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SIF Module 2

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SIF Module 2

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SIF Module 2

  1. 1. Module 2 Henrik Scheel Founder & CEO Henrik@startupxp.com
  2. 2. Milestones (Sep – Feb) September: Validation of problem hypothesis and customer hypothesis October: Ideation + validation of value proposition and product idea November: MVP testing Dec - Jan: Refining business model, go-to market strategy, prepare pitch February: Deliver pitch and get feedback Feb – May Build company
  3. 3. Today’s goal: Update your idea based on what you’ve learned
  4. 4. • Acknowledge the Conflict (Conflict should be addressed immediately before it can grow.) • Stop and Cool Off • Clarify Positions (Get the whole story) • Make Compromise a Goal • Don’t Try to Change a Team Member • Be quick to forgive.
  5. 5. Customer Persona Describe the customer segment you are targeting Age group: Gender: Income level: Location: Personality characteristics: Frustrations/problems they are experiencing: Goals (what are you hoping to help them achieve): Market size (how many people in the U.S. match this description): How can you reach your customers:
  6. 6. Customer Persona Describe the customer segment you are targeting Age group: 25 - 50 Gender: All Income level: Mid to high income Location: Urban areas (top 50 cities in the U.S.), initial test market: San Francisco Personality characteristics: Smartphone user, understands apps and new technology Frustrations/problems they are experiencing: Concerned about losing their dog when they’re walking in the park Goals (what are you hoping to help them achieve): Peace of mind when taking the dog outside, always knowing where their dog is. Market size (how many people in the U.S. match this description): 60.2M households the U.S. own a dog # of dogs in the US: 90 million dogs Pet Care Market Size Worth $202.6 Billion By 2025 | CAGR: 4.9%, 69% of millennials are likely to use technology to keep track of their pets Percentage of mid/high level income families with dogs: 48% = 35M households How can you reach your customers: Social Media Marketing, Google Ads, Amazon featured product
  7. 7. Product idea Updated idea description Value proposition: Key Features: Show don’t tell (visual demonstration of your product and how it works).
  8. 8. Value proposition: Never risk losing your dog - Have peace of mind by know where your dog is located at all times. Key features: 1) Smart Collar (GPS) and smartphone app that locates your dog wherever it is, 2) Set an alarm if your dog leaves your home without you.
  9. 9. Role-play drawing Physical m ock-up Software demo Video DEMO/prototype
  10. 10. keynotopia.com/ (simple and easy tool to design interactive (clickable), exportable prototypes) balsamiq.com/ (rapid wire-framing tool that helps you work faster & smarter.) www.sketchapp.com/ (slightly more advanced design tool) www.invisionapp.com/ (making your visuals clickable) www.switchtosketchapp.com/
  11. 11. Tasks Update your business model Update Customer persona and problem statement Update product description Run next round of interviews (solution interview) Do additional market analysis Create a visual representation of your idea (prototype/mockup)
  12. 12. “Whether you think you can, or you think you can’t - you’re right!” Henry Ford Henrik Scheel henrik@startupxp.com www.linkedin.com/in/henrikscheel Facebook.com/startupexperience www.startupexperience.com/sif Good luck with your entrepreneurial journey! THANKS J

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