Be one of the 10%: How to have a successful startup - Part 2
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Don’t build your product until you’ve learned the secrets of the Business Model Canvas. This simple tool, used correctly, drastically improves your chances of becoming a successful entrepreneur. Following on from part 1. In this session we give you techniques for using the BMC to find a validated business model for your idea so you can be sure you’re investing your time and money in building the right product.
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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