Business Model Canvas
A business model describes the rationale of how an organization creates, captures and delivers value. The Business Model Canvas is a shared language or tool that helps you identify what you don’t know about what you need to know to run a business.
It is recommended that you use a business model canvas developed by Alexander Osterwalder and Yves Pigneur to track your validation.
There are a variety of digital tools to help you track your work on the Business Model Canvas and other related canvases. While we do not endorse any single tool, we do recommend that you use a tool like one of these or something similar to keep track of your work.
We suggest that videos contain the following components:
Who are you and what does the business do (pain and solution)?
What were your initial hypotheses? Did you identify a customer problem? What were the key hypotheses about the business model? Remember some of your most important hypotheses are about customer pain and your solution to that pain.
How did you test these hypotheses? What specific tests did you conduct? What did you discover? What facts were uncovered? What facts remain to be uncovered? One of the major purposes of the competition is to see if you have truly NAILED THE PAIN - but what data do you have?
How were your initial assumptions proved right or wrong? What pivots did you make?
Validated Business Model Slides
Did you diagram your business model and present the facts? How does the business make and deliver value? Consider the following critical points to communicate:
- Solution Slides: Explain your current solution to the customer problem. What evidence do you have of this solution (customer statements, pilot commitments, purchase orders)?
- Go-to-Market Strategy: Indicate the decision-makers and influencers of getting to a consummated sale. Share the facts and opinions you have gathered from customers that show you understand and can convincingly communicate with customers.
- Size of Market: Be able to show TAM, SAM, your target market and your apex for entry into the market.
- Lessons Learned: Be sure to communicate the lessons learned, including pivots and failure.
Appendices should be included only when they support the body of the model. These additional slides need to be available for giving context and for answering questions judges might have. Because judges might not read all the material in the appendices, the body of the model must contain all information pertinent to the model.