Business Model Canvas and How to validate the idea
- 2. How are company organized? • Business Model • def : it is how a company create values for it self while delivering products and services for customers.
- 4. Customer Segment • Who are they? • Company? or Individual? • what age? • what profession?
- 6. Value proposition • it is answering your question what are you building and for who? • !!! It's not about your idea or product !!! • it is solving a problem (what pain are you solving) • it is providing needs for customer (what gain are you creating) • it is normally you will list all you features, the speeds, benefits and whatever, but it is not about your technology. • technology is just a part of value proposition • Customers really dont care about your technology!
- 7. Problem and Need • Problem • accounting • ticketing • Need • entertainment • communication
- 9. Channels • it is to figure out how your product is delivered to customer! • Physical channels • Stores • Virtual channels • Websites • Mobile apps
- 11. Customer Relationships • How do I get Customers? • How do I keep Them? • How do I grow them?
- 13. Revenue Streams • it is how you are going to make money. • it is what value is the customer paying for? • Direct Sales? • Freemium? • Ads base? • Premium? • Subscription? • etc..
- 15. Key Resources • What do you need to make the business model work? • What assets are important? • Warehouse • Office • Capital • Cars • software programmer • art designer • etc..
- 17. Key Activities • What is the most important thing you need to do for the business to make the business mod work. • are you on production business? • are you making something? • are you doing problem solving business? like consulting or engineering. • or are you managing the supply chain? • What is the activity that you need to become expert at?
- 19. Key Partners • what is eactly we are acquiring from partners? • what activities are they going to perform and when? • example: • Strategic alliance • Joint Ventures • Regular Suppliers • etc..
- 21. Cost • What are the cost and expenses to operate the business model?
- 27. WHAT IS MARKET VALIDATION? ● Market validation is the process of determining if there’s a need for your product in your target market. Validating your business idea can enable you to reasonably predict whether people will buy your product or service, and whether your business will be profitable. ● It’s important to validate your idea early in the entrepreneurial process to ensure you don’t waste time and resources creating a product that isn’t a good fit. Securing market validation can also instill confidence among investors, crowdfunders, and banks that are considering funding your startup. ● By going through the process of validating your business idea, you can gain a deeper understanding of how your product does or doesn’t meet your target customers’ pain points. The insights you gain can help you create an offering that not only addresses your market segment’s needs, but earns you your first paying customers.
- 28. 1. Write Down Goals, Assumptions, and Hypotheses Writing down the goals of your business is the first step in market validation. The process of articulating your vision can illuminate any assumptions you have and provide an end goal. Ask yourself: ● What’s the value of my product? ● Who’s the target audience, and what assumptions have I made about them? ● What differentiates my product from existing ones? ● What hypotheses do I have about my product, pricing, and business model? Answering these questions can help you communicate the value and differentiating factors of your product, and illuminate assumptions and hypotheses you’ve made that are yet to be tested and verified.
- 29. 2. Assess Market Size and Share Before moving forward with your venture, estimate the size of your target market and the share of it you could potentially capture. By doing so, you can gauge your business’s potential and justify its launch. 3. Conduct Customer Validation Interviews Conducting interviews with your target market segment can be an effective way to learn about your product’s potential. This initiative might include hiring a market research company to conduct focus groups, sending out an online survey, or simply requesting a conversation with someone.
- 30. 4. Test Your Product or Service Once you’ve determined there’s space for your product in the market, ensure you’re putting the most useful, intuitive version of it into the world. You can achieve this through alpha and beta testing. ● Alpha testing is when internal employees test a product in a staged setting. The purpose of alpha testing is to eliminate any bugs, issues, or idiosyncrasies in the product before it’s available to outside users. ● Beta testing is when a product is tested by a limited group of real, external users who are specifically told to identify problems. In the case of a software or app, beta testing might be open to the public with a notice letting users know the version they’re testing is unfinished. Testing your product with real users can prove invaluable when assessing market validity. If there’s a need in the market, but your product is faulty, complex, or difficult to use, customers may opt for a competitor’s offering. The feedback you get from beta testers can help you better leverage and meet customer needs.
- 32. What is Market Like? • is there someone providing my product or service? • what do the possible competitor offer? • how can we make our product/services different and unique?
- 36. Let’s Validate your IDEA Time : 1 Hour
- 37. PITCH
- 38. Demo Day Pitch • You will have about 5 (Five) minutes to really wow your audience • Put on show and be a rock star
- 39. Demo Day Pitch 1. Introduce your name, and make it short 2. Make the audience feel the pain or the problem 3. Or make them amaze about your idea 4. Talk about your solution and make it simple 5. Show a demo, screenshot, short film.
- 40. The Market • Differentiation : how to stand out with the competitor, what makes your product is better than your competitor. • Monetization : how you want to make money? Freemium? Subscription? Profit Sharing? Advertisment? • Opportunity : What is the market?
- 41. Team • Tell about your team • Tell the audience that you have a great team • Our team is made up of . . . • Marketing, Design Graphic, Developer . . .
- 42. Presentation Slide • It is impossible for you to have great looking products and bad looking slides • This is like your business card • And it is the reflection of your product • Lot of online products that make your slides look better • Or let your designer team do it.
- 43. Delivery • You need to be your best
- 44. Problem Statement Clarity of Problem Statement Defined Solution Proposed Elegance of Solution Proposed Business Model Was Business Model Discussed and clarity Creativity & Innovation - Overall The ‘wow’ factor of the team’s overall presentation & design of solution Pitch Quality How they pitched in the given time..