The University of Texas at Austin Articulation of an Innovation into a Meaningful Market Space The Battle for Solubilization Domination Gregory P. Pogue, Ph.D. Deputy Director IC2 Institute The University of Texas at Austin ©2016 Gregory P. Pogue, Ph.D.

Goal for This Session Introduce the Texas Mutual Insurance Company to the Entrepreneurial Storyboard process through a set of active learning exercises to produce a refined Value Proposition for market consideration. ©2016 Gregory P. Pogue, Ph.D.

Proposed Schedule 1. Introduction 1:00 – 1:15 2. Value Creation – Problem Priorities 1:15 – 2:15 Research “Break” 1:35 – 2:00 3. Value Creation – Solution Proposal 2:15 – 3:30 Research “Break” 2:30 – 3:00 4. Value Delivery – Economic Value 3:30 – 4:00 Research “Break” 3:40 – 3:50 5. Value Realization - Collaboration 4:00 – 4:15 6. Storyboard Review 4:15 – 5:00 ©2016 Gregory P. Pogue, Ph.D.

Develop Your Problem Priorities Market Problem (What are you hearing? Break it down to the essential elements) Customer Archetype (Who experiences this problem most acutely? What defines them?) Impact on the Economic Unit (How does the problem impact economic unit – revenue or cost) Problem Priority (What priorities are of highest importance to the market ?) Each Team should review customer discovery outcomes and note clearly stated market problems. Who is needing a solution? What constraints there are on a solution and the priority of the problem/solution pairing based on customer importance, your differentiating value and depth of issue? ©2016 Gregory P. Pogue, Ph.D.

Product Attributes Product Attribute Importance to Customers (-3 to +3 with 0=average importance) Total Score: Each Team should use its technology/product description to identify at least six attributes of your product and rate these according to your understanding of customer value and importance. Add your scores and report in the last row. ©2016 Gregory P. Pogue, Ph.D.

Customer-Framed Benefits Product Attribute Customer Need Customer –Oriented Benefit Statement Each Team should pick one of its model products and identify at least four attributes of your product, trace these to defined customer need and restate attribute to be a customer-framed benefit. ©2016 Gregory P. Pogue, Ph.D.

Review Your Competition Quantitate When Possible!!! Revised Problem Priority (Previous Exercises) Solution Proposal: Your Product (-3 to +3 with 0=average fit to customer need and use practice) Competitor Your Differentiating Value (Where are you most unique in quality or delivery of value?) Total Score: Each Team should use the same four attributes already identified earlier, and rate the fit of your product and your chief competitors based on how well each meets customer needs. Use quantitative values of performance or value delivered instead of -3 to +3 whenever possible. ©2016 Gregory P. Pogue, Ph.D.

Diagram Your First Market Analysis Overall Market Segment Chosen First Customers Rationale ___________________ Rationale ___________________ Rationale ___________________ ©2016 Gregory P. Pogue, Ph.D.

Targeting Your First Market Target customer for your product: _________________________________ Where do you find these customers? How will they buy/gain use of your product? How will you reach them – where, when and how? ©2016 Gregory P. Pogue, Ph.D.

The “Ask” Worksheet Who… What… When… Where… How Much… ©2016 Gregory P. Pogue, Ph.D.