Good Morning! MCS4461/ BMS4307 Mass Communication Business Ulrich - - PowerPoint PPT Presentation

Good Morning! MCS4461/ BMS4307 Mass Communication Business

Ulrich Werner

Steps we will go today

• 1. Your assignments, please
• 2. Entrepreneurial Strategy
• 3. Minimum Viable Product

Yourassignments, please

• 1. Ideation, Brainstorming, Filtering Ideas
• 2. Market Research, Interviewing
• 3. Persona and Value Proposition

You notes are sufficient, doesn’t need to be in print.

EntrepreneurialStrategy

Learn from MIT …

Case Study 2

.- .

Tactus Technology has created a tactile user interface that combines the elegance of touchscreen with the physical sensation when typing Swiftkey has developed a powerful predictive algorithm that dynamically updates keyboards on a stroke-by stroke basis

Case Study 2

.- .

TactusTechnology has focused on establishing a strong IP position, with 15 issued and 45 pending

• patents. "We made a

choice to go with intellectual property..." Swiftkey has focused

• n bringing their

product to market, with three software generations over the past four years, and significant follow-on innovation in the area

• f predictive text

What happened? You may guess already.

• Tactus Technology has a longer cycle to results

based on needing to file IP. There are articles both in favor and opposed to the potential of the company going forward.

• Swiftkey has met with much success, including

being used on Android and iOS devices

Learn from MIT

Entrepreneurial Strategy

Competitive Advantage

Steps to perform your competitive advantage analysis: 1. Determine your top customer priorities (only two) and draw them on two axes 2. Rate your competitors on these dimensions and map them

• n the chart

3. Rate yourself and map where you would be on the chart 4. If you've done the previous steps correctly, you should be in the top right with minimal competition nearby!

– If this isn't the case, look at how you've defined your customer segment ‐ should it be more defined? – Look back at your market research ‐ where is the unmet need highest?

Strategy: Competitive Advantage

Strategy: Types of Strategies

Strategy Examples: What is your Core?

1. Assets ‐ Have control of key assets

– Best location – Expensive/unique machinery – Best talent/recruiting – Intellectual property/Unique expertise

2. Product / Service ‐ Better product or service

– Offer the most complete value proposition – Offer niche specialization – Recognized recurrent innovation – Best in important characteristic (e.g. user interface, performance)

Strategy Examples: What is your Core?

3. Value Chain ‐ Better operational characteristic(s) that really matter for your clients

– Fastest shipping – Cheapest product – More reliable delivery – Best post‐sales services

4. Disruption ‐ Create barriers for users leaving/competitors entering

– High switching costs – Network effects (value for user X increases when other users join) – Data generation – First‐to‐Market / Brand establishment / Timing of development

So, what is YOUR strategy?

MVP –Minimum Viable Product

First an overview by MIT

MVP –Learn from MIT

Example –Launch Company ‐DropWise

Company Description: Dropwise aims to use modernized technology to provide homeowners with a smarter, more effective way to monitor and conserve water. Their device attaches to water meters and transmits real‐time water usage data to a smartphone app, where users can track and understand their water usage throughout the day in a simple, appealing interface. Because of the innovative design behind their technology, the device is extremely simple to set up, requires no tools or plumbing, and transmits data very quickly, providing homeowners with a modernized and user‐friendly experience that is not offered by anyone else.

Example –Launch Company ‐DropWise

Example –Launch Company ‐DropWise

Looking Forward: Going forward, we plan on spending several months perfecting the design of our product before taking it to market. This will require a great deal

• f work on all sides of the company, including finding

and working in a good prototyping space, improving

• ur software, reaching out to environmental
• rganizations, and contacting manufacturers.

Ultimately, we hope to see Dropwise being used in homes and truly making a difference in the daily lives of homeowners, starting with the people in our own neighborhoods.

MVP –Minimum Viable Product

Key Components:

• Product or Service – what is the most simple product
• r service you can develop that would satisfy the

needs of your target customer?

• Customer Behavior – what is it that you are asking

your customers to do differently that you would need to test?

Product Development

Product Development

1. Outline ‐ Start with a simple sketching or outline, to ensure alignment and get feedback. 2. MVP ‐ Then, setup a "looks like" test ‐ the offering with some manual workarounds but that still feels the same to the customer. If concerned about over‐engineering this, chart potential features on a matrix of “easy to implement” versus “impact on customer priorities” and choose only the few in the top right. 3. Prototype ‐ Finally, develop the full prototype after you have gotten feedback from these early tests.

Consumer Behavior

Can you isolate the one thing you are asking customers to do differently and test it? Examples might include asking customers to:

• Buy from a drastically new place
• Integrate a lot of previous products / functions into
• ne, or
• Put their trust in a new product where the stakes

might be high

Almost a test … 

Zappos.com is an online shoe and clothing shop. It was founded in 1999 by Nick Swinmurn, who says that his initial inspiration came when he failed to find a pair of brown Airwalks at his local mall. That same year, Swinmurn approached Tony Hsieh and Alfred Un with the idea of selling shoes on line. When the initially had the idea, how could they test the biggest risks and setup an MVP?

Almost a test … 

Determine what the assumptions are about new customer behavior that you need to test. In this case, Zappos needs to test if customers will buy a product that they usually try on in a store from a drastically new place ‐ on line.

Almost a test … 

What would You do first?

• 1. Setup warehouse of shoes that your target

customers like

• 2. Build a website and post shoes you can go buy

easily

• 3. Raise money

So, what is YOUR MVP?

That’s it for today. Thank you for your attention!