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App Developer

Testing Business Ideas 

Welcome Teams,

Your submissions are crucial— they're the very foundation upon which the jury evaluates the viability of your business idea and decides if you're set to advance to the Finals. We understand that comprehending the full scope of expectations and finding the right direction can be daunting.

That's precisely why we've created this guide: to offer you a starting point and demystify the process. Should questions persist after exploring this resource, our team is readily available to assist you. Don't hesitate to get in touch for further clarification or support.

Let's embark on this journey together, transforming your innovative ideas into reality.

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STEP1: Business Model Canvas

Creating a Business Model Canvas is crucial because it serves as a comprehensive yet concise overview of how a business operates or will operate. It allows entrepreneurs and managers to understand, visualize, and communicate their business model effectively.

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STEP 2: Customer Discovery & Validation

Customer Discovery focuses on identifying and testing user problems and potential solutions.

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STEP 3: Customer Problems & Needs 

Customer Validation is about developing a scalable business model and confirming that the product can meet the needs of the market sustainably.

Business Model Canvas

A Business Model Canvas is a strategic management tool used for developing new business models or documenting existing ones. It provides a visual chart with elements describing a company's value proposition, infrastructure, customers, and finances. This approach helps organizations align their activities by illustrating potential trade-offs. Using it involves mapping out the nine key components: Key Partners, Key Activities, Key Resources, Value Propositions, Customer Relationships, Channels, Customer Segments, Cost Structure, and Revenue Streams, to understand and design how a business creates, delivers, and captures value.

We suggest watching this video:

Download a template here

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Customer Development Process

Watch two introductory videos into this model:

The Customer Development process, developed by Steve Blank and integral to the Lean Startup, is a framework designed to validate product ideas and ensure they meet customer needs before they are fully developed. It consists of four steps: Customer Discovery, Customer Validation, Customer Creation, and Company Building. This process allows organizations to save time and money by focusing development efforts only on well-tested ideas that are likely to achieve product-market fit.

The video outlines the first step of customer discovery, emphasizing the iterative process of testing and refining a business model based on customer feedback. It begins with stating hypotheses and creating a business model canvas, followed by "getting out of the building" to test the problem and solution with potential customers.

The video discusses the customer development process, emphasizing the importance of validating hypotheses about customer problems or needs by engaging directly with potential customers.

Business Meeting

Start Testing Business Ideas & Join our Live Q&A

Once you have started with the Business Model Canvas and Customer Discovery - the next best step is hypothesis testing. 

It is important to speak to potential customers - hoteliers, business owners or your target consumer. Testing the assumptions about your business idea can help you better understand the feasibility, desirability and viability of your idea - which all directly link to to the Grading Rubric for the Semi-Finals. 

In order to understand what assumption testing is and how to ensure that your idea is feasible and investible, we ask you to watch the content above and also this Webinar (1 hour) on Testing Business Ideas:

MANDATORY FOR THE Q&A

FURTHER INFO (OPTIONAL)

In addition to the Webinar, we have organised a live Q&A with Entrepreneurship Lecturers Astrid Wisse and Gustavo Rego who will answer all your questions about the Business Model Canvas, Customer Discovery and Hypothesis Testing. 

We really hope that you will make use of this unique opportunity.  Feel free to also provide us with questions in advance, to make the best use of the Q&A. 

Business Ideas Q&A
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