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Entrepreneurship for GW Engineers : Lean Startup & Business Model Canvas

Explore the fundamentals of entrepreneurship, lean startup principles, and the business model canvas in this comprehensive guide by Jim Chung. Discover the key elements of customer development, product-market fit, and revenue streams. Learn the importance of customer relationships, channels, and key partners in building a successful business model. Get insights on creating value propositions, identifying customer segments, and optimizing cost structures. Start your entrepreneurial journey today with practical tips and expert advice.

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Entrepreneurship for GW Engineers : Lean Startup & Business Model Canvas

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  1. Entrepreneurship for GW Engineers: Lean Startup & Business Model Canvas Jim Chung Executive Director Entrepreneurship and Tech Transfer November 15, 2013 SEAS 1001 Class

  2. The Entrepreneurship Choice How many of you have thought about being an entrepreneur?

  3. Why Not Entrepreneurship? • Not Interesting • Too Risky • Too Much Work • Too Young/Inexperienced • Too Much Opportunity Cost • Too Long

  4. Famous Entrepreneurs

  5. Technology Entrepreneurship • Unfair Advantage • Tech v. Non-Tech • Fast Change • Defensibility • High Value-Add • High Growth, Scalable

  6. Why Entrepreneurship? • Making a Difference • Creating a Vision • Fun/Thrill • Fame • Financial Rewards • BYOB

  7. Alexis Ohanian & Jon Torrey

  8. Invention v. Innovation

  9. Rube Goldberg Competition

  10. Senior Design Project

  11. GW $101K Business Plan Competition www.gwbizplan.com

  12. Workshops and Mentorship

  13. Jenda – Undergrad Winners

  14. $101K GW BPC Cash Prizes

  15. Important Dates

  16. Other Competitions Hundreds of Competitions to Leverage with the Same Idea!

  17. Collegiate Inventors Competition

  18. National Collegiate Inventors & Innovators Alliance

  19. $50K ASME Student iSHOW Competition

  20. The Lean Startup How to Innovate, Not Just Invent

  21. Customer Development

  22. Build-Measure-Learn

  23. Business Model Canvas The Roadmap

  24. http://www.businessmodelgeneration.com/canvas

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

  26. Customer Segments • For whom are we creating value? • Who are our most important customers? • Mass Market • Niche Market • Segmented • Diversified • Multi-sided Platform

  27. Value Proposition • 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?

  28. Product Market Fit

  29. Channels • 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?

  30. Customer Relationships • 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?

  31. Revenue Streams • 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?

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

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

  34. Key Resources • What Key Resources do our Value Propositions require? • Our Distribution Channels? • Customer Relationships? • Revenue Streams?

  35. Cost Structure • What are the most important costs inherent in our business model? • Which Key Resources are most expensive? • Which Key Activities are most expensive?

  36. Questions?

  37. The Business Model Canvas: ver 1.0 Creating awareness educational Privacy advocacy groups Enhanced Location Privacy Smart phone users uneasy about privacy trust Building trust Consumers Don’t Care About Location Privacy Technology Own website App revenue (or free?) Developing costs Marketing costs

  38. The Minimal Viable Product

  39. What Most Startups Want to Build

  40. What They Should Build First

  41. Eventually Build This

  42. Homework Problem/Solution Statement & Business Model Canvas Customer Development Interview

  43. Homework • Problem/Solution Statement • State the Problem You Are Trying to Solve • Explain How Your Solution Is Better Than Existing Solutions • Business Model Canvas • Practice Customer Development Interview

  44. Next Week • 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

  45. Interview Prizes for Volunteers

  46. Customer Development Interview

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

  48. Resources

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