Startup opportunity discovery and evaluation. In this presentation the authors of The Smarter Startup demonstrate a systematic approach to surfacing and evaluating startup ideas to increase likelihood of success. This is product strategy for startups.
Presented by:Tony Redpath
Vice President, Partner Programs
MaRS Discovery District
Part of the Ontario Post Doctoral Fellowship Networking Event.
7 October 2008
Part of the MaRS Entrepreneurship 101 series.
Every entrepreneur wants to know the secrets for successfully pitching a VC or an angel. This lecture features an unusual theatrical format that seeks to unlock those secrets.
Speaker: Peter Tolnai, founder and President of Orchard Capital Group Inc., an angel venture capital fund.
Download the audio presentation and post questions on the MaRS Blog: http://blog.marsdd.com/2007/02/28/entrepreneurship-101-pitching-a-vc/
The Tipping Point is een prachtig boek van Malcolm Gladwell. Het gaat over veranderingen in de Wereld. Mijn interesse ligt in de toepassing in het heden
Startup opportunity discovery and evaluation. In this presentation the authors of The Smarter Startup demonstrate a systematic approach to surfacing and evaluating startup ideas to increase likelihood of success. This is product strategy for startups.
Presented by:Tony Redpath
Vice President, Partner Programs
MaRS Discovery District
Part of the Ontario Post Doctoral Fellowship Networking Event.
7 October 2008
Part of the MaRS Entrepreneurship 101 series.
Every entrepreneur wants to know the secrets for successfully pitching a VC or an angel. This lecture features an unusual theatrical format that seeks to unlock those secrets.
Speaker: Peter Tolnai, founder and President of Orchard Capital Group Inc., an angel venture capital fund.
Download the audio presentation and post questions on the MaRS Blog: http://blog.marsdd.com/2007/02/28/entrepreneurship-101-pitching-a-vc/
The Tipping Point is een prachtig boek van Malcolm Gladwell. Het gaat over veranderingen in de Wereld. Mijn interesse ligt in de toepassing in het heden
Innovation: End to End -- A Corporate Innovation ProcessIsrael Vicars
The presentation describes a robust process of supporting innovation within a large corporation.
The sidebar "slide-amation" makes it one of my favorite presentations in terms of design. Topic too :)
An explanation of innovation based heavily on the wikipedia definitions of innovation and the innovation models but using a simplified approach to help readers gain an overview of the nature of innovation in business and organisations.
Disciplined Entrepreneurship (24 Steps to a Successful Startup) - TUMS Entrepreneurship Olympiad 7th Workshop - 22 Dec 2019
هفتمین کارگاه از مجموعه کارگاههای کارآفرینی در سلامت، برای شرکت کنندگان دانشگاه علوم پزشکی تهران در حیطهی کارآفرینی دوازدهمین دورهی المپیادهای علمی دانشجویان علوم پزشکی کشور دربارهی کارآفرینی اصولی در قالب 24 گام موفقیت کسبوکارهای نوپا در تالار عزلت دانشکدهی پزشکی در روز 1 دیماه 1398 برگزار شد. در این کارگاه مراحل راهاندازی یک کسبوکار از یافتن ایده و اعتبار سنجی و تقسیم بازار تا برخی محاسبات مالی و رشد و مقیاسپذیری مورد بحث قرار گرفته است.
This is a crash course in new product marketing. In less than 30 slides you'll learn how to develop a new product concept, build a business plan to turn this concept into a reality, as well as how to craft a marketing plan to help you sell this product. You'll find these step-by-step slides easy to understand and, by the end, be in a better position to launch your idea to the world.
A presentation of the search for Product-Market Fit with the principles, practices and processes that lead to it, from the Lean-Startup and Design Thinking perspective
Lawrence Wright, serial entrepreneur
Лекция Лоренса Райта, серийного предпринимателя, основателя Стартап Академии Сколково и основателя компании GVA LaunchGurus для Startup Bootcamp 4-6 ноября 2015 года, интенсивной программы для начинающих предпринимателей
Product Management - Successful products, Strategy, Finding a job, B2B vs B2C...Rahul Deshpande
Product Management Training for University of California (UC), Irvine students from Rahul Deshpande of www.productmanagementclub.com. We train people to become a product manager. We train people for interview and also do placements for product manager jobs. We also train companies who want to introduce Product Management to their non-technical employees (ex. HR). Please visit www.productmanagementclub.com to schedule free sessions with any Product Management related questions.
This presentation is for the TCN Venture Fast Track. Please review the slides in conjuntion with the below video:
http://www.youtube.com/watch?v=ALjvwVHHzh8&feature=share
Innovation: End to End -- A Corporate Innovation ProcessIsrael Vicars
The presentation describes a robust process of supporting innovation within a large corporation.
The sidebar "slide-amation" makes it one of my favorite presentations in terms of design. Topic too :)
An explanation of innovation based heavily on the wikipedia definitions of innovation and the innovation models but using a simplified approach to help readers gain an overview of the nature of innovation in business and organisations.
Disciplined Entrepreneurship (24 Steps to a Successful Startup) - TUMS Entrepreneurship Olympiad 7th Workshop - 22 Dec 2019
هفتمین کارگاه از مجموعه کارگاههای کارآفرینی در سلامت، برای شرکت کنندگان دانشگاه علوم پزشکی تهران در حیطهی کارآفرینی دوازدهمین دورهی المپیادهای علمی دانشجویان علوم پزشکی کشور دربارهی کارآفرینی اصولی در قالب 24 گام موفقیت کسبوکارهای نوپا در تالار عزلت دانشکدهی پزشکی در روز 1 دیماه 1398 برگزار شد. در این کارگاه مراحل راهاندازی یک کسبوکار از یافتن ایده و اعتبار سنجی و تقسیم بازار تا برخی محاسبات مالی و رشد و مقیاسپذیری مورد بحث قرار گرفته است.
This is a crash course in new product marketing. In less than 30 slides you'll learn how to develop a new product concept, build a business plan to turn this concept into a reality, as well as how to craft a marketing plan to help you sell this product. You'll find these step-by-step slides easy to understand and, by the end, be in a better position to launch your idea to the world.
A presentation of the search for Product-Market Fit with the principles, practices and processes that lead to it, from the Lean-Startup and Design Thinking perspective
Lawrence Wright, serial entrepreneur
Лекция Лоренса Райта, серийного предпринимателя, основателя Стартап Академии Сколково и основателя компании GVA LaunchGurus для Startup Bootcamp 4-6 ноября 2015 года, интенсивной программы для начинающих предпринимателей
Product Management - Successful products, Strategy, Finding a job, B2B vs B2C...Rahul Deshpande
Product Management Training for University of California (UC), Irvine students from Rahul Deshpande of www.productmanagementclub.com. We train people to become a product manager. We train people for interview and also do placements for product manager jobs. We also train companies who want to introduce Product Management to their non-technical employees (ex. HR). Please visit www.productmanagementclub.com to schedule free sessions with any Product Management related questions.
This presentation is for the TCN Venture Fast Track. Please review the slides in conjuntion with the below video:
http://www.youtube.com/watch?v=ALjvwVHHzh8&feature=share
What goes into a pitch deck? Jeremy Halpern of Nutter McClennen and Fish tells us. Want to learn more? Check out the October 24 Fast Track: http://www.thecapitalnetwork.org/programs/venture-fast-track/
So you have built an amazing early stage life science company. Now you need to explain it. This panel will cover how to concisely communicate a company’s value proposition to investors in a variety of formats including the elevator pitch, an angel presentation and a VC meeting.
Slash | 500Startups mentoring - product expansion and localization in Southea...Slash
How to expand and customize your product across Southeast Asia (SEA)?
This 2h workshop was delivered for a founder audience of global pre-Series A and Series-A startups (invested by 500 Startups, the VC), expanding into SEA.
The frameworks, mental models, tools and techniques described can be used to generally refresh your value proposition and product for your core markets.
Delivered 12 Feb 2020 in Singapore by Andries De Vos, CEO of Slash.
Your Value Proposition is the reason that customers choose to buy from you, it needs to be a core business skill. This slideshare shows you how to develop compelling value propositions with a focus on B2B companies
Michigan Marketing Minds - September 9, 2014 - Expressing Thought Leadership:...AnnArborSPARK
The Three Keys to Modern Marketing: Content, Content, Content...
Panelists will tell how their companies’ innovative content marketing strategies have helped them:
-establish thought leadership within their industries,
-get found by the right kinds of customers,
-build strong brands that stand apart from the competition,
-increase preference among customers ready to buy.
کتاب 10 مقاله هاروارد با موضوع نوآوری، یکی از مهمترین منابع کارآفرینی در حوزه سلامت است. این کتاب در مجموعه کارگاههای مقدمات کارآفرینی در حوزه سلامت توسط دکتر عرفان زمانی تدریس شد.
جذب سرمایه و مراحل آن و ارتباط انواع روشها و منابع جذب سرمایه با توجه به مراحل رشد استارتاپها در حوزه سلامت، یکی از نکات کلیدی است که بنیانگزاران باید با آن آشنا باشند. این کارگاه که یکی از مجموعه کارگاههای مقدمات کارآفرینی در حوزه سلامت بود، توسط دکتر علی گنجی زاده در دیماه 1398 برگزار شد.
تفکر طراحی یکی از مهمترین مفاهیم کسبوکار است، اینکه چگونه به تحلیل یک سیستم پرداخته شود و از میان آن تحلیل بتوان کسبوکاری جدید را رشد داد. این کارگاه که از مجموعه کارگاههای مقدمات کارآفرینی در سلامت بود، در تاریخ 27 آذرماه 1398 در دانشگاه علوم پزشکی تهران توسط خانم مهندس سپیده شریعتی برگزار شد.
در چهارمین کارگاه از مجموعه «مقدمات کارآفرینی در سلامت» درباره نحوه اعتبارسنجی ایدهها صحبت کردیم. موضوع این کارگاه به این اشاره دارد که چگونه قبل از اجرای ایده بتوانیم تشخیص دهیم که ایده ما کاربردی است و مشتری خود را دارد. این کارگاه در تاریخ 20 آذر 1398 توسط دکتر فرشته کاظمیپور تدریس شد.
در سومین کارگاه از مجموعه مقدمات کارآفرینی در سلامت، درباره تحلیل شرایط سیستمها و پیدا کردن مشکلات آنها میپردازیم. سپس به چگونگی یافتن ایده مناسب برای حل این مشکلات میپردازیم. این کارگاه توسط دکتر محسن مولایی نسب در تاریخ 17 آذرماه 1397 در دانشگاه علوم پزشکی تهران برگزار شد.
این کارگاه در تاریخ 13 آذرماه 1397 توسط دکتر امیرحسین حاجیمیری برگزار شد. در این کارگاه مفاهیم اولیه تعریف بازار، تفاوت بازار سلامت با سایر بازارها، مفاهیم Qaly و بالانس بازار و همچنین نحوه سنجش بازار برای کسبوکارهای حوزه سلامت توضیح داده شد.
مفاهیم اولیه کارآفرینی سلامت، کارگاهی است از مجموعه مقدمات کارآفرینی در سلامت که در تاریخ 10 آذرماه 1397 در دانشکده پزشکی دانشگاه علوم پزشکی تهران برگزار شد. در این کارگاه با استفاده از مدل نوپای ناب سعی شد مفاهیم اولیهای که دانشجویان برای کارآفرینی نایز دارند، آموزش داده شود. این کارگاه توسط دکتر علی گنجیزاده، مدیر مجموعه مدلین برگزار شد.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
7. Introduction - Distinguishing Two Distinct Types of Entrepreneurship
Small and Medium Enterprise (SME) Entrepreneurship
Innovation-Driven Enterprise (IDE) Entrepreneurship
7
18. Step 1 – Market Segmentation
The single necessary and sufficient condition for a business
is
a paying customer
Create a new market that you will dominate
18
19. Step 1 – Market Segmentation
Two common pitfalls you may encounter if …
Selling to everyone The China syndrome
19
20. Step 1 – Market Segmentation
How to do a market segmentation
1. Brainstorm
3. Primary Market Research
2. Narrow
20
21. Step 1 – Market Segmentation
1. Talk about their life instead of your idea.
3. Talk less and listen more.
2. Ask about some specifics from the past instead of
regarding about generics or opinions about the future.
21
25. Step 2 – Select a Beachhead Market
Your beachhead market is where, once you gain a dominant market
share, you will have the strength to attack adjacent markets with
different offerings, building a larger company with each new following.
25
26. Step 2 – Select a Beachhead Market
Three conditions that define a market
Similar products Similar sales cycle WOF
26
27. Step 2 – Select a Beachhead Market
Example:
27
28. Step 2 – Select a Beachhead Market
Example:
28
29. Step 2 – Select a Beachhead Market
Examples:
29
31. Step 3 – Build an End User Profile
• Customer
• End User
• Decision-Making Unit
▪ Champion
▪ Primary Economic buyer
▪ Influencers, Veto Powers, Purchasing Department, and so on …
31
32. Step 3 – Build an End User Profile
Potential characteristics to include in your end user profile
32
33. What is their income range?
What is their geographic location?
What motivates them?
What do they fear most?
Who is their hero?
33
34. Step 3 – Build an End User Profile
Example:
34
35. Step 4 – Calculate the TAM Size for the Beachhead Market
35
36. Step 4 – Calculate the TAM Size for the Beachhead Market
TAM
SAM
SOM
Target
Market
36
37. Step 4 – Calculate the TAM Size for the Beachhead Market
Unit ??
Dollars per year
37
38. Step 4 – Calculate the TAM Size for the Beachhead Market
Bottom-up analysis Top-down analysis
38
39. Step 4 – Calculate the TAM Size for the Beachhead Market
Compound Annual Growth Rate
39
40. Step 4 – Calculate the TAM Size for the Beachhead Market
Example:
40
41. Step 5 – Profile the Persona for the Beachhead Market
41
42. Step 5 – Profile the Persona for the Beachhead Market
The Persona is a person who best represents the
primary customer for the beachhead market
* The Persona should be a real person, not a composite !
* No one end user represents 100 percent of the characteristics
of every end user in your End User Profile !
* Multiple Personas …
42
43. Step 5 – Profile the Persona for the Beachhead Market
43
45. Step 6 – Full Life Cycle Use Case
1. How end users will determine they have a need and/or opportunity to do
something different.
2. How they will find out about your product.
3. How they will analyze your product.
4. How they will acquire your product.
5. How they will install your product.
45
46. Step 6 – Full Life Cycle Use Case
6. How they will use your product.
7. How they will determine the value gained from your product.
8. How they will pay for your product.
9. How they will receive support for your product.
10. How they will buy more product and/or spread awareness (hopefully
positive) about your product.
46
49. Step 7 – High-Level Product Specification
It is a drawing/visual representation of what your
product will be when it is finally developed based
on what you know at this point of the process
* The product should not have to be built !
49
50. Step 7 – High-Level Product Specification
Feature? Function? Benefit?Exercise:
a. Better security for the phone allows important data and information to
be stored with peace of mind, which improves your productivity.
b. Patented active capacitance sensing technology.
c. Fingerprint recognition is integrated into the phone.
50
55. Step 9 – Identify Your Next 10 Customers
1. List more than 10 potential customers (aside from your Persona).
2. Contact each of the potential customers on your list and present your Full Life Cycle Use
Case, High-Level Product Specification, and Quantified Value Proposition (Steps 6–8).
3. Ask the customer if they would consider providing a letter of intent to buy your solution.
4. If a customer’s feedback is not aligned exactly with your assumptions, take good notes
and think how this affects your analysis.
55
56. Step 9 – Identify Your Next 10 Customers
5. Go back and modify your earlier assumptions and determine whether to contact
additional customers.
6. If you find that you cannot create a list of 10 customers, you may need to reconsider
your beachhead market.
7. Do not share this list of customers or the information you gather with others outside
your company.
56
58. Step 10 – Define Your Core
The Core is something that allows you to deliver
the benefits your customers value with much
greater effectiveness than any other competitor.
• Network Effect (+Metcalfe’s Law ?(
• Customer Service
• Lowest Cost
• User Experience (+UI/UX ?)
• …
58
59. Step 10 – Define Your Core
* What about intellectual property? Or culture?
* Core vs. Competitive Position
* First-mover advantage is not a core !
* Locking up suppliers is typically not a core !
59
62. Step 11 – Chart Your Competitive Position
The Competitive Position is the link between your Core
and your Persona’s priorities, and shows that they logically
make sense for the target market you have chosen.
62
63. Step 11 – Chart Your Competitive Position
Priority #2
Priority#1Bad
Bad
Good
Good
Competitive Positioning
63
64. Step 11 – Chart Your Competitive Position
64
Example:
Efficiency
Reliability
HighLow
W/BatteryNoBattery
66. Step 12 – Determine the Costumers DMU
* The DMU for each customer should be similar.
- If not,
1. Your customers do not match the Persona !
2. You have not segmented the market enough !
66
67. Step 13 – Map the Process to Acquire a Paying Customer
67
68. Step 13 – Map the Process to Acquire a Paying Customer
By creating a map of the Process to Acquire a Paying Customer, you will:
• Understand the length of the sales cycle
• Build the foundation for the COCA
• Identify hidden obstacles → Budgeting/purchasing authority, Time, B2C vs. B2B, …
• Be able to show that you understand the customer’s buying process
68
69. Step 13 – Map the Process to Acquire a Paying Customer
69
Examples:
for Kids
70. Step 14 – Calculate the TAM Size for Follow-on Markets
70
71. Step 14 – Calculate the TAM Size for Follow-on Markets
Similar markets that you will target once
you have dominated the beachhead market.
1. Selling the same customer additional products or applications (upselling).
2. Sell the same basic product to adjacent markets.
71
72. Step 14 – Calculate the TAM Size for Follow-on Markets
CurrentProductNewProduct
Current Market Segment New Market Segment
72
73. Step 14 – Calculate the TAM Size for Follow-on Markets
73
74. Step 14 – Calculate the TAM Size for Follow-on Markets
74
Example:
80. Step 15 – Design a Business Model
1. Freemium
2. One-time Up-Front Charge plus Maintenance
3. Cost Plus
4. Hourly Rates
5. Subscription or Leasing Model
6. Licensing
7. Consumables
8. Upsell with High-Margin Products
9. Advertising
80
81. Step 15 – Design a Business Model
10. Reselling the Data Collected—or Temporary Access to It
11. Transaction Fee
12. Usage-Based
13. “Cell Phone” Plan
14. Parking Meter or Penalty Charges
15. Microtransactions
16. Shared Savings
17. Franchise
18. Operating and Maintenance
81
82. Step 15 – Design a Business Model
82
@MedLeanMag
84. Step 16 – Set Your Pricing Framework
Basic pricing concepts
1. Costs Shouldn’t Be a Factor in Deciding Price.
2. Use the DMU and the Process to Acquire a Paying Customer to Identify Key Price Points.
3. Understand the Prices of the Customer’s Alternatives.
4. Different Types of Customers Will Pay Different Prices.
5. Be Flexible with Pricing for Early Testers and “Lighthouse Customers.”
6. It Is Always Easier to Drop the Price Than to Raise the Price.
84
85. Step 16 – Set Your Pricing Framework
Moore breaks customers down into five waves:
1.Technological enthusiasts
2.Early adopters
3.The early majority (pragmatists)
4.The late majority (conservatives)
5.Laggards/skeptics
85
86. Step 16 – Set Your Pricing Framework
Responsibility for Setting Pricing ??
a. Sales
b. Finance
c. Product Management
d. Engineering
86
87. Step 16 – Set Your Pricing Framework
1.99 $
2.99 $
3.99 $
87
88. Step 17 – Calculate the LTV of an Acquired Customer
88
89. Step 17 – Calculate the LTV of an Acquired Customer
Key inputs to calculate LTV
1. One-time Revenue Stream, If Any.
2. Recurring Revenue Streams, If Any.
3. Additional Revenue Opportunities.
4. Gross Margin for Each Of Your Revenue Streams.
5. Retention Rate.
6. Life of Product.
7. Next Product Purchase Rate.
8. Cost of Capital Rate For Your Business.
89
90. Step 17 – Calculate the LTV of an Acquired Customer
Present Value = Profit × (1 − Cost of Capital Rate)t
t = number of years after year 0
The LTV is the Net Present Value of your profits from year 0 through year 5.
LTV/COCA ≥ 3
90
91. Step 17 – Calculate the LTV of an Acquired Customer
Important considerations
• The Business Model Decision Is Very Important.
• LTV Is about Profit, not Revenue.
• Overhead Costs Aren’t Negligible.
• Gross Margins Make a Big Difference.
• Retention Rates Are Very Important as Well.
• Finding Additional Real Upselling Opportunities Can Be Very Attractive.
91
92. Step 17 – Calculate the LTV of an Acquired Customer
92
93. Step 17 – Calculate the LTV of an Acquired Customer
Example:
93
94. Step 17 – Calculate the LTV of an Acquired Customer
Exercise: Estimate the LTV :
a. Google
b. Bicycle shop
c. Used-car dealership
d. A new Lamborghini sales and service dealership
94
95. Step 18 – Map the Sales Process to Acquire a Customer
95
96. Step 18 – Map the Sales Process to Acquire a Customer
Four factors entrepreneurs often overlook about CAC
1. The cost behind all of the sales and marketing efforts required to reach their prospects.
2. Long sales cycles that cost a lot of money.
3. All the customers who did not buy their product, and the sales and marketing costs
associated with reaching those customers.
4. Corporate shake-ups that affect the customer’s Decision-Making Unit.
96
97. Step 18 – Map the Sales Process to Acquire a Customer
Short Term Medium Term Long Term
97
98. Step 18 – Map the Sales Process to Acquire a Customer
Examples:
98
100. Step 19 – Calculate the COCA
* Your COCA does not include any fixed production costs or expenses outside
of the sales and marketing department, such as research and development,
finance and administration, or overhead.
In determining the COCA, you must quantify all the sales and marketing
costs involved in acquiring a single average customer in steady state.
100
105. Step 19 – Calculate the COCA
How to reduce COCA
1. While very powerful, use direct sales judiciously as it is very expensive
2. Automate as much as possible
3. Improve conversion rates in sales
4. Decrease the cost of leads and improve the quality of leads
5. Speed through the sales funnel
6. Choose your business model with COCA in mind
7. Word of mouth
8. Stay focused on the target market 105
114. Step 21 – Test Key Assumptions
❖Prepay for your solution (best)
❖Put down a deposit (good)
❖Provide a letter of intent (okay)
❖Agree to a pilot (acceptable)
❖Express a strong interest in purchasing if certain conditions are met
(not too reassuring but may be acceptable)
114
115. Step 21 – Test Key Assumptions
Examples of easily testable assumptions
115
✓ Smartphone users aged 25–34 access weather forecasts on their phone to decide what
to wear.
✓ “Neohippies” aged 25–35 use their smartphones to help them shop in the grocery store.
✓ Conducting opinion polls is much better on facebook than with traditional telephone-
based methods.
✓ People will be inspired to contribute to chalkboards that have writing prompts on them.
117. Step 22 – Define the MVBP
Three conditions of a MVBP
1. The customer gets value out of use of the product.
2. The customer pays for the product.
3. The product is sufficient to start the customer feedback loop, where the
customer can help you iterate toward an increasingly better product.
117
124. What Is Missing in the 24 Steps?
o Building a company culture
o Selecting a founding team
o Growing and building the team (HR processes)
o Developing the product
o Selling and sales execution
o Servicing the customer and building customer service processes
o Building your financials and managing cash flow
o Raising money to scale the business
o Entrepreneurial leadership and scaling the business
o Building and utilizing good company governance
o And much more … 124
125. “Everything should be made as simple as possible, but not simpler!”
Albert Einstein
125