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Introduction to Lean Business Model and Product Development
November 25 @ 1:00 pm - 4:00 pm
This session is for Innovation Factory and Forge clients only. Please contact your Client Service Manager or Brigitte Huard [email protected] to attend.
Nov 25, 2020 & Dec16, 2020 from 1-4pm (Attendees are expected to commit to attending both sessions)
Understanding the core problem you endeavor to solve through your business is the starting point for this workshop. Through the teachings of Eric Reis, Alexander Osterwalder and Steve Blank, Riley takes you through customer discovery, problem/solution validation techniques, and methods for avoiding bias. Riley introduces you to the business model canvas, rapid prototyping and the concept of lean product development. By the end of these workshops, you will have created a great problem statement, value proposition statement, and business model canvas. You will have all the tools you need to propel your business towards product/market fit.
Session 1: Nov 25, 2020 from 1-4pm
Goal: Prepare you to validate the problem/value proposition with your target market.
A great Value Proposition starts with a deep understanding of your customers’ pains. In this first workshop, we examine the problem you are solving with your product or service. What assumptions have you made and how do you test them? Discover tools and frameworks to help you interview customers and analyze results.
- Introduction: Startup Genome Project – how does your startup journey look?
- Articulating the problem
- What is product/market fit?
- The problem statement – how to create one and why it’s important.
- The value proposition – how to create one and why it’s important.
- How to ask for and then conduct customer interviews
- Avoiding bias
- How to identify problem nuances and customer insights
- Homework: Between sessions 1 and 2 you will have 3 weeks to conduct (record) and analyze 8-10 client interviews.
Session 2: Dec 16, 2020 from 1-4pm
Goal: Identifying insights and getting started with rapid prototyping.
Now, you’ve got your problem figured out but how do you ensure your solution actually addresses it in a way that makes a sustainable business? In this second workshop, we make sure that you’ve thought about the whole business model – product/market fit is great but if you can’t execute sustainably, your business will fail. In the spirit of reducing risk, we delve into rapid prototyping; there are so many ways to test your ideas before you start spending money on your MVP (Minimum Viable Product).
- Finding the gold in customer interviews
- Share insights
- The Business Model Canvas
- Validating through the Business Model Canvas
- MVP: What it is, how to build one and how to incrementally test it/validate it.
Outcome of this process: You will be given the tools that will lead you towards product/market fit and the ability to articulate and validate core elements of your Value Proposition – problem/pain, target user/customer, solution and value proposition.
About the Facilitator: Riley Moynes, Incubator Manager @The Forge Business Incubator
Riley is a filmmaker turned design/business strategist originally from Regina, Saskatchewan. Riley has an entrepreneurial background having owned and operated a film and video production company for 8+ years while living in Saskatchewan. Riley thrives in leadership roles – having produced/directed television for ESPN, CBC, ABC, as well as commercial clients such as DuPont and Farm Credit Canada.
Prior to starting his MBA in design strategy at the California College of the Arts, Riley started a Saskatchewan-based, solar energy company capitalizing on the Canadian government’s sustainability strategy and the unique climate of Saskatchewan. Riley is incredibly excited to offer support to fledgling startups in the Hamilton business ecosystem and to utilize his design thinking skills in the process.