Web-based self-service. Links to personalised service when needed. Community through FB and discussions. Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals. Cost Structure Revenue Streams Commission on sales Efficiency Value
    35. 36. Key Partners Web designer/database developer Branding expertise Key Activities Develop platform Create deal flow Grow subscriber base Value Proposition 50-90% off fun things to do, see and eat in your local area. Costs consumer nothing to join or receive deals. We’ll let you know when deals occur - just buy those you want. Customer Segments “ Outgoing Spender” Female 25-50 Want to reward themselves, but don’t have the budget to do so frequently. Key Resources Human – sales force that can generate deal flow Customer Relationships Web-based self-service. Links to personalised service when needed. Community through FB and discussions. Channels Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals. Cost Structure Fixed cost of platform development & branding Variable costs on transaction processing, sales commission Revenue Streams Commission on sales Efficiency Value
    36. 37. Key Partners Key Activities Value Proposition Customer Segments Key Resources Customer Relationships Channels Cost Structure Revenue Streams Efficiency Value
    37. 38. What are my Priorities? Building Block Questions/Tasks
    38. 39. Where to from Here? <ul><li>Innovate Process </li></ul><ul><li>Polish your Gem </li></ul><ul><ul><li>Concentrate on the Value side </li></ul></ul><ul><li>Get Out of the Building! </li></ul><ul><ul><li>Listen to your target market </li></ul></ul><ul><ul><li>Understand their Pain </li></ul></ul><ul><li>Improve your application </li></ul><ul><ul><li>Re-submit it if you learn anything new </li></ul></ul>
    39. 40. Innovate Process
    40. 41. Xerox <ul><li>Chester Carlson patented photocopying </li></ul><ul><ul><li>It was turned down 40 times by investors, including IBM </li></ul></ul><ul><li>Inventor </li></ul><ul><li>Idea sharing </li></ul><ul><li>He learned to describe his Customer Segment’s Pain & explain his Value Proposition </li></ul>
    41. 42. Lean on the Resources <ul><li>Email with links </li></ul><ul><li>Locally </li></ul><ul><ul><li>Vision Manawatu </li></ul></ul><ul><ul><ul><li>Up to 50% off Capability Training </li></ul></ul></ul><ul><ul><li>The BCC </li></ul></ul><ul><ul><ul><li>Start-Up Questions (Warren) </li></ul></ul></ul><ul><ul><ul><li>R&D Funding (Martin) </li></ul></ul></ul><ul><ul><ul><li>IP Advice (Richard) </li></ul></ul></ul>

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