Be one of the 10%: How to have a successful startup - Part 2
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The document outlines key strategies for achieving a successful startup, focusing on the Business Model Canvas (BMC) and its significance in identifying product-market fit, monetization planning, and operational decisions. It emphasizes customer development, possible revenue models, and innovative monetization strategies, including subscriptions and consulting. Additionally, it provides insights into cost structures and partnerships necessary for building a viable business.
Be one of the 10%: How to have a successful startup - Part 2
- 1. Be one of the 10% How to have a successful startup Part 2 Alice Sowerby + Steve Clark @SowerbyAlice + @ResourceSteve
- 2. Session outcomes ● Understand why the BMC is useful in (lean) startups ● Understand importance of 1) Finding product-market fit 2) Planning early for monetisation and value capture 3) Understanding what to do yourself and when to buy or partner ● Knowing some key techniques to validate your BMC
- 4. The Business Model Canvas (BMC) ● One-page business model ● Created by Alexander Osterwalder in 2008 ● Lean startup template AND strategic management template ● Widely adopted, extended and adapted ● Quick, lightweight, easily iterated
- 6. Techniques to use with the BMC
- 9. Back end
- 10. Product-market fit Finding your customers’ unmet needs ● Real pains ● Jobs to be done ● Valued gains Meeting these needs with a product or service that ● Relieves pain ● Facilitates jobs to be done ● Delivers valued gain over current solutions
- 12. Product-market fit activities ● You have some cards with the details of an activity you can do to help find product-market fit. ● Take each card and place it somewhere along the spectrum between these two stages: Understanding likely customers and needs Understanding likely problem-solution fit
- 13. Revenue model
- 14. Revenue model How will you build your product and business to: ● Reach the right customers ● Achieve maximum lifetime value
- 15. Relationships - Get, Keep, Grow
- 16. Hot trigger in the path of a motivated person
- 17. Revenue model
- 18. Channel Economics Some channel types ● Direct ● Indirect ● Reseller ● OEM Costs to consider per channel ● Cost of goods ● R&D ● Selling costs + channel fees ● General and admin ● Discounts
- 19. Revenue Streams Your model could include ● Asset sale ● Licence sale ● Subscription ● Usage fee ● Rental ● Referral fee ● Advertising More ways to monetise ● B2B offering ● Sell the sawdust (the byproduct of your business e.g. data) ● Wholesale ● Franchise ● Consulting ● Marketplace
- 20. Back end
- 21. Making a viable business (back end) Looking at your cost structure, where will you ● Produce goods and services directly ● Buy goods and services in ● Partner with other companies to provide goods and services
- 23. Your email address! Get the workshop materials and further reading list Pop your email address on a Post-it note and we will send you all the materials, answers to the questions we captured and a list of further reading. Join us at meetup.com → Ecopreneurs
- 24. Be one of the 10% How to have a successful startup Part 2 Alice Sowerby + Steve Clark @SowerbyAlice + @ResourceSteve