Master Slides For 1st BMC Training Workshop 2013-10-15

Calendar What is the BMC?
Technium (Paul Ahlstrom) Ideation (Nile Hatch) Getting Started (Scott Petersen) Resources/Conclusion
Training Workshops Oct 15th Nov 5th Dec 3rd Jan 14th (Submission Focused)
A startup exists to search for an unknown but viable business model, not to develop a known product Startups need to focus on customer development first
no business plan survives first contact with a customer. Steve Blank
Scale
Idea
Launch
Model
A startup exists to search for an unknown but viable business model, not to develop a known product Startups need to focus on customer development first
no business plan survives first contact with a customer. Steve Blank
Business model describes how your company creates, delivers, and captures value A business plan is static A business model is dynamic The facts are out in the real world with real customers, not in your office building Business model first, then business plan
A competition that rewards entrepreneurs who get out of the building and validate with customers!
Breaking down ideas into hypotheses/ assumptions Getting outside the building to test assumptions with customers Applying customer development & lean startup principles to nail the solution Learning to pivot until you arrive at a customer-validated business model
Identify a pain
Paul Ahlstrom Nile Hatch
Validate your assumptions

Scott Petersen Scott Petersen
Pivot and Repeat
Technium + IBMC
Select IP Validate Market Win!
What is Technium?

Direct access to federally funded IP for your startup.
Platform for advanced tech startups in software, energy, biotech, etc.
Think Bigger
2012
2013 Saving >2500 infant lives from SIDS (Sudden Infant Death Sydrome)
Impact:
Reserve parking ahead of time
2014 Work on a problem worth solving with groundbreaking technology
Benefits:

$10,000 cash bonus Startups with university IP has a 3x greater chance of survival o 35% failure rate vs. 90% failure rate o Stronger IP - Avg. $3M R&D per invention Some technologies come with additional perks Apply business model validation skills to big, hard problems with cutting edge technology.
Timeline
Brainstorm Ideas Reserve Technology Submissions Open Win the Submissions business model Close competition! License the technology
Oct
Nov
Jan
Mar
May
Change the world Training Sessions Validate the business model
Beyond Beta

Network with other teams Share your market insights Chat with world-class scientists & experienced mentors Post progress and funding requests Connect to resources and NISI content
Get Out Of The Building!
How to find a great idea for fun and profit

BMC Training Workshop
October 15, 2013
Nile Hatch
Brigham Young University
2005 2013
The way to get good ideas is to get lots of ideas and throw the bad ideas away. Linus Pauling, 1979
26
Ideas are like feet
27 27
What makes a good (non-stinky) idea?

Serving customers with real and enduring pain
Delivering a solution that really solves their pain Delivering the solution through the proper channel Delivering the solution in a market you can enter and compete
28
Start with pain
29
What is pain?
Any problem or unmet need that customers will spend their time or money to solve
30
What is the pain, really?

What is the problem to be solved?
What are the current solutions? What are the workarounds?
What is the residual pain?

Who has it? Why do they have it?
Can you recognize them?

31
What is the pain really?

You have been suffering from gastrointestinal pain
Your doctor diagnoses celiacs disease
What is your pain, really?
32 32
How do you find pain?
33
Dont start by asking

We have a difficult time articulating what causes us pain
We are accustomed to living with pain

We often consider our workarounds to be evidence of success rather than pain
34
Observation and Empathy
ObservationEmpathy
Ideo
35
Build your bugs list

What bugs you?
Michalko
36
Ways to Engage
Conversation
37
Ways to Engage
Role Playing
38
Ways to Engage
Shadowing
Been following me around all day. I think its the new intern
39
Ways to Engage
Prototypes
40
Consider the case of Gillette in India

41
Great ideas start with pain

There is no solution so good that customers will buy it if they dont want it Customers with real, enduring pain will pay you to relieve it for them Find it by observing, hypothesizing, and then asking customers
42
Go find some
to solve.
43
________ ________ ________ ________ ________ ________ ________
________ ________ ________ ________ ________
Elevator Pitch Holes = Gaps in service, opportunities, differentiators
Hypotheses
________ ________ ________ ________ ________
________ ________ ________ ________ ________
Sell G-T-M
Validate MODEL
Build MVP
Validate
Model
Test Learn Pivot Iterate
Pricing
Revenue streams Market channels Customer segments Go-To-Market strategies
Collective Wisdom 0 No Money Until Here
Business Model Canvas

Who are your key partners? Manufacturers, suppliers, distributors, channel partners, strategic alliances, outsourcing, etc. What are your key activities? Designing, producing, coding, problem solving, platforms, supply chain management, sales, etc. In what ways are you unique? Can you quantify the economic upside, in $$, of your solution(s)? Identify each unique feature, application, & opportunity. What key resources will you need to execute Your business? Physical = buildings, vehicles, Machines, etc. Intellectual = patents, trademarks Human = employees Financial = $$ Define holes /problems/ pain points in current Solutions. How do you acquire, Serve, and retain customers? Who are we creating value for? Large Customers Med. Sized Customers Small Customers Private Branded (OEM) Big Box Stores Specialty Shops
User communities, automated services, self service, customer Reps, etc.
Identify the market channels through which Your products/services can be marketed to: Direct sales force, web sales, wholesalers, distributors, etc.
What are your cost structures, cap-ex expenses, and projected operating expenses?
How do you derive revenue? How do you price your product or services? Product sales, user fees, subscription fees, licensing, advertising, etc.
Website - businessmodelcompetition.com Resources videos, book summaries, workshops, best practices, judging criteria, rules. Local Competition Contact the competition you are near (map available)
Training Workshops Oct 15th Nov 5th Dec 3rd Jan 14th (Submission Focused)
BYU Clubs NVC Leadership Team Venture Mentoring Workshops Rollins Center Cougar CoFounders
NVC BMC Deadline - Jan 24th 2014 NVC BMC Final - Feb 7th 2014

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Calendar What is the BMC?

no business plan survives first contact with a customer. Steve Blank

no business plan survives first contact with a customer. Steve Blank

Validate your assumptions

Pivot and Repeat

Platform for advanced tech startups in software, energy, biotech, etc.

Reserve parking ahead of time

2014 Work on a problem worth solving with groundbreaking technology

Change the world Training Sessions Validate the business model

Get Out Of The Building!

How to find a great idea for fun and profit

Ideas are like feet

What makes a good (non-stinky) idea?

Start with pain

What is the pain, really?

What is the residual pain?

Can you recognize them?

What is the pain really?

What is your pain, really?

How do you find pain?

Dont start by asking

We are accustomed to living with pain

Observation and Empathy

Build your bugs list

Consider the case of Gillette in India

Great ideas start with pain

________ ________ ________ ________ ________ ________ ________

________ ________ ________ ________ ________

Elevator Pitch Holes = Gaps in service, opportunities, differentiators

________ ________ ________ ________ ________

Collective Wisdom 0 No Money Until Here

Business Model Canvas

User communities, automated services, self service, customer Reps, etc.

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