Venture Design Crash Course: UVA iLab (June-2014; Thurs. AM Session)
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![Copyright 2014 Cowan Publishing
PRESENTATIONS
(4 min.)
For [target customer] who [statement of the need or opportunity], the
[product name] is a [product category] that [statement of key benefit/
key reason to buy]. unlike [primary alternative], our product [statement
of primary differentiation].
For [hiring managers] who [need to evaluate technical talent], [Enable
Quiz] is a [talent assessment system] that [allows for quick and easy
assessment of topical understanding in key engineering topics]. Unlike
[formal certifications or ad hoc questions], our product [allows for
lightweight but consistent assessments of technical talent].
EXAMPLE](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Venture Design Crash Course: UVA iLab (June-2014; Thurs. AM Session)
- 1. Copyright 2014 Cowan Publishing Crash Course in Venture Design (Thurs. AM) DESIGN&UX UNIXSYSADMIN RUBY PYTON JAVA PHP ... ENTERPRISESALES ... SEO ANALYTICS ... ... ARCHITECTURE FUNDAMENTALS App. & Platform Integration ROLES & SYSTEMS In a Technical Team LEAN DESIGN THINKING CUSTOMER DISCOVERY AGILE SOFTWARE FUNDAMENTALS Model-View- Controller
- 2. Copyright 2014 Cowan Publishing PRESENTATIONS (4 min.) For [target customer] who [statement of the need or opportunity], the [product name] is a [product category] that [statement of key benefit/ key reason to buy]. unlike [primary alternative], our product [statement of primary differentiation]. For [hiring managers] who [need to evaluate technical talent], [Enable Quiz] is a [talent assessment system] that [allows for quick and easy assessment of topical understanding in key engineering topics]. Unlike [formal certifications or ad hoc questions], our product [allows for lightweight but consistent assessments of technical talent]. EXAMPLE
- 3. Copyright 2014 Cowan Publishing YOUR PRODUCT HYPOTHESIS … and they have a certain PROBLEMS(S) … … where they’re currently using certain ALTERNATIVE(S) … … and I have a VALUE PROPOSITION that’s better enough than the alternatives to cause the persona to act (purchase, use, etc.). A certain PERSONA exists… ‘HR and functional managers are in charge of technical hires and they struggle to effectively screen for technical skill sets, making the hiring process slower and more labor intensive and producing worse outcomes than they should reasonably expect. Currently they implement a patchwork of calling references and asking a few probing questions. By offering an easy, affordable, lightweight technical quizzing solution, Enable Quiz can acquire and retain these customer personas, delivering material value.’ (4 min.) Enable Quiz example:
- 4. Copyright 2014 Cowan Publishing ASSUMPTIONS: ORGANIZED AND PRIORITIZED Priority Key Assumption Needs Proving? Experimentation 1 [A key assumption about the business] [Whether it needs proving [Experiment to prove or disprove] 1 Hiring managers would prefer a lightweight quiz app over calling references and ad hoc probing. Yes * Customer interviews on problem scenario * Value testing through ‘minimum viable product’ 2 Managers want to be able to add their questions as well Yes * Show prototypes with choices * Test in beta 2 Parents have smart phones No n/a
- 5. Copyright 2014 Cowan Publishing This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. (Cost Structure) (Key Partners) (Key Activities) (Key Resources) (Revenue Streams) (Customer Relationships) (Channels) (Value Propositions) (Customer Segments) Venture Design Workshop IV Engineering Your Business Model
- 6. Copyright 2014 Cowan Publishing AGENDA Period! Deliverables! Venture Design I: Achieving Customer Relevance Personas Problem Scenarios-Alternatives-Value Propositions Start Business Model Canvas Storyboards Customer Discovery Venture Design II: Iterating to Success Venture Planning- focal hypotheses, experiments, and minimum viable ‘product’ Venture Design III: Focusing & Validating Venture Progress Review of field work, refinements of approach, planning next steps. Venture Design IV: Engineering Your Business Model! Detailing your business model and remaining focal assumptions. Venture Design V: Designing the Right Product! Pairing your learnings on personas & hypotheses with high quality, actionable inputs (stories & wireframes) for product development and product validation.
- 7. Copyright 2014 Cowan Publishing THE BUSINESS MODEL CANVAS This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. (Cost Structure) (Key Partners) (Key Activities) (Key Resources) (Revenue Streams) (Customer Relationships) (Channels) (Value Propositions) (Customer Segments) ALEX COWAN AlexanderCowan.com @cowanSF
- 8. Copyright 2014 Cowan Publishing CUSTOMER DEVELOPMENT MVP Nascent Product-Market Fit(?) Scale PIVOTAL ASSUMPTIONS PRODUCT ORGANIZATION PARTNERS, CHANNELS Founders N/A Probably too soon Test, revise, test... MVP Customer dev. team Probably too soon Validated- now tactical Focus: efficiency, extension Full functional organization Yeah, maybe? Validated- now tactical What would a startup do?? Scalable organization Yeah, definitely!
- 9. Copyright 2014 Cowan Publishing CUSTOMER DEVELOPMENT & THE CANVAS MVP Product-Market Fit(?) Scale Thinking through what you want the business to be for a better idea of what you don’t know. Then use that to focus your discovery.
- 10. Copyright 2014 Cowan Publishing CUSTOMER DEVELOPMENT & THE CANVAS Focal point for managing your assumptions- which are open? closed? what are their inter-relationships? MVP Product-Market Fit(?) Scale
- 11. Copyright 2014 Cowan Publishing CUSTOMER DEVELOPMENT & THE CANVAS Focal point for organizing incremental ‘growth hacking’ experiments. MVP Product-Market Fit(?) Scale
- 12. Copyright 2014 Cowan Publishing CUSTOMER DEVELOPMENT & THE CANVAS Strategy management tool and jumping off point for new ‘intrapreneurial’ ventures and business model innovation. MVP Product-Market Fit(?) Scale
- 13. Copyright 2014 Cowan Publishing The Canvas is a housekeeping tool. It won’t hand you the gold but it will help you monitor how things are panning out. ALEX COWAN AlexanderCowan.com @cowanSF
- 14. Copyright 2014 Cowan Publishing Foundation in Design Thinking Product & Promotion User Stories & Test Cases Business Model Canvas ExperimentLearn Hypothesize Lean Startup- Style Assumptions VENTURE DESIGN
- 15. Copyright 2014 Cowan Publishing Business Model Canvas VENTURE DESIGN
- 16. Copyright 2014 Cowan Publishing THE CANVAS: 3 PARTS ALEX COWAN AlexanderCowan.com @cowanSF This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. Offering Customers Infrastructure Cost_1 Cost_2 Cost_3 Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Resource_1 Resource_2 Resource_3 Revenue_1 Revenue_2 Revenue_3 Relationship_1 Relationship_2 Relationship_3 Channel_1 Channel_2 Channel_3 Proposition_1 Proposition_2 Proposition_3 Persona_1 Persona_2 Persona_3
- 17. Copyright 2014 Cowan Publishing REALLY GETTING CUSTOMER SEGMENTS This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. (Cost Structure) (Key Partners) (Key Activities) (Key Resources) (Revenue Streams) (Customer Relationships) (Channels) (Value Propositions) (Customer Segments)
- 18. Copyright 2014 Cowan Publishing SEGMENT TO VALUE PROPOSITION MAPPING This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. Cost_1 Cost_2 Cost_3 Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Resource_1 Resource_2 Resource_3 Revenue_1 Revenue_2 Revenue_3 Relationship_1 Relationship_2 Relationship_3 Channel_1 Channel_2 Channel_3 Proposition_1 Proposition_2 Proposition_3 Segment_1 Segment_2 Segment_3 ALEX COWAN AlexanderCowan.com @cowanSF
- 19. Copyright 2014 Cowan Publishing REALLY GETTING RELATIONSHIPS & CHANNELS This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. (Cost Structure) (Key Partners) (Key Activities) (Key Resources) (Revenue Streams) (Customer Relationships) (Channels) (Value Propositions) (Customer Segments)
- 20. Copyright 2014 Cowan Publishing A I D A O R ttention nterest esire ction nboarding etention How do they first find out that you, your proposition exist? How do you break through the noise floor?
- 21. Copyright 2014 Cowan Publishing A I D A O R ttention nterest esire ction nboarding etention What is it that engages them with your proposition? How will you connect?
- 22. Copyright 2014 Cowan Publishing A I D A O R ttention nterest esire ction nboarding etention Are you connecting with an important problem scenario? Is your VP better enough than the alternative?
- 23. Copyright 2014 Cowan Publishing A I D A O R ttention nterest esire ction nboarding etention What is absolute minimum set of actions required by the customer to have you deliver on their problem?
- 24. Copyright 2014 Cowan Publishing A I D A O R ttention nterest esire ction nboarding etention How do they become a regular, habitual user? How will you know if that’s happening?
- 25. Copyright 2014 Cowan Publishing A I D A O R ttention nterest esire ction nboarding etention How do you deepen their involvement? Investment? How do you get them talking about it?
- 26. Copyright 2014 Cowan Publishing STORYBOARDING AIDA(OR)
- 27. Copyright 2014 Cowan Publishing STORYBOARDING AIDA(OR)
- 28. Copyright 2014 Cowan Publishing Using the squares, create a 6-panel AIDA(OR) storyboard (10 min) EXERCISE: AIDA STORYBOARD (10 MIN)
- 29. Copyright 2014 Cowan Publishing EXERCISE- CUSTOMER RELATIONSHIPS GETTING STARTED 1. Bounce off your take on AIDA(OR) 2. Decouple any concierge/hand-holding actions you use for discovery from your target steady state 3. Variation by segment? 4. How will you know if it’s working? EXAMPLES ‘dedicated personal service’ (onsite? offsite?) ‘personal service’ ‘phone support’ ‘web/email based tickets’ ‘web self-help and forums’ (3 min) Customer Relationships
- 30. Copyright 2014 Cowan Publishing EXERCISE- CHANNELS GETTING STARTED 1. Bounce off your take on AIDA(OR) 2. Variation by segment? 3. How will you know if it’s working? EXAMPLES SALES hand sales (direct or indirect?) retail web phone delivery (3 min) PROMOTION personal (direct vs. indirect?) specialty media television radio AdWords + SEO Channels
- 31. Copyright 2014 Cowan Publishing As Presenter As Audience RELATIONSHIPS & CHANNELS 1) What’s the AIDAOR journey? 2) How do the Relationships & Channels work for that? - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor EXERCISE: PEER PRESENTATIONS (2 MIN/EACH)
- 32. Copyright 2014 Cowan Publishing REVENUE STREAMS Don’t overcomplicate it. When a plumber does something, you pay them. If a sink garbage disposal lasts twice as long, you’d pay more, right? ALEX COWAN AlexanderCowan.com @cowanSF
- 33. Copyright 2014 Cowan Publishing EXERCISE- REVENUE GETTING STARTED 1. Where are you providing value? When? 2. How does the customer’s perception of value change over the course of their experience with the product? 3. How will you collect revenue, administratively? EXAMPLES price/unit access/subscription fees utilization fees support & maintenance contracts hourly billing fixed price services billing royalties/revenue share (3 min) Revenue Streams
- 34. Copyright 2014 Cowan Publishing EXERCISE: SEGMENT TO VALPROP TO REVENUE (2 min)This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. Cost_1 Cost_2 Cost_3 Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Resource_1 Resource_2 Resource_3 Revenue_1 Revenue_2 Revenue_3 Relationship_1 Relationship_2 Relationship_3 Channel_1 Channel_2 Channel_3 Proposition_1 Proposition_2 Proposition_3 Persona_1 Persona_2 Persona_3
- 35. Copyright 2014 Cowan Publishing THE CANVAS: 3 PARTS ALEX COWAN AlexanderCowan.com @cowanSF This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. Offering Customers Infrastructure Cost_1 Cost_2 Cost_3 Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Resource_1 Resource_2 Resource_3 Revenue_1 Revenue_2 Revenue_3 Relationship_1 Relationship_2 Relationship_3 Channel_1 Channel_2 Channel_3 Proposition_1 Proposition_2 Proposition_3 Persona_1 Persona_2 Persona_3
- 36. Copyright 2014 Cowan Publishing THE CANVAS: 3 PARTS This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. Offering Customers Infrastructure Cost_1 Cost_2 Cost_3 Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Resource_1 Resource_2 Resource_3 Revenue_1 Revenue_2 Revenue_3 Relationship_1 Relationship_2 Relationship_3 Channel_1 Channel_2 Channel_3 Proposition_1 Proposition_2 Proposition_3 Persona_1 Persona_2 Persona_3
- 37. Copyright 2014 Cowan Publishing This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. (Cost Structure) (Key Partners) (Key Activities) (Key Resources) (Revenue Streams) (Customer Relationships) (Channels) (Value Propositions) (Customer Segments) 3 BUSINESS MODEL TYPES 1. INFRASTRUCTURE-DRIVEN 2. CUSTOMER SCOPE-DRIVEN 3. PRODUCT-DRIVEN
- 38. Copyright 2014 Cowan Publishing 3 BUSINESS MODEL TYPES Infrastructure-Driven UTILITIES TELECOM COMMODITIES Scope-Driven RETAIL BANKING CORP. LAW Product-Driven PACKAGED GOODS APP. SOFTWARE MEDIA
- 39. Copyright 2014 Cowan Publishing 3 BUSINESS MODEL TYPES INFRASTRUCTURE Kimberly-Clark: paper pulp DuPont: plastics and polymers SCOPE Procter & Gamble: cradle to grave products Baby Store: everything for babies in one place PRODUCT EarthBaby, TinyTots, Honest Company: compostable diapers and service
- 40. Copyright 2014 Cowan Publishing EXERCISE- KEY ACTIVITIES GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. How will you do these things? 4. Will partners be involved? Should they be? (3 min) EXAMPLES INFRASTRUCTURE: a) industry participation b) supply chain management c) process design and iteration SCOPE: a) industry participation b) growth marketing online’ [SEO, web analytics..] c) supplier management PRODUCT: a) software product development b) growth marketing online’ [SEO, web analytics..] Key Activities
- 41. Copyright 2014 Cowan Publishing EXERCISE- KEY RESOURCES GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. How will you get it? EXAMPLES (3 min) INFRASTRUCTURE: a) ‘track record in [relevant topic]’ b) investment in infrastructure’ c)’supplier relationships/integration’ SCOPE: a) ‘track record with [customer segment]’ b) channel or partner relationships PRODUCT: a) proprietary technology b) rapid prototyping and validation methodologies c) expertise in [exotic technology] Key Resources
- 42. Copyright 2014 Cowan Publishing EXERCISE- KEY PARTNERSHIPS GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. Are you comparatively good at it? 4. Where will partners make the business bigger and more effective? EXAMPLES ‘direct sales partners’ ‘content creators’ ‘retail or distribution’ ‘creative agency’ ‘subcontractors’ ‘referral network’ (3 min) Key Partnerships
- 43. Copyright 2014 Cowan Publishing COST STRUCTURE ALEX COWAN AlexanderCowan.com @cowanSF Minimize: Obviously. Defer: MVP’s; don’t over invest for the sake of creating ‘output’ Link: To revenue as much as possible (variable vs. fixed).
- 44. Copyright 2014 Cowan Publishing PROFIT DRIVERS: EXAMPLE ALEX COWAN AlexanderCowan.com @cowanSF Profit Drivers Revenue Drivers Tighter Proposition (website, pres., etc.) Finite Cost Finite Deliverables Increased Use of Channels Ease of Entry Easy to See What's on MenuUpsell Intellectual Property Multipliers Tighter Talent Definition Simpler Training, Eval., Promotion Cost of Delivery Cost Drivers Less Consultative Selling Simplified Contracting Cost of Sales Standard Project Management Comparable Post Mortems Engagement Management (example: product-driven consulting)
- 45. Copyright 2014 Cowan Publishing COST STRUCTURE GETTING STARTED 1. How do you minimize? Use of partners? Off the shelf tech/ components? 2. How do you defer against customer development milestones? 3. How do you link to revenues? 4. Which are fixed vs. variable? How do they related to revenues? EXAMPLES ‘fixed cost product development’ ‘fixed cost infrastructure investment’ ‘variable cost marketing or commissions’ ‘variable cost customer onboarding and support’ ‘variable cost inputs’ (3 min) Cost Structure
- 46. Copyright 2014 Cowan Publishing EXERCISE: COST STRUCTURE & LINKAGES (3 min)This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.The templates here are made available on the same CC license terms as the original canvas. Cost_1 Cost_2 Cost_3 Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Resource_1 Resource_2 Resource_3 Revenue_1 Revenue_2 Revenue_3 Relationship_1 Relationship_2 Relationship_3 Channel_1 Channel_2 Channel_3 Proposition_1 Proposition_2 Proposition_3 Persona_1 Persona_2 Persona_3
- 47. Copyright 2014 Cowan Publishing As Presenter As Audience INFRASTRUCTURE 1) What’s your business type (infrastructure, scope, product)? 2) What are the major cost drivers and linkages? How do they tie to revenue? 3) How do the key activities, resources, and partnerships help that? - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor EXERCISE: PEER PRESENTATIONS (2 MIN/EACH)
- 48. Copyright 2014 Cowan Publishing AGENDA Period! Deliverables! Venture Design I: Achieving Customer Relevance Personas Problem Scenarios-Alternatives-Value Propositions Start Business Model Canvas Storyboards Customer Discovery Venture Design II: Iterating to Success Venture Planning- focal hypotheses, experiments, and minimum viable ‘product’ Venture Design III: Focusing & Validating Venture Progress Review of field work, refinements of approach, planning next steps. Venture Design IV: Engineering Your Business Model! Detailing your business model and remaining focal assumptions. Venture Design V: Designing the Right Product! Pairing your learnings on personas & hypotheses with high quality, actionable inputs (stories & wireframes) for product development and product validation.
- 49. Copyright 2014 Cowan Publishing RECOMMENDED NEXT STEPS Follow-On Workshops 1. For Creating Strong Personas Day in the Life Workshop: http://bit.ly/daynthelife 2. For Structuring Your Product Value Propositions into Testable Assumptions Venture Design II: Iterating to Success: http://bit.ly/vdesignII 3. For Designing a Profitable Business Model Venture Design IV: Engineering Your Business Model: http://bit.ly/vdesignIV 4. For Linking the Above to an Effective Product Development Program Venture Design V: Designing the Right Product: http://bit.ly/vdesignV
- 50. Copyright 2014 Cowan Publishing acowan@alexandercowan.com @cowanSF www.alexandercowan.com/venture-design http://bit.ly/acatbat www.alexandercowan.com/startup-sprints