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Entrepreneurship101 - Designing a Value Proposition with Joseph Wilson

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This lecture focuses on the process of creating a crisp and concise value proposition for your start-up. Learn how to answer the essential question, “What is the value you bring to your customers?” without describing the details of your technology.

Formulating a good value proposition is an essential step for any start-up and lies at the core of many of the other tools entrepreneurs need to develop, including market analysis, business modeling, finding funding and delivering an investor or customer pitch.

http://www.marsdd.com/events/details.html?uuid=27af9124-bd2b-43fe-a920-9fb9295c1357

Published in: Business
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Entrepreneurship101 - Designing a Value Proposition with Joseph Wilson

  1. 1. Joseph Wilsonjwilson@marsdd.comwww.josephwilson.cawww.treehousegroup.org
  2. 2. AgendaWhat is a value proposition?ExamplesDimensions of valueYour target customerPersonalizing your value propositionThe strategy canvasThe buyer utility grid
  3. 3. MaRS Advisors EIRs (Entrepreneurs in Residence) Venture CapitalistsInvestor relations professionals (Equicom)PROBLEM #1: Defining a value proposition
  4. 4. Talking With Scientists:
  5. 5. What do you do?Who cares?“Explain the value of your company, not thetechnology behind it.”“Your grandmother should understand yourbusiness.”“Will I want to tell people at the next cocktail partyI’m at?”
  6. 6. A value proposition is astatement of the unique benefitsdelivered by your offering to thetarget customer
  7. 7. The value proposition statement mayconsist of several components:1. What your product is2. The target customer3. The value you provide4. Why your product is unique
  8. 8. Good: “Winners is Bad: “Winners is anthe only off-pricedepartment store department storethat offers fashion owned by TJX thatconscious employsconsumers the internationallatest brand sourcing andnames for up to buying power.”60 per cent off.”
  9. 9. unique what“Winners is the only department customerstore that offers fashion consciousconsumers the latest brand valuenames for up to 60 per cent off.”
  10. 10. Good: “Google is Bad: “Google uses athe world’s largest patented page-search engine that ranking algorithmallows internet to make moneyusers to find through adrelevant placement.”informationquickly and easily.”
  11. 11. unique“Google is the world’s largest whatsearch engine that allows customerinternet users to find relevant valueinformation quickly and easily.”
  12. 12. Good: “A1 Industries Bad: “A1 Industrieshas developed a has discovered acheap and easily chemical isomerapplied additive that that bonds withallows paint carbon to allow anmanufacturing overall reduction incompanies to reduce VOC emissions.”the environmentalimpact of theirproducts”
  13. 13. unique“A1 Industries has developed acheap and easily applied whatadditive that allows paint customermanufacturing companies to valuereduce the environmental impactof their products”
  14. 14. Templates
  15. 15. Templates
  16. 16. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling functionSelf-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
  17. 17. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling functionSelf-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
  18. 18. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  19. 19. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  20. 20. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  21. 21. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  22. 22. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  23. 23. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  24. 24. Selling to BusinessLower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
  25. 25. Selling to Business Lower riskB2B Sales: Saving time Saving/making money- Rational Enabling functiondecision making Convenience Quality- Overt values Customizable
  26. 26. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling functionSelf-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
  27. 27. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  28. 28. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  29. 29. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  30. 30. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  31. 31. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  32. 32. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  33. 33. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  34. 34. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  35. 35. Selling to Customer Usability Health Aesthetics Status NewnessSelf-Actualization Environmental Ethical Social Inclusion
  36. 36. Selling to Customer Usability Health B2C Sales: Aesthetics Status Newness - Emotional decision makingSelf-Actualization Environmental Ethical - Latent values Social Inclusion
  37. 37. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling functionSelf-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
  38. 38. Get out of your office
  39. 39. Day in the Life Scenario Before Current Problem situation encountered & & desired economic outcome consequences AfterErnie: Enabling Newfixes factors of outcomes andairplanes your economic product rewards
  40. 40. Get in the head of your customer
  41. 41. MaRS Market Intelligence Databases 1. Access to reports from 20 databases 2. Access to industry analysts through inquiry timeIndustry specific vendors Multiple Industry coverage vendors IDC Forrester Frost & Sullivan Gartner BCC Research Lux Research Total PatentsCleantech Group Datamonitor Aggregator ofThomson Pharma Venture Source other vendor MedTrack Innography resourcesBusiness Insights Recap Dialog Pro Market Research Factiva Key: Red – ICT Green – Cleantech & Nanotech Blue – Life Sciences
  42. 42. Prioritize your market segments  Who has the most compelling problem?  Who has the biggest financial problem?  Which market is easiest to access?   What values do you bring your target customer?
  43. 43. “A1 Industries has developed acheap and easily appliedadditive that allows paintmanufacturing companies toreduce the environmental impactof their products”
  44. 44. “A1 Industries has developed acheap and easily appliedadditive that allows _________ _________________________ toreduce the environmental impactof their products”
  45. 45. “A1 Industries has developed acheap and easily appliedadditive that allows plastic chair manufacturers to reduce the environmental impactof their products”
  46. 46. “A1 Industries has developed acheap and easily appliedadditive that allows __________________________ to reduce the environmental impactof their products”
  47. 47. “A1 Industries has developed acheap and easily appliedadditive that allows solar panel manufacturers toreduce the environmental impactof their products”
  48. 48. Different stakeholders have " different values Stakeholder ValuesTeacher - Saving time, curriculum-aligned, engaging students, simple to set up and deliver,Student - Fun, building self-confidence and social inclusionParent - Helping their child socially, academically,Principal - Raising standardized scores, addressing priorities of the board (bullying, lowering suspension rates)Superintendent - Addressing priorities of board, increasing communication between “family” of schoolsTrustee - Get re-elected, broader community engagement;Ministry - Broad policy: raising achievement, reducing achievement gaps, increase public confidenceProcurement - Buy software and textbooks that are provenofficer effective, that teachers will use.
  49. 49. customer“Google is the world’s largest searchengine that allows internet users to findrelevant information quickly andeasily.”
  50. 50. end user“Google is the world’s largest searchengine that allows internet users to findrelevant information quickly andeasily.” customer“Google is the world’s largest searchengine that gives advertisers access tomillions of potential customers bypersonalizing ads based on searchedcontent.”
  51. 51. Double-sided business models
  52. 52. Double-sided business models“The PeePoo Bag is a cheap, disposable outletfor human waste, providing a hygienic optionfor refugees in camps across East Africa.”“The PeePoo Bag is a cheap, disposable outletfor human waste that turns into high qualityfertilizer, perfect for low income East-Africanfarmers to increase yield and avoid usingexpensive fossil fuel-based fertilizers.”
  53. 53. Product differentiation High How does your business rate on that criteria?Medium What is the criteria people use when Low solving their problem? Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
  54. 54. Product differentiation The goal is not to be the highest in each category, but to have a unique profile that highlights where your value lies. Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
  55. 55. How do customers How do customersperform research on the Added do your How Value maintain theproduct they want to consumers use product overbuy? your product? time? How do you How do you How do your deliver the support the use of customers dispose product to your the product? of your product? customers? Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
  56. 56. Adding Value: on-line banking Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
  57. 57. SummaryThe value proposition statement mayconsist of several components:1. What your product is2. The target customer3. The value you provide4. Why your product is unique Go home and write one!
  58. 58. Joseph Wilsonjwilson@marsdd.comwww.josephwilson.cawww.treehousegroup.org

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