1. Research and Enterprise Linking Minds and Markets Section 1 - Title Student Start-Up Event Wednesday 28 th March 2012 Business Planning Dr. Tim Meldrum

2. Research and Enterprise Linking Minds and Markets ‘Ideas are ten-a-penny. Execution is everything’ Felix Dennis

3. Research and Enterprise Linking Minds and Markets The causal route to execution … £ £ £ Product Team AnalysisPlan Investor Cash

4. Research and Enterprise Linking Minds and Markets …can be a very rocky road 250 hours….  3.1 minutes 2.0%

5. Research and Enterprise Linking Minds and Markets Why do we need an alternative? ‘Most start-ups fail because they didn’t develop their market, not because they didn’t develop their product.’ Steve Blank (2005)

6. Research and Enterprise Linking Minds and Markets The effectual route to execution 1. The market 2. The product 3. The venture 4. The future Pivot …

7. Research and Enterprise Linking Minds and Markets Four steps to validation 1.Market – customer discovery: what do they need? 2.Product – customer validation: meet that need 3.Venture – company creation: make & sell 4.Future – company sustainability: it lives & grows The DOT Principle: Do, Observe, Think

8. Research and Enterprise Linking Minds and Markets Steps One & Two Customer Discovery Customer Validation Problem- Solution fit Proposed MVP Proposed Channel Product- Market fit Business Model Marketing Roadmap Pivot

9. Research and Enterprise Linking Minds and Markets What is ‘MVP’? Customer Discovery Customer Validation Problem- Solution fit Proposed MVP Proposed Channel ‘The product version that allows you to get maximum proven learning about customers with the minimum effort’

10. Research and Enterprise Linking Minds and Markets What is ‘Product-Market Fit’? Customer Validation Product- Market fit Business Model Marketing Roadmap ‘a big-enough set of passionate customers who are positive enough to pay’

11. Research and Enterprise Linking Minds and Markets What is ‘Pivot’? Customer Discovery Customer Validation Problem- Solution fit Proposed MVP Proposed Channel Pivot ‘you change a bit of your solution based on iterative learning’

12. Research and Enterprise Linking Minds and Markets The CitySpark plan 1.The Problem: market opportunity 2.Whose Problem? customers or clients 3.The Solution: product or service 4.The Team: who and why 5.The Business Model: delivering the solution 6.Irresistible: different from your competitors 7.The Future: growth plans

13. Research and Enterprise Linking Minds and Markets Effective business planning 1.Accept this is the first, not the last, plan 2.Be ready to iterate and change 3.First discover customers then validate demand 4.And Do, Observe, Think 5.Avoid being wedded to your 1 st idea! 6.Write that plan for the right audience: who are your partners & investors?

14. Research and Enterprise Linking Minds and Markets CitySpark Summer School 11 th to 13 th June 2012 Northampton Square www.city.ac.uk/cityspark