Are you excited for Munich?
Watch this interview
George and Jeroen discuss how to sketch out an initial overview of your business model
PRO TIP: click below to download an AUDIO ONLY version so that you can listen on the go!
This Lesson & Munich
To prepare for the Munich SPRINT Program, you should have the two steps completed
- Step 1: Make a 10 second pitch
- Step 2: Map your business model using the instructions below
Whatever lesson you have skipped so far is wise to catch up with. The last sessions build on top of each other, so skipping the previous three might cause some issues.
1) Prepare a 10 second pitch for Munich
When we meet in Munich, we don’t know what others are working in. It’s really nice to hear about that, but we are on a tight schedule. Therefore, I challenge everyone to craft a 10 second pitch. Consider this a verbal business card of your startup, answering: “This startup should get a call if I’m dealing with this problem and looking for a solution”.
→ Follow this guide for inspiration
Help, my pitch is 23 seconds (or more)
I don’t care about the length. Just make sure it’s not too long. If you can’t explain what you are roughly doing in 10-30 seconds, you don’t know what you are doing precisely enough yet.
That’s okay. Crafting a variety of pitches and testing them on your friends and family will optimise and tweak your pitches. See it as an evolving thing.
Quick feedback?
Do you have something and want some feedback? Send me (Jeroen) a message on slack and I will give you feedback
2) Business Model Mapping
Required ingredients for this lesson
- Initial customer segment alpha version defined
- Solution alpha version defined
- Value proposition alpha version define
- Revenue model alpha version defined
Outcome of this lesson
- Identify what parts you need to arrange to let your business function
Mindset
- What is the simplest business model that I can pull off?
Format
- Business Model Toolkit (miro template). You can then paste a screenshot into your Journey Scrapbook.
Instructions >
In the previous lesson you designed your revenue model. Now you almost have all the puzzle pieces required to design your full startup. We will do this in a systems thinking approach, making a map of how values transfer in your mini-ecosystem that is your startup, including customers and suppliers.
We use the Business Model Toolkit (not to be confused with the Business Model Canvas). This is best explained with some examples:
Example: Spotify:
Example: AirBnB
In my experience teaching this lesson, these two examples are quite self-explanatory, but if you want to dive deeper, click the extra explanation links underneath the images.
The task for this lesson:
- Map out your business model using the Business Model Toolkit in Miro. Copy the template.If you are new to Miro, acquaint yourself with the software.
- If you want some feedback of your map, you can Slack me (Jeroen Coelen) for some pointers
- Identify the weak spots in your business model You probably have about 3 to 6 nodes in your business model. You have many things being transferred between those nodes For each of the nodes and each of the things transferred, ask yourself:
- How much evidence do I have that this works? Â
- 1 = no evidence this works          5 = I’ve prototyped it works
- E.g.: For your customer, do you already have people saying yes to a pilot? That’s 4/5. Havent’ spoken to your customer, unsure this person exist? 1/5Put a post it with a number, ranking 1 to 5 for each element in your business model.
- How much evidence do I have that this works? Â
- Make a list of the lowest scoring elements of your business model. These are your weak spots. This is what we will need in Munich
Example:
