validation week 6. agenda 5:30 – team stand up 5:45 – validation 6:20 – activities: validation...

ValidationWeek 6

Agenda• 5:30 – Team Stand Up• 5:45 – Validation• 6:20 – Activities: Validation &

Business Plans

• 7:25 – Review Assignment

Objectives• Validate Problem / Solution fit• Validate Product / Market fit• Validate Business Model• Validate Market Size• Iterate Product

Validation• Speaker Name• Title• Credentials

Why Validate?

Validate: Problem/Solution• Customer confirms that there is a

problem.• Customer is already investing resources

into trying to solve this problem.• Customer is already investing

behavioral change into trying to solve this problem.• Customer does not have any

constraints that prevent them from trying this solution.

Cindy Alvarez

Validate: Product/Market Fit

Is your product a…• Vitamin• Aspirin• Narcotic

Validate: Product/Market Fit

• If 40% of people using your app would be very disappointed without your product…you are there!!! • So keep iterating to get

closer and closer to be there by Pitch!

Validate: Business Model

• The market research and customer development informs you that the business will be “profitable”• You will spend less to get a

customer than you will make from the customer.

Validate: Your Market

Quantify YOUR part (%) of the total market and the total revenue ($) opportunity

Symple App:Validation

Find the Validation Example in your

team’s Technovation Workspace on Google

Docs

Business Plan• A business plan is a document that

details company personnel, products, markets and the revenue projections of an organization.• Business Plans are done once you

have found product/market fit• Reflects long term goals and

objectives

Activities: Validation & Business Plan• (20 Minutes) Validation

Validate Problem/Solution Fit: Summarize all the data collected to show conclusion

Validate Product/Market Fit: Summarize all data collected to show conclusion

Validate Business Model: Demonstrate at least one viable approach to market and sell the finished App

Validate Market Size: Quantify the Total Addressable Market for the App

• (45 Minutes) Business Plan - Follow the template in Workspace to structure a business plan

Activity: Validation Template

Find the Validation tab in your team’s

Technovation Workspace on Google

Docs

Reminder:Weekly Reflections

• What did your team like about this week?• What challenges did your team

have this week?• Anything else your team would

like to share?

Technovation Challenge Google Group

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Ongoing Offsite Activities• Customer Development• Usability Testing• Evaluate Data• Build Prototype