Download - Innovate Manawatu Stage 2 Workshop
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Stage Two Entrants Workshop
Polish Your Rough Gem
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Innovate Partners
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Agenda
• Introductions
• The Innovate Process
• Key Issue: IP and Confidentiality
• Idea to Business
• The Business Model Canvas (BMC)
• Wrap up, Evaluation & Afternoon Tea
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INVIGORATING MANAWATU’S INNOVATION CULTURE
The BCC
• The BCC is all about Realising Innovation.
– we offer structure, support and mentoring for start-ups;
– we facilitate the commercialisation of new technology from the lab to industry; and
– We raise or locate investment to shape and grow technology businesses.
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Innovate Process
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INVIGORATING MANAWATU’S INNOVATION CULTURE
TakeAways
• You’re not being marked by us here
– Workshop = Sharing Knowledge
– Develop your idea for your benefit
– Share with your partner• Use questions to clarify, not to criticise• Accentuate the positive• Remember, their idea is “Work in Progress”
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Intellectual Property
What is IP?• Your ideas
– Knowledge
– Knowhow
– Drawings
– Designs
– Products
– Brands
– Software code
– Formulas
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Protecting Your IP
• Patents
• Novel and inventive ideas
• Trademarks
• Brands, logos, etc
• Copyright
• Written material, art, music, drawings, software, etc
• Trade secret
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INVIGORATING MANAWATU’S INNOVATION CULTURE
The Protection Process
• Talk about the “What” but not the “How”
• Have confidentiality agreements signed
• File a patent or trademark
• Embed the software code
• Keep it a trade secret
• Be first to market and establish a strong brand
• Create high entry barriers for competitors
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Idea to Business
Idea• Aha! moment
• Assumptions
• No product/service
• No customers
• No revenue
Business• Capital & Resources
• Validated Value Proposition
• Competitive
Product/Service
• Clearly defined customers
• Revenue stream
• Channel Partners
• SCALE!
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Idea to Business
Idea• Aha! moment
• Assumptions
• No product/service
• No customers
• No revenue
BusinessStart-Up• Capital & Resources
• Validated Value Proposition
• Competitive
Product/Service
• Clearly defined customers
• Revenue stream
• Channel Partners• SCALE!
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INVIGORATING MANAWATU’S INNOVATION CULTURE
What is a “Start-Up”?
• The search for a repeatable and scalable business model.
• The key: How to recognize failure, learn from it, and pivot – FAST!
• “Fail early and fail fast”
– Key isn’t failing fast – it’s Learning Faster.
• Get Out of the Building!
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INVIGORATING MANAWATU’S INNOVATION CULTURE
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INVIGORATING MANAWATU’S INNOVATION CULTURE
The Business Model Canvas
Key Partners
Key Activities
Value Proposition
Customer Segments
Key Resources
Customer Relationships
Channels
Cost Structure
Revenue Streams
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Customer Segment
• A group of customers with shared needs is at the Heart of any successful Business Model
• Better to make a few users love you than a lot ambivalent
• Understand “Pain” = Potential “Gain”
• Ie. No Pain, No Gain
• If you don’t get this right the rest is a waste of time
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Group Buying
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Customer Relationships
Channels
Cost Structure
Revenue Streams
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Customer Segments
• What are the segments in my target market?• “Everyone who has a…” is not a segment
• Decision: – Which segment has the greatest unmet need?
– Which segments should I ignore?
• What is the Customer’s “Pain”?
• Who are your most important Customers?
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Value Proposition
• A clear statement of the tangible results a customer gets from using your products/services
• The bundle of products and services that create value for a specific Customer Segment.
• Your solution to their Problem/Pain
• What are Coke or Nike’s VP’s?
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Customer Relationships
Channels
Cost Structure
Revenue Streams
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Value Proposition – Q’s
• What is the main problem I am solving for people in my chosen segment?
• How are these Customers going to benefit from using my product or service?
• Your value proposition should discuss only what matters to your customers and the value you can bring to them.
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Channels
• How a company communicates with and reaches its customer segments to deliver its Value Proposition.• Awareness• Evaluation• Purchase• Delivery• After sales service
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Customer Relationships
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make them aware of new deals.
Cost Structure
Revenue Streams
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Channels – Q’s
• Through which channels does my Customer Segment want to be reached?
• Which Channels work best at each stage?• How am I integrating the channels with
customer routines?• Who could be my channel partners?
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Customer Relationships
• Describes the types of relationships a company establishes with specific Customer Segments.
• Can de driven by the following motivations:– Customer Acquisition
– Customer Retention
– Upselling
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Categories of Cust. Relationships
• Personal Assistance• Dedicated Personal Assistance• Self-service (provide the means for
customers to help themselves)• Automated services (recognises individual)• Communities (eg. Online)• Co-creation (eg. Amazon reviews)
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Customer Relationships
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Customer Relationships
Web-based self-service. Links to personalised service when needed.Community through FB and discussions.
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals.
Cost Structure
Revenue Streams
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Customer Relationship Q’s
• What type of relationship does my customer segment expect me to establish & maintain with them?
• How could I serve them better?
• Is this integrated with the rest of my business model?
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Revenue Streams
• The way you generate cash from your customer segment.
• What value are your customers willing to pay for?– Asset sale– Usage fee (eg. Phones)– Subscription fee (eg. Gym)– Renting/Leasing– Licensing– Brokerage/Commission Fees– Advertising
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Customer Relationships
Web-based self-service. Links to personalised service when needed.Community through FB and discussions.
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals.
Cost Structure
Revenue Streams
Commission on sales
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Revenue Streams – Q’s
• What would your customers prefer to pay for?– Asset sale– Usage fee (eg. Phones)– Subscription fee (eg. Gym)– Renting/Leasing– Licensing– Brokerage/Commission Fees– Advertising
• Does your Revenue Stream fit your customer’s needs and the rest of your model?
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Human – sales force that can generate deal flow
Customer Relationships
Web-based self-service. Links to personalised service when needed.Community through FB and discussions.
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals.
Cost Structure
Revenue Streams
Commission on sales
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Develop platformCreate deal flowGrow subscriber base
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Human – sales force that can generate deal flow
Customer Relationships
Web-based self-service. Links to personalised service when needed.Community through FB and discussions.
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals.
Cost Structure
Revenue Streams
Commission on sales
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Web designer/database developerBranding expertise
Key Activities
Develop platformCreate deal flowGrow subscriber base
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Human – sales force that can generate deal flow
Customer Relationships
Web-based self-service. Links to personalised service when needed.Community through FB and discussions.
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals.
Cost Structure
Revenue Streams
Commission on sales
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Web designer/database developerBranding expertise
Key Activities
Develop platformCreate deal flowGrow subscriber base
Value Proposition
50-90% off fun things to do, see and eat in your local area.Costs consumer nothing to join or receive deals.We’ll let you know when deals occur - just buy those you want.
Customer Segments
“Outgoing Spender”Female 25-50Want to reward themselves, but don’t have the budget to do so frequently.
Key Resources
Human – sales force that can generate deal flow
Customer Relationships
Web-based self-service. Links to personalised service when needed.Community through FB and discussions.
Channels
Use a combination of internet to explain the offers, transact, and manage the database and emails to make consumers aware of new deals.
Cost Structure
Fixed cost of platform development & brandingVariable costs on transaction processing, sales commission
Revenue Streams
Commission on sales
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Key Partners
Key Activities
Value Proposition
Customer Segments
Key Resources
Customer Relationships
Channels
Cost Structure
Revenue Streams
Efficiency Value
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INVIGORATING MANAWATU’S INNOVATION CULTURE
What are my Priorities?Building Block Questions/Tasks
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Where to from Here?
• Innovate Process
• Polish your Gem– Concentrate on the Value side
• Get Out of the Building!– Listen to your target market– Understand their Pain
• Improve your application– Re-submit it if you learn anything new
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Innovate Process
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Xerox
• Chester Carlson patented photocopying– It was turned down 40 times by
investors, including IBM
• Inventor
• Idea sharing
• He learned to describe his Customer Segment’s Pain & explain his Value Proposition
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INVIGORATING MANAWATU’S INNOVATION CULTURE
Lean on the Resources
• Email with links
• Locally– Vision Manawatu
• Up to 50% off Capability Training
– The BCC• Start-Up Questions (Warren)• R&D Funding (Martin)• IP Advice (Richard)
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INVIGORATING MANAWATU’S INNOVATION CULTURE