Validation Week 6. Agenda 5:30 – Team Stand Up 5:45 – Validation 6:00 – Activity: Validation...
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Transcript of Validation Week 6. Agenda 5:30 – Team Stand Up 5:45 – Validation 6:00 – Activity: Validation...
ValidationWeek 6
Agenda• 5:30 – Team Stand Up• 5:45 – Validation• 6:00 – Activity: Validation• 6:45 – Activity: 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
Why Validate?
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
Activity: Validate• 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
Activity: Validation Template
Find the Validation tab in your team’s
Technovation Workspace on Google
Docs
Business Plan• After you have completed the
Validation Template you will have the right information to create a business plan.• Follow the template in Workspace
to structure a business plan.
Business Plan• A business plan is a robust
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
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?
Technovation Challenge Google Group
Share with us onTwitter & Facebook
Tweet us: @_technovation_#technovation
Like us on Facebook: Technovation Challenge
Ongoing Offsite Activities• Customer Development• Usability Testing• Evaluate Data• Build Prototype