customer discovery at venture out moldova, fall 2013
TRANSCRIPT
Using the Business Model Canvas for Interna6onal Customer Discovery VentureOut Moldova #VOMoldova October 28 – November 1, 2013 Prof. David A. Kirsch Robert H. Smith School of Business University of Maryland, College Park [email protected] @darchivist
Business Model Canvas: Points of Departure
What are your hypotheses, minimum feature set, experiments? DefiniTon of startup…
Why is it important to “get out of your head / the building”? “Evidence of Ecstasy”…
The goal is to learn…
Propose experiments for VP, CS & R$ Kernel of value creaTon…
Decide in advance: How will you interpret experimental results? Prepare to pivot and repeat… to MVP
G-‐localizaTon…
Mini-‐Case: Rent the Runway
Customer Discovery NarraTve
Customer Discovery NarraTve (Blog?) To whom did you talk? Survey sparingly…
What did you learn?
Updated BMC becer than outdated BP Track changes resulTng from “Hypothesis -‐> Test -‐>
Data -‐> Learn” process
Show learning cycle (Here’s what we thought, so here’s what we did, so here’s what we found, so here’s what we’re going to do next…)
Evidence: Pictures, video, tesTmonials Why do you believe it?
Why should anyone else believe you?
Why should stakeholders commit?
Minimum Viable Product What acributes are valued and why?
Ogen the app is the MVP…
Common Mistakes in Customer Discovery
Not enough contacts
Vague data from contacts
No insight from data
Over-‐opTmism about market size
Poorly arTculated experiments
Poorly arTculated pass / fail tests
AddiTonal Thoughts
Customer discovery is ongoing RtR case
Use your social network: Talk to users, influencers, recommenders, decision makers, even potenTal saboteurs…
BMC v. Lean Canvas Ash Maurya: hcp://bit.ly/1api7H1
Problem-‐SoluTon and Unfair Advantage are both necessary
EffectuaTon Sarasvasthy: www.effectuaTon.org
A Theory of Entrepreneurial ExperTse Exploit affordable loss?
Use strategic partnerships?
Leverage conTngency?
