Startup Studio: The Business Model

Startup Studio, the workshop series is designed for entrepreneurs including CEO’s of early stage ventures, Founders, Co-Founders and CXO’s. 

How is an idea different from a new venture opportunity? Turn an idea into a viable venture by crafting a business model.

• Identify a strategy for targeting a market segment with a solution that will attract customers, partners, investors, key employees and other resources that will be needed to enter and gain traction in the market and create value for stakeholders.
• Value proposition will reflect the entrepreneur’s assumption for how the business model will generate cash flow

There is no single path that entrepreneurs follow as they identify the ideas that may become valuable businesses. Finding ideas is a creative process developed via:

• Personal experiences and expertise
• Network of relationships with others who offer fresh perspective

To further explore your idea, use the Business Model Canvas as your lens to evaluate the opportunity and serve as your roadmap for venture development. Continue to update the Business Model Canvas as your venture evolves. 

Business Model Canvas

• Strategic management and entrepreneurial tool which allows you to describe, design, challenge, invent and pivot your business model

 http://www.businessmodelgeneration.com/canvas/bmc

I recommend beginning with Value Proposition (top, center) and working your way around the canvas in a clock-wise direction.

Value Proposition:

• What value do we deliver to the customer?
• Which one of our customer’s problems are we helping to solve?
• What bundles of products and services are we offering to each customer segment?
• Which customer needs are we satisfying?

Customer Relationships:

• What types of relationship does each of our customer segments expect us to establish and maintain with them?
• Segments expect us to establish with them?
• Which ones have we established?
• How are they integrated with the rest of our business model?
• How costly are they?

Channels:

• Through which channels do our customer segments want to be reached?
• How are we reaching them now?
• How are our channels integrated?
• Which ones work best?
• Which ones are most cost-efficient?
• How are we integrating them with customer routines?

Customer Segments:

• From whom are we creating value?
• Who are our most important customers?

Cost Structure:

• What are the most important costs inherent in our business model?
• Which key resources are most expensive?
• Which key activities are most expensive?

Revenue Streams:

• For what value are our customers really willing to pay?
• How are they currently paying?
• How would they prefer to pay?
• How much does each revenue stream contribute to the overall revenue?

Continue to follow the canvas:

http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf

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Written by Grant Son 

Grant Son grew a startup venture into a top 10 sports website acquired by ESPN. Current CEO of Greater Good Ventures, providing venture services to early stage ventures, large corporations and Ivy League Universities, including Cornell University. Currently teaching Sports Marketing at the Yale School of Management and teaching Entrepreneurship at Columbia University. Recently taught Sports Marketing at Columbia Business School.

Grant is a proven innovator and champion in both large corporations and entrepreneurial environments. Professional experience includes serving as CEO of two digital ventures – SchoolSports (top-10 sports website acquired by ESPN) and Greater Good Ventures – as well as senior roles with iconic brands such as CBS, the NFL, and Sports Illustrated. MBA in finance from Columbia and BA from the University of Pennsylvania. Thirty years of experience, including 20 years in digital media. Board member and advisor to established companies and more than 20 start-up ventures. 

Currently or recently served as mentor and Entrepreneur in Residence for the Wharton School, Wharton Social Impact Initiative, Columbia Business School, Cornell University, Princeton, and Johns Hopkins.

Startup Studio: curriculum + practicum + shared experiences