Bora Özkent

NEW VENTURE DEVELOPMENT/DAY-3

New Venture Development, Bora Özkent 2014

2

PRESENT BUSINESS CANVAS FOR YOUR IDEA

New Venture Development, Bora Özkent 2014

3

WHAT HAVE YOU LEARNED FROM THE READING ASSIGNMENTS?

New Venture Development, Bora Özkent 2014

4

New Venture Development, Bora Özkent 2014

7

CUSTOMER INTERVIEWS

New Venture Development, Bora Özkent 2014 8

What is the Biggest Problem?

New Venture Development, Bora Özkent 2014 9

Four Main Outcomes

• How do customers solve the problem today? How do they do the job today?

• Do customers care about the problems that you mention in your canvas? Are they looking for a solution?

• Do customers have other problems worth solving?

• Who is going to be the early adaptor and their persona.

10

What You Should Learn?..

• How is your customer currently dealing with this task/problem?  (What solution/process are they using?)

• What do they like about their current solution/process?• Is there some other solution/process you’ve tried in the past that was better

or worse?• What do they wish they could do that currently isn’t possible or practical?• If they could do [answer to the above question], how would that make their

lives better?• Who is involved with this solution/process?  How long does it take?• What is their state of mind when doing this task?  How

busy/hurried/stressed/bored/frustrated? [note: learn this by watching their facial expressions and listening to their voice]

• What are they doing immediately before and after their current solution/process?

• How much time or money would they be willing to invest in a solution that made their lives easier?

New Venture Development, Bora Özkent 2014 11

Do’s and Don’ts About Customer Interview

12

Steve Blank’s Check List

Watch Steve Blank Checklist Videoshttps://www.youtube.com/watch?v=zOqvoMMcq7I&list=PLcdm0yqdmhJopRkThQ16Wc8LXqSoQg15m

Do’s and Don’ts About Customer Interview

14https://www.youtube.com/channel/UCsK2-j7YBb-AamoSDXROPjw

Who Is The Early Adaptor?

Who Is The Early Adaptor?

New Venture Development, Bora Özkent 2014 16

1. Has a problem2. Is aware of having a problem3. Has been actively looking for a solution4. Has put together a solution out of piece

parts5. Has or can acquire a budgethttp://www.spikelab.org/blog/early-adopters-definition.html

Customer Persona of the Early Adaptor

17

http://www.spikelab.org/blog/persona-development.html

50 Lira Challenge

New Venture Development, Bora Özkent 2014 18

Homework For Next Session

• Perform the 50 TL CHALLENGE– No gambling, no begging, no cheating, no unethical or unlawful action– Prepare 3 minute presentation

• What was you initial idea• What happened during the process – Funy incidents• How your money grew• What have you learned

• Read Book: Running Lean– Part 3: Chapter 5– Part 4: Chapter 6 and Chapter 7

• Read Persona and Early Adaptor Articles– http://www.spikelab.org/blog/early-adopters-definition.html– http://www.spikelab.org/blog/persona-development.html

• Watch Steve Blank Checklist Videos– https

://www.youtube.com/watch?v=zOqvoMMcq7I&list=PLcdm0yqdmhJopRkThQ16Wc8LXqSoQg15m 19

Homework For Next Session

• Make 25 Customer Interviews and 10 Supplier Interviews per group, document them on the problem interview sheets, bring sheets to the class.

• Learn from your customers about your business idea and develop Lean Canvas Version 2.

• Prepare powerpoint presentation– Initial lean canvas– What you have learned from customers– Describe your early adaptor customer and supplier personas in detail– New lean canvas (Show what has changed)

• Send the presentation to me latest March 22nd 12PM.• Other Recommended Resources For Customer Interviews

– 26 Resources to Help You Master Customer Development Interviews https://blog.kissmetrics.com/26-customer-development-resources

– http://www.cindyalvarez.com– https://www.youtube.com/channel/UCsK2-j7YBb-AamoSDXROPjw

20