Opportunity Discovery Report ?
This report builds further on the Value Proposition Test report and shows that the student has learned from the feedback. Each student must submit a detailed, evidence based, Opportunity Discovery Report in Session 12. The report will be an integrative study where you must provide evidence of the customer discovery and validation design process of your new venture. For each element, briefly describe test design and execution process as in value proposition canvas test report, and analyse/critique evidence based on test results. The report must have the following structure based on the elements of the business model canvas: (marking rubric in Appendix B): ?Executive summary: Description of the process you went through, problem-solution fit and conclusion business model. Confirmation/alternatives: what to do next? Describe and critique. See rubric for more detailed requirements. ?The following canvas elements must be described and analysed based on test results: ?
• Problem: Need/Want: Describe and critique evidence based on test results ?
• Value Proposition and Opportunity discovery/evaluation (use opportunity evaluation tools): Describe and critique evidence based on test results ?
• Customer segments: Describe and critique evidence based on test results ?
• Market type: Describe and critique evidence based on test results ?For the following elementsyou do not need to provide test results but initial testing is advisable: ?
• Technical feasibility: MVP status: describe and critique evidence based on theory learned in this unit and in other units. ?
• Competitor: describe and critique evidence based on theory learned in unit and in other units. ?
• Channels/customer relationship: describe and critique evidence based on theory learned in unit and in other units. ?
• Financials: Cost structure and Revenue stream. No need to provide test results, describe and critique evidence based on theory learned in this unit and in other units. ?
• The main body of the plan will be no more than 1500 words long (plus appendices with evidence of tools used during the semester) and is due in Session 12. Please note that the opportunity discovery report is to follow formal business report outlines (refer unit outline and on blackboard), and is to read as one document (not merely a copy/paste document). Ensure all topics in the marking guide are addressed ?
Appendix B: Opportunity Discovery Report Marking Rubric (Individual)
Poor Weighting (%)
1. Executive summary Starts with strong hook, which entices me to read on. Great concise conclusion full of convincing evidence. Student shows great evidence of understanding of customer discoveryand validation
proc ess. Good summarybut not compelling enough. Needsmorefocuson persuasion. Student shows some evidence of understanding of customer discovery&validation process but needs more insight & evidence. Summarynot a conclusion, not concise, irrelevant information. Unconvincing evidence leading to poor design of the opportunity. No evidence of the use of creativity and design thinking. 10%
2. Problem:Need/Want:Value proposition. Describe and critique evidence based on test results
Evidence of Customer Validation interviews and other tests strongly validate the Value Proposition components. Some evidence of Customer Validation interviews, but insufficient quantity or “real” data to justify strong or irrefutable Value Proposition
Poor testing leads to lack of evidence that customers are passionate about long-term productvision. 10%
3. Customer segments confirmation:Describeand critique evidence based on test results Customer needs/wants are active or urgent and are likely to drive initial revenues. Evidenceofinterestfrom early adopters and initial sales strategy for early majoritydeveloped (but not yet researched thoroughly). Some evidence of a customer need/want but insufficient to justify investment in business and/or no early adopters identified who may become champions or “Otaku” of business and/or no clear sales strategy to market Little evidence of thorough testing of the customer segments (customer mapping), not proven. Student does not show evidence that he/she understands the customer behaviour/ purchase influences and associated costs. 10%
4. Technicalfeasibility:MVP status: Describe and critique evidence based on test results
MVP product produced or at least a “story-board” of user experience or mock- up provided Discussionofinsights&analysis leads to description of possible MVP’s. Initial attempts made to design a very basic prototype/put together a MVP/mock-up.
Student shows poor understanding of the function of an MVP. No effort to analyse the insights and no discussion of possible MVP. 10%
5. Market type confirmation: Describe and critique evidence based on test results Overwhelming evidence for confidence that the market type selection will deliver the forecasted customers, with primary, secondaryand tertiary customers segments with multiple personas identified. Some evidence for confidence that the market type selection will deliver the forecasted customers, but only limited to primarycustomers and needs further development Customer feedback does not confirm the MarketTypehypothesis.Cost impactsof the Market T ype selection are not factored in where appropriate. 10%
6. Competitor and Channels/customer relationship confirmation:Describeand critique evidence based on test results.
Insightful and intuitive analysis of competitors with strong or unique distribution channels and an in-depth understanding of value chain providing a potentialfor competitiveadvantage Some analysis of competitors but notenoughinsightand/orlackof understanding of distribution channel and value chain
T he student does not seem to provide evidence that he/she fully understands the value chain, its responsibilities and costs. Not all important indirect channel costs such as sales reps or promotional fees are considered. 10%
7. Financials: confirmation Cost structure and Revenue stream evidence based on test results
Well-founded evidence for size of market opportunity. Shows evidence of understanding the pricing model, cost structure with multiple potential revenue streams Some insight and evidence of researchofcostsand understanding of pricing model but not fully developed and/or not fully developed or understood revenue streams
Core companyoperating and overhead costs (like payroll, rent, legal, overhead etc.) arenot clearlyidentified.Potential product development and manufacturing c osts unfounded. 10%
8. Conclusion business model confirmation/alternatives: what to do next? T ake a step back and critique your opportunity report: Pivot or proceed? Great self-critique leads to discovery of creative business model. Some mitigation of problems on the road ahead is mentioned (no need to develop). Strong list of dot-points that need to be addressed. Beautiful looking report, well written. Report is generally well written, but lacks in-depth analysis or understanding of business itself, potentially leading to some fundamental operational flaws. Student uses a sales attitude throughout the report, ignoring potential problems. `Head in the sand` attitude leads to poorly developed business model. Evidence of (poor) use of few tools in the appendix. Report is overall poorly written and lay-out is unimpressive. 15%
Blank, S., Dorf, B., The Startup Owner’s Manual, 2013.
Business Model Checklist How likely 1-5
• Are customers passionate about long-term product vision?
• Do the product features and benefits still make sense? Can they be built within the development budget and timetable?
• Did Customer Validation interviews validate the Value Proposition components?
• Are the Customer Segments tested (customer mapping) and proven?
• Are customer needs/wants active or urgent? Can they drive forecasted revenues?
• Does the product improve a “day in the life”?
• Does the company understand the customer purchase influences and associated costs?
Value Proposition 2: Market Type
• Did customer feedback confirm the Market Type hypothesis?
• Are the cost impacts of the Market Type selection factored in where appropriate?
• Is the team confident its Market Type selection will deliver the forecasted customers?
• Does the company fully understand the food chain, its responsibilities and costs?
• Does the team have confidence in its channel revenue forecasts road map?
• Are there any important indirect channel costs such as sales reps or promotional fees?
• Are the channel partners willing to buy?
• Are “get” plan elements aligned with schedules?
• Are the test plans for Get/Keep/Grow complete with schedules and budgets?
• Are”get” customers costs affordable?
• If a multi-sided markets, have the “get” costs been computed for both sets of customers?
• Are all the core company operating and overhead costs (payroll, benefits, rent, legal, overhead) clearly identified?
• Are all the product development and manufacturing costs calculated?
• What “corporate” costs (legal, accounting, pr, taxes) are forecast?
• Has the company sized its market opportunity?
• Has the pricing model volume, demand, purchase frequency and other revenue variables been confirmed?
• Does the forecast indicate an increasingly scalable, increasingly profitable business?
• Has the team considered the revenue impact of competitive response to the product?
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