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

Case Study 2 .- . TactusTechnology Swiftkey has focused has focused on on bringing their establishing a strong IP product to market, position, with 15 issued with three software and 45 pending generations over the patents. "We made a past four years, and choice to go with significant follow-on intellectual property..." innovation in the area of 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 on 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 of work on all sides of the company, including finding and working in a good prototyping space, improving our software, reaching out to environmental organizations, 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 or 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 one, 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!