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Transcript of Tec 050312
Business Models and Customer Development
Steve Blank
www.steveblank.com
@sgblank
How to Fail Less
As Smart As You Are Most of You Will Fail
This Talk is How to Fail Less
Agenda
1. What we used to believe / What we now know
2. Business Models and Customer Development
3. Customer Development Details
4. Examples
What We Used to Believe
Strategy
All I Need to Do is Execute the Plan
All I Need to Do is Execute the Plan
All I Need to Do is Make the Forecast
All I Need to Do is Make the Forecast
What We Now Know
Strategy
Planning comes before the plan
Business Models
Business Models
Business Model Hypotheses
Search
Strategy
Execution
Operating Plan +Financial Model
What We Used to Believe
Process
We Built Startups by Managing Processes
Product Management
+
Waterfall Engineering
Product Introduction Model
Concept/Seed
Round
Product Dev.
Alpha/Beta Test
Launch/1st Ship
Product Introduction Model
Concept/Seed
Round
Product Dev.
Alpha/Beta Test
Launch/1st Ship
Customer Problem: known
Product Features: known
Waterfall / Product ManagementExecution on Two “Knowns”
Requirements
Design
Implementation
Verification
Maintenance
Source: Eric Rieshttp://startuplessonslearned.blogspot.com
Customer Problem: known
Product Features: known
Waterfall / Product ManagementExecution on Two “Knowns”
Requirements
Design
Implementation
Verification
Maintenance
Source: Eric Rieshttp://startuplessonslearned.blogspot.com
What We Now Know
Strategy
More startups fail from a lack of customers than from a failure of product development
Customer DevelopmentA Search Strategy
Business Model Hypotheses
Strategy
Process Customer &Agile Development
Operating Plan +Financial Model
Product Management& Agile Development
Search Execution
What We Used to Believe
Organization
Hire and Build a Functional Organization
What We Now Know
Organization
Founders run a Customer Development Team
No sales, marketing and business development
Business Model Hypotheses
OrganizationCustomer
Development Team, Founder-driven
Customer Development,Agile Development
Operating Plan +Financial Model
Product ManagementAgile or Waterfall Development
Functional Organization by Department
Search Execution
Strategy
Process
Business Model Hypotheses
Strategy
OrganizationCustomer DevelopmentTeam, Founder-driven
ProcessCustomer Development,
Agile Development
Search
Business Model Hypotheses
StrategyOperating Plan +Financial Model
OrganizationCustomer DevelopmentTeam, Founder-driven
Process Customer Development,Agile Development
Product ManagementAgile or Waterfall Development
Functional Organization by Department
Search Execution
Part 2
Business Models and
Customer Development
What’s A Startup?
A temporary organization designed to search
for a repeatable and scalable business model
A temporary organization designed to search
for a repeatable and scalable business model
A temporary organization designed to search
for a repeatable and scalable business model
A temporary organization designed to search
for a repeatable and scalable business model
A temporary organization designed to search
for a repeatable and scalable business model
A Startup aims to become a company
What’s a Business Model?
But,Realize They’re Hypotheses
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Business Model Canvas
9 Guesses
Guess Guess
Guess
Guess
GuessGuess
Guess
GuessGuess
Turning Hypotheses Into Facts
The Four Steps – The Startup Path
Customer Development
Customer Development
Test the Problem, Then the Solution
Customer Development
The Minimum Viable Product
Customer Development
The Pivot
Customer Development is how you search for the model
Customer Discovery
Web/Mobile Versus Physical
• Web/Mobile startups run faster
• Different process steps for web vs. physical
• Customer Relationships are radically different
Customer
Discovery
Customer
Validation
Pivot
Customer Validation
Customer Validation
Step 1: Get Ready to Sell
Customer Validation
Step 2: Sell to EarlyVangelists
Customer Validation
Step 3: Develop Positioning
Customer Validation
Step 4: Pivot or Proceed
Part 3
How Does this Really Work?
Pivot ExampleRobotic Weeding
Talked 75 Customers in 8 Weeks
Our initial plan
Confidential
20 interviews, 6 site visits…We got OUR Boots dirty
WeedingVisited two farms in Salinas Valley to better understand problem
Interviewed:• Bolthouse Farms, Large Agri-Industry in Bakersfield• White Farms, Large Peanut farmer in Georgia• REFCO Farms, large grower in Salinas Valley• Rincon Farms, large grower in Salinas Valley• Small Organic Corn/Soy grower in Nebraska• Heirloom Organics, small owner/operator, Santa Cruz Mts• Two small organic farmers at farmers market• Ag Services of Salinas, Fertilizer applicator
MowingInterviewed:• Golf: Stanford Golf course • Parks: Stanford Grounds Supervisor, head of maintenance and
lead operator (has crew of 6)• Toro dealer (large mower manufacturer) • User of back-yard mowing system• Maintenance Services for City of Los Altos• Colony Landscaping (Mowing service for stadiums)
Business Plan Autonomous Vehicles for Mowing & Weeding
We reduce operating cost- Labor reduction- Better utilization of assets (eg mow or weed at nights)- Improved performance (less rework, food safety)
Mowing- Owners of public or commercially used green spaces (e.g. golf courses)- Landscaping service provider
Weeding- Farmers with manual weeding operations
Dealers sell, installs and supports customer
Co. trains dealers, supports dealers
- Mowing Dealers- Ag Dealers
- Innovation- Customer Education- Dealer training
Dealer discount COGS seek a 50-60% Gross MarginHeavy R&D investment
- Dealers (Mowing and Ag)- Vehicle OEMs (John Deere, Toro, Jacobsen, etc)
- Research labs
Asset saleOur revenue stream derives from selling the equipment
Engineers on Autonomous vehicles, GPS, path-planning
Found weeding in organic crops is HUGE problem; 50 - 75% of costs
Crews of 100s-1000
Back-breaking task
(Ilegal) labor harder to get
1-5 weedings per year/field
$250-3,500 per acre and increasing
Food contamination risk
Decision to make – mowing vs weeding
Application If ROI is < 1 yr they will
buy
Labor costs significant?
Autonomous would solve
problem?
TAM
Mowing of large fields
Yes.Professionally
run organizations
Yes Yes Adjusted up toxxx
Weeding in Agriculture
Agri Industry: YES!
Large Growers: Yes
Small Growers: No
YES! for organic crops
They are spending $500/ac!
Not necessarily
Key need is weed vs. crop differentiation
TAM increased to $2.6 B (Total
organic)
Target Market (organic
specialty) 162 M/yr
18%/yr growth
Autonomous vehicles WEEDING
We reduce operating cost- Labor reduction (100 to 1)- Reduced risk of contamination- Mitigate labor availability concerns
- Low density vegetable growers- High density vegetable growers- Thinning operations- Conventional vegetables
Dealers sell, installs and supports customer
Co. trains dealers, supports dealers
- Ag Dealers- Ag Service providers
- Innovation- Customer Education- Dealer training
Dealer discount COGS seek a 50-60% Gross MarginHeavy R&D investment
- Ag Dealers- Ag Service providers
- Research labs
Asset saleOur revenue stream derives from selling the equipment
Engineers on Machine VisionTwo problems:- Identification- Elimination
1 Week – 1 CarrotBot
Confidential
CarrotBot
• Machine Vision data collection platform– Monochrome & Color
Cameras– Laser-line sweep (depth
measurement)– Encoders
(position/velocity)– Onboard data acquisition
& power
CarrotBot 1.0
The Business Plan Canvas Updated
•Research Labs•Equipment Manufacturers•Distribution Network•Service Providers
•Technology Design•Marketing•Demo and customer feedback
•Cost Reduction•Remove labor force pains•Eliminate bio-waste hazards•IP – Patents
•Video Classifier Files•Robust Technology
•Farming conventions.•Demo, demo, and demo!!•Proximity is paramount
•Organic Farmers•Weeding Service Providers•Conventional Farmers
•Dealers•Direct Service•Indirect Service• … then Dealers
•Asset Sale•Direct Service with equipment rental•… then Asset Sale
Value-Driven
Visit Highlights
Carrot vs. WeedsDue to small root systems, carrots have no chance against weeds
Visit Highlights
Organic Broccoli, closely cultivated. Weeds close to plants are hand-picked
Visit Highlights
State of the Art in Weeding Technology for Organic Crops
Customer Hypothesis
Hypothesis Confirmed• Growers interested in own equipment • Industrial (10,000s of acres) • Large (1,000s of acres)• Willing to pay $100k for one unit
• Smaller growers (100s of acres) usually subcontract the labor services or rent equipment
• All purchases through local dealers• Customer service is essential
Pre-Test
Post-Test
Customer Map #1 – Industrial Growers
Example: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr
• Equipment Operator
• Director, Ag Technology• Justin Grove, interviewed
• VP, Growing Operations
• CFO, CEO (Jeff Dunn)
• Local Farm Mgr• Cliff Kirkpatrick, visited
Equipment Operator
Cliff, Farm Mgr
Customer Map #2 – Service Providers
Example: Ag Services – Service Provider, Salinas Valley
• Equipment Operator
• Service Mgr
• ?? (service mgr’s boss)
Me (left), Marty (middle, Service Mgr), Doug (right, Grower)
• Grower
The Business Plan Canvas Updated
•Research Labs•Equipment Manufacturers•Distribution Network•Service Providers
•Technology Design•Marketing•Demo and customer feedback
•Cost Reduction•Remove labor force pains•Eliminate bio-waste hazards•IP – Patents
•Video Classifier Files•Robust Technology
•Farming conventions.•Demo, demo, and demo!!•Proximity is paramount
•Mid/Large Organic Farmers•Agricultural corporations•Weeding Service Providers
•Mid/Large Conventional Farmers
•Direct Service•Indirect Service• … then Dealers
•Direct Service with equipment rental•($1,500/d; 120d/yr )•Low density: $1,500/d•High density: $6,000/d
Value-Driven
World Ag Expo interviews:the need is real and wide spread
• 10+ interviews at show– Everyone confirmed the need– Robocrop, UK based, crude
competitor sells for $171 K
• Revenue Stream– Mid to small growers prefer a
service– Large growers prefer to buy, but
OK with service until technology is proven
– Charging for labor cost saved is OK, as we provide other benefits (food safety, labor availability)
Confidential
The Business Plan Canvas Updated
•Research Labs•Equipment Manufacturer•Distribution Network•Service Providers• 2 or 3 Key Farms
•Technology Design•Marketing•Demo and customer feedback
•Cost Reduction•Remove labor force pains•Eliminate bio-waste hazards•IP – Patents
•Video Classifier Files•Robust Technology
•Farming conventions.•Demo, demo, and demo!!•Proximity is paramount
•Mid/Large Organic Farmers•Agricultural corporations•Weeding Service Providers
•Mid/Large Conventional Farmers
•Direct Service•Indirect Service• … then Dealers
•Direct Service with equipment rental•Low density: $1,500/d•High density: $6,000/d
Value-Driven• R&D• Bill of Materials• Training & Service• Sales
Autonomous weeding - Final
We reduce operating cost- Labor reduction (100 to 1)- Reduced risk of contamination- Mitigate labor availability concerns
- Low density vegetable growers- High density vegetable growers- Thinning operations- Conventional vegetables
Direct- Provide high quality service at competitive price
Direct - Alliance with service providers- Eventually sell through dealers
- Innovation- Customer Education- Dealer training
Costs for service provisionCOGS seek a 50-60% Gross MarginHeavy R&D investment
- Ag Service providers
- Research Institutes (eg UC Davis, Laser Zentrum Hannover)
- 3-4 key farms
Service provision- Charge by the acre with modifier according to weed density - Eventually move to asset sale
Engineers on Machine VisionTwo problems:- Identification- Elimination
Business Plan Autonomous Vehicles for Mowing
We reduce operating cost- Labor reduction- Better utilization of assets (eg mow or weed at nights)- Improved performance (less rework, food safety)
Mowing- Owners of public or commercially used green spaces (e.g. golf courses)- Landscaping service provider
Weeding- Farmers with manual weeding operations
Dealers sell, installs and supports customer
Co. trains dealers, supports dealers
- Mowing Dealers- Ag Dealers
- Innovation- Customer Education- Dealer training
Dealer discount COGS seek a 50-60% Gross MarginHeavy R&D investment
- Dealers (Mowing and Ag)- Vehicle OEMs (John Deere, Toro, Jacobsen, etc)
- Research labs
Asset saleOur revenue stream derives from selling the equipment
Engineers on Autonomous vehicles, GPS, path-planning
How Does This Really Work?
NSF Lean LaunchPad Class
10 Weeks From an Idea to a Business
Graphene Frontiers
48 COMPANIES70+ CONVERSATIONS
We are a nanotechnology materials company with a proprietary process for producing high quality, low cost, large area graphene films at commercial scale
Background: Graphene Applications“Wonder Material” Graphene
• Nano Material Subject of 2010 Nobel Prize in Physics • 2D Carbon: Strong, Flexible, Conductive, Transparent• Enables Next Generation Thin, Flexible Devices
Touch Screen, DisplaysFlexible Transparent
Electrodes
Thin, Flexible
Solar Cells
Problem: Lab Scale Not EnoughGraphene Production Must Scale Up to
Commercial Levels before Integration into Consumer Products Becomes a Reality…
Solution: Scalable Production ProcessOur Patent-Pending APCVD Graphene Production Process:•Operates at ambient pressure, reducing cost enabling flexible design•Industrial scale, continuous roll-to-roll production possible•Graphene sheet size limited only by CVD furnace dimensions•Same or better quality vis-à-vis LPCVD graphene•Graphene growth at 900-1000 °C, lower than other methods
Market: Size and GrowthNascent Graphene Market is Ready to Explode:Commercial Scale Production will be Catalyst
• Thin, Flexible Displays• Solar Thin Film• Touch Screens• Thermal Management for Electronics• Basic Materials and Research• Microscopy (TEM) Sample Supports
2012 2016
$52M
Market for GrapheneFilms/Sheets
Thermal Management$6.4B
Graphene Frontiers Process & Product Offering• GF APCVD Process will Accelerate Graphene Adoption Curve
Thin, Flexible Display$8.2B
Thin Film Solar$4.6B
Research/Mat’l/Other
$1.4B
GF TAM:$1.2B
Team: Graphene FrontiersEL: Zhengtang Luo, PhD – Chief Science Officer
10+ years experience in synthesis of carbon nanomaterials and product development for applications in the area of materials chemistry, chemical separation and electronic devices.
Mentor: Mike Patterson – CEO
Experienced entrepreneurial leader, manager, and trusted adviser to startups and Fortune 500 companies, providing expertise in growth strategy and international operations. Patterson is an Executive MBA candidate (Entrepreneurial Management, April 2012) at the Wharton School, University of Pennsylvania.
PI: A.T. Charlie Johnson, PhD – Founder, Scientific Advisory Board
Known internationally for his work in graphene electronics and carbon nanotube electronics. IP from his lab on DNA-carbon nanotube devices for use in an electronic nose system pursued by Nanosense. An author of over 130 peer-reviewed articles, Johnson holds two issued patents, with 18 other patents submitted.
Recap
• Graphene technology will change the world...
• …but not until it is available in commercial volumes
• We believe that APCVD is the best path to industrial scale
• Whoever meets this challenge will be first mover in a fast
growing market with multi-billion dollar potential
• We are the right team with the right technology to do it
What’s Next: Strategy and Roadmap
4” Scale-Up
Process Licensing
Roll-to-Roll Mfg.
Industrial Scale
TEM Grids
Materials Business
12” x 12” Sheet
Production
Intellectual PropertyThin, Flexible Displays
Application R&DTeam
Perfect
Continuous Process
“World Leader in
CVD Graphene
Innovation”Scale-Up Sheet Size
Increase Area Increase Throughput New Applications
1H 2012 2012 2013+
Commercial Roll-to-Roll Design & Prototype
ApplicationDevelopmentPhase
Product/Revenue
Milestone
Activity
What’s Next: Secure Partnerships + Investment
Active Customer Conversations
Manufacturing Partners
Distribution Partners
?Seed Investment
Needed
$1.5 MM
Here’s What We Thought:– Graphene can be used for just about anything– All of the big manufacturers are just waiting for our
product– The market for graphene will explode in 2012– We will become the world’s largest graphene
manufacturer
Enter I-Corps: Beginning Hypotheses
So Here’s What We Did…
• Research to identify target companies: Build the list
– Web, industry/research reports, personal network,
“Who else should we talk to?”
• Calls to personal/professional/alumni network: “Do you
know anyone…?”
• Intros, warm calls, cold calls, cold calls, more calls
So Here’s What We Did…
• Google AdWords Campaign + Survey Monkey
– 3 days, 8,555 Impressions, 34 people clicking through to our site, ZERO
contacts/closes. Retrospect: What were we trying to learn???
• Serendipity: Casual conversation turns to Graphene Frontiers at alumni event:
“That’s terrific! You know, I work at DuPont. Here’s my card… send me your deck and let me know how I can help.”
–Tom Connelly, Chief Innovation Officer, DuPont
So Here’s What We Did…
• 48 Companies Engaged, 70+ Conversations: – Lockheed Martin, GrafTech, Inventables, alphaMOS, FirstNano, Pannam Imaging,
FujiFilm, Solutia, Dontech, Tramonto Circuits, Adamant Technologies, Intel, XG Sciences, Graphene Technologies, Densitron, Hotatouch, Touch International, Magic Touch, NJY Technology, Pangea Ventures, Display Search, Dow, DuPont, 3M, Corning, BASF, WL Gore, Morgan AM&T, Plextronics, SPI Supplies, New Metals and Chemicals, G.E., Innovalight, Siemens, Nelson-Miller, Essilor USA, Nexans, E-ink, Gamma Dynamics, Plastic Logic, Cabot Corporation, Thin Diamond, Knighthawk Engineering, Kopietz Consulting, DISPLAX, NineSigma, Evaporated Coatings, LiquaVista
• 80 LLL Posts, 61 Comments/Responses– 79% comments positive or factual, 21% “Constructive”
So Here’s What We Learned…
• Atmospheric pressure production is key value-add– Not “high-quality”, not single-layer
• Many big companies are on the sidelines doing limited
product dev, waiting for a proven production method
• We need to focus on scaling up (bigger & faster)
• We need a partner to break into consumer electronics
• Cost matters, but not as much as we thought
So Here’s What We Learned…
• TEM grids are viable, near term but small market
– Will rely on distribution partner
• Displays will be next big thing
– Focus on flexible/foldable thin displays
– May require partnership with OEMs or sub-contractors
• Extensive product characterization is next step
– Transparency, haze, sheet resistance for displays (3M, Dow, DuPont)
– Minimize layers and contamination for TEM (SPI, Halcyon)
Process• Low Cost• Higher Quality• Large Area• “Industrializable”• Flexible Mfg
Material• Thermal Conduct.• Elect. Conduct• Strength• “Semiconductor”• Flexible• Transparent
• Defense• MEMS• Chem/Bio Detect.• Researchers• Optoelectronics• Transparent
Conduct. (Touch)• Solar Cell Electrodes• Thermal Mgmt• Supercapacitor• Battery• TEM support• Polymer/Composite• CVD Equip Mfg
• Distributor• Direct Sales• Online• License• Partner/JV• Bundle
• Warranty• Service/Maint.
Agree• Joint Marketing• Branding
• R & D• Scale up system design• Graphene production• IP creation/licensing• Internal application
development
• Material Sales• License/Royalty• Equipment Sales• Consulting• Maintenance• Design
• Add’l IP• Applications• SBIR• Angel• VC• Ben Franklin
• IP* (Patent/License)• Team/Expertise• Credibility/Rep• CVD Equipment• Inputs (gas/foil)• Lab space• Website• Design/Engineering
• Earlyvangelists• (Customer/Partner)• Equipment Mfg• Universities• Downstream
fabrication companies
• Suppliers
• Team• Lab space• Capital equipment
The Business Model Canvas
Process• Low Cost• Higher Quality• Large Area• “Industrializable”• Flexible Mfg
Material• Thermal Conduct.• Elect. Conduct• Strength• “Semiconductor”• Flexible• Transparent
• Defense• MEMS• Chem/Bio Sensor• Researchers• Optoelectronics• Transparent
Conduct. (Touch)• Solar Cell
Electrodes• Thermal Mgmt• Supercapacitor• Battery• TEM support• Polymer/Compos.• CVD Equip Mfg
• Distributor• Direct Sales• Online• License• Partner/JV• Bundle
• Warranty• Service/Maint.
Agree• Joint Marketing• Branding• Education
• R & D• Scale up system
design• Graphene product.• IP creation/
licensing• Internal app. dev.
• Material Sales• License/Royalty• Equipment Sales• Consulting
• Maintenance• Design• Add’l IP• Applications
• IP* (Patent/License)• Team/Expertise• Credibility/Rep• CVD Equipment• Inputs (gas/foil)• Lab space• Website• Design/Engineering
• Lead Customer• Equipment Mfg• Universities• Downstream
fabrication companies
• Suppliers
• Team• Lab space• Capital equipment• Direct Sales/Travel
The Business Model Canvas
Low Cost Thermal Mgmt Solutions
Direct Sales
Scale up
Material Sales
IP
Equipment Mfg
Direct Sales/Travel
Transparent Conduct. (Touch)
Chem/Bio Sensor
Education
Service/Maint.
License
Higher Quality
Large Area
“Industrializable”
License/RoyaltyCapital equipment
Lab space
Personnel
CVD Equipment
Facilities/Lab
Customization
Production
Universities
Downstream fabrication companies
The Business Model Canvas
Low Cost Thermal Mgmt Solutions
Direct Sales
Scale up
Material Sales
IP
Equipment Mfg
Direct Sales/Travel
Transparent Conduct. (Touch)
Chem/Bio Sensor
Education
Service/Maint.
License
Higher Quality
Large Area
“Industrializable”
License/RoyaltyCapital equipment
Lab space
Personnel
CVD Equipment
Facilities/Lab
Customization
Production
Universities
Downstream fabrication companies
The Business Model Canvas
Low Cost Thermal Mgmt Solutions
Direct Sales
Scale up
Material Sales
IP
Equipment Mfg
Direct Sales/Travel
Transparent Conduct. (Touch)
Chem/Bio Sensor
Education
Service/Maint.
License
Higher Quality
Large Area
“Industrializable”
License/RoyaltyCapital equipment
Lab space
Personnel
CVD Equipment
Facilities/Lab
Customization
Production
Universities
Downstream fabrication companies
Intermediate product
Graphene Frontiers Business Model Canvas – PRIOR VERSION (10.18)
Low Cost Thermal Mgmt Solutions
Direct Sales
Scale up
Material Sales
IP
Equipment Mfg
Direct Sales/Travel
Transparent Conduct. (Touch)
Chem/Bio Sensor
Education
Service/Maint.
License
Higher Quality
Large Area
“Industrializable”
License/RoyaltyCapital equipment
Lab space
Personnel
CVD Equipment
Facilities/Lab
Customization
Production
Universities
Downstream fabrication companies
Intermediate product
Membrane switches
Replace ITO
Collaborative R & D
This Week:Split, then Pivot
Graphene Frontiers Business Model Canvas “A”
IP
Higher Quality
“Clean”
Atomically Thin and Robust
Revenue Sharingw/Distributor
“Free” (Selling Byproduct)
CVD Equipment
Facilities/Lab
Research Groups
TEM Equipment Mfg.
Trade ShowsElectron Microscopists
Academic PapersTransfer Process Optimization
Graphene Frontiers Business Model Canvas “B”
Low Cost
Scale up
IP
Equipment Mfg
Direct Sales/Travel
Flexible Transparent Conductor
Education
Service/Maint.
License
Higher Quality
Large Area
“Industrializable”
License/RoyaltyCapital Equipment
Lab space
Personnel
CVD Equipment
Facilities/Lab
Customization
Universities
Downstream Fabrication Companies
Intermediate product
Collaborative R & D
Foldable / Bendable
Graphene Frontiers Business Model Canvas “B”
Low Cost
Scale up
IP
Equipment Mfg
Direct Sales/Travel
Flexible Transparent Conductor
Education
Service/Maint.
License
Higher Quality
Large Area
“Industrializable”
License/RoyaltyCapital Equipment
Lab space
Personnel
CVD Equipment
Facilities/Lab
Customization
Universities
Downstream Fabrication Companies
Intermediate product
Collaborative R & D
Foldable / Bendable
How to Build A Startup
IdeaBusiness ModelSize Opportunity
Customer Development
How to Build A Startup
Idea Business Model(s)
Size of the Opportunity
Customer Discovery
Customer Validation
How to Build A Startup
Idea Size of the Opportunity
Business Model(s)
Customer Discovery
Customer Validation
Theory Practice
Business Model(s)
Size of the Opportunity
How to Build A Startup
Idea Size of the Opportunity
Business Model(s)
Customer Discovery
Customer Validation
Business Model(s)
Size of the Opportunity
How to Build A Startup
Idea Size of the Opportunity
Business Model(s)
Customer Discovery
Customer Validation
Business Model(s)
Size of the Opportunity
• First test the problem• Next test the solution
How to Build A Startup
Idea Size of the Opportunity
Business Model(s)
Customer Discovery
Customer Validation
Business Model(s)
Size of the Opportunity
Why Do We Do This?
Make Your Lives Extraordinary
Additional Resources
• I-Corps class summary: http://steveblank.com/2012/03/26/the-national-science-foundation-innovation-corps-what-america-does-best/• I-Corps team presentations: http://www.slideshare.net/sblank/tagged/i-corps• Resources for startups: http://steveblank.com/tools-and-blogs-for-entrepreneurs/• Books for startups: http://steveblank.com/books-for-startups/• Additional resources: http://steveblank.com/slides/