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Agile Innovation- Lean start up- Business Model Canvas
The document outlines the principles and methodologies of agile innovation and the lean startup approach, emphasizing the importance of flexibility, customer engagement, and iterative learning in entrepreneurship. It presents activities for mapping ecosystems and developing minimum viable products, alongside tools like the business model canvas to assess and strategize business opportunities. Key concepts such as validated learning, customer segments, and revenue streams are explored to enhance entrepreneurial outcomes.
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Agile Innovation- Lean start up- Business Model Canvas
- 1.
- 2. Agenda • Agile innovation •Waterfall vs agile • The lean start up methodology principles • Activity 1: Map an ecosystem and avenues for engagement • Activity 2: The business model canvas
- 3. Agile philosophy • Planbroad ideas then incrementally determine details • Adapting to customers needs • Flexibility and faster delivery • Quick response to opportunities, threats and changes • Divide project into smaller parts • Each part is planned, designed, built, tested and shipped • Self-organizing project teams
- 5. Lean startup • Leanstartup is an approach to building new businesses based on the belief that entrepreneurs must investigate, experiment, test and iterate as they develop products. In other words, an agile approach
- 6. The lean startup methodology principles Entrepreneurs are everywhere Entrepreneurship Is Management Validated learning Improve entrepreneurial outcomes The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere.
- 7. Entrepreneurs are everywhere • Opendata (geospatial information, weather data and census data) • Open innovation (Partnership and collaboration) • Big data (Staffing needs,Fraud detention, Sensors in Agriculture, Content Recommendation, Audience Analysis)
- 8. ENTREPRENEURSHIP IS MANAGEMENT Theinnovation process can develop in different ways over time depending on contextual factors Innovation is more of a multiplayer game, involving a range of different actors and organisations that can help or hinder the innovation process Such ecosystems influence the sharing of ideas, resources, learning and support
- 9. Is this idearight for me? Assess entrepreneurial readiness: knowledge, experience, and skills necessary for entrepreneurs to be successful Assess whether the business will be able to generate enough profit to support everyone’s income needs.
- 10. Mapping an ecosystemand avenues for engagement
- 11. Avenues for engagement Coworking space IncubatorAccelerator Innovation lab Industry events Corporate ventures
- 12. Activity 1 As agroup, outline the ecosystem and various avenues of engagement for your projects
- 13. DEVELOP AN MINIMUMVIABLE PRODUCT MVP The first step is figuring out the problem that needs to be solved and then developing a minimum viable product (MVP) Five Whys"-asking simple questions to study and solve problems along the way
- 14. Validated Learning IT DEMONSTRATESTHAT THEIR BUSINESS HYPOTHESIS IS GROUNDED IN REALITY LANDING PAGE BETA VERSION MARKET SIZE
- 15. Understand trends TREND IMPACT Babyboom generation Pampers, rock ‘n’ roll, television, minivans, real estate, McMansions Personal computing Internet, electronic publishing, spreadsheets, electronic communication Obesity Drain on healthcare system, growth of diet industry, changes in food industry, health clubs, home gyms Dual-income households Childcare, home services—landscaping, housecleaning, prepared foods
- 16. Understand trends TREND IMPACT Smartphones Apps, location-based couponing, NFC (near field communication) and mobile payments, E-commerce retailers moving to mobile, voice- activated commands. High-speed Internet Cloud computing, streaming media, free online education—Khan Academy, edX.org (free online courses from Harvard, MIT, The University of Sydney,etc) Touch computing Tablet computers and eReaders—iPad, Blackberry Playbook, Windows Surface, Amazon Kindle Fire, Samsung Galaxy, Motorola Xoom. Touch- based operating systems—Windows 8 and Mac OS X Lion.
- 17. Understand trends TREND IMPACT Socialmedia Widespread popularity of Instagram, Facebook, Twitter, LinkedIn, Pinterest, tik tokl+. “Frictionless sharing”through social media apps like Spotify, Social Reader, and Gilt. Sharing Economy Connecting people to excess capacity, like Uber, diddi, Airbnb
- 18. Lean Start-Up (LSU)-Core concepts 18 • A product with just those features that allows you to sell to early adopters and validate demand Minimum viable product • A view of all nine building blocks of a business on one page and their relative hypothesis The business model canvas • Couse correlation to the proposed set of hypothesis based on market learnings Pivoting
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- 20. BUILD-MEASURE- LEARN • The fundamentalactivity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere.
- 21. The business modelcanvas 21
- 22. Activity 2 Asa team, let's listen to the explanation of each block and discuss your business model canvas.
- 23. Newness Apple vision pro Performance Generativetech Customization Mobile cases Getting the job done McDonalds and Uber Design Small EV (Eli electric) Brand/ Status Rolex/ Underground Value proposition examples
- 24. Price Tiger/ Aldi Cost reduction Workday/Sales force Risk reduction Private health Insurance Accessibility Bricksave Convenience/ Usability Uber eats/ Milk run Value proposition examples
- 25. Customer Segments Diversified Customers withvery different needs. Micro Precision System The watch industry, the medical industry, and the industrial automation Niche Cater to specific, specialized Car part manufacturers Mass market Broadly similar needs and problems The consumer electronic sector This Photo by Unknown Author is licensed under CC BY- SA-NC
- 26. Segmented Sub-groups of consumers Slightlydifferent needs and problems Online storage space and on-demand server usage Multi-sided platforms (or multi-sided markets) Two or more interdependent Customer Segments. Large base of credit card holders and a large base of merchants Customer Segments
- 27. Customer relationships Personal assistance Callcentres, CRM Dedicated personal assistance Banks Automated services Woolworth Communities Alli by GlaxoSmithKline Co-creation YouTube & amazon
- 28. Channels Own (direct) Digital marketing •Social media • SEO • Events (trade shows) Partners (Indirect) Wholesaler Outsource
- 29. Key activities Production Continuous improvement Platform/network Itrelates to platform management, service provisioning, and platform promotion.
- 30. Key resources Physical Manufacturingfacilities, buildings, vehicles, machines, systems, point-of-sales systems, and distribution networks. Kmart Intellectual Brands, proprietary knowledge, patents and copyrights, partnerships, and customer databases Nike, Sony, Microsoft Human Netflix Financial Cash, lines of credit, or a stock option pool for hiring key employees.
- 31. Revenue Streams Asset sale(Product) Amazon sells books, music, consumer electronics, and more online Fiat sells automobiles, which buyers are free to drive, resell, or even destroy. Usage fee (Service) Hairdressers Construction workers Consultants Gym Subscription A subscription is a type of program in which a user pays a recurring fee for access to certain specified benefits Spotify, Netflix
- 32. Revenue Streams Insurance entailsthe transfer of risk from a customer to a seller of an insurance policy Property Insurance Health insurance Reselling is the purchasing of an asset from one seller and the subsequent sale of that asset to an end buyer at a premium price. Farmers supplying fruits and vegetables to a grocery store Manufacturers selling goods to a hardware store Agency/Promotion. Agents create value by marketing an asset, which they don’t own, to an interested buyer. They then earn a fee or a commission for bringing the buyer and seller together Travel agency Skyscanner Airbnb
- 33. Key partners Strategic alliancesbetween non-competitors Coopetition: strategic partnerships between competitors Joint ventures to develop new businesses Buyer-supplier relationships to assure reliable supplies
- 34. Cost structure • Value-drivenvs value driven • Fixed cost and variable cost • Economies of scale and economies of scope