2017 BTO FOA Kick-off Meeting - Energy.gov › sites › prod › files › 2018 › 01 ›...
Transcript of 2017 BTO FOA Kick-off Meeting - Energy.gov › sites › prod › files › 2018 › 01 ›...
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Customer Discoveryand Maximizing Impact
2017 BTO FOA Kick-off Meeting
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Segway raised over $100MM USD in 2001.
Largely based on cult-of-personality of inventor, Dean Kamen.
Planned to revolutionize urban transportation.
Projected to sell 10,000 Segways per week.
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Largely used funds for tech development –and it was GREAT technology!
Hired logistics consultants to work on providing 10,000 Segways per week.
At the end of 2 years they sold 6,000 TOTAL Segways.
Did not identify and validate a true “unmet need” from CUSTOMER PERSPECTIVE.
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In other words, don’t be the next
Segway!
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In other words, don’t be the next
Mall Cop!
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How many of you wantto create a startup?
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How many of you wantlicense your technology?
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How many of you wantincrease the impact of
your research?
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Is your solution “better and more
expensive”?
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Is your solution “better and less
expensive”?
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Is your solution “worse and less
expensive”?
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Is your solution “worse and more
expensive”?
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To be continued…
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The Prequel
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My startup set out to change an entire industry…
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We had a much better way
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What Happened?
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10 years $20M later
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The Sequel
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2,000+ Teams
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10,000+ Hours
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Science andTechnology Focus
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Startups andTransformational
Opportunities
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Two PrimaryExamples
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Innovation Corps (I-Corps)
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$7 Billion
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“How can we increase the economic impact of the
research dollars invested every year?”
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Lean LaunchPad Course
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Developed by
entrepreneurs
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Taught by
entrepreneurs
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You Promised Me Mars Colonies.Instead, I Got Facebook.
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GettingBetter?
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$22B Ghost
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Not I-CorpsFocus
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I-Corps first program to apply lean startup principles
to complex engineering, technology, and science based
startups
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SBIR/STTRBootcamp
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Venture Capital<10% of seed stage investments
SBIR/STTR> 90% of seed stage investments
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Venture Capital<10% of seed stage investments
SBIR/STTR> 90% of seed stage investments
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“Transforming the world’s largest seed fund
…into the world’s largest Accelerator.”
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“Transforming the world’s largest seed fund
…into the world’s largest Accelerator.”
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How about a littleArt History?!
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Two Extremesof Innovation
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The InnovationContinuum…
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ConceptualInnovation
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ExperimentalInnovation
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Not Justfor Art!
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Rethinking
Technology Innovation
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“I haven’t failed.
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– Thomas Edison
“I haven’t failed.
I’ve just found
10,000 ways that
won’t work.”
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Conceptual or Experimental?
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“People don’t know what they want…until I show it to
them!”
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“People don’t know what they want…until I show it to
them!”
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“People don’t know what they want…until I show it to
them!”
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ExperimentalInnovation
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Define Value
Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-Done”
Define the Customer
Formulate Product Strategy
Formulate Market Strategy
UncoverHidden Growth Areas
FormulateInnovation
Strategy
CompetitiveAnalysis
Experimental Innovation Process Steps
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Define Value
Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-Done”
Define the Customer
Formulate Product Strategy
Formulate Market Strategy
UncoverHidden Growth Areas
FormulateInnovation
Strategy
CompetitiveAnalysis
Steps we tend to Ignore!!!
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ConceptualInnovation
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Build, show, and
hope
Formulate Product Strategy
Formulate Market Strategy
What can we do
“better”
Who else is doing what we
are doing?
What are we good at doing?
Technical Brainstorm
Input from sales and marketing
“Guess” at potential market share
Pay for market
forecasts
Google Market Trends
Product Development as Conceptual Innovation
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Product Strategy
Build, show, and hopeFormulate
Product Strategy
Formulate Market Strategy
What can we do
“better”
Who else is doing what we
are doing?
OR…
What are we good at
doing?
Technical Brainstor
m
Input from sales
and marketing
“Guess” at potential market share
Pay for market
forecasts
Google Market Trends
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SoberingStatistics
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More startups fail from a
lack of customers
than from product failure
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More startups fail from a
lack of customers
than from product failure
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Not Justfor Startups
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Where do companies look for growth?
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94
GROWTH OBJECTIVES REQUIRE A PORTFOLIO APPROACH
CapabilitiesFamiliar New
Mar
kets
NewTRANSFORMATIONAL
ADJACENT
CORE
Substantial top line growth
Step change Innovation
Value-chainrelevance
Pick Big Domains: Prototype, Learn, Pivot
Invest in Extendable Technologies and Market Insights
Drive Productivity in Product Line Renewal
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95
Unknown
Partially Known
Known
Execute
Search
Execute / Search
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Our Goal
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Improve Odds
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Reduce Customer Risk
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Create More Winners
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Shift the Curve
Shift the Curve
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AND
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Reallocate Resources if No-Go
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InventionInnovation
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Inventionabout Technology
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Innovation about Customer
Needs
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Our Approach
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InnovationCulture Change
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Solutions Based toNeeds Based
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How might we apply Experimental Innovation
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Customer Discovery
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ScientificMethod
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TEST andVALIDATEassumptions
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Talk (listen) to customers…
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Jobs to be Done
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Uncover Unmet Needs
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Immersive Experiential
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Get out of the building!
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Jump!
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But why?
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“The first principle is that you must not fool yourself, and you are the
easiest person to fool.”
– Richard Feynman
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“The first principle is that you must not fool yourself, and you are the
easiest person to fool.”
– Richard Feynman
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Everyone has a plan…
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…until he gets punched in the face.”
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Our Philosophy
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Coaches…not Consultants
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How to think…not what to think.
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Test the Problem First
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Search for…Problem-Solution Fit
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“Can you identify and validate a problem or need in the
market that enough people care about?”
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Test the Solution Second
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Search for…Product-Market Fit
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“Can you build and deliver a product/service that satisfies
the customer problem or need?”
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Is this a business worth doing…
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Search for…Business Model Fit
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What’s a Business Model?
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… how a company creates, delivers, and captures value.
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…or how a company makes money!
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The Business Model measures value to the
business.
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Problem-Solution Fit Product-Market Fit Business-Model Fit
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Problem-Solution Fit Product-Market Fit Business-Model Fit
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Problem-Solution Fit Product-Market Fit Business-Model Fit
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End GoalValidated Business
Model
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Where we start…
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Identify Customer Segment and Value
Proposition(s)prior to building rest of
Business Model
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Hypotheses Hypotheses
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How do we validatea Customer Segment and
corresponding Value Proposition(s)?
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
Customer DiscoveryDriven Steps
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
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DefiningCustomers
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End Users
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Purchasers / Buyers
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Everyone Else
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B2B vs B2C
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You have a business model…
and so does your customer if selling to a
business
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YOURCOMPANY
YOUR CUSTOMERS
B2B*How are you driving value
to your customers?
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Customers in B2C, B2B, B2B2C
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ConsumerWeaver/ Denim mill
Raw Material Supplier
Spinner Garment Maker Apparel Brand Distributor Retailer
YOURCOMPANY
ULTIMATEUSER
VALUE PROPOSITION
WHAT ARE VALUE PROPOSITIONS FOR EVERY STEP IN THE VALUE CHAIN?
Understand Business Models in Value ChainExample: Material supplier for clothing line.
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
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What “job” areyou trying to do?
Not just “functional” job…there are often key social, emotional, or consumption jobs.
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A job is defined as the progress that a customer desires to make in a particular
circumstance.
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
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What are “key”outcomes they care
about?How do customers rank order and measure satisfaction
towards these outcomes?
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
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Segment customers based on common prioritization (rank
ordering) and satisfaction (under or
over served) of outcomes.
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Define Value Proposition
Segment based on
Needs
Define Metrics of
Success
Define“Jobs-to-be-
Done”
Define the Customer
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Pick BEST strategy based on needs of targeted Customer Segment
Charge More Charge Less
Get the Job Done Better
Get the Job Done Worse
Differentiated Strategy(underserved customers)
Dominant Strategy(all types of customers)
Discrete Strategy(Customers with limited
options – trapped market)
Disruptive Strategy(Overserved customers and
non-consumers)
SustainingStrategy
(existing customers)
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Some FinalThoughts
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“I have approximate answers and possible beliefs and different degrees of certainty
about different things, but I’m not absolutely sure about anything.”
– Richard Feynman
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“I have approximate answers and possible beliefs and different degrees of certainty
about different things, but I’m not absolutely sure about anything.”
– Richard Feynman
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“Everything that needs to be said has already been said.”
“But since no one was listening, everything must be said again.”
André Paul Guillaume GideFrench Author and Nobel Laureate
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“Everything that needs to be said has already been said.”
“But since no one was listening, everythingmust be said again.”
André Paul Guillaume GideFrench Author and Nobel Laureate
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QuestionAnswer
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Business Models are subject to external forces
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Business Models evolve,they are not static
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