1. Tips & Tricks for Mentors
October 2015
© 2015 INCubatoredu, NFP

2. Content Background Curriculum The Mentor’s Job
What do I say to my team?
Resource: Real Pitches by Real Students
© 2015 INCubatoredu, NFP

3. LEAN methodology + Foundational business education
Blend of business basics and new LEAN methodology
© 2015 INCubatoredu, NFP

4. Curriculum Search and Discover Validate Unit 1 Ideation Unit 2
Customer Discovery
Unit 3
Customer Connections
Unit 4
Dollars and Cents
Introduction – 5 days
BMC – 3 days
Group Ideation – 5 days
BMC Refinement – 3 days
Competitive Analysis – 4 days
Value Proposition – 5 days
Customer Segmentation - 2
External Advice/Mentor Match- 3
Problem Interview - 6
Market Sizing - 3
Solution Interview - 11
Positioning - 3
Channels - 2
Customer Relationships - 3
Internet Marketing - 4
Positioning - 3
Channels - 2
Customer Relationships - 3
Internet Marketing - 4
Pricing - 2
Estimating Costs - 3
Intro Financial Statements - 2
Mechanics of Excel - 2
Financial Modeling - 5
Pricing - 2
Estimating Costs - 3
Intro Financial Statements - 2
Mechanics of Excel - 2
Financial Modeling - 5
Validate
Unit 5
Building Your MVP
Unit 6 Validation/
Experimentation
Unit 7
Promotion
Unit 8 Operations/
Presentation
Two semester course that uses LEAN foundation interwoven with foundational business topics
Web/App Development – 3 days
MVP Design – 8 days
MVP Funding – 3 days
Prep for Pitch – 6 days
MVP Pitch – 2 days
Implementation Planning - 2
MVP Experimentation - 12
Business Regulation - 2
Technology Planning - 3
Legal - 4
Growth Engine - 3
Marketing Planning - 3
Sales Planning - 2
Staffing/Operations - 2
Insurance - 2
Finances - 3
Funding Requests - 3
Prepping for Pitch - 5
Pitch - 3 4
Bolded items delivered by volunteer Coach
© 2015 INCubatoredu, NFP

5. Curriculum Search and Discover Validate Unit 1 Ideation Unit 2
Customer Discovery
Unit 3
Customer Connections
Unit 4
Dollars and Cents
Customer Segmentation - 2
External Advice/Mentor Match- 3
Problem Interview - 6
Market Sizing - 3
Solution Interview - 11
Advisory Day
Validate
Unit 5
Building Your MVP
Unit 6 Validation/
Experimentation
Unit 7
Promotion
Unit 8 Operations/
Presentation
Mentors join the program during Unit 2 5
© 2015 INCubatoredu, NFP

6. Curriculum Search and Discover Validate Unit 1 Ideation Unit 2
Customer Discovery
Unit 3
Customer Connections
Unit 4
Dollars and Cents
Validate
Unit 5
Building Your MVP
Unit 6 Validation/
Experimentation
Unit 7
Promotion
Unit 8 Operations/
Presentation
Key milestones that mentors will help prep student teams are MVP and Pitch
MVP Pitch Prep
Pitch Prep
Web/App Development – 3 days
MVP Design – 8 days
MVP Funding – 3 days
Prep for Pitch – 6 days
MVP Pitch – 2 days
Implementation Planning - 2
MVP Experimentation - 12
Business Regulation - 2
Technology Planning - 3
Legal - 4
Growth Engine - 3
Marketing Planning - 3
Sales Planning - 2
Staffing/Operations - 2
Insurance - 2
Finances - 3
Funding Requests - 3
Prepping for Pitch - 5
Pitch - 3 6
© 2015 INCubatoredu, NFP

7. Guide vs. Block the flow

8. Mentor’s Job – The “What”
Overall, the mentor’s goal is to identify the riskiest parts
of the students’ business
What do you consider the riskiest part of the plan?
Have you overcome similar risks?
How would you go about testing those risks?
Are there other people the team should speak with?
© 2015 INCubatoredu, NFP

9. Mentor’s Job -- The “How”
Guiding often means questioning
“How are you applying this week’s coach lessons to your business?”
“What do your customer interviews tell you about your problem/hypothesis? Is the problem significant?”
NOT about telling the students the “right” answers
Self discovery is a powerful teacher
Help students apply hypothesis/test/iterate to their specific business
Understand/reinforce principles of financial model
© 2015 INCubatoredu, NFP

10. Search and Discover Unit 2 Customer Discovery Unit 3
Customer Connections
Unit 4
Dollars and Cents
Lessons in Classroom
Customer Segmentation
External Advice/Mentor Match
Problem Interview
Market Sizing
Solution Interview
Positioning
Channels
Customer Relationships
Internet Marketing
Pricing
Estimating Costs
Intro Financial Statements
Mechanics of Excel
Financial Modeling
What will you charge for your business product/service? Why?
How did you arrive at that price?
What do similar businesses charge for their product?
What is your competitive advantage?
What volume/revenue is needed, at the price you are charging, to break even? Is that realistic?
Some questions to ask your team
What was the inspiration for your idea?
What problem is your idea addressing?
Who have you talked to to validate if that problem exists with others? Did you find the problem was common among that group?
Is the potential customer segment large enough for your business concept?
What adjustments could be made to improve your business concept?
How will your business be distinctive relative to existing businesses that address the same problem?
Why should the customer believe you?
What can you do right now to reach potential customers?
How can you test customer responses to your business idea? 10
© 2015 INCubatoredu, NFP

11. Validate Unit 5 Building Your MVP Unit 6 Validation/ Experimentation
Promotion
Unit 8 Operations/
Presentation
Lessons in Classroom
Web/App Development
MVP Design
MVP Funding
Prep for Pitch
MVP Pitch
Implementation Planning
MVP Experimentation
Business Regulation
Technology Planning
Legal
Growth Engine
Marketing Planning
Sales Planning
Staffing/Operations
Insurance
Finances
Funding Requests
Prepping for Pitch
Pitch
Some questions to ask your team
Will your business concept use web or app communication? Why? How?
How can the business concept be tested so that the team has many learning cycles using little money?
What adjustments have you made to the BMC? Why?
How are problem/customer responses incorporated into the MVP Pitch?
What is the story for the MVP Pitch?
What comments from the Board of Advisors should be addressed during the MVP phase? Why?
What are the top 3 steps to implement the teams’ MVP?
Who does what in the MVP?
If the customer response is not what you expect, how will the team respond?
Key watch out is procrastination, not because students don’t want to do the work, more due to fear of failing. Failure is fine. It’s how you handle failure, learn and adjust or….?
What are you hearing from customers/vendors?
What are you learning?
How will that learning be applied to your business model canvas and/or MVP?
Have issues raised by the Board of Advisors been addressed?
What adjustments need to be made, based on learning from market?
What is the team story at this stage?
How are expected financials looking compared to MVP experience?
Pitch preparation
Every team will do an “Academic Pitch” in the classroom. Some teams will be invited to an optional “Final Pitch,” a competition.
Two semester course that uses LEAN foundation interwoven with foundational business topics 11
© 2015 INCubatoredu, NFP

12. Video Clips – Final Pitch Examples
FMB Technology Warrior Wipes The Study Project TechWurk FantasTech
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