Entrepreneurship for GW Engineers : Lean Startup & Business Model Canvas
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Entrepreneurship for GW Engineers: Lean Startup & Business Model Canvas
Jim ChungExecutive DirectorEntrepreneurship and Tech TransferNovember 15, 2013SEAS 1001 Class
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The Entrepreneurship Choice
How many of you have thought about being an entrepreneur?
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1. Not Interesting
2. Too Risky
3. Too Much Work
4. Too Young/Inexperienced
5. Too Much Opportunity Cost
6. Too Long
Why Not Entrepreneurship?
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Famous Entrepreneurs
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Technology Entrepreneurship
• Unfair Advantage• Tech v. Non-Tech
• Fast Change• Defensibility• High Value-Add• High Growth, Scalable
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Why Entrepreneurship?
• Making a Difference• Creating a Vision• Fun/Thrill
• Fame• Financial Rewards• BYOB
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Alexis Ohanian & Jon Torrey
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Invention v. Innovation
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Rube Goldberg Competition
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Senior Design Project
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GW $101K Business Plan Competition
www.gwbizplan.com
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Workshops and Mentorship
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Jenda – Undergrad Winners
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$101K GW BPC Cash PrizesType Award Amoun
t
1st Place $35,000
2nd Place $15,000
3rd Place $8,000
4th Place $5,000
Additional Cash Prizes
Best Undergraduate Team $10,000
Best Non-Profit Social Venture $7,500
Best For-Profit Social Venture $7,500
AARP Foundation Prize $5,000
CapitalOne Bank Best Sustainable Technology Prize
$5,000
Audience Choice Award $3,000
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Date Deadline
January 21
2-page Executive Summary Due
February 3
Semi-Finalists Announced and Mentors Assigned
March 3 Business Plan Due
March 18 Finalists Announced
April 11 Final Presentations
Important Dates
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Other CompetitionsHundreds of Competitions to Leverage with the Same Idea!
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Collegiate Inventors Competition
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National Collegiate Inventors & Innovators Alliance
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$50K ASME Student iSHOW Competition
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The Lean StartupHow to Innovate, Not Just Invent
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Customer Development
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Build-Measure-Learn
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Business Model Canvas
The Roadmap
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http://www.businessmodelgeneration.com/canvas
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Who Wants Me to Do Their Homework?Projects you think have some commercial value?
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Customer Segments
For whom are we creating value?
Who are our most important customers?• Mass Market • Niche Market • Segmented • Diversified• Multi-sided Platform
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• 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?
Value Proposition
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Product Market Fit
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• 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?
Channels
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• 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?
Customer Relationships
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• 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?
Revenue Streams
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• Who are our Key Partners?• Who are our Key suppliers?• Which Key Resources are we acquiring • from partners?• Which Key Activities do partners perform?
Key Partners
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• What Key Activities do our Value • Propositions require? • Our Distribution Channels?• Customer Relationships? • Revenue streams?
Key Activities
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• What Key Resources do our Value Propositions require?
• Our Distribution Channels?• Customer Relationships?• Revenue Streams?
Key Resources
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• What are the most important costs inherent in our business model?
• Which Key Resources are most expensive?• Which Key Activities are most expensive?
Cost Structure
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Questions?
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The Business Model Canvas: ver 1.0
Creating awareness
educational
Technology
Privacy advocacy
groups
Developing costs
Marketing costs
App revenue (or free?)
trustBuilding trustSmart phone users uneasy about privacy
Enhanced Location Privacy
Own website
Consumers Don’t Care
About Location Privacy
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The Minimal Viable Product
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What Most Startups Want to Build
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What They Should Build First
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Eventually Build This
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HomeworkProblem/Solution Statement & Business Model Canvas
Customer Development Interview
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1. Problem/Solution Statement1. State the Problem You Are Trying to Solve
2. Explain How Your Solution Is Better Than Existing Solutions
2. Business Model Canvas
3. Practice Customer Development Interview
Homework
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• Volunteers for Mock Customer Development Interviews with SEAS Alum, Entrepreneur, and Angel Investor, Richard Stroupe
• Send me your idea and business model canvas at [email protected]
Next Week
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Interview Prizes for Volunteers
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Customer Development Interview
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Interview Tips
Source: http://giffconstable.com/2010/07/12-tips-for-early-customer-development-interviews/
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Resources
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Fostering Entrepreneurship
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More Info
www.gwu.edu/entrepreneurship