IntroductionTo Entrepreneurship[ENT 208 / ENT602]

Desai Sethi Centre for Entrepreneurship

Elements of Marketing

Class Discussions Go To Market for Startups Problem Identification Customer Identification

Mini Case : NeXT Customer Identification

RECAP

WHY STARTUPS FAIL ?

http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/

GO TO MARKET FOR STARTUPS – DISCOVERY TO DELIVERY

PROBLEM = UN-FULFILLED NEED

CLASS DISCUSSIONS

CUSTOMER INSIGHTS

Steve Blank : Customer Discovery

TEAM “______________________” CUSTMOER PROBLEM / PERSONA / MARKET(ENT 208, 2ND Apr an 2018, IITB COE, Worksheet 1)

CUSTOMER UNMET NEED

CUSTOMERURGENCY

CURRENT CHOICE

CUSTOMERPERSONA

TOTAL MARKET

ADDRESSABLEMARKET

POCMARKET

PICTURE AUDIO VIDEO

CUSTOMER IDENTIFICATION

Proof of Concept Market

CUSTOMER VALIDATION

Ack: Steve Blank

Fast is better than Slow ! Don’t Build to ‘Build-Measure-Learn’

•Data Sheet•Brochures•Story Board•Landing Page•Product Box•Concept Video•Learning Prototype•Wizard of Oz

Fast is better than Slow !Don’t Delay For the Perfect Domain

• Square was squareup.com• DropBox was getdropbox.com• Facebook was thefacebook.com• Instagram was instagr.am• Twitter was twttr.com• Foursquare was playfoursquare.com

buffer.com

“….The aim of this two-page MVP was to check whether people would even consider using the app. I simply tweeted the link and asked people what they thought of the idea….

….in a long 7 week period I only got 120 signups. But I spoke with a lot of those people during that time, and 50 of them started using the product when I launched after that 7 week period….

1 started paying for Buffer 3 days after we launched. Then a few weeks later, another person started paying…

.. I wasn’t optimizing for the number of signups I could get with this landing page, I was instead trying to learn as much as I possibly could….”

Joel Gascoigne, Co-founder and CEO of @buffer.

DROPBOX

The 3 minute video that Drew Houston created for Dropbox, walking through using the product. He posted it to HackerNews and overnight they went from 5,000 to 75,000 people on their beta list.

DROPBOX DEMO VIDEO

ASSIGNMENT

TEAM “______________________” CUSTMOER PROBLEM / PERSONA / MARKET(ENT 208, 2ND Apr an 2018, IITB COE, Worksheet 1)

CUSTOMER UNMET NEED

CUSTOMERURGENCY

CURRENT CHOICE

CUSTOMERPERSONA

TOTAL MARKET

ADDRESSABLEMARKET

POCMARKET

PICTURE AUDIO VIDEO

M i r xPROfa

M I T B O O T C A M P S

MIT ENTREPRENEURSHIPONLINE BOOTCAMP

FROM IDEA TO STARTUP IN EIGHT WEEKS

THEY CAME WITH AN IDEA. THEYLEFT WITH A STARTUP.

Delivered in collaboration with EMERITUS

OVERVIEW

01

Innovation doesn't grow in the comfort zone. It takes

courage to breathe life into a new idea. But there's a

common belief that entrepreneurs are born, not made. At

the Massachusetts Institute of Technology (MIT), we know

that this is a myth. MIT graduates have started over 33,000

active companies that generate over $1.2 trillion in annual

revenue and employ over 3.3 million people, making MIT

the 10th largest economy in the world. And in just three

years of the residential MIT Global Entrepreneurship

Bootcamp, its graduates have raised over $42 million in

funding for ventures incubated in Bootcamp.

Entrepreneurship can be taught. The journey starts with

knowledge, not genetics. So in this online Bootcamp you

will develop a systematic toolkit for venture creation and

gain a disciplined mindset of the successful entrepreneur.

The MIT Entrepreneurship Online Bootcamp will equip you

with a systematic, comprehensive and, importantly,

distinctly practical toolkit for new venture creation.

This is the right program for you whether you are:

On the cusp of starting your own company;

Are already co-founder of a startup venture;

Lead, or aspire to lead, new ventures at an

established enterprise.

This online Bootcamp is based on a legendary MIT course,

New Enterprises, that gave birth to hundreds of ventures

that are worth billions of dollars. Among such ventures are

Hubspot, Okta, and FINsix.

In this online Bootcamp you are expected to roll up the

sleeves, for you will get out of it as much as you put in.

Throughout the program, Bootcampers will learn and

practice a variety of new skills related to entrepreneurship

and innovation-from MIT faculty, MIT startup coaches, and

guest speakers. Active learning is embodied in the

creation of a business plan that goes through an intensive

review process-resulting in an opportunity to pitch

investors. Not all plans make the cut, but everyone

"FROM 2014 TO 2016,PARTICIPANTS IN MIT'S

ENTREPRENEURSHIP BOOTCAMPS RAISED OVER

$42 MILLION IN FUNDING FOR THEIR IDEAS THAT

INCUBATED IN THE BOOTCAMP."

gets better. Over the course of eight weeks, the online

Bootcamp provides an accelerated experience that most

entrepreneurs and innovators face in the first 2-3 years of

a new venture.

WHAT TO EXPECT

AT THE MIT ENTREPRENEURSHIP

ONLINE BOOTCAMP

Challenge yourselfWe identify and define problems that lead to solutions; easy to say believe in the idea, but reality is that it's not all about the idea.

Join a global community The MIT Bootcamp attracts a diverse group of innovators from around the world. Entrepreneurship is a lonely journey. But, it doesn't have to be.

02

Develop yourselfLearn more about your own strengths and weaknesses. Working with teammates whose native tongue may not be English, not only helps you become a better listener but also more open-minded.

Mens et ManusMIT was founded on the principle of "mens et manus" or learning by doing. At the MIT Bootcamps, the learning takes place not only in teaching sessions, but also through peer learning, coaching, and feedback.

Team-based approachAt the beginning of the program, participants identify and define problems to solve. One of the ideas becomes the focal point of the team. Teams are formed based on area of interest, with each team having five or more participants.

PresentationsSolutions are presented working closely in teams, leveraging each person's unique skills. Teams receive specific and actionable feedback.

YOUR

LEARNING JOURNEY

This is an intensive program for highly motivated individuals and teams who want to put their idea to the test and answer

this question: Does this idea have real market potential, and if so, what is it and how do Ipursue it?

Generate opportunities for entrepreneurial

innovation

Work with your team to validate your hypothesis

Get feedback from MIT

Bootcamps coaches

Work with your team to refine your business

plan

k

rPitch your business plan to a panel of

judges

03

3 184VIDEOLECTURES

HE 4LIVE SESSIONS WITHMIT FACULTY

dD 3FEEDBACK SESSIONS WITH MIT BOOTCAMPS COACHES

-M"I can simply say that the MIT Global Entrepreneurship Bootcamp I attended was life-changing andcontinues to provide value to my professional and personal life years after I attended. The experience itselfwill transform you. It was one of the hardest things I've done in my life—and I rock climb and compete incross country eventing on a 17-hand Thoroughbred ex-racehorse. It was one of those experiences where atsome point you'll whisper to yourself, 'If I survive this, I can do anything' ...and that feeling will stay withyou. It has opened career opportunities I would not have expected and allowed me to build social capital Icould not have without the global reach of the MIT brand. I have also found friendships with incrediblysmart and talented people from every corner of the globe that I reconnect with every chance I get."

Renee, MIT Global Entrepreneurship Bootcamp, Class 1

WHAT’S UNIQUE ABOUT ATTENDING

THE MIT ENTREPRENEURSHIP ONLINE

BOOTCAMP

Learn directly from and receive feedback and coaching from MIT faculty and MIT-trained startup coaches. |l

Accelerate your professional and personal development in an intensive, fun, and supportive environment. 2

Join a global community of innovators passionate about solving challenges through innovation.

PROGRAM MODULES

This online program requires 8 to 10 hours per week on average. It integrates rich, interactive media such asvideos and e-learning activities as well as traditional components such as live faculty lectures, groupprojects, active coaching, and individual assignments. Collaborative learning is the cornerstone of thisprogram and participants will accelerate their own learning by being part of a team.

Orientation Module

Program OverviewThis module sets the stage for the entire program, outlining how participants move

from idea to startup in eight weeks.

Participant and faculty introductions

Learn how to use the platform Pre-

readings

Module 1

Generating Startup Ideas Out of ProblemsParticipants explore typical situations in their everyday life where they might spot opportunities for user innovations revealing how first-level innovations often begin at home.

Identify instances of user innovation around

you

Explore typical situations to begin

conceptualizing a user innovation Generate

and analyze 10 opportunities for

entrepreneurial innovation.

Module 2

Solving Problems and Skills AssessmentParticipants assess their skills and select one idea that they think they can address by way of diffusion-the process by which a new idea or product is accepted into the market.

Solve real-time issues by way of user innovations Submit 1 idea and present skills relevant for a solutionSelect final idea and form final groups

Module 3

Market Segmentation and Customer PersonasThis module focuses on market segmentation and how

participants can perform a 'beachhead' analysis-

identifying the primary set of target customers.

Apply principles of market segmentation Conduct primary research to determine ideal customer markets

Choose one primary market to focus on-the

'beachhead' market

Module 4

Who’s Buying: Identifying andProfiling Your CustomersIn this module, participants learn to develop end-user

profiles and customer personas that will help them target

their customers effectively.

Develop end-user profiles, or customer personas

Estimate total addressable market size

Module 5

Bullseye: Offering the RightValue PropositionThis module covers the essentials of defining product specifications and estimating the quantified value proposition that will help a company position itself effectively.

Understand the Full Life Cycle Use Case Design high-level product specifications Estimate the Quantified Value Proposition Chart a competitive position

Module 6

Defining the Startup Sales ProcessThis module takes the participants through theprinciples of defining an effective sales process thataims at increasing the odds of market success.

Understand the Decision Making Unit (DMU)

Develop a pricing framework Map a sales process

06

Module 8

The Pitch: Bringing Ideas to Center Stage

Module 7

Design a Business Model andProject Unit EconomicsIn this module, you will develop a sustainable business model for your venture and understand the Unit Economics of your business.

Choose or design a business model Measure

the Cost of Customer Acquisition (COCA)

Estimate the Lifetime Value (LTV) of your

customer

Participants develop, fine-tune, and present their business plan to faculty and coaches. A subset of teams will present to a panel and take their business idea to the next level.

Create a business plan for your idea Receive feedback on final project The winning team will win a scholarship to the in-person MIT Innovation & Entrepreneurship Bootcamp*.

07

*Scholarship only includes tuition fee. It does not include travel, accommodation & other expenses.

PROGRAM FACULTY

BILL AULET

Bill holds a bachelor's degree in engineering from HarvardUniversity and an SM from the MIT Sloan School ofManagement. Bill is the managing director of the MartinTrust Center for MIT Entrepreneurship at MIT andProfessor of the Practice at the MIT Sloan School ofManagement. The Center is responsible forentrepreneurship across all five schools at MIT startingwith education but also extending well outside the classroom with student clubs, conferences, competitions,networking events, awards, hackathons, student trips, andmost recently, accelerators.

Bill teaches at least three different classes per year(introductory to advanced entrepreneurship classes) inaddition to his responsibilities of running the Center. Hiswork has won numerous awards, including the Adolf F.Monosson Prize for Entrepreneurial Mentoring at MIT. Heis the author of Disciplined Entrepreneurship: 24 Steps toa Successful Startup and the accompanying workbook.

Professor of the Practice at MIT Sloan School of ManagementManaging Director, Martin Trust Center for MIT Entrepreneurship

08

PROGRAM FACULTY

PROFESSOR ERIC VON HIPPEL

Eric is the T. Wilson (1953) Professor in Management anda Professor of Management of Innovation and EngineeringSystems at the MIT Sloan School of Management. Heholds a BA in economics from Harvard College, an SM inmechanical engineering from MIT, and a PhD in businessand engineering from Carnegie-Mellon University.

Eric's research discovers and explores patterns in thesources of innovation and develops new processes toimprove the "fuzzy front end” of the innovation process—the end where ideas for breakthrough new products andservices are developed. In his book, DemocratizingInnovation (MIT Press, April 2005), von Hippel shows howcommunities of users are actually becoming such powerfulinnovation engines that they are increasingly drivingmanufacturers out of product development altogether—apattern he documents in fields ranging from open sourcesoftware to sporting equipment. This discovery has beenused for a better understanding of the innovation processand for the development of new innovation processes forindustry.

He is currently leading a major research project to discoverhow these user innovation communities work, and how andwhether the same principles might extend to many areas ofproduct and service development.

09

T. Wilson (1953) Professor in Management Professor of Management of Innovation and Engineering Systems

PROGRAM FACULTY

+

Lecturer, MIT and Director of the MIT Bootcamps ProgramMIT Open Learning Lecturer

Erdin Beshimov is a Founder of the MIT Bootcamps andLecturer in MIT's online courses "You Can Innovate: UserInnovation & Entrepreneurship”, "Entrepreneurship 101:Who Is Your Customer?”, "Entrepreneurship 102: WhatCan You Do For Your Customer”, and "Entrepreneurship103: Show Me The Money”.

Erdin is a graduate of the MIT Sloan School ofManagement. Before returning to work at MIT, Erdinserved a Principal in the VentureLabs of Flagship Ventureswhere he focused on ventures in water and sustainability.Prior to that Erdin co-founded Ubiquitous Energy, a solarstartup catalyzed in the MIT course "New Enterprises”.

While a student at MIT, Erdin co-founded the MITEntrepreneurship Review, a journal that brings latestscientific knowledge for entrepreneurs. He also served asTeaching Assistant for seven MIT courses onentrepreneurship and innovation, including StrategicManagement of Innovation and Technology, From MIT toCEO: Technologists Leading Startup Ventures, andCorporate Entrepreneurship.

Additionally, Erdin was a Summer Associate at VenrockAssociates, where he assisted in the development ofVenrock's investment strategy in energy efficiency, and afinalist in the MIT Clean Energy Prize.

Erdin originally hails from Kyrgyzstan, a former Sovietrepublic, and lived in India and the United Kingdom beforecoming to the United States. In addition to an MBA fromMIT Sloan, Erdin holds a BA (first-class honours) inDevelopment and Peace Studies from the University ofBradford, where he was awarded the International StudentScholarship and the James O'Connell Scholarship forPeace Studies, and an MA in Area Studies of the formerSoviet Union from Harvard University, where he studied onfull scholarship.

10

PROGRAM COACHES

LUCIANO DA SILVEIRA ARAUJOArchitect and inventor, Luciano's Bootcamp idea received funding and now helps farms increase productivity.

MATEO NAKACH

Founder of several companies and business consultant, Mateo teaches disciplined entrepreneurship.

11

SIMON BERMAN

Serial tech entrepreneur, Simon took a path of creative design to arrive as CEO of social education company, On A Roll 21.

IMAN UROOJ

A Pakistani Venezuelan entrepreneur, Iman is opening up new food markets in Middle East to outsiders.

INGA STASIULIONYTE

Former Olympic athlete and mind-training coach, Inga helps people achieve their highest goals.

NATHAN TRUJILLO

A materials scientist by training, Nathan now provides global economic consulting to Fortune 100 clients.

DAVID ANDERTON

Musician and former FT journalist, David was both participant and judge of the MIT 100K competition.

JON HANSON

An engineer and MBA, Jon founded a company at MIT's Bootcamp, where he's CEO and a consultant.

MARIUS URSACHE

Innovation, branding, and design all merge within Marius, helping to accelerate startups' success rate.

MARK RIDLEY

Former co-founder of UK's largest jobs website, Mark now works with startups on product & technology strategy.

CERTIFICATE

Get recognized! Upon successful completion of theprogram, MIT grants a certificate of completion toparticipants. This program is graded as a pass or fail;participants must receive 60% to pass and obtain thecertificate of completion.

FEATURED ALUMNI

THEY CAME IN WITH AN IDEA. THEY LEFT WITH A STARTUP.

David AndertonFrom Financial Times journalist to MIT startup Chief Technology Officer

MichaelMcCauslandNuclear Operator TurnedEntrepreneurshipEducator

Anders RopkeFrom Wind Power toMachine Learning

Rodrigo MaciasMedical Doctor TurnedEntrepreneur

Iman UroojInnovating in a FamilyBusiness

Jamshid HashimiSoftware Engineer in Afghanistan Turned Global Social Entrepreneur

Inga StasiulionyteFrom Olympian to Bootcamper to Entrepreneur

Paul LamInvestment Analyst Leaves the World Bank and Turns Entrepreneur

Luciano Da Silveira AraujoFrom Building Drones to Building a Drones Business

DURATION Eight weeks, online8-10 hours/week

PROGRAM FEES $2,600

This fee is applicable per person for a minimum cohort size.

*Program fee is exclusive of GST applicable to Singapore residents

ABOUT

EMERITUS

Massachusetts Institute of Technology (MIT) iscollaborating with online education provider EMERITUSInstitute of Management to offer a portfolio of high-impactonline programs. By working with EMERITUS, we areable to broaden access beyond our on-campus offeringsin a collaborative and engaging format that stays true tothe quality of MIT. EMERITUS's approach to learning isbased on a cohort-based design to maximize peer-to-peersharing and includes live teaching with world-class facultyand hands-on project-based learning. In the last one year,more than 7,500 students from over 120+ countries havebenefitted professionally from EMERITUS's courses.

EMERITUSINSTITUTE OF MANAGEMENT

15

owoCONNECT WITH A PROGRAM ADVISOR

Email: mit@emeritus.org

Phone: +1 315-982-5094 +1 315-277-2746

mr xPRO MM I T B O O T C A M P S

Delivered in collaboration with

EMERITUS