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
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 constraints that prevent them from trying this solution. Cindy Alvarez
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