Powerbridge Customer Discovery and Markets. Overall Considerations Keep in mind: – Why Now? –...
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Powerbridge Customer Discovery and Markets. Overall Considerations Keep in mind: – Why Now? – Solution or Idea – Market Size – Revenue Model – Competition
Overall Considerations Keep in mind: Why Now? Solution or Idea
Market Size Revenue Model Competition Go to Market Team Milestones
Vision
Slide 3
Context for Product Market Fit The Myths The Single
Entrepreneur Myth Bigger Teams = Better Odds Charisma is everything
Clear, recruits and can sell There is an entrepreneurship
personality type Skills and Ambition enable the process
Slide 4
What Makes a Scalable Biz Small and Medium Sized Enterprise Vs
Innovation Driven Enterprise SME Local Linear Growth Capital and
growth
Slide 5
What Makes a Scalable Biz (cont) Innovation Driven Enterprise
Competitive Advantage Scalable Global External Capital Exponential
Growth
Slide 6
Good Definition of Innovation for our Purposes Innovation =
Invention X Commercialization Innovation can come in many forms
Technology Process Business Model Positioning
Slide 7
Finding a Business Model You know: Market Customers
Product/services Channel Pricing
Slide 8
Types of New Ventures Idea Bring clean water to the world
Technology Invisible Cloak Passion Great Coder with no idea User
Entrepreneurship The Upside You know the problem The Downside There
is only one of you
Slide 9
A startup is a temporary organization designed to search for a
repeatable, scalable business model Steve Blank
Slide 10
Product Market Fit The Holy Grail Finding it will require to
get real and be specific Top down approach (China example) One
paying customers Must have a market where there is more than one
paying customer Everyone needs something different Feature Matrix
or different market
Slide 11
Finding A Market You are looking for a specific Opportunity
Brainstorm Industries Potential end users Sub categories of users
What tasks do they perform? Who is the customer? Multi-sided
market
Slide 12
Criteria to Consider Customer has money? Can you get to your
customers? Pain or need? Provide a complete solution? Need to
partner? Understand the incumbent competition if any? Adjacent
Opportunities Do you believe?
Slide 13
Customer Interviews GET OUT OF THE BUILDING! One on One to
learn the nuances Dont lead the witness Trying to initially figure
out what they need, then you can focus on the solution
Slide 14
The Matrix of Finding a Market 1.End User Who will use it? (not
always payer) 2.Application What task will be improved? 3.Benefits
What is gained? Time? Cost? 4.Lead Customer Who are the lighthouse
customers? 5.Market Characteristics Help or hinder? Macro.
6.Partners/Players Other companies to provide complete solution?
Will they partner? 7.Size of Market How many customers in 100% of
YOUR market (TAM). 8.Competition Direct and Adjacent?
9.Partners/Complementary Pieces Necessary Could be similar to above
or platform need (Xbox)
Slide 15
The Beachhead You must choose a discrete opportunity Your best
guess at a viable market that you can get started Not always the
biggest but can lead other places Defining a Market All customers
buy similar products Similar sales cycles and similar needs There
is a tangible community to approach Word of mouth
Slide 16
Business Model Canvas
Slide 17
The Business Model Canvas 1.Value Proposition-Its benefits and
MVP 2.Customer Segments-who the customer is and what problem does
product solve 3.Distribution Channels for Value Prop. how will the
product be distributed and sold 4.Customer Relationships how to
create demand 5.Revenue Streams Revenue sources and size
6.Resources Needed suppliers and other essential elements of the
business 7.Partners and their incentives Other companies essential
to success 8.Activities Necessary to implement What needs for go to
market 9.Cost Structure Basic costs and types of costs
Slide 18
?
Slide 19
Mini-Case Keep in mind Target Customer has a budget Can you
reach them Need? Complete solution Current competition Adjacent
opportunities Believe?
Slide 20
Keep in Mind Part I Brainstorm on possible market segments Part
II GET OUT OF THE BUILDING You must speak directly to potential
customers Part III Detail one on one interviews Create a market
matrix Part IV Choose an initial market and explain why Listen and
be skeptical of your own beliefs