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Stern NYU Innovation : Business Model Canvas Introduction

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Stern NYU Innovation : Business Model Canvas Introduction

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Introduction and workshop to develop student team concepts into business model hypotheses. Focused on value proposition design, customer segments, and the rest of the Business Model Canvas.

Introduction and workshop to develop student team concepts into business model hypotheses. Focused on value proposition design, customer segments, and the rest of the Business Model Canvas.

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Stern NYU Innovation : Business Model Canvas Introduction

  1. 1. Business Modeling NYU Stern Innovation 4.6.2016 by Jen van der Meer NYU ITP Reason Street
  2. 2. Intro to the Business Model Canvas
  3. 3. Starting a company is hard More fail than succeed US business deaths now outnumber business births
  4. 4. We make it seem too easy Or that you can just wish your way or grind your way into success
  5. 5. Most companies do not survive More than 50% close within the first five years
  6. 6. When companies fail All reasons for failure point to a lack of customer need
  7. 7. Why did they fail? “No product market fit” “Didn’t listen to customers” “Ran out of cash” “Solving for a want to have, not a need to have” “No market need” “Never found a business model” “Customers didn’t want to pay for it” From autops.io and CB Insights Founder Post Mortems - Top 20 Reasons Why Startups Fail
  8. 8. Question: Have you ever failed, big time?
  9. 9. If so - why do you think you failed?
  10. 10. And here’s the thing about failure
  11. 11. We used to do this the harder way
  12. 12. Leading Entrepreneurship Training Ideas Build Product Measure Data Learn Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Lean Startup Business Model Canvas Customer Segments
  13. 13. What is a Startup? (according to 3 w.m.) “A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.” – Eric Ries “A startup is a company designed to grow fast.” –Paul Graham. Y Combinator. “A startup is a temporary organization designed formed to search for a scalable repeatable business model.” – Steve Blank. “”Most startups change their business model multiple times. A scalable startup is a special class of startup – world class team, large vision, large target market, passionate belief and a reality distortion field.”
  14. 14. Are you ready?
  15. 15. What are your assumptions? Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments
  16. 16. Let’s take a tour: Choose: Uber Airbnb Warby Parker Other?
  17. 17. Your Turn
  18. 18. What are your assumptions? Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments
  19. 19. Who are Your Customers?
  20. 20. You Can’t Target Everyone “Serve a unique customer segment” “Target a specific niche” “Aim for your most profitable segment” “It’s better to dominate a micro segment than to aim for everyone and hit nobody” “Define your Archetypes”
  21. 21. Context: #stillathome #notanadultyet Name: Peyton Age: 24 Job: Jr. Designer Priorities Pay off college loan Apartment Independence Freedom Bike to work Interests: Roller derby Raising money for breast cancer Jewelry making Pains: Can’t seem to save At breakeven/loss each month Bad credit rating Fears + Secrets: Afraid of getting rejected for an apartment Really likes mom’s support Customer Persona Persona
  22. 22. The money question: which one first? Context: #stillathome #notanadultyet Name: Peyton Age: 24 Living with Mom at home Goals: Independence Freedom Apartment Bike to work Pay off college loan Interests: Roller derby Raising money for breast cancer Jewelry making Pains: Can’t seem to save At breakeven/loss each month Bad credit rating Fears + Secrets: Afraid of getting rejected for an apartment Really likes mom’s support Context: Name: Percy Age: 28 Lives w/ Roomates Goals: Interests: Church volunteer Pains: Fears + Secrets: Name: Peyton Age: 24 Living with Mom at home Name: Peyton Age: 24 Living with Mom at home Context:Goals: Interests: Church volunteer Pains: Fears + Secrets: Context:Goals: Interests: Church volunteer Pains: Fears + Secrets: Persona
  23. 23. Pain (!)
  24. 24. Pain is a shortcut
  25. 25. Scratch your own itch
  26. 26. Pains, gains, jobs to be done From: Business Model Canvas, Value Proposition Design, Alexander Osterwalder, The Innovators’s Solution, Clay Christensen and Michael Raynor
  27. 27. The pain point secret: Plans Known needs Behavior
  28. 28. Plans Values Known needs Behavior Norms Assumptions Taboo Beliefs Unknown Needs Go deeper
  29. 29. What are your assumptions? Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments
  30. 30. Value Proposition My company is developing company name defined offering to help And here’s how we prove it to solve target customer segment defined problem or pain our secret sauce, and proof point
  31. 31. For next time: test your assumptions and talk to people
  32. 32. Repeat Repeat Repeat Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments
  33. 33. Customer Relationships Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments EarCre CapCre
  34. 34. Customer Relationships What are the main goals of customer relationships? Get Keep Grow (And let the mismatched ones go)
  35. 35. The FUNNEL(s)
  36. 36. Customer Relationships
  37. 37. CAC Vs. LTV VC shorthand / gibberish for: does it cost you less to get customers than all the money you are going to get from that customer? And by how much?
  38. 38. CAC vs. LTV Customer Acquisition Cost Lifetime Value
  39. 39. The magic accelerator: The Viral Loop The viral co-efficient: the average number of invitations sent by each existing user times the conversion rate of invitation to new user. The viral coefficient is referred to as the K value.
  40. 40. CAC vs. LTV
  41. 41. Lean Analytics, Alistair Croll, Benjamin Yoskovitz SAAS CUSTOMER LIFECYCLE
  42. 42. Earn ReferralCreate Value Capture ValueCreate Interest Test value before you even begin making your product Where to Start: Jen van der Meer Reason Street Revenue Steps
  43. 43. ReferralActivation ConversionAcquisition Where to Start: Jen van der Meer Reason Street Revenue Steps
  44. 44. Channels describe all your customer interfaces through which you reach your customer segments, communicate with them and through which you deliver your value propositions. Channels
  45. 45. Customer Channels Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments EarCre CapCre
  46. 46. First Easy Decision Channel Product Physical Physical Bits/Virtual
  47. 47. Channels: More Complex Now Physical Sales Digital Sales Direct sales through salesforce OEM Systems Integrator Dealer Distribute to retailer Value added resellers Sell to distributor Aggregator Other Direct sales through web Direct sales through mobile Direct sales through mobile Sales through app store In game or in app purchases Direct sales on the dark web Direct sales on virtual reality Targeting blogs (get written up) Publicity / PR Unconventional PR Search engine marketing Online ads (social, display, blogs) Offline ads Search engine optimization Content marketing Email (build your own list) Referral marketing Engineering marketing (microsites, widgets) Affiliate Programs Educational marketing (webinars) Existing platforms (app store, FB) Trade shows Offline events Speaking engagements Community building Traction Channels
  48. 48. Testing to Learn Your Advantage Traction: quantitative evidence of customer demand. - Naval Ravikant “many startups experimented with multiple channels until they found the ones that worked” most founders pick the channel with which they are already familiar “it’s hard to predict a traction channel that will work best” - Gabriel Weinberg and Justin Mares
  49. 49. Traction Channels Marketing Channels Sprint 1 Sprint 2 Sprint 3 Targeting blogs (get written up) Publicity / PR x Unconventional PR Search engine marketing x Online ads (social, display, blogs) x Offline ads Search engine optimization Content marketing Email (build your own list) x x x Referral marketing x Engineering marketing Affiliate Programs Educational marketing (webinars) x Existing platforms (app store, FB) Trade shows Offline events Speaking engagements x Community building
  50. 50. The Backstage! Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments
  51. 51. The Money. Last. Business Model Canvas Key Partners Key Activities Value Propositions Customer Relationships Channels Revenue StreamsCost Structures Key Resources Key Channels Customer Segments
  52. 52. How to Validate: Get Out!
  53. 53. Plug: ITP Business 101.1 (lean startup) www.reasonstreet.co

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