entrepreneurship for gw engineers : lean startup & business model canvas

Entrepreneurship for GW Engineers: Lean Startup & Business Model Canvas

Jim ChungExecutive DirectorEntrepreneurship and Tech TransferNovember 15, 2013SEAS 1001 Class

The Entrepreneurship Choice

How many of you have thought about being an entrepreneur?

1. Not Interesting

2. Too Risky

3. Too Much Work

4. Too Young/Inexperienced

5. Too Much Opportunity Cost

6. Too Long

Why Not Entrepreneurship?

Famous Entrepreneurs

Technology Entrepreneurship

• Unfair Advantage• Tech v. Non-Tech

• Fast Change• Defensibility• High Value-Add• High Growth, Scalable

Why Entrepreneurship?

• Making a Difference• Creating a Vision• Fun/Thrill

• Fame• Financial Rewards• BYOB

Alexis Ohanian & Jon Torrey

Invention v. Innovation

Rube Goldberg Competition

Senior Design Project

GW $101K Business Plan Competition

www.gwbizplan.com

Workshops and Mentorship

Jenda – Undergrad Winners

$101K GW BPC Cash PrizesType Award Amoun

t

1st Place $35,000

2nd Place $15,000

3rd Place $8,000

4th Place $5,000

Additional Cash Prizes

Best Undergraduate Team $10,000

Best Non-Profit Social Venture $7,500

Best For-Profit Social Venture $7,500

AARP Foundation Prize $5,000

CapitalOne Bank Best Sustainable Technology Prize

$5,000

Audience Choice Award $3,000

Date Deadline

January 21

2-page Executive Summary Due

February 3

Semi-Finalists Announced and Mentors Assigned

March 3 Business Plan Due

March 18 Finalists Announced

April 11 Final Presentations

Important Dates

Other CompetitionsHundreds of Competitions to Leverage with the Same Idea!

Collegiate Inventors Competition

National Collegiate Inventors & Innovators Alliance

$50K ASME Student iSHOW Competition

The Lean StartupHow to Innovate, Not Just Invent

Customer Development

Build-Measure-Learn

Business Model Canvas

The Roadmap

http://www.businessmodelgeneration.com/canvas

Who Wants Me to Do Their Homework?Projects you think have some commercial value?

Customer Segments

For whom are we creating value?

Who are our most important customers?• Mass Market • Niche Market • Segmented • Diversified• Multi-sided Platform

• What value do we deliver to the customer?• Which one of our customer’s problems are we

helping to solve?• What bundles of products and services are we

offering to each Customer Segment?• Which customer needs are we satisfying?

Value Proposition

Product Market Fit

• Through which Channels do our Customer Segments want to be reached?

• How are we reaching them now?• How are our Channels integrated?• Which ones work best?• Which ones are most cost-efficient?• How are we integrating them with customer routines?

Channels

• What type of relationship does each of our Customer Segments expect us to establish and maintain with them?

• Which ones have we established?• How are they integrated with the rest of our business

model?• How costly are they?

Customer Relationships

• For what value are our customers really willing to pay? For what do they currently pay?

• How are they currently paying? How would they prefer to pay?

• How much does each Revenue Stream contribute to overall revenues?

Revenue Streams

• Who are our Key Partners?• Who are our Key suppliers?• Which Key Resources are we acquiring • from partners?• Which Key Activities do partners perform?

Key Partners

• What Key Activities do our Value • Propositions require? • Our Distribution Channels?• Customer Relationships? • Revenue streams?

Key Activities

• What Key Resources do our Value Propositions require?

• Our Distribution Channels?• Customer Relationships?• Revenue Streams?

Key Resources

• What are the most important costs inherent in our business model?

• Which Key Resources are most expensive?• Which Key Activities are most expensive?

Cost Structure

Questions?

The Business Model Canvas: ver 1.0

Creating awareness

educational

Technology

Privacy advocacy

groups

Developing costs

Marketing costs

App revenue (or free?)

trustBuilding trustSmart phone users uneasy about privacy

Enhanced Location Privacy

Own website

Consumers Don’t Care

About Location Privacy

The Minimal Viable Product

What Most Startups Want to Build

What They Should Build First

Eventually Build This

HomeworkProblem/Solution Statement & Business Model Canvas

Customer Development Interview

1. Problem/Solution Statement1. State the Problem You Are Trying to Solve

2. Explain How Your Solution Is Better Than Existing Solutions

2. Business Model Canvas

3. Practice Customer Development Interview

Homework

• Volunteers for Mock Customer Development Interviews with SEAS Alum, Entrepreneur, and Angel Investor, Richard Stroupe

• Send me your idea and business model canvas at jimchung@gwu.edu

Next Week

Interview Prizes for Volunteers

Customer Development Interview

Interview Tips

Source: http://giffconstable.com/2010/07/12-tips-for-early-customer-development-interviews/

Resources

Fostering Entrepreneurship

More Info

www.gwu.edu/entrepreneurship