| Which are the 6 subject of the CiE course? | -Antecedents and requirements for growth
-Growth strategies
-Growth process & phases
-Innovating for growth
-Incubators & accelerators
-Leadership & human capital |
| What are the 5 main building blocks for the Lean Startup? | -Finding & prioritizing market opportunities
-Designing business models
-Validated learning (incl customer development)
-Building minimum viable products (MVP)
-Learning to persevere or to pivot |
| Why is the Lean Startup used? | -Entrepreneurs adopt an outwoard looking learning mindset
-Working with a first set of tools to accomplish the search, learning and validation of activities (Blank, 2013).
-Designing a business model and developing & testing hypotheses about the business and its profitability (Osterwalder & Pigneur, 2010)
-Utilizing a Build-Measure-Learn feedback loop in order to pivot (Ries,2011)
-A wide-lens perspective to find different potential market domains ( Gruber & Tal, 2017) |
| Which are first 5 building blocks of the Business Model Canvas? | 1. Customer segments: which customers are we serving?
2. Value proposition: a set of products/services that will help the customer to get the job done
3. Channels: how does the customers want to be reached?
4. Customer relationships: how personalized in order to get, keep & grow customers?
5. Revenue streams: what are customers willing to pay and how? |
| Which are the last 4 building block of the Business Model Canvas? | 6. Key resources: which resources do we need to create value? Factories, A brand, Intellectual property
7. Key activities: what do we need to do, what do we need to be good at? Marketing ,Sales, R&D, …?
8. Key partners: partners who can leverage the business` model?
9. Cost structure: what are the core costs? |
| What does the Business Model Canvas aim to do? | -'How to play’ in a given setting to develop a viable new venture
-Provide a framework from which hypotheses related to venture creation & growth can be formulated
-How a new venture can create value through delivering products/services as a solution for its customers
-‘A leap of faith’ based on a set of created assumptions. Solving a customers problem by a product/service (Osterwalder & Pigneur, 2010)
-Testing rapidly hypotheses and refine or change the envisioned business models (Blank ,2013) |
| Describe Validated Learning through the Customer Development Process ( Blank, 2013) | 1. Customer Discovery (contruct hypothesis based on Business Model Canvas, collect data)
2. Customer Validation (Product-Market fit?)
3. The Pivot (In case of sudden changes)
4. Customer Creation (user demand and scale)
5. Company building |
| 1) What is the Minimum Viable Product and 2) what is it used for? | 1) A build – measure- learn loop with minimum of effort and development time
2) MVP contains only the critical features of envisaged product
MVP has a tangible, sharable & understanding dimension
MVP is a boundary object which facilitates communication & knowledge sharing |
| What is the MVP development in 3 steps? | 1. Planning
2. Analysis & Design
3. Testing & Evaluation |
| What is a pivot? | A structured course correction to test a new fundamental hypothesis about product, strategy |
| Why pivot? | To move closer to or reach a sustainable, repeatable business model which allows growth |
| What is important to do, in order to make the pivot or persevere decision? | Set learning milestones to accumulate information the help the pivot or persevere decision |
| When is it harder to pivot? | The greater the investments made the more difficult it will be to pivot |
