Joining Launchpad is free and gives you access to Teesside University’s very own on campus start up community. Membership gets you:
- Access to a vibrant and diverse entrepreneurial community.
- Access to the Launchpad building with a dedicated co-working space, ideation space (yes we have ping pong and xbox), maker space (3D Print, sewing machines and soldering) and subsidised starter studios* and offices*.
- Support from the Launchpad team to test and validate your business idea*.
- Workshops covering everything you need to know to start you own business.
- Expert mentors* to guide you on your entrepreneurial journey.
* Teesside University graduates and students only
Get stuck in and start learning with our YouTube top 10 playlist. It’s a great place to start. Click the button below to go to YouTube and get started. Or hangout here and watch them below.
When management-types ask about a business model — as in, “So what’s your business model?” — they really want an answer to a much more direct and basic question: “How do you plan to make money?”
Behind that question is a lineup of other questions:
- Who’s your target customer?
- What customer problem or challenge do you solve?
- What value do you deliver?
- How will you reach, acquire, and keep customers?
- How will you define and differentiate your offering?
- How will you generate revenue?
- What’s your cost structure?
- What’s your profit margin?
Ok so let’s get something done now. Highlight the list above, copy it to a Google Doc and start answering the questions as best you can. Tonight.
The simplest model involves creating a product and selling it directly to customers. Other models involve selling wholesale to retailers, selling through distributors, licensing products to other companies, selling online, selling through auctions, and countless other alternatives. No one-size-fits-all solution exists. In fact, most companies use some combination of business models to arrive at a unique model.
When we get together in Step 4 we are going to use a visual tool with you called the Business Model Canvass. If you followed Step 2 you already know about it. But here is a reminder. If you haven’t already printed a canvass here is the PDF.
Try adding your answers to the questions above as POST IT NOTES to your printed canvass. Our use an online version here.
1. Identify and track key business model hypotheses (use a canvas)
2. Test your hypotheses with customers (get outside the building)
3. Pivot and iterate your business model based on customer interactions until all hypotheses have been validated
Find a Problem
Find a big customer problem worth solving and write down all your key hypotheses about the business model to solve this problem. We will be using a canvas as a scorecard to track your hypotheses and the changes that you make.
Nail the Pain
Get outside the building and interview customers face-to-face to understand the “job” customers are trying to do, their current pain, and how they solve that pain. Pivot when you discover you are wrong.
Nail the Solution
Develop a minimum viable product prototype and get outside the building face-to-face with customers to test your vision of the solution. Pivot when you discover you are wrong. Repeat these tests until you nail the solution.
Nail the Go-to-Market Strategy
Get outside the building to understand the end-to-end customer buying process, the market communication infrastructure, the distribution infrastructure. Identify the leverage points. Pivot.
Nail the Business Model
Use the facts discovered to validate the revenue model for the business.
Throughout the process learn to change course whenever you discover you are wrong.
Access to expert mentors, workshops, subsidised office and studio space give you a safe start on your journey.
Join other Launchpad startups in our dedicated incubation space.