Good Morning Everyone!
Hope you guys are enjoying the startup weekend experience. We wanted to present you with some more details in regards to the some of the business components that the judges are looking for over the weekend.
MVP: This is your basic prototype. What is that you need on a simple level to show potential customers/investors/friends/potential teammates. It doesn’t need to be working it just needs to get the basic message/idea across. This is an example of a very creative, non-technical MVP: https://vimeo.com/13377903
Business Model Canvass: Please see the canvass sheet provided and begin to fill this out. Focus on the Value Propositions and Customer Segments and how they are connected. Ask the organizers if you have any questions at all!
Value Proposition: Is this idea unique? What value are you offering to customers? What makes this different to everything else on the market? Your secret sauce! You need a differentiator to make this a successful business.
Our (product/service) helps (customer segment) who want to (job to be done), by (verb e.g. saving time) and (customer pain point e.g. increasing reliability). Can you fill out this sentence?
Customer Validation: This can be done in a survey format (surveymonkey or google surveys), you can use social media (facebook or twitter). The most valuable customer validation comes from getting out of the building and talking to people. You have 8,000 Notre Dame students across the road, ask them about their needs and the opinions. Give us powerful quotes from people (“I need to buy this now!”, “Everyone has this problem”, “All my friends would buy this”)
Target Market Size and Logistics: What is the potential market that your product/service could reach. If it is an app, how many smartphone users are there in the US? in the world? If it is for college students, how many freshman each year?