Validation

Week 6

Agenda

• • • • 5:30 – Team Stand Up 5:45 – Validation 6:20 – Activities: Validation & Business Plans 7:25 – Review Assignment

Objectives

• • • • • Validate Problem / Solution fit Validate Product / Market fit Validate Business Model Validate Market Size Iterate Product

Validation

• • • Speaker Name Title Credentials

Why Validate?

Validate

:

Problem/Solution

• Customer confirms that there is a problem.

• Customer is already investing resources into trying to solve this problem.

• Customer is already investing behavioral change into trying to solve this problem.

• Customer does not have any Cindy Alvarez constraints that prevent them from trying this solution.

Validate: Product/Market Fit

• • • Is your product a… Vitamin Aspirin Narcotic

Validate: Product/Market Fit

• • If 40% of people using your app would be very disappointed without your product…you are there!!! So keep iterating to get closer and closer to be there by Pitch!

Validate: Business Model

• • The market research and customer development informs you that the business will be “profitable” You will spend less to get a customer than you will make from the customer.

Validate: Your Market

Quantify YOUR part (%) of the total market and the total revenue ($) opportunity

Symple App: Validation Find the Validation Example in your team’s Technovation Workspace on Google Docs

Business Plan

• A business plan is a document that details company personnel, products, markets and the revenue projections of an organization.

• Business Plans are done once you have found product/market fit • Reflects long term goals and objectives

• •

Activities: Validation & Business Plan

(20 Minutes) Validation  Validate Problem/Solution Fit: Summarize all the data collected to show conclusion  Validate Product/Market Fit: Summarize all data collected to show conclusion  Validate Business Model: Demonstrate at least one viable approach to market and sell the finished App  Validate Market Size: Quantify the Total Addressable Market for the App (45 Minutes) Business Plan - Follow the template in Workspace to structure a business plan

Activity: Validation Template Find the Validation tab in your team’s Technovation Workspace on Google Docs

Reminder: Weekly Reflections

• • • What did your team like about this week?

What challenges did your team have this week?

Anything else your team would like to share?

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Ongoing Offsite Activities

• • • • Customer Development Usability Testing Evaluate Data Build Prototype