Light castle startup series gist meetup series_innovative ideas

©LightCastle Partners 2014

LightCastle Startup Series

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First GIST Meet Up

• Today’s Theme -

Why an innovative idea is important for a startup to be successful in future and how to start planning and execution based on the idea

• Resource Person: M Sazzad Hossain, AVP at LightCastle Partners

• LightCastle Partners (LCP) is an emerging market specialized business planning andintelligence firm. We provide Investment Advisory Services (market intel/industry due-diligence/business design) and the client base includes end clients like Mitsubishi, Generac,Asian Capital Advisors, Telenor, Starbucks, Care Inc., Swiss Contact Katalyst, Habitat forHumanity and top tier local corporates.

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Outline

• What Helps You Reach Your Goal? – A U&I Idea

• Importance of a U&I Idea

• How Do I Come Up With a U&I Idea and Execute?

– Know Your Customer

– Structured Thinking

– Business Model

• Sustaining Your Venture

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What Helps You Reach Your Goal? – A U&I Idea

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The Key Factors

• YOUR –

– Unwavering Passion

– Forward Looking Approach

– Inquisitiveness

– Time Management

– Networking Skill

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SecondaryFactors

PrimaryFactor IDEA


The Primary Factor - Idea

• Your IDEA has to be U&I

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Unique Innovative


Importance of a U&I Idea

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Why U&I?

• If your idea is neither unique nor innovative, YOU -

– Will not stand out in the crowd

– Will get very few positive responses from the Investors you have approached

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And,

– Customers will not find your product/service attractive

More importantly,

– Frustration will build up and you may even want to QUIT!!!


Why U&I?

BUT,the burning question remains –

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Know Your Customer

Structured Thinking

Business Model

How do I come up with a U&I Idea and execute?


KYC (Know Your Customer)

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Why – Who – How

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STP Model

Measurable

Profitable

Sustainable

Accessible

Feasible

Demographic

Geographic

Socio-economic

Psychographic

Position Map

- Product Level (Coke/Pepsi)

- Category Level (Cola/Coffee)

- Corporate Level (Toyota/Nissan)

- Industry Level (Car/Motor Cycle)


Position Map

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Structured Thinking

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Structured Thinking

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Brainstorming – Quality from Quantity

PROBLEM IDENTIFICATION

SET GOALS

COMPILE IDEAS

CATEGORIZE IDEAS

FILTER IDEAS

REFINE/MODIFY IDEAS


The Filtering Model

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EVOLUTIONARY REVOLUTIONARY

SIMPLE

COMPLEX


Business Model

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Business Model Canvas

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Business Model

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Sustaining Your Venture

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Lean Startup Concept

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Build the Minimum Viability Prototype (MVP)

Test the MVP with real customers

Based on learning decide to Pivot or Persevere


Lifeline.com.bd

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www.lightcastlebd.com

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Light castle startup series gist meetup series_innovative ideas

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