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Startup Thinking 101 for Libraries: Workshop

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This half-day workshop covers the basic thinking behind launching a new product or service. It uses the Business Model Canvas as a starting point followed by an application of the Customer Development Framework. Helen Kula and M.J. D'Elia presented this workshop at Internet Librarian 2014 in Monterey, California. The workbook (.doc) from the session has also been added to SlideShare.

Published in: Education
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Startup Thinking 101 for Libraries: Workshop

  1. 1. 6gMONTEREY ! IL 2014 ! CALIFORNIA ! zzzzzzzzzzzzzzzzzzzzzzzz startup thinking 101 M.J. D’ELIA & HELEN KULA UNIVERSITY OF GUELPH UNIVERSITY OF TORONTO MISSISSAUGA
  2. 2. SECTION No. welcome MCS*4100 ENTREPRENEURSHIP 1 2
  3. 3. MCS*4100: ENTREPRENEURSHIP agenda welcome explore the challenge biz model canvas ! customer development discovery & validation wrap 3
  4. 4. MCS*4100 ENTREPRENEURSHIP objectives ★ apply principles of startup thinking ★ map out a model for a new idea ★ develop a plan to validate your idea ★ focus on creating value 4
  5. 5. about us O APRIL 8, 2014 Helen Kula Head, Learning & Curriculum Support Team University of Guelph mdelia@uoguelph.ca @mjdelia Librarian, Institute for Management and Innovation U of Toronto Mississauga helen.kula@utoronto.ca @helenkula M.J. D’Elia 5
  6. 6. MCS*4100 ENTREPRENEURSHIP plans vs. models 6
  7. 7. MCS*4100 ENTREPRENEURSHIP poor biz plan process 7 built on assumptions (secondary data) assumptions considered > > > “facts” “facts” are not challenged or altered
  8. 8. MCS*4100 ENTREPRENEURSHIP poor biz plan process 8 plan becomes static (it is not rewritten) company-centric approach productivity is measured against plan > >
  9. 9. MCS*4100 ENTREPRENEURSHIP first contact ! “no plan survives first contact with its customers.” ~ Steve Blank 9
  10. 10. MCS*4100 ENTREPRENEURSHIP biz model approach 1 0 built on assumptions (secondary data) assumptions considered > > > “facts” “facts” are not challenged or altered built on observation (primary data) assumptions are acknowledged assumptions altered based on new learning > > >
  11. 11. MCS*4100 ENTREPRENEURSHIP biz model approach 1 1 plan becomes static (it is not rewritten) company-centric > > approach productivity is measured against plan model continues to be rewritten (dynamic) customer-centric approach productivity is measured by performance > >
  12. 12. the scenario practice startup thinking
  13. 13. MCS*4100 ENTREPRENEURSHIP recommendations ★ choose a: ★ user/patron focused product or service ★ new idea or approach ★ challenge that targets a subset of your user population 1 3
  14. 14. MCS*4100 ENTREPRENEURSHIP scenario ★ public library partnership with local hotels to offer library collections to hotel guests ★ hotels can sign guests up for a free library card during their stay 1 4
  15. 15. SECTION No. explore the challenge MCS*4100 ENTREPRENEURSHIP 2 1 5
  16. 16. MCS*4100 ENTREPRENEURSHIP customers / users ★ who do you expect will use your product or service? ★ what problem(s) are you solving for your potential users? 1 6
  17. 17. MCS*4100 ENTREPRENEURSHIP problem / solution ★ what do your potential users do right now to solve those same problems? ★ why would they choose your solution over their current solutions? 1 7
  18. 18. MCS*4100 ENTREPRENEURSHIP analogs ★ successful predecessor examples ★ who do you want to emulate/copy? ★ what elements of their approach can you borrow? 1 8
  19. 19. MCS*4100 ENTREPRENEURSHIP antilogs ★ predecessor examples that did not work ★ what do you want to do differently? 1 9
  20. 20. SECTION No. biz model canvas MCS*4100 ENTREPRENEURSHIP 3 2 0
  21. 21. APRIL 8, 2014 customer segments 2 1
  22. 22. MCS*4100 ENTREPRENEURSHIP customer segments “...defines the different groups of people or organizations an enterprise aims to reach and serve.” ~BMG, p. 20 2 2
  23. 23. MCS*4100 ENTREPRENEURSHIP customer segments > questions ★ for whom does the company/project create value? ★ who are their most important customers/users? 2 3
  24. 24. APRIL 8, 2014 value proposition 2 4
  25. 25. MCS*4100 ENTREPRENEURSHIP value proposition “...describes the bundle of products and services that create value for a specific customer segment.” ~BMG, p. 22 2 5
  26. 26. MCS*4100 ENTREPRENEURSHIP value proposition > questions ★ what value does the idea deliver? ★ which problem is getting solved? ★ which needs will be satisfied? ★ what bundles of products/services do they offer each customer segment? 2 6
  27. 27. APRIL 8, 2014 channels 2 7
  28. 28. MCS*4100 ENTREPRENEURSHIP channels “...describes how a company communicates with and reaches its customer segments to deliver a value proposition.” ~BMG, p. 26 2 8
  29. 29. MCS*4100 ENTREPRENEURSHIP channels > questions ★ how do the segments want to be reached? ★ how are they reached now? ★ how is the company integrating with customer routines? 2 9
  30. 30. APRIL 8, 2014 customer relationships 3 0
  31. 31. MCS*4100 ENTREPRENEURSHIP customer relationships “...describes the types of relationships a company establishes with specific customer segments.” ~BMG, p. 28 3 1
  32. 32. customer relationships > questions ★ what type of relationship does each segment expect? ★ which relationships have been established? ★ how are they integrated with the rest of the model? MCS*4100 ENTREPRENEURSHIP 3 2
  33. 33. APRIL 8, 2014 revenue streams / return 3 3
  34. 34. MCS*4100 ENTREPRENEURSHIP revenue streams / return “...represents the cash a company generates from each customer segment (costs must be subtracted from revenues to create earnings).” ~BMG, p. 30 3 4
  35. 35. MCS*4100 ENTREPRENEURSHIP revenue streams > questions ★ for what value are customers really willing to pay? ★ for what do they currently pay? ★ how are they currently paying? ★ how much does each revenue stream contribute to overall revenue? 3 5
  36. 36. APRIL 8, 2014 key resources 3 6
  37. 37. MCS*4100 ENTREPRENEURSHIP key resources “...the most important assets required to make the business model work.” ~BMG, p. 34 3 7
  38. 38. MCS*4100 ENTREPRENEURSHIP key resources > questions ★ what key resources do your value propositions require? ★ distribution channels? ★ customer relationships? ★ revenue streams? 3 8
  39. 39. APRIL 8, 2014 key activities 3 9
  40. 40. MCS*4100 ENTREPRENEURSHIP key activities “...describes the most important things a company must do to make its business model work.” ~BMG, p. 36 4 0
  41. 41. MCS*4100 ENTREPRENEURSHIP key activities > questions ★ what key activities do your value propositions require? ★ distribution channels? ★ customer relationships? ★ revenue streams? 4 1
  42. 42. APRIL 8, 2014 key partnerships 4 2
  43. 43. MCS*4100 ENTREPRENEURSHIP key partnerships “...describes the network of suppliers and partners that make the business model work.” ~BMG, p. 38 4 3
  44. 44. MCS*4100 ENTREPRENEURSHIP key pARTNERSHIPS > questions ★ who are the key partners? ★ who are the key suppliers? ★ which key resources do you need from someone else? ★ which key activities do partners perform? 4 4
  45. 45. APRIL 8, 2014 cost structure 4 5
  46. 46. MCS*4100 ENTREPRENEURSHIP cost structure “...describes all costs incurred to operate the business model.” ~BMG, p. 40 4 6
  47. 47. MCS*4100 ENTREPRENEURSHIP cost structure > questions ★ what are the most important costs inherent in our business model? ★ which key resources are most expensive? ★ which key activities are most expensive? 4 7
  48. 48. SECTION No. customer development MCS*4100 ENTREPRENEURSHIP 4 4 8
  49. 49. KP KA VP KR CR CH CS C$ R$ BMG, p. 74-75 biz model
  50. 50. KP KA VP KR CR CH CS C$ R$ BMG, p. 74-75 biz model ASSUMPTIONS (LEAPS OF FAITH)
  51. 51. MCS*4100 ENTREPRENEURSHIP customer development ★ four-step framework ★ discover and validate your market ★ built the right product features ★ solve customers’ needs ★ tested methods for acquiring customers ★ deployed resources to scale business 5 1
  52. 52. MCS*4100 ENTREPRENEURSHIP customer development ★ process by which you question and test the core assumptions of your idea 5 2
  53. 53. cust dev > 1. customer discovery MCS*4100 ENTREPRENEURSHIP 5 3 customer discovery problem-solution fit proposed mvp ★ a product solves a problem for an identified group of users
  54. 54. cust dev > 2. customer validation MCS*4100 ENTREPRENEURSHIP 5 4 customer validation product-market fit biz model sales map ★ the market is large enough to build a viable business
  55. 55. MCS*4100 ENTREPRENEURSHIP cust dev > 3. company creation 5 5 company creation scale execution ★ the business is scalable through repeatable sales
  56. 56. MCS*4100 ENTREPRENEURSHIP cust dev > 4. company building 5 6 company building scale organization scale operations ★ company grows and operational processes are created to support growth
  57. 57. MCS*4100 ENTREPRENEURSHIP cust dev > framework 5 7 customer discovery customer validation company creation company building problem-solution fit proposed mvp product-market fit biz model sales map scale execution scale organization scale operations
  58. 58. MCS*4100 ENTREPRENEURSHIP cust dev > pivot 5 8 customer discovery pivot company creation company building problem-solution fit proposed mvp product-market fit biz model sales map scale execution scale organization scale operations customer validation
  59. 59. MCS*4100 ENTREPRENEURSHIP pivot “...a structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth.” ~ Eric Ries, The Lean Startup 5 9
  60. 60. MCS*4100 ENTREPRENEURSHIP pivot > based on learning “A pivot requires that we keep one foot rooted in what we’ve learned so far, while making a fundamental change in strategy in order to seek even greater validated learning.” ~ Eric Ries, The Lean Startup 6 0
  61. 61. SECTION No. discovery + validation MCS*4100 ENTREPRENEURSHIP 5 6 1
  62. 62. MCS*4100 ENTREPRENEURSHIP cust dev > first stage 6 2 customer discovery pivot company creation company building problem-solution fit proposed mvp product-market fit biz model sales map scale execution scale organization scale operations customer validation
  63. 63. empathy map > bonus worksheet ★ understanding the mindset of the user ★ influences ★ pressures ★ pains, gains ★ anticipating their needs MCS*4100 ENTREPRENEURSHIP 6 3 BMG, p. 131
  64. 64. SECTION No. wrap MCS*4100 ENTREPRENEURSHIP 6 6 4
  65. 65. MCS*4100 ENTREPRENEURSHIP instinct “There is no way to remove the human element--vision, intuition, judgment-- from the practice of entrepreneurship, nor would that be desirable.” ! ~ Eric Ries, The Lean Startup 6 5
  66. 66. MCS*4100 ENTREPRENEURSHIP reminders for application There are no facts inside your building, so get outside. 6 6 The best startup ideas ideas come from noticing.
  67. 67. MCS*4100 ENTREPRENEURSHIP reminders for application Determine what you want to learn before you build. 6 7 Build a minimum viable product with the smallest possible feature set.
  68. 68. MCS*4100 ENTREPRENEURSHIP reminders for application No business plan survives first contact with customers. 6 8 Failure is an integral part of the search.
  69. 69. evaluation what did you think?
  70. 70. contact info O APRIL 8, 2014 Helen Kula Head, Learning & Curriculum Support Team University of Guelph mdelia@uoguelph.ca @mjdelia Librarian, Institute for Management and Innovation U of Toronto Mississauga helen.kula@utoronto.ca @helenkula M.J. D’Elia 7 0
  71. 71. MCS*4100 ENTREPRENEURSHIP references 7 1 Blank, S. & Dorf, B. (2012). The Startup Owner’s Manual. Pescadero, CA: K&S Ranch. Cooper, B. & Vlaskovits, P. (2010). The Entrepreneur’s Guide to Customer Development. Newport Beach, CA: Cooper-Vlaskovits Greenberg, D., McKone-Sweet, K. & Wilson, H. J. (2011). The New entrepreneurial leader. San Francisco: Berrett-Koehler Publishers. Kiefer, C. F., Schlesinger, L. A. & Brown, P. B. (2010). Action trumps everything. Duxbury, MA: Black Ink Press Komisar, J. & Mullins, R. (2009). Getting to Plan B. Cambridge, MA: Harvard Business. Martin, R. (2009). The design of business. Boston: Harvard Business Press. Osterwalder, A. & Pigneur, Y. (2010). Business model generation. Hoboken, NJ: Wiley. Ries, E. (2011). The Lean Startup. New York: Crown Business.

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