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Building a Business Model
Dave Angelow
April 2014
About Me
• Investor, Mentor, Professor
• Marketing, Operations, Business Modeling
• Contact Info
– dangelow@gmail.com
– Ce...
Agenda
• Business Model Journey
• Start with the end in mind – the “Pitch Deck”
• Steps to get to a pitch and a business
•...
Steps to build a business
1
3
2
4
Iterative approach
• Utilize “lean”
techniques
• Start with a hypothesis
….
• Validate p...
Slide Content Comments
Title Include your organization’s name, your name and title, and contact information. The audience ...
Tonight’s Focus
Customer, Problem, Solution
Lean Canvas
• Focus on
customer
needs (by
segment)
• Start with
defining the
p...
Suggested sequence for completing
the full canvas
Techniques for defining the problem
you solve
• 5 Whys
– Decompose the problem by asking “why”
• What is the job the custo...
Thinking like a Customer
What’s in their head…….
Looking ahead we’ll extend the canvas
to create financial models
Revenue
streams from
problems
solved
Costs incurred
in de...
Next Steps
• Start working the lean canvas
• Homework for the coming month
– Share, test, refine, validate with customers ...
Slide Content Comments
Title Include your organization’s name, your name and title, and contact
information.
The audience ...
Resources
• http://customerdevlabs.com/2012/06/05/how-assumptions-made-
an-ass-out-of-my-startup/
• http://leanstack.com/L...
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Building a Business Model

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Tools and templates to help develop a business model using Lean Canvas, Business Model Canvas and Lean Start-up concepts

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Building a Business Model

  1. 1. Building a Business Model Dave Angelow April 2014
  2. 2. About Me • Investor, Mentor, Professor • Marketing, Operations, Business Modeling • Contact Info – dangelow@gmail.com – Cell 512.633.1500
  3. 3. Agenda • Business Model Journey • Start with the end in mind – the “Pitch Deck” • Steps to get to a pitch and a business • Use of Lean Canvas to start the journey
  4. 4. Steps to build a business 1 3 2 4 Iterative approach • Utilize “lean” techniques • Start with a hypothesis …. • Validate problem, solution, pricing with minimum investment • Start-ups focus on finding a business model (Companies focus on scale and optimization)
  5. 5. Slide Content Comments Title Include your organization’s name, your name and title, and contact information. The audience can read the slide—cut to the chase and summarize what you do (e.g., we sell software, we protect the environment). Problem Describe the pain that you’re alleviating. The goal is to get everyone nodding and buying in. Provide context for the problem you’re solving; don’t assume everyone understands the market/business Solution Explain how you alleviate this pain and the meaning that you make. Ensure that the audience clearly understands what you sell and your value proposition. Provide just the gist of how you fix the pain. Not an in-depth technical explanation. Business Model Explain how you make money—who pays you, your channels of distribution and your gross margins. Describe the sources of revenue, the product/service and channels that generate income. Describe major drivers of costs and the margins you’re targeting Underlying Magic Describe the technology, secret sauce or magic behind your product or service. Aim for less text and more diagrams, schematics and flowcharts on this slide. Marketing and Sales Explain how you will reach your customer and your marketing leverage points. Convince the audience that you have an effective go-to-market strategy that will not break the bank. Competition Provide a complete view of the competitive landscape. Most every business has competition – The “Do nothing” alternative is competition Never dismiss your competition. Everyone—customers, investors and employees—wants to hear why you’re good, not why the competition is bad. Management Team Describe the key players on your management team, board of directors and board of advisors, as well as your major investors. Investors are often as interested in the team as the solution itself – “We bet on the Jockey” Financial Projections and Key Metrics Provide a three-year forecast containing not only dollars but also key metrics, such as number of customers and conversion rate. Details are not required for the pitch, roll-up revenue and costs are good. However detailed bottom-up models need to be in place for due-diligence review. Timeline and Funding Needs Define the major milestones you expect to accomplish, and the timeline for achieving the milestones. Tie the milestones to use of funds needed to meet the timeline Build excitement by describing the milestones and how meeting these drives the business. Tell how funds will be used (why are you asking for $$$) http://www.marsdd.com/articles/investor-engagement-elements-of-a-pitch-deck/ Building content for a “Pitch Deck”
  6. 6. Tonight’s Focus Customer, Problem, Solution Lean Canvas • Focus on customer needs (by segment) • Start with defining the problem solved Over achievement
  7. 7. Suggested sequence for completing the full canvas
  8. 8. Techniques for defining the problem you solve • 5 Whys – Decompose the problem by asking “why” • What is the job the customer is hiring you to do? – People pay to have problems solved, the question is what problem do you solve? – How do you make life better than “status quo” ? • Fishbone Diagrams (a bit esoteric)
  9. 9. Thinking like a Customer What’s in their head…….
  10. 10. Looking ahead we’ll extend the canvas to create financial models Revenue streams from problems solved Costs incurred in delivering solutions
  11. 11. Next Steps • Start working the lean canvas • Homework for the coming month – Share, test, refine, validate with customers and prospects – Iterate (pivot) based on feedback • Start thinking about major categories of costs and revenues
  12. 12. Slide Content Comments Title Include your organization’s name, your name and title, and contact information. The audience can read the slide—cut to the chase and summarize what you do (e.g., we sell software, we protect the environment). Problem Describe the pain that you’re alleviating. The goal is to get everyone nodding and buying in. Provide context for the problem you’re solving; don’t assume everyone understands the market/business Solution Explain how you alleviate this pain and the meaning that you make. Ensure that the audience clearly understands what you sell and your value proposition. Provide just the gist of how you fix the pain. Not an in-depth technical explanation. Business Model Explain how you make money—who pays you, your channels of distribution and your gross margins. Describe the sources of revenue, the product/service and channels that generate income. Describe major drivers of costs and the margins you’re targeting Underlying Magic Describe the technology, secret sauce or magic behind your product or service. Aim for less text and more diagrams, schematics and flowcharts on this slide. Marketing and Sales Explain how you will reach your customer and your marketing leverage points. Convince the audience that you have an effective go- to-market strategy that will not break the bank. Competition Provide a complete view of the competitive landscape. Most every business has competition – The “Do nothing” alternative is competition Never dismiss your competition. Everyone— customers, investors and employees—wants to hear why you’re good, not why the competition is bad. Management Team Describe the key players on your management team, board of directors and board of advisors, as well as your major investors. Investors are often as interested in the team as the solution itself – “We bet on the Jockey” Financial Projections and Key Metrics Provide a three-year forecast containing not only dollars but also key metrics, such as number of customers and conversion rate. Details are not required for the pitch, roll-up revenue and costs are good. However detailed bottom-up models need to be in place for due-diligence review. Timeline and Funding Needs Define the major milestones you expect to accomplish, and the timeline for achieving the milestones. Tie the milestones to use of funds needed to meet the timeline Build excitement by describing the milestones and how meeting these drives the business. Tell how funds will be used (why are you asking for $$$) http://www.marsdd.com/articles/investor-engagement-elements-of-a-pitch-deck/
  13. 13. Resources • http://customerdevlabs.com/2012/06/05/how-assumptions-made- an-ass-out-of-my-startup/ • http://leanstack.com/LeanCanvas.pdf • http://practicetrumpstheory.com/2012/02/why-lean-canvas/ • http://practicetrumpstheory.com/2010/08/businessmodelcanvas/ • https://www.youtube.com/watch?v=7o8uYdUaFR4 • http://bubblecow.co.uk/images/running_lean_7.pdf – Complete Running Lean Book

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