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So I've Got a Big Idea...Now What (Maplewood Ideas Festival 2017)

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New York University
New York University

How to go from an idea to a business.

Pequenos negócios e empreendedorismo
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@NYUEntrepreneur So I’ve got a big idea… now what?! Frank Rimalovski Executive Director, NYU Entrepreneurial Institute Managing Director, NYU Innovation Venture Fund Instructor, NSF Innovation Corps (I-Corps) March 20, 2017
@NYUEntrepreneur 75% of startups fail to return investors capital Shikhar Ghosh Harvard Business School
@NYUEntrepreneur So why do so many startups fail?
@NYUEntrepreneur “More startups fail from a lack of customers than from a failure of product development.”
@NYUEntrepreneur Top 12 Reasons Startups Fail
@NYUEntrepreneur Top 12 Reasons Startups Fail 42% #nyuef cite lack of market need
@NYUEntrepreneur7 “Starting a startup is something you can only learn intrinsically by doing it. What you need to learn is the needs of your own users.”
@NYUEntrepreneur Need to do this before you finish designing and/or building your product/service
@NYUEntrepreneur Bigger Than a Revenue Model u Who are our initial target customers? u What do they value/why will they buy? u How do we get/keep/grow customers? u What’s our channel strategy/how will we deliver? u What’s our revenue model/how will we make money? u What key partnerships do we need to start? u What are the key skills do we need on our team? u What are our cost structure/unit economics? 9
@NYUEntrepreneur Evidence-based Entrepreneurship (aka the Lean Startup) 10
@NYUEntrepreneur
@NYUEntrepreneur All I Need to Do is Make the Forecast
@NYUEntrepreneur “For every one of our failures, we had spreadsheets that looked awesome!”
@NYUEntrepreneur “Everyone has a plan until they get punched in the face!”
@NYUEntrepreneur
@NYUEntrepreneur Planning comes before the plan
@NYUEntrepreneur17 “In preparing for battle I have always found that plans are useless, but planning is indispensable.”
@NYUEntrepreneur Business Model Canvas The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market
@NYUEntrepreneur19 So what do we do?
@NYUEntrepreneur What’s a Startup?
@NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
@NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
@NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
@NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
@NYUEntrepreneur What is a Business Model? How a company creates value for itself while delivering products or services for customers
@NYUEntrepreneur The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market The Business Model Canvas Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
@NYUEntrepreneur More than half of your assumptions are wrong! 27
@NYUEntrepreneur Customer Development How you search for the business model Test assumptions about customer needs/problem & develop MVPs Seek validation that people are interested in your product/ solution Begins to build demand & improve efficiency of customer acquisition Drive growth aggressively & execute business model
@NYUEntrepreneur “You can’t just ask customers what they want and then try to give that to them.”
@NYUEntrepreneur “New ideas come from watching something, talk(ing) to people, experimenting, asking questions and getting out of the office!”
@NYUEntrepreneur31
@NYUEntrepreneur “Great founders never put anyone between themselves and their users.”
@NYUEntrepreneur The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market The Business Model Canvas Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
@NYUEntrepreneur
@NYUEntrepreneur Value Proposition What Problem Are You Solving?
@NYUEntrepreneur Value Proposition u describes the benefits customers can expect from a bundle of products and services
@NYUEntrepreneur Customer Segment Who Cares?
@NYUEntrepreneur Customer Profile u Who are they and why would they buy?
@NYUEntrepreneur Problem-Solution Fit Fit
@NYUEntrepreneur http://bit.ly/2ncE5IS
@NYUEntrepreneur Value Proposition What Problem Are You Solving?
@NYUEntrepreneur Key Questions for Value Prop u Problem Statement: What is the problem? u Technology/Market Insight: Why is the problem so hard to solve today? u Product: How do you solve it today? u Competition: Who is delivering that solution? u Utility: What level of improvement in efficacy/speed/cost/etc. is needed? u Market Size: How big is this problem?
@NYUEntrepreneur Customer Segment Who Cares?
@NYUEntrepreneur Define Customer Archetype u Who are they? o Position / title / age / sex / role u How/where do they buy? o Discretionary budget (name of budget and amount) u What matters to them? o What motivates them? u Who influences them? o What do they read/who do they listen to?
@NYUEntrepreneur put yourself in the customers’ shoes
@NYUEntrepreneur What is your potential customer trying to get done? Jobs to be Done 46
@NYUEntrepreneur …they want a quarter-inch hole!" People don't want to buy a quarter-inch drill… SOLUTION (WHAT) JOB (WHY) Innosight LLC
@NYUEntrepreneur “Make me efficient at my work” FUNCTIONAL “Convey my professional status” SOCIAL “Make me confident that I can get the job done” EMOTIONAL “Help me perform like a professional” JOB • Valueà demonstrate my ability to recognize value • Prestigeà show others that I focus on quality starting with my equipment • Confidenceà ensure me that I can count on my equipment • Versatilityà give me the ability to work in different environments • Powerà give me the ability to cut through thick/dense material • Speedà help me get the project done quickly Innosight LLC
@NYUEntrepreneur Guess the product from the job I want to feel confident when having a close conversation I want my mouth to feel refreshed I want to kill the germs that cause bad breath I want to show that I have the latest gadget I want to be able to get information easily when on the go I want to kill small snippets of time productively I want feel ‘in-the- know’ about things happening in my social circle I want an efficient way to share my pictures with all my friends and family I want a way to reconnect with friends I haven’t talked to in a while I want to feel like I’m buying the best for my family I want to be socially conscious I want access to high- quality grocery products I want the convenience of shopping online I want to be able to decide how much I will pay for a product I want an easy way to sell things I no longer need Innosight LLC
@NYUEntrepreneur Who’s the Customer? User
@NYUEntrepreneur Who’s the Customer? User Economic Buyer
@NYUEntrepreneur Who’s the Customer? User Influencer Recommender Decision Maker SaboteurEconomic Buyer
@NYUEntrepreneur “Customer” Ecosystem of people you need to understand, satisfy and appeal to in order to get them to buy your product
@NYUEntrepreneur Technology Lifecycle Adoption Curve 54
@NYUEntrepreneur Who wants… u A combined phone, internet browsing & mail device with o No copy & paste o No physical keyboard o Only 2G data speeds o No corporate email o No 3rd party apps o Only works on one carrier
@NYUEntrepreneur
@NYUEntrepreneur Look familiar? 0 20 40 60 80 100 120 140 160 180 Year 1 (2007-08) Year 2 (2008-09) Year 3 (2009-10) Year 4 (2010-11) Year 5 (2011-12) Year 6 (2012-13) Year 7 (2013-14) UnitSales(millions) Apple iPhone Sales Since Introduction Enthusiasts Visionaries Pragmatists
@NYUEntrepreneur What’s your point? I have two! 58
@NYUEntrepreneur 1. As a startup, you are not capable of serving the mainstream market With your half-baked product, small staff & non-existent sales & market budget 59
@NYUEntrepreneur 2. There is no point in building the features you will need when you have a million users Optimize your product for the immediate stage of growth 60
@NYUEntrepreneur61 “The key to success I know not, but trying to please everyone, the key to failure is.”
@NYUEntrepreneur Product / Solution Fit? I’ve figured out who I’m selling to and what pain point I’m solving! I’m ready to start building and selling… Right?!
@NYUEntrepreneur ? ✔ ✔ ? ? ? ? ? ? Not so fast! You can’t have a valid business until you test both sides of the canvas!
@NYUEntrepreneur Customer Relationships How do you Get, Keep and Grow Customers?
@NYUEntrepreneur Channels How does your product get to customers?
@NYUEntrepreneur Revenue Streams How do you make money?
@NYUEntrepreneur Key Activities What are the most important things your business needs to be good at?
@NYUEntrepreneur Key Resources What are your most important assets?
@NYUEntrepreneur Key Partners Who are your partners and suppliers?
@NYUEntrepreneur Cost Structure What are the key costs and expenses?
@NYUEntrepreneur The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market 9+ Guesses! Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
@NYUEntrepreneur Customer Development How you search for the business model Test assumptions about customer needs/problem & develop MVPs Seek validation that people are interested in your product/ solution Begins to build demand & improve efficiency of customer acquisition Drive growth aggressively & execute business model
@NYUEntrepreneur Customer Discovery u Apply the scientific method to business model development Modify hypothesis Observe phenomena Formulate hypothesis Test hypothesis via rigorous experiments Establish theory based on repeated validation of results PIVOT!
@NYUEntrepreneur Talk to Humans! u Get out of the building! u In person is best u You must gain insight into your customer & market u You are doing pattern recognition… Must have sufficient data points to see and to test all elements of your BMC!
@NYUEntrepreneur Who do you want to learn from? 75 3A. Who Do You Want To Learn From (Inked)
@NYUEntrepreneur Who Cares?
@NYUEntrepreneur Do not fear picking the wrong market!
@NYUEntrepreneur78
@NYUEntrepreneur Types of Customers 79
@NYUEntrepreneur80
@NYUEntrepreneur81
@NYUEntrepreneur82
@NYUEntrepreneur83
@NYUEntrepreneur84
@NYUEntrepreneur
@NYUEntrepreneur Customers are People!
@NYUEntrepreneur Finding Interview Subjects5A. How Do You Find Your Interview Subjects (Inked) 87
@NYUEntrepreneur Finding Interview Subjects u At least one degree of separation u Become a LinkedIn power user u Make referrals happen u Get creative…recruiting hacks u Fish where the fish are… u …In the wild u Promise to be brief u Tell them you’re studying or trying to learn about something! 88
@NYUEntrepreneur Meet People You Don’t Know u People you know will be nice and tell you what you want to hear u Those interviews are possibly harmful u Let others use people you know u People you don’t know have no relationship to protect…Only they will tell you the truth
@NYUEntrepreneur The Ugly Baby!
@NYUEntrepreneur Pro Tips u Practice, practice, practice u NO email, focus groups or surveys u Don’t start with your dream customer u Being an entrepreneur means being aggressive & persistent u Leverage your network! u Flatter subjects u Be transparent u Follow up/stay in touch 91
@NYUEntrepreneur What do you want to learn?4D. What Do You Want To Learn 92
@NYUEntrepreneur What do you want to learn? 93 The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: designed by: Strategyzer AG The makers of Business Model Generation and Strategyzer This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. strategyzer.com What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market
@NYUEntrepreneur Don’t Assume You Understand the Problem!
@NYUEntrepreneur95 “(The great entrepreneurs) fall in love with the problem, not the solution.”
@NYUEntrepreneur Ensuring effective interviews6B. How To Ensure An Effective Session (Draft) 96
@NYUEntrepreneur Do not sell!
@NYUEntrepreneur Do not sell! u No demos! No presentations! No tech talk! u Get stories, not speculation u Ask open-ended questions u Ask how they do their job, about their problems, & how they solve them today u It’s about them. Not you. Not your product. u Ask why? Then why? They why again! 98
@NYUEntrepreneur What About IP? u Never sign an NDA u Never ask people to sign an NDA u If you’re describing your idea/tech in any detail, you’re doing it wrong u Focus on the what & not the how
@NYUEntrepreneur “Don’t worry about people stealing an idea. If it’s original, you will have to ram it down their throats.”
@NYUEntrepreneur “Don’t worry about people stealing your idea, worry that no one will care.”
@NYUEntrepreneur Create an Interview Guide u A guide, not a script u Helps to keep you organized & on point! u Appear more professional, & ensure you get most important questions early u Test your Customer Segment & Value Proposition hypotheses first u List 5-8 questions to test your Value Proposition hypotheses with your initial target Customer Segment(s) 102
@NYUEntrepreneur Focus on actual behavior Not speculative or abstract feelings 103
@NYUEntrepreneur Your job is not to validate your product… Your job is not to validate your product… It’s to validate the problem, who has it and then how best to solve it?
@NYUEntrepreneur Documenting Interviews u (Assign someone to) take notes u Write down key a-ha’s as they happen u Note questions that worked & use them again! u Take pictures or videos! u Write up & share key insights with your team ASAP!
@NYUEntrepreneur How do you make sense of what you learn?7B. How Do You Make Sense Of What You Learn (Draft) 106
@NYUEntrepreneur Gaining Insight u Facts are interesting…Insights are your goal u Be honest…Don’t be too quick to validate or too slow to disprove your hypothesis u Don’t just scratch the surface, dive deep u Find the hidden motivations u Understand their priorities u Ask why? And why? Then why again? u Depth of understanding leads to insight
@NYUEntrepreneur What’s an insight?
@NYUEntrepreneur in•sight |ˈinˌsīt| noun the capacity to gain an accurate and deep intuitive understanding of a person or thing
@NYUEntrepreneur in•sight |ˈinˌsīt| noun something you’re so excited about you tell strangers on the train
@NYUEntrepreneur111 “It's grueling listening to customer feedback. And if it isn't, you're probably doing it wrong."
@NYUEntrepreneur Required Reading/Viewing TALKING TO HUMANS Success starts with understanding your customers GIFF CONSTABLE Pre-release edition with Frank Rimalovski and illustrations by Tom Fishburne bit.ly/llpcdvstalkingtohumans.com bit.ly/htbas-ep245
@NYUEntrepreneur Questions? entrepreneur@nyu.edu @nyuentrepreneur entrepreneur.nyu.edu 16 Washington Place 113

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So I've Got a Big Idea...Now What (Maplewood Ideas Festival 2017)

  • 1. @NYUEntrepreneur So I’ve got a big idea… now what?! Frank Rimalovski Executive Director, NYU Entrepreneurial Institute Managing Director, NYU Innovation Venture Fund Instructor, NSF Innovation Corps (I-Corps) March 20, 2017
  • 2. @NYUEntrepreneur 75% of startups fail to return investors capital Shikhar Ghosh Harvard Business School
  • 3. @NYUEntrepreneur So why do so many startups fail?
  • 4. @NYUEntrepreneur “More startups fail from a lack of customers than from a failure of product development.”
  • 6. @NYUEntrepreneur Top 12 Reasons Startups Fail 42% #nyuef cite lack of market need
  • 7. @NYUEntrepreneur7 “Starting a startup is something you can only learn intrinsically by doing it. What you need to learn is the needs of your own users.”
  • 8. @NYUEntrepreneur Need to do this before you finish designing and/or building your product/service
  • 9. @NYUEntrepreneur Bigger Than a Revenue Model u Who are our initial target customers? u What do they value/why will they buy? u How do we get/keep/grow customers? u What’s our channel strategy/how will we deliver? u What’s our revenue model/how will we make money? u What key partnerships do we need to start? u What are the key skills do we need on our team? u What are our cost structure/unit economics? 9
  • 12. @NYUEntrepreneur All I Need to Do is Make the Forecast
  • 13. @NYUEntrepreneur “For every one of our failures, we had spreadsheets that looked awesome!”
  • 14. @NYUEntrepreneur “Everyone has a plan until they get punched in the face!”
  • 17. @NYUEntrepreneur17 “In preparing for battle I have always found that plans are useless, but planning is indispensable.”
  • 18. @NYUEntrepreneur Business Model Canvas The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market
  • 21. @NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
  • 22. @NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
  • 23. @NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
  • 24. @NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model
  • 25. @NYUEntrepreneur What is a Business Model? How a company creates value for itself while delivering products or services for customers
  • 26. @NYUEntrepreneur The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market The Business Model Canvas Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
  • 27. @NYUEntrepreneur More than half of your assumptions are wrong! 27
  • 28. @NYUEntrepreneur Customer Development How you search for the business model Test assumptions about customer needs/problem & develop MVPs Seek validation that people are interested in your product/ solution Begins to build demand & improve efficiency of customer acquisition Drive growth aggressively & execute business model
  • 29. @NYUEntrepreneur “You can’t just ask customers what they want and then try to give that to them.”
  • 30. @NYUEntrepreneur “New ideas come from watching something, talk(ing) to people, experimenting, asking questions and getting out of the office!”
  • 33. @NYUEntrepreneur The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market The Business Model Canvas Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
  • 36. @NYUEntrepreneur Value Proposition u describes the benefits customers can expect from a bundle of products and services
  • 38. @NYUEntrepreneur Customer Profile u Who are they and why would they buy?
  • 42. @NYUEntrepreneur Key Questions for Value Prop u Problem Statement: What is the problem? u Technology/Market Insight: Why is the problem so hard to solve today? u Product: How do you solve it today? u Competition: Who is delivering that solution? u Utility: What level of improvement in efficacy/speed/cost/etc. is needed? u Market Size: How big is this problem?
  • 44. @NYUEntrepreneur Define Customer Archetype u Who are they? o Position / title / age / sex / role u How/where do they buy? o Discretionary budget (name of budget and amount) u What matters to them? o What motivates them? u Who influences them? o What do they read/who do they listen to?
  • 46. @NYUEntrepreneur What is your potential customer trying to get done? Jobs to be Done 46
  • 47. @NYUEntrepreneur …they want a quarter-inch hole!" People don't want to buy a quarter-inch drill… SOLUTION (WHAT) JOB (WHY) Innosight LLC
  • 48. @NYUEntrepreneur “Make me efficient at my work” FUNCTIONAL “Convey my professional status” SOCIAL “Make me confident that I can get the job done” EMOTIONAL “Help me perform like a professional” JOB • Valueà demonstrate my ability to recognize value • Prestigeà show others that I focus on quality starting with my equipment • Confidenceà ensure me that I can count on my equipment • Versatilityà give me the ability to work in different environments • Powerà give me the ability to cut through thick/dense material • Speedà help me get the project done quickly Innosight LLC
  • 49. @NYUEntrepreneur Guess the product from the job I want to feel confident when having a close conversation I want my mouth to feel refreshed I want to kill the germs that cause bad breath I want to show that I have the latest gadget I want to be able to get information easily when on the go I want to kill small snippets of time productively I want feel ‘in-the- know’ about things happening in my social circle I want an efficient way to share my pictures with all my friends and family I want a way to reconnect with friends I haven’t talked to in a while I want to feel like I’m buying the best for my family I want to be socially conscious I want access to high- quality grocery products I want the convenience of shopping online I want to be able to decide how much I will pay for a product I want an easy way to sell things I no longer need Innosight LLC
  • 52. @NYUEntrepreneur Who’s the Customer? User Influencer Recommender Decision Maker SaboteurEconomic Buyer
  • 53. @NYUEntrepreneur “Customer” Ecosystem of people you need to understand, satisfy and appeal to in order to get them to buy your product
  • 55. @NYUEntrepreneur Who wants… u A combined phone, internet browsing & mail device with o No copy & paste o No physical keyboard o Only 2G data speeds o No corporate email o No 3rd party apps o Only works on one carrier
  • 57. @NYUEntrepreneur Look familiar? 0 20 40 60 80 100 120 140 160 180 Year 1 (2007-08) Year 2 (2008-09) Year 3 (2009-10) Year 4 (2010-11) Year 5 (2011-12) Year 6 (2012-13) Year 7 (2013-14) UnitSales(millions) Apple iPhone Sales Since Introduction Enthusiasts Visionaries Pragmatists
  • 59. @NYUEntrepreneur 1. As a startup, you are not capable of serving the mainstream market With your half-baked product, small staff & non-existent sales & market budget 59
  • 60. @NYUEntrepreneur 2. There is no point in building the features you will need when you have a million users Optimize your product for the immediate stage of growth 60
  • 61. @NYUEntrepreneur61 “The key to success I know not, but trying to please everyone, the key to failure is.”
  • 62. @NYUEntrepreneur Product / Solution Fit? I’ve figured out who I’m selling to and what pain point I’m solving! I’m ready to start building and selling… Right?!
  • 63. @NYUEntrepreneur ? ✔ ✔ ? ? ? ? ? ? Not so fast! You can’t have a valid business until you test both sides of the canvas!
  • 64. @NYUEntrepreneur Customer Relationships How do you Get, Keep and Grow Customers?
  • 65. @NYUEntrepreneur Channels How does your product get to customers?
  • 67. @NYUEntrepreneur Key Activities What are the most important things your business needs to be good at?
  • 68. @NYUEntrepreneur Key Resources What are your most important assets?
  • 69. @NYUEntrepreneur Key Partners Who are your partners and suppliers?
  • 70. @NYUEntrepreneur Cost Structure What are the key costs and expenses?
  • 71. @NYUEntrepreneur The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market 9+ Guesses! Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
  • 72. @NYUEntrepreneur Customer Development How you search for the business model Test assumptions about customer needs/problem & develop MVPs Seek validation that people are interested in your product/ solution Begins to build demand & improve efficiency of customer acquisition Drive growth aggressively & execute business model
  • 73. @NYUEntrepreneur Customer Discovery u Apply the scientific method to business model development Modify hypothesis Observe phenomena Formulate hypothesis Test hypothesis via rigorous experiments Establish theory based on repeated validation of results PIVOT!
  • 74. @NYUEntrepreneur Talk to Humans! u Get out of the building! u In person is best u You must gain insight into your customer & market u You are doing pattern recognition… Must have sufficient data points to see and to test all elements of your BMC!
  • 75. @NYUEntrepreneur Who do you want to learn from? 75 3A. Who Do You Want To Learn From (Inked)
  • 77. @NYUEntrepreneur Do not fear picking the wrong market!
  • 87. @NYUEntrepreneur Finding Interview Subjects5A. How Do You Find Your Interview Subjects (Inked) 87
  • 88. @NYUEntrepreneur Finding Interview Subjects u At least one degree of separation u Become a LinkedIn power user u Make referrals happen u Get creative…recruiting hacks u Fish where the fish are… u …In the wild u Promise to be brief u Tell them you’re studying or trying to learn about something! 88
  • 89. @NYUEntrepreneur Meet People You Don’t Know u People you know will be nice and tell you what you want to hear u Those interviews are possibly harmful u Let others use people you know u People you don’t know have no relationship to protect…Only they will tell you the truth
  • 91. @NYUEntrepreneur Pro Tips u Practice, practice, practice u NO email, focus groups or surveys u Don’t start with your dream customer u Being an entrepreneur means being aggressive & persistent u Leverage your network! u Flatter subjects u Be transparent u Follow up/stay in touch 91
  • 92. @NYUEntrepreneur What do you want to learn?4D. What Do You Want To Learn 92
  • 93. @NYUEntrepreneur What do you want to learn? 93 The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: designed by: Strategyzer AG The makers of Business Model Generation and Strategyzer This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit: http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. strategyzer.com What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market
  • 95. @NYUEntrepreneur95 “(The great entrepreneurs) fall in love with the problem, not the solution.”
  • 96. @NYUEntrepreneur Ensuring effective interviews6B. How To Ensure An Effective Session (Draft) 96
  • 98. @NYUEntrepreneur Do not sell! u No demos! No presentations! No tech talk! u Get stories, not speculation u Ask open-ended questions u Ask how they do their job, about their problems, & how they solve them today u It’s about them. Not you. Not your product. u Ask why? Then why? They why again! 98
  • 99. @NYUEntrepreneur What About IP? u Never sign an NDA u Never ask people to sign an NDA u If you’re describing your idea/tech in any detail, you’re doing it wrong u Focus on the what & not the how
  • 100. @NYUEntrepreneur “Don’t worry about people stealing an idea. If it’s original, you will have to ram it down their throats.”
  • 101. @NYUEntrepreneur “Don’t worry about people stealing your idea, worry that no one will care.”
  • 102. @NYUEntrepreneur Create an Interview Guide u A guide, not a script u Helps to keep you organized & on point! u Appear more professional, & ensure you get most important questions early u Test your Customer Segment & Value Proposition hypotheses first u List 5-8 questions to test your Value Proposition hypotheses with your initial target Customer Segment(s) 102
  • 103. @NYUEntrepreneur Focus on actual behavior Not speculative or abstract feelings 103
  • 104. @NYUEntrepreneur Your job is not to validate your product… Your job is not to validate your product… It’s to validate the problem, who has it and then how best to solve it?
  • 105. @NYUEntrepreneur Documenting Interviews u (Assign someone to) take notes u Write down key a-ha’s as they happen u Note questions that worked & use them again! u Take pictures or videos! u Write up & share key insights with your team ASAP!
  • 106. @NYUEntrepreneur How do you make sense of what you learn?7B. How Do You Make Sense Of What You Learn (Draft) 106
  • 107. @NYUEntrepreneur Gaining Insight u Facts are interesting…Insights are your goal u Be honest…Don’t be too quick to validate or too slow to disprove your hypothesis u Don’t just scratch the surface, dive deep u Find the hidden motivations u Understand their priorities u Ask why? And why? Then why again? u Depth of understanding leads to insight
  • 109. @NYUEntrepreneur in•sight |ˈinˌsīt| noun the capacity to gain an accurate and deep intuitive understanding of a person or thing
  • 110. @NYUEntrepreneur in•sight |ˈinˌsīt| noun something you’re so excited about you tell strangers on the train
  • 111. @NYUEntrepreneur111 “It's grueling listening to customer feedback. And if it isn't, you're probably doing it wrong."
  • 112. @NYUEntrepreneur Required Reading/Viewing TALKING TO HUMANS Success starts with understanding your customers GIFF CONSTABLE Pre-release edition with Frank Rimalovski and illustrations by Tom Fishburne bit.ly/llpcdvstalkingtohumans.com bit.ly/htbas-ep245