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Just to get started
The Business Model Canvas was created by Alexander Osterwalder and is made of nine building blocks that cover the three main areas of a business: desirability, viability and feasibility. It shall aid in obtaining a simple, structured yet straightforward overview of your idea/venture. Upon filling out the blocks there will be some clarity about the customers you will serve, what value propositions are offered through what channels, and how you intend to seek monetary results. Not to fear, we are aware that there are many elements and aspects that can change in regards to your idea. This is merely to create a preliminary understanding about your own business model.
Some things to consider when filling out the blocks
1. Customer segments
List the top three segments. Look for the segments that provide the most revenue.
2. Value proposition
What are your products and services? What is the job you get done for your customer?
3. Revenue streams
List your top three revenue streams. If you do things for free, add them here too.
4. Channels
How do you communicate with your customer? How do you deliver the value proposition?
5. Customer relationships
How does this show up and how do you maintain the relationship?
6. Key activities
What do you do every day to run your business model?
7. Key resources
The people, knowledge, means, and money you need to run your business.
8. Key partners
List the partners that you can’t do business without (not suppliers).
9. Cost structure
List your top costs by looking at activities and resources.
Your video pitch
The last part of your application process is a short, 2-minute video pitch. The pitch is the perfect opportunity for you to show us what your business idea is all about. So what should your pitch look like?
Keep in mind that a video pitch is a concise overview of your business idea and what technology, product, or service you want to offer. The pitch answers all key questions that potential partners have about your business. So before you start recording, really think about what you are going to show them in just 2 minutes. What problem do you solve? How will you solve it? What makes you unique?
Let us know if you have some specific topics or challenges which you would need VentureLab to help you with. What issues do you think you need to tackle? How will you do it?
