Validate: Problem/Solution Customer confirms that there is a problem. Customer is already investing resources into trying to solve this problem. Customer is already investing behavioral change into trying to solve this problem. Customer does not have any constraints that prevent them from trying this solution. Cindy Alvarez
Validate: Product/Market Fit Is your product a… Vitamin Aspirin Narcotic
Validate: Product/Market Fit If 40% of people using your app would be very disappointed without your product…you are there!!! So keep iterating to get closer and closer to be there by Pitch!
Validate: Business Model The market research and customer development informs you that the business will be profitable You will spend less to get a customer than you will make from the customer.
Validate: Your Market Quantify YOUR part (%) of the total market and the total revenue ($) opportunity
Symple App: Validation Find the Validation Example in your teams Technovation Workspace on Google Docs
Business Plan A business plan is a document that details company personnel, products, markets and the revenue projections of an organization. Business Plans are done once you have found product/market fit Reflects long term goals and objectives
Activities: Validation & Business Plan (20 Minutes) Validation Validate Problem/Solution Fit: Summarize all the data collected to show conclusion Validate Product/Market Fit: Summarize all data collected to show conclusion Validate Business Model: Demonstrate at least one viable approach to market and sell the finished App Validate Market Size: Quantify the Total Addressable Market for the App (45 Minutes) Business Plan - Follow the template in Workspace to structure a business plan
Activity: Validation Template Find the Validation tab in your teams Technovation Workspace on Google Docs
Reminder: Weekly Reflections What did your team like about this week? What challenges did your team have this week? Anything else your team would like to share?