Creating Testable Propositions

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From the course by University of Virginia

Innovating with the Business Model Canvas

16 оценки

University of Virginia

Innovating with the Business Model Canvas

16 оценки

Have you ever gotten really excited about reading or writing a business plan? You might have started out excited, but I’m going to bet you didn’t stay that way. Let’s be honest- business plans are boring and mostly ignored. The beauty of the one-page Business Model Canvas is that it drives meaningful focus. It helps us organize our ideas and have better discussions by forcing specificity and bringing linkages between key business drivers to the foreground. Innovation requires one hand being very focused on a fundamental need or problem while the other hand quickly tests different solutions. For this, the Business Model Canvas is very innovation friendly: It's a lot easier to tweak the model and try things with something that's sitting on a single page In this course, you’ll learn key tools from the worlds of design thinking and Lean Startup to approach the Canvas with thoughtfulness, focus, and above all a test-driven approach to business model innovation.

From the lesson

Focusing for Profitability and Growth

How do you avoid the distractions that keep companies from innovating their way to organic growth? The best recipe is a hyper focus on finding product/market fit and scaling it. Fortunately, the Canvas is a great way to create that focus. We’ll start the course by looking at the jobs you do for customers and how your particular propositions drive revenue. We’ll also look at how you link those with focused customer journeys to keep these customer-centric linkages healthy and growing.

Getting Started with the Canvas2:25

Making the Canvas Work for You: Your Role4:41

Making the Canvas Work for You: Product Phase4:00

Meet Enable Quiz2:25

Creating a Testable Product/Market Fit5:48

Knowing Your Customer5:09

Getting to Know Your Customer Better: Think See Feel Do4:15

Knowing What Propositions to Test6:08

Creating Testable Propositions3:15

Testing Your Propositions8:04

Meet the Instructors

Alex Cowan
Faculty & Batten Fellow
Darden School of Business

Let's say we've gone out,

we've done our discovery with real human subjects,

and we have this view that we want to test of what

our customer segments and the personas within them actually will buy from us.

The propositions that will cause them to engage with and buy and use our product.

How do we test those?

Well, we talked about this process,

and we're kind of taking these as an input,

and what we're really focused on is how we take

these value propositions and assumptions and test

them while minimizing the amount of time that takes

and the amount of money we have to invest so that we give ourselves more and more tries.

And that's really the whole purpose of this sequencing of things.

As you move forward through this process,

your options are going to narrow because to build good product,

you've got to drive to a level of specificity,

and at the same time your costs are going to escalate.

It's very inexpensive on a relative basis to go and talk to subjects,

its a bit more expensive to run the kind of engagement

and motivation experiments we're about to talk about together.

And all of that is vastly cheaper than building and

maintaining actual software or physical product.

You've got this view of problem scenarios and alternatives,

and this question of are our propositions better enough than

the alternatives at delivering on

this problem scenario that our customers are going to buy and use this?

So how do we test that with a minimum of waste?

Well, we take first of all this kind of proposition hypothesis,

where we're able to lean our propositions against an understanding of the personas,

the alternatives, and then we have a nice structured kind of

point of view that everybody can understand and go out and test and observe.

If we wanted to kind of summarize our sort of value hypothesis,

the hypothesis that we have

a proposition that our customer actually wants to buy something from us,

it might look something like this.

If Enable Quiz does something,

offers companies that hire engineers

lightweight technical quizzes that screen job candidates then,

and this is kind of the next class, then these companies what would they do?

They would trial, use,

adopt, and ultimately pay for such a service.

Now this may seem really, really simple.

It's like well, if we set up a lemonade stand on

fourth in May next Saturday people will come and buy lemonade.

But, you may find and I think you will find,

that this is a really useful starting point for just saying,

here's what we're assuming about the business,

and how are we going to test that with a minimum of time and money?

And you want to act like a scientist and do this

in a disciplined way where you're looking for an objective right or wrong answer.

And as any scientist will tell you,

the best way to get a good experimental result is to go in with a

nice well thought out and well textured hypothesis.

So, how do we take our nice well textured,

well researched hypothesis or good ideas that

we've formulated based on talking with subjects,

and systematically, go through and see if we're right

about this customer segment to value proposition fit.

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