Business Innovation

DAY 1

Different type of business: B2C, B2B, B2G, others

Why do new ventures fail?

• no market need 42%

• Run out of cash 29%

• Not the right team 23%

• Get outcompeted 19%

• Pricing/Cost issues 18%

• User unfriendly product 17%

• Business without a business model 17%

• Poor marketing 14%

• Ignore customers 14%

• Product mistimes 13%

• Lose focus 13%

• Disharmony among team/investors

• Pivor gone bad

• Lack passion

How to improve chance of success?

SME

Subsistence/Incremental/Necessity

IDE

This image is inspirational for exploring my thesis project and experiments

The importance of Innovation is that it brings revolutionary opportunities--> to educate the mainstram market, and Improvement is to bring Evolutionary opportunities-->to maintain competitive edge.

Target customers:

1. customer has a problem

2. the customer is aware of his/her problem

3. The costumer has been actively searching for a solution

4. The customer has a budget

Opportunity score = Desirability*Frequency*MarketSize*Trend*Competition*DomainKnowledge

Day 2

1. Specify problem

2. Solving the problem by clearly differentiated value proposition

3. For specific Customer

4. The solution is the product/service

How to validate the solution?

If the customers want the solution? Are they willing to pay? How much do they want to pay? How urgent is the need?

Concierge, prototypes, interview

Use GenAI

Day 3

Market

From TAM (Total Available market/whole market)

To SAM (Serviceable Addressavble Market)

To SOM (Our share of Market)

[This is how Instagram ad setting is designed]

Executing

Customer Creation, Company Building

Acquistion (How do users find us) --> Activation (Do users have a great first experience) --> Retention (Do users come back) --> Revenue (How do you make money) --> Referral (do users tell others)

Channels of marketing:

Free

• SEO

• Blogging/sharable content/content marketing

• Social Media

• Communities

• Proven Viral Coefficient

Paid

Day 4

Financial plan

1

Plan for 12-18 month

multiple scenarios (optimistic-mid-pessimistic)

Salaries, Material costs, Revenues, other expenses

2

Forms of financing

Founders, FFF, VCs & BAs, Loans, Grants, Crowdfunding, others

3

Team

Build the right team

How to distribut

What do investors look for:

Team --> Market --> Traction --> Unit economics

Day 5

Presentation

my presentation is about a business of improvisation tattoo sessions