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Lecture 1 intro bus model cust dev 120411

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Lecture 1 intro bus model cust dev 120411

  1. The Lean LaunchPadLecture 1: Business Models and Customer Development Steve Blank Jon Feiber Ann Miura-Ko John Burke Jerry Engel Jim Hornthal Oren Jacob
  2. This Session• The teaching team• Course objective(s)• Teaching team philosophy• Our expectations of you
  3. Teaching Team
  4. Steve Blank,Jon Feiber, John Burke • BS CS/Astro Physics U of • Yale BS EE8 startups in Silicon Valley Colorado • McKinsey and Co.• Semiconductors • VP Networking SUN • Charles River Ventures • V.C. @ MDV since 1991 • Stanford Ph.D MS&E• Supercomputers • TA: E145, Mayfield• Consumer electronics • Fellows, MS&E 273 V.C. @ Floodgate• Video games ann@floodgate.com• Enterprise software @annimaniac• Military intelligence sblank@stanford.edu @sgblank www.steveblank.com
  5. Steve Blank, Jon Feiber, John Burke8 startups - 32 years in Silicon Valley• Semiconductors• Supercomputers• Consumer electronics • BS CS/Astro Physics U of Colorado • Yale BS EE Co. • McKinsey and• Video games• Enterprise software • 50 employee, VP Networking @ Sun • Charles River Ventures th• Military intelligence • Stanford Ph.D MS&E • V.C. @ MDV since 1991 • V.C. @ FloodgateTeach: Stanford, Berkeley, Columbia jdf@mdv.com ann@floodgate.comDetails at www.steveblank.com @annimaniac
  6. Steve Blank, Jon Feiber, John Burke8 startups - 32 years in Silicon Valley• Semiconductors• Supercomputers• Consumer electronics • BS CS/Astro • BSMechEngineering U.C. Berkeley,• Video games Physics U of• Enterprise software Colorado • BA Economics U.C. Santa Cruz,• Military intelligence • 50th employee, • MBA Harvard Business School VP NetworkingTeach: Stanford, Berkeley, Columbia @ Su • Founder BMI SoftwareDetails at www.steveblank.com • VC at ABS Ventures • V.C. @ MDV since 1991 • Co-founder True Ventures • jdf@mdv.com jburke@trueventures.com @andemca
  7. Alexander Osterwalder, Tina Seelig• Ph.D. in Management Information Systems (MIS) University of Lausanne Ph.D. Neuroscience Stanford Med School• Founder, Business Model Foundry • Mgmt consultant Booz, Allen, Hamilton• Author Business Model Generation • Multimedia producer at Compaq Computer• Co-founder, The Constellation for AIDS • Founder multimedia competence (NGO) companyBookBrowser. • Exec Director Stanford Technology Ventures Program (STVP), EpiCenter • tseelig@stanford.edu • @tseelig
  8. Oren Jacob, Jim Hornthal • CMEA Capital • Triporati• CEO, stealth startup• EIR, August Capita• lCTO, Pixar• Director, Studio Tools, Pixar• Technical Director, Finding Nemo
  9. Oren Jacob, Jim Hornthal•CTO Pixar • CMEA Capital • Chairman Triporati
  10. Teaching Assistant Bhavik Joshi joshibhavik@gmail.com http://about.me/bhavikjoshi•Better Place (13th employee, first non-Israeli, non-Jewish, non ex-SAP, Asian employee)• Berkeley/Columbia MBA class of 2008/09• Co-founder: Berkeley Stanford Cleantech Conference Series (since 2007)• 2000 – 2007 Enterprise Software• 1998 – 2000 Tata Motors India •TA’s role: Class/lecture questions, Grading and attendance
  11. Alexander Osterwalder, Tina Seelig8 startups - 32 years in Silicon Valley• Semiconductors• Supercomputers• Consumer electronics • Ph.D. Neuroscience Stanford Med School• Video games• Enterprise software • Mgmt consultant Booz, Allen, Hamilton• Military intelligence • Multimedia producer at Compaq ComputerTeach: Stanford, Berkeley, Columbia • Founder multimedia companyBookBrowser.Details at www.steveblank.com • Exec Director Stanford Technology Ventures Program (STVP), EpiCenter tseelig@stanford.edu @tseelig
  12. Course Assistant (CA’s) Thomas Haymore Stephanie Glass•B.A. in Political Science •MS MS&E 2010• Stanford Law („06)• J.D. Stanford Law („12)thomas.haymore@gmail.com •CA’s role: Class/lecture questions, Grading and attendance
  13. Course Assistant (CA’s) Thomas Haymore Stephanie GlassB.A. in Political Science• Stanford Law („06) •MS MS&E 2012• J.D. Stanford Law („12)thomas.haymore@gmail.com srglass@stanford.edu •CA’s role: Class/lecture questions, Grading and attendance
  14. Mentors• Mentors are people with real-world experience• Mentors role is to: – Help you “Get you out of the building” – Share contacts – Offer “Real-world” entrepreneurial advice – Critical feedback• You arrange your schedule for the mentors, not the other way around
  15. Course Objective: Idea to a Business• What does it take to go from idea to a business? – Business Model + Customer Development – Hypotheses testing of the business model(s) – Get “out of the building”
  16. Course Objective: Simulate A Startup?• Create the pressures, uncertainty, and challenges of a real startup – Our expectations are unreasonable, they require extraordinary effort – We expect failures, iterations and Pivots – Class is a “lab” - books/lectures are tools, not answers – Fail fast, learn quick, push you outside your comfort zone
  17. Teaching team philosophy• This class is taught using the “Startup Culture” – We‟re tough, direct, fair - you need to be the same – Startup culture has no hierarchy - in this class you are an entrepreneur - not a PI, lab mgr or center director – We‟re your biggest supporters – we want you to succeed• Question us, challenge us, push us as hard as we push you• We don‟t pretend to be domain experts, we know you are smarter than we are
  18. Getting Out of The Building• This class is not about our lectures• The class is not about your attendance• The class is about the work you do outside the building• It‟s the difference between a vision and a hallucination
  19. Our Expectations of You• This is a full-contact, immersive class – All of you will be full participants – here and remotely – You will spend lots of time outside of your university – You all will do all the work assigned (and it is a lot more than you probably realize) – No “dine and dash”• If you think you are not learning, or you all cannot commit the time, see your NSF program manager
  20. Team Deliverables• Each Week – Lessons Learned presentation 5 minutes – Updated Lean LaunchLab blog – Hours of “outside the building” learning• December Presentation – 20 minute Lessons Learned Summary
  21. What Will you Learn?• Opportunity evaluation• Search for a Business Model• Customer Discovery and Validation• Operating and decision making in chaos with insufficient data• Ruthless pursuit of an objective by a team
  22. The Course ‘By the Numbers’• 4 Instructors, 1 TA, 15+ Mentors,• 8 Lectures• 8 10-minute presentations per class• 1 Final 20 minute presentation• 2 Textbooks10-15 hours of work a week outside the classroom
  23. This Class is Hard• You can‟t pass by attending the lectures• Your grade is determined by the work you do outside the class• There‟s a lot of it• You are dependent on group success – communication is critical• You don‟t need to be friends you need to be partners
  24. Class Logistics
  25. Course Reading• Business Model Generation• Four Steps to the Epiphany • www.steveblank.com
  26. Class ScheduleEight (3 hour) Class Sessions:• 1: Sept 1st - Introduction, Business Models, Customer Development• 2: Sept 2nd – Value Proposition/Customer Segment• 3: Sept 22nd – Channels• 4: Sept 23rd - Demand Creation (Customer Relationships)• 5: Oct 13th – Revenue Model• 6: Oct 14th – Key Resources and Activities• 7: Nov 11th - Cost Structure• 8: Nov 12th – Fund Raising9 & 10: Dec 1st / 2nd – Lessons Learned Presentations
  27. Teams• team size is 4 people• You chose the roles (hint: no org chart)• Present Weekly and for Final – Weekly lessons learned – Final is demo and summary• Class is about discovery and fast iteration
  28. Team Projects• Any for-profit scalable startup• If you are a domain expert, that’s your best bet (but not required)• If you pick a web project, you have to build it (and there needs to be some novelty)
  29. Team Deliverables - Presentation• Each Week – Lessons Learned presentation 10 minutes – Updated business model canvas – Update blog/wiki – 10‟s of hours of “outside the building” progress• Final Presentation – 20 minute Lessons Learned Summary
  30. Team Deliverables - Blog• Each Week – Business model canvas updates – Interviews – Photos/Videos – A/B tests – Strategy
  31. Grading Individual - 15% Team - 85%• Participation in class 15% • 40% out-of-the-building progress as measured by blog write-ups each week. • 20% weekly team “lesson learned” summaries • 25% team final report Grade is on how much you learn
  32. Grading Individual - 15% Team - 80%• Participation in class 15% • 40% out-of-the-building progress as measured by blog write-ups each week. • 20% weekly team “lesson learned” summaries • 25% team final reportYou’re graded on how much learn, not how much you sell
  33. Office Hours• With your team• Before and after class• Look at availability here• Get on the calendar
  34. Intellectual Property - Suggestions• Make sure your project is OK with your company – disclose to team what IP rights your company has to inventions• You own what IP you brought to class with you – No team member has claim to anything you brought• Your team jointly owns any IP developed for the class – If any of you decide to start a company based on the class, you own only what was developed and completed in the class – You have no claim for work done before or after the class quarter – If a subset of the team decides to start a company they do NOT “owe” anything to other team members for work done in and during the class – All team members are free to start the same company, without permission of the others• You are agreeing to this unless the team decides in writing to do something different
  35. Class Disclosure/NDA’s• Successful startups are not about the original idea – It‟s about learning, discovery and execution – You will not be presenting your IP/technical details• You get to see how previous teams solved problems by looking at their slides, notes and blogs Therefore:• Your slides, notes and blogs will be public• This is an open class. No non-disclosures
  36. What’s A Company?
  37. What’s A Company? A business organization which sells aproduct or service in exchange for revenue and profit
  38. How Are Companies Organized?
  39. How Are Companies Organized? Companies are organized around Business Models
  40. What’s a Business Model?
  41. What’s a Business Model? A business model describes all the partsof the company necessary to make money
  42. What About My Technology?
  43. What About My Technology?Your technology is one of the manycritical pieces necessary to build a company.It is part of the “Value Proposition”
  44. What About My Technology?Customers don’t care about your technology They are trying to solve a problem
  45. What’s A Startup?
  46. What’s A Startup?A startup is a temporary organization designed to search for a repeatable and scalable business model
  47. How to Build A Startup Idea Business Model Size Opportunity Customer Development
  48. How to Build A Startup Business Size of the Customer CustomerIdea Model(s) Opportunity Discovery Validation
  49. 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
  50. 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
  51. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation
  52. buzzgroup
  53. A business model describes allthe parts of the companynecessary to make money
  54. what are those parts? whatparts is a business modelcomposed of?
  55. 56
  56. ? ?
  57. BusinessModel Canvas
  58. to describe, challenge,design, and inventbusiness models moresystematically
  59. buildingblocks
  60. CUSTOMER SEGMENTS images by JAM
  61. VALUE PROPOSITIONS images by JAM
  62. CHANNELS images by JAM
  63. CUSTOMER RELATIONSHIPS images by JAM
  64. REVENUE STREAMS images by JAM
  65. KEY RESOURCES images by JAM
  66. KEY ACTIVITIES images by JAM
  67. KEY PARTNERS images by JAM
  68. COST STRUCTURE images by JAM
  69. key value proposition customer activities relationships key customerpartners segments cost revenuestructure key streams resources channels images by JAM
  70. key value proposition customer activities relationships key customerpartners segments cost revenuestructure key streams resources channels images by JAM
  71. images by JAM
  72. CANVAS OVERLAYKEY KEY OFFER CUSTOMER CUSTOMERPARTNERS ACTIVITIES RELATIONSHIPS SEGMENTS KEY CHANNELS RESOURCESCOST STRUCTURE REVENUE STREAMS images by JAM
  73. CANVAS OVERLAYKEY KEY OFFER CUSTOMER CUSTOMERPARTNERS ACTIVITIES RELATIONSHIPS SEGMENTS KEY CHANNELS RESOURCESCOST STRUCTURE REVENUE STREAMS images by JAM
  74. 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
  75. illustration 79
  76. why should some of thesmartest scientists in the worldwaste their time thinking abouta business model for coffee?
  77. not just because most scientistsdrink a lot of coffee. we can learna lot from innovative businessmodels across industries
  78. how much did the cost ofhome coffee consumptionchange for Swiss householdsover the last couple of years?
  79. 600%to800%more
  80. Nespressochanged the business (model) for espresso
  81. RESULTS
  82. one of the fastest-growing businesses inthe Nestlé group
  83. average growth of30% p.a. since 2000
  84. over 3 billion CHF annualrevenue with 1 product line(3.2 bio USD)
  85. buzz group 91
  86. Discuss and describe how youwould design a business modelaround Nespresso‟s invention
  87. ? ? ? ? ?? ? 94
  88. Nespresso club production Nespresso machines Nespresso pods distribution Nespresso channels .com productioncoffee facilites 1x B2C machine distribution sales 95
  89. but Nespresso almost failed in1987 due to a nonperformingbusiness model
  90. Nespresso system joint venture with manufacturer 97
  91. what is the most powerful aboutusing a shared language, such asthe Business Model Canvas?
  92. buzz group
  93. ? ? ? ? ?? ? 105
  94. possiblealternatives
  95. radiation-freedetection of hospitalsbreast cancer 107
  96. medicaldevicemproprietary IP anufacturers 108
  97. ? ? ? ? ?? ? 109
  98. But,Realize They’re Hypotheses
  99. 9 Guesses GuessGuess Guess Guess Guess Guess Guess Guess Guess
  100. How Does This Really Work?Stanford Lean LaunchPad Class 8 Weeks From an Idea to a Business
  101. I.I.T.Y.I.W.H.T.K.Y
  102. Key OpinionLeaders (KOLs)
  103. Key Opinion Leaders (KOLs)
  104. Key OpinionLeaders (KOLs)
  105. Key OpinionLeaders (KOLs)
  106. Key OpinionLeaders (KOLs)
  107. Key OpinionLeaders (KOLs)
  108. ••••••
  109. Customer DevelopmentThe founders ^Get Out of the Building and Search for the Business Model
  110. The Customer Development Process Customer Customer Customer Company Discovery Validation Creation Building Pivot
  111. 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…
  112. A Pivot is the change of one ormore Business Model CanvasComponents
  113. The PivotCustomer Customer Customer CompanyDiscovery Validation Creation Building Pivot•The heart of Customer Development•Iteration without crisis•Fast, agile and opportunistic
  114. 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
  115. 186Source: http://giffconstable.com/
  116. The Customer Development Process Customer Discovery Customer Customer Customer Company Discovery Validation Creation BuildingBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution Proceed
  117. The Customer Development Process Customer Validation Customer Customer Customer Company Discovery Validation Creation Building Get Ready Sell, Sell, Pivot or Positioning to Sell Sell Proceed
  118. Blog Your Progress
  119. How?• Customer Development – The Process• Narrative – Interviews – Surveys – Videos – Prototypes• Business Model Canvas – Scorekeeping• Real-time Feedback• Physical Reality Checks – Skype – Face-to-face
  120. We Made StudentsBlog Their ProgressIt Changed Everything
  121. Interview
  122. Photos Videos
  123. Surveys
  124. Interview& Photos
  125. Competitive Analysis
  126. Key Findings
  127. A/B TestResults
  128. Key Question
  129. Strategy
  130. Business Model Canvas as the Scorecard
  131. Market TypeFour Types of Markets
  132. 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
  133. 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
  134. Size of Opportunity
  135. Market/Opportunity AnalysisHow Big is It?: Market/Opportunity Analysis – Identify a Customer and Market Need – Size the Market – Competitors – Growth Potential
  136. 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
  137. 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
  138. 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
  139. 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
  140. 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
  141. 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 diseasesHowever, it can detect (e.g., TB), heavy metalonly one target: ionsglucose (e.g., Pb, Hg), organicand at very high toxins, bacteria, virusesconcentrations and cancers) Yu Xiang and Yi Lu, Nature Chem. 3, 697-703 (2011).
  142. Examples
  143. 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
  144. 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
  145. 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?
  146. 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?
  147. 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)
  148. 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)
  149. 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
  150. Backup
  151. Customer DiscoveryBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution Proceed
  152. Customer Discovery - PhysicalBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution Proceed • TAM/SAM •Product MVP • Customers •Channel •Market Type • Customer Relationships: Get/Keep/Grow • Key Resources • Partners • Pricing
  153. Customer Discovery - WebBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution Proceed • TAM/SAM •Low Fidelity MVP • Customers/Source • Channel •Market Type • Customer Relationships: Acquire/Activate •Traffic Partners • Pricing
  154. Customer Discovery - PhysicalBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution Proceed •TAM/SAM • Low Fidelity MVP •Customer Contacts • Customers •Problem Understanding • Channel •Market Type • Customer Understanding •Cust Relationships • Traffic Partners •Market Knowledge • Pricing
  155. Customer Discovery - WebBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution 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
  156. Customer Discovery - PhysicalBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution 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
  157. Customer Discovery - WebBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution 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
  158. Customer Discovery – Web/PhysicalBus Model Extract Test Test Pivot or Canvas Hypotheses Problem Solution 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
  159. Customer Validation - WebGet Ready Sell, Sell, Pivot or Positioning to Sell Sell Proceed Pivot
  160. Customer Validation - Physical Get Ready Sell, Sell, S Pivot or Positioning to Sell ell Proceed•Craft Positioning•Develop Sales Materials•Hire “Sales Closer”•Sales Channel Action Plan• Refine the Sales Roadmap• Formalize advisory board
  161. Customer Validation - Web Get Ready Sell, Sell, Pivot or Positioning to Sell Sell Proceed•Craft Positioning•Acquire/Activate Plans and Tools• Build High Fidelity MVP• Build Metrics Toolset• Hire data analytics chief• Formalize advisory board
  162. Customer Validation - Physical Get Ready Sell, Sell, Pivot or Positioning to Sell 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
  163. Customer Validation - Web Get Ready Sell, Sell, S Pivot or Positioning to Sell ell 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
  164. Customer Validation - Physical/Web Get Ready Sell, Sell, Pivot or Positioning to Sell 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
  165. Customer Validation - Physical/Web Get Ready Sell, Sell, S Pivot or Positioning to Sell ell Proceed•Craft Positioning• Acquire/Activate Plans • Prepare Optimization Plans • Assemble Data• Build High Fidelity MVP • Out of the building Activation Test • Validate Business Model• Build Metrics Toolset • Measure and Optimize Results• Hire data analytics chief • Test Sell Traffic Partners • Validate Financial Model• Formalize advisory board • Pivot or Proceed

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