SpaceLab Detroit Urban LaunchPad -...

SpaceLab Detroit Urban LaunchPadSession 3: Designing Your Business

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“Products” of this Urban LaunchPad Series

• Validated problem statement

• Validated solution & BMC

• Mission & vision statements

• “Bar” pitch

• Elevator pitch

• Pitch deck

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• Competitive analysis and strategy

• Finance strategy

• Market entry strategy

• Business plan exec summary

• Organization

• Resources and contacts

Form of Problem Statement


Description – a concise statement of the issues that need to be addressed by the problem-solving team.

Vision – what does the world look like when we solve the problem?

The Five W’s

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4• Who does the problem affect? Who will pay to solve it? Specific groups, organizations, customers, etc. Customer archetype.

• What is the impact of the problem? What will happen if we don’t solve it?

• When does the problem occur? When does it need to be fixed?

• Where does the problem occur? Only in certain locations, processes, products, etc.?

• Why is it important to fix the problem? Why does the problem exist? Why hasn’t it been solved?

ExampleSpaceLab Detroit Urban LaunchPad


Problem Description –

Urban LaunchPad

Entrepreneurs who want to form a business that addresses an urban problem don’t have access to an incubation or acceleration resource that addresses their specific needs. They need a proven process for developing and validating an urban-focused business, and they need access to professional advice and resources that are tailored to the kind of business they want to develop.

Mission

Connect urban entrepreneurs with the information and resources they need to achieve success.


Vision

Urban entrepreneurs will create businesses of significant size and scope, and these businesses will have a substantial positive impact in the communities they serve. Urban entrepreneurs will succeed at a rate that is equal to or greater than all entrepreneurs, and will develop businesses of many sizes and types. These urban entrepreneurs will use novel approaches, including new technology, to solve previously intractable problems and increase economic vitality. The idea of urban entrepreneurship will catch fire!

Solution

Create a business development workshop series that delivers to prospective urban entrepreneurs the tools, techniques, access to resources, and connections that will significantly increase their odds of business success.

Sketch

Problem: Would-be urban entrepreneurs need process, advice, resources

Solution: Urban LaunchPad workshop series

$$$: Overview session fee, workshop fee, food and beverage?

Why me?: entrepreneur track record, teaching experience

Solution criteria

Sustainable Scalable Novel

Business Opportunity Checklist


Criteria

Are you and your team excited about this opportunity?

Are you solving an important problem?

Can you clearly identify the Primary Target Audience (PTA) for the solution?

Are you effectively addressing the customer’s need?

Can you acquire the resources to develop, manufacture, market; sell, and support the product??

Is the solution novel, i.e. does it involve significant innovation in technology, design, delivery method, process, materials, or some other aspect?

Criteria

Is the business repeatable and scalable?

How large is the market in terms of #customers and dollars?

Can you price at a level that will provide sufficient income?

Is this a timely solution? (i.e., what is the market stage – introduction, growth, maturity, decline)

Is the business compatible withindustry/regulatory/social/cultural norms and trends?

Can you create and sustain a competitive advantage?

Explain this to me!

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*adapted from Yishi Yang illustration

selectcommunity

engagecommunity

identifyproblem

proposed solution

validated solution


Tell me about your…

Brainstorming session(s)

Alternative solutions

Customer discovery interviews


Business Model Presentation

• 5 minutes presentation

• 5 minutes for questions and feedback

• Was the business model clear and understandable?

• Did the problem seem important?

• Was the presentation compelling?

Did you experience an emotional reaction?

Value proposition / Customer segment

Value Proposition (VP) Components


Brief description of product or service

Benefits/advantages conferred by your

product

Pains alleviated

Gains created

Key features/functions

required to deliver VP

Customer Segment (CS) Components


Brief description

Key customer attributes (characteristics, persona, pains/gains)

“Jobs” performed (i.e., why does the customer need your product? i.e., what are they trying to accomplish?)

A note regarding innovation and technology

Eight primary technologies are riding Moore’s law, many of which will lead to disruptive opportunities: infinite computing, sensors and networks, robotics, 3D printing, synthetic biology, digital medicine, nanomaterials, and artificial intelligence*.

*Peter Diamandis, “Bold”

Idea to Business: The

Process

• Business Model Canvas is the tool we will use to document the business design

• Customer Development is the process we will use to validate the design

• Test and revise the business model hypotheses

• Do this by observing and talking to people out in the marketplace

• This must be done in the field, not from behind a desk


Developing the business model…Every element of the business model canvas starts as a

hypothesis, not a fact. To convert hypotheses to facts, we must test and refine our assumptions.

TestRefine

Propose1.

2.3.


• Customer discovery

• Does the customer regard the problem as important?

• Does the solution fit the customer’s problem?

• Is the customer enthusiastic about our MVP or

(prototype)?

• Customer validation

• Will enough customers buy our product?

• Can we scale up sales to required level

• Do we have a validated sales and marketing plan?

“customer discovery” and “customer validation”

BMFiddle.com “workshop”

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“Homework”

• Talk to at least 5 humans

• Refine your problem statement

• Update Business Model Canvas – use BMFiddle!

• Complete SCORE Opportunity Checklist

• Write down your mission, vision

• Udacity Lesson

Let’s Hit It!

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