ENT 601 Lecture Notes - Lecture 2: Value Proposition, Cloning, Business Model Canvas
Chapter 2: the path to the epiphany: the customer development model. Startups: temporary organization designed to search for a repeatable and scalable business model, a start up can be a new venture/new division/new business unit in an existing company. Business model is made up of a bunch of tested hypotheses. Product execution process: managing the life cycle of existing products and the launch of follow on products. Brd leads to a market requirements document which is then turned into a functional specifications document, implemented through agile or waterfall development. The search for a business model: steps, iterations and pivots. First tests customer perception of the problem and the customers need to solve it. The second time phase shows customers the product for the first time, attempting to show them that the product helps solve their problems (minimum viable product) It changes everything: start up"s generally fit one of these: Bringing a new product into an existing market.