Published on February 25, 2014
LEAN LAUNCHPAD AT NYU ITP Class 4 / 12 February 24, 2013 Jen van der Meer | jd1159 at nyu dot edu Josh Knowles | chasing at spaceship dot com Rockets Sketches borrowed from Harry Allen Design
TODAY: 6:00 – 7:00: Working through Revenue and Distribution Channels 7:00 – 7:15 Break 7:15- 8:30 Teams Present
WE ARE HERE . 2/3 Value Proposition UX Tools, Frameworks 1/27 Business Models Customer Development UX Tools Intro 3/17 Spring Break 2/17 President’s Day 2/10 Customer Segments Research Tools 3/24 Customer Development Product Development 3/3 Customer Relationships Partners, Product Development 2/24 Revenue Streams Distribution Product Definition 4/7 Customer Development Product Development 3/31 Customer Development Product Development 3/10 Resources, Activities, Costs, Product Development 4/21 Product MVP 4/14 Customer Development Product Development 4/28 Lessons Learned
REVENUE SEEMS SIMPLE Is revenue = pricing?
CUSTOMER DEVELOPMENT Iteration Customer Discovery Execution Customer Validation Customer Creation Company Building Revenue: The strategy the company uses to generate cash from each customer segment What value are customers willing to pay for?
REVENUE GAME – WHAT ARE THE MODELS? Google Dropbox Leapfrog OpenTable Foursquare Hootsuite Fitbit Flickr Facebook Instagram Scholastic WhatsApp Cherrios Whole Foods Amazon Walmart Lego Postmates Salesforce.com Netflix Kickstarter Organic broccoli farmer
REVENUE PATH: WHO IS YOUR CUSTOMER? Users Buyers Influencers Approvers Blockers How the target customer currently purchases goods and services and how much they currently pay for equivalent products Their willingness to pay for value versus lowest cost? How much budget they have for your type of product?
TYPES OF REVENUE: WHAT STRATEGIES WILL YOU TEST? Selling physical goods Dynamic pricing Selling digital products Advertising Service per unit Promoted content Service for fixed prices Sponsorships Sales of service for future use Analytics Daily deals/flash sales Databases Subscriptions Brokerage Usage fees Transaction enablement Rental Affiliate programs Licensing Marketplace Certifications Freemium –paid w/out advertising Auctions Freemium –paid w/out restrcitions Interest/Mgmt fees Freemium – paid with additional features
REVENUE > PRICING Iteration Customer Discovery Execution Customer Validation Customer Creation Pricing is a tactic – how much are each of your segments willing to pay? Company Building
REVENUE > PRICING Users Buyers Influencers Approvers Blockers How the target customer currently purchases goods and services and how much they currently pay for equivalent products Their willingness to pay for value versus lowest cost? How much budget they have for your type of product?
CUSTOMER VALIDATION Iteration Customer Discovery Execution Customer Validation Verify core features Verify market’s existence Locate customers Tests the product’s perceived value and demand Idenfity the economic buyer Establish pricing and channel strategies Check out proposed sales cycle and process Customer Creation Company Building ESCAPE VELOCITY
CHANNELS AND DISTRIBUTION How does your product get from your company to your customer?
CHANNELS PRE INTERNET What were the channels before there was the internet?
CHANNELS POST DIGITAL What are the many channels now?
CHANNEL / PRODUCT Channel Bits/Virtual Physical Product Bits/Virtual Physical
HOW DO YOU WANT TO GET YOUR PRODUCT TO YOUR CUSTOMER? Product: Virtual or Physical Channel: Direct or Indirect
WHAT CHANNELS WILL YOU TEST? Direct sales through salesforce Dealer Direct sales through web Distribute to retailer Direct sales through mobile Value added resellers Direct sales through mobile app store Sell to distributor OEM Aggregator Systems integrator Other What is the complexity of your product/service?
WHAT CAME BEFORE STEVE AND ERIC 20
FOR NEXT WEEK 3/3/14
NEXT WEEK PREP: . Watch Lecture Customer Relationships—take the quiz Watch Lecture Partners Read: Business Model Generation 180-225 Talk to 5 or more customers face-to-face, Survey Monkey if relevant. Post discovery narratives Presentation: · Cover slide · Latest version Business Model Canvas with changes marked · Updates to Market size (TAM, SAM, Target Market) · Results of last week’s experiments. What passed, what failed, what did you learn? · Proposals for next week’s experiments. What constitutes a pass/fail signal for each
EVENT ! NYU ENTREPRENEURS SPEAKERS SERIES . Brett Martin Co-founder & CEO, Sonar Postmortem to a Venture-backed Startup Thurs, Feb 27 5pm-7pm Sonar was a mobile app created to usher in a new wave of “Ambient Social Networking”. It was downloaded by millions of people, promoted by Apple and Google, won numerous awards such as runner-up at TechCrunch Disrupt and Ad:Tech Best Mobile Startup, raised nearly $2,000,000 from prominent angels and VCs, and was featured on more than 300 publications including the New York Times, CNN, CNBC, TechCrunch, and TIME. And, yet it failed. Join Brett for a candid conversation on his lessons learned. RSVP.
EVENT ! NYU ENTREPRENEURS FESTIVAL . Celebrating Entrepreneurship @ NYU! New York University hosts the third annual NYU Entrepreneurs Festival on the weekend of February 28 and March 1 to celebrate the vibrant and growing startup culture at the University. The event enables startup founders, investors, and prospective entrepreneurs from the NYU and NYC entrepreneurial community to share their experiences, exchange valuable insights, and provide advice on creating new ventures with our students, faculty, and alumni. Get your tickets here!
NEXT: CANVAS REVIEW AND FEEDBACK
ITP TEACHING TEAM Jen van der Meer, Adjunct Professor at ITP since 2008 ITP courses + workshops: Bodies and Buildings, Products Tell Their Stories, ITP VC Pitchfest, . Currently: Luminary Labs, Angel Investor, Health Data Challenges, Judge for startup competitions, + SVA PoD Josh Knowles, ITP ’07 15+ years as an independent developer/consultant, working with numerous brands and start-up clients (currently under the aegis of Frescher-Southern, Ltd.)
STUDENT TEAMS Team Name School Cognitive Toy Box Lindsey Jones Stern Tammy Kwan Stern Hsiang Huang Stern Rodrigo Derteano ITP Maximo Sica ITP Ajejandro Puentes ITP Alon Chitayat ITP Sam Slover ITP Shilpan Bhagat ITP Max Ma ITP Sergio Majluf ITP Su Hyun Kim ITP Christina Yugai Stern Yuliya Parshina Kottas ITP Rose Meacham ITP Alternative Monuments NYBL DiscoverEd Advanced Expression
MENTORS + TEAMS Tom Igoe @tigoe ITP, Arduino, Making Things Talk, NYU ITP Pitchfest Alternative Monuments Julie Berkun Fajgenbaum @julieF Stern Adjunct Professor, Former VP Amex Open, now startup co-founder NYBL Michael Levitz @michael_levitz ITP grad, R/GA, Lean DiscoverED Sarah Krasley @sarahkrasley Autodesk, Sustainability, Berkeley Advanced Expression Chris Milne @greedo1000 IDEO, Toy Lab, Stanford, LEGO Cognitive Toy Box
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