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 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 Cindy Alvarez constraints that prevent them from 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? Technovation Challenge Google Group Share with us on Twitter & Facebook Tweet us: @_technovation_ #technovation Like us on Facebook: Technovation Challenge Ongoing Offsite Activities • • • • Customer Development Usability Testing Evaluate Data Build Prototype