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Ideation To Validation

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Delivered on 21st Aug. at Ideaz 08 in IIT Bombay (courtesy, The Entrepreneurship Cell)

Published in: Business, Technology
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Ideation To Validation

  1. 1. Unit of measure SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Working Draft - Last Modified 5/15/2007 5:48:26 PM Ideation to Validation: Hitting the bull’s eye Ankur Gulati Printed * Footnote Delivered on 21st Aug. at: Source: Sources Ideaz 08, * Footnote The Entrepreneurship Cell, IIT Bombay Source: Source 1
  2. 2. Unit of measure SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) What do these terms really mean? Working Draft - Last Modified 5/15/2007 5:48:26 PM Personal experiences The next Richard Branson Printed How to think about go-to- market? * Footnote Source: Sources * Footnote Source: Source 2
  3. 3. Unit of measure SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) What do these terms really mean? Working Draft - Last Modified 5/15/2007 5:48:26 PM Personal experiences The next Richard Branson Printed How to think about go-to- market? * Footnote Source: Sources * Footnote Source: Source 3
  4. 4. THE UTOPIAN PATH OF ENTREPRENEURSHIP Unit of measure SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) • Think “Sanity • Think Working Draft - Last Modified 5/15/2007 5:48:26 PM checks” “Enablers” 1 2 3 4 5 Full- Feasibility Funding/ Ideation blown Execution checks Team Validation Printed • Think • Think • Think “Just “Opportunity” “Proof” do it” * Footnote Source: Sources * Footnote Source: Source 4
  5. 5. THE UTOPIAN PATH OF ENTREPRENEURSHIP IS NOT SO EASY! Unit of measure SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) • Think “Sanity • Think Working Draft - Last Modified 5/15/2007 5:48:26 PM checks” “Enablers” 1 2 3 4 5 Full- Feasibility Funding/ Ideation blown Execution checks Team Validation Printed • Think • Think • Think “Just “Opportunity” “Proof” do it” * Footnote Source: Sources * Footnote Source: Source 5
  6. 6. STICKER STICKER STICKER THINK OF VALIDATION AS THE FIRST ROUND IN A MULTIPLE- ROUND DART GAME SUBTITLE (IF2THERE IS 3 MESSAGE TITLE ONLY) 1 A 4 5 Legend Full- Legend Feasibili Legend blown Funding Executi Legend Ideation ty Validati / Team on Legend checks on Legend A “Were you Legend smoking dope?” A B B “Nice try, C maybe it’s a bad day today” C “How much equity for $1 million?” ROUND 1 * Footnote Source: Sources 6
  7. 7. STICKER STICKER STICKER THREE POSSIBLE END-STATES OF VALIDATION SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Route: You have convinced the Legend VC Increasing risk, decreasing analysis 1 VC to invest a significant amount of Legend Legend money (>$0.5 million) Legend Legend Legend Legend C Pilot Route: You conducted a pilot 2 project in controlled surroundings and it was a reasonable success Jumping-in Route: You left your 3 job/ditched your college and jumped-in full time with no regrets * Footnote Source: Sources 7
  8. 8. STICKER STICKER STICKER THREE KEY ENABLING MINDSETS FOR RIGOROUS VALIDATION SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend Legend Legend The “Action” mind-set: Validation Legend Legend 1 is not about knowing, thinking and being willing. It’s about doing. Legend Legend The “Change” mind-set: Be ready 2 to adapt. Don’t love your idea too much. 1 The “Facts” mind-set: Don’t nuke 3 Iraq because of your gut-instinct. Be fact-based. * Footnote Source: Sources 8
  9. 9. STICKER STICKER STICKER APPLY FIRST FILTER: Simple Scoring Criteria for Ideas Based on SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) One Page Legend Needed: One page description of business idea (several sentences per topic) Legend Legend Topics Key questions Legend Legend Product/service • What are we selling? Legend Customer • What role in value chain will purchase product/service (not which target segments)? Legend Value proposition • Why will customers buy product/service? Key success factors to customer • What is the hook for a customer? • Thoughtful articulation Business model • How will we make money? and team problem solving Competitive • What is our advantage over our competitors? • "Back-of-the-envelope" advantage wdfwefwefwef economics Fit with strategy • What is the fit with the BG/BU strategy? • Responsible: idea owner with idea Barriers to entry • What are the main barriers to entry? development team Fit with • What specific competencies does this idea need? • Time required: max. competencies 4-8 hours Main hurdles • What main hurdles/showstoppers can be identified? Key success factors • What are the critical points of success for this idea? Market size, time to market, risk expected, net sales expected, investments expected, and costs expected are scored through reference scoring system and require a one sentence explanation * Footnote Source: Sources 9
  10. 10. STICKER STICKER APPLY SECOND FILTER: Refine the Idea – Evaluate Ideas in a Six- to STICKER Ten-Page Venture Brief OUTLINE VENTURE BRIEF SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend Legend Topic Description Legend Legend 6 - 10 page venture brief Legend 1 Executive Key points of venture brief summary Legend 2 Market Provides a brief summary Legend analysis of potential market in terms of size, its state of development, customers, and competitors 3 Product and Provides brief summary of services the potential products and services 4 Potential Describes forward forward strategies and scenario organizational resource s requirements 5 Next steps Describes next steps 6 Financial Estimates cost and analysis benefits for this venture Venture brief is created in 2-4 weeks by idea * Footnote evaluation team Source: Sources 10
  11. 11. STICKER STICKER STICKER SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend What do these terms really Legend Legend mean? Legend Legend Legend Legend Personal experiences The next Richard Branson How to think about go-to- market? * Footnote Source: Sources 11
  12. 12. STICKER STICKER STICKER PERSONAL EXPERIENCES: HOW CAN YOU NOT RE-INVENT THE WHEEL SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend Legend Legend Legend Legend FACT-BASED • The Conversion story! • The bottoms-up story! Legend Legend EXPERIENCE- • The Living with the customer BASED story! DON’T BOIL • The IT story! THE OCEAN • The Segmentation story! MAKE IT PUBLIC • The Networking story! * Footnote Source: Sources 12
  13. 13. STICKER STICKER STICKER SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend What do these terms really Legend Legend mean? Legend Legend Legend Legend Personal experiences The next Richard Branson How to think about go-to- market? * Footnote Source: Sources 13
  14. 14. STICKER STICKER STICKER SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend What do these terms really Legend Legend mean? Legend Legend Legend Legend Personal experiences The next Richard Branson How to think about go-to- market? * Footnote Source: Sources 14
  15. 15. STICKER STICKER STICKER WHAT IS A GO-TO-MARKET STRATEGY? 1 SUBTITLE (IF THERE IS A MESSAGE TITLE ONLY) Legend Define relevant Legend Legend segments Legend Legend 2 Legend Legend Size & prioritize segments to identify champion segments 3 Design actionable circle specific “Go To Market” strategies 4 Identify a preliminary positioning approach * Footnote Source: NetMBA.com Sources 15

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