Lecture 1 Twente

School of Management &
Governance
1
PD Dr. Rainer Harms
Dr. Michel Ehrenhard
r.harms@utwente.nl
BK III: International New
Business Development
Q3 2014

School of Management & Governance 2
www.capstonebranding.com/ about/capstone.php

BK III - INBD
 BK I: Describing an organization
 BK II: Describing the environment
 BK III: A holistic view on building (international) ventures
INDB takes place when a company enters in or expands its
activities in international markets. These activities include
sales, but may also encompass other activities of the value
chain. In the same vein, these activities may include an
element of innovation. (tentative definition)

Typical issues with this class
Comment: „We dont learn much content!“
Reply: „True. You had content throughout your Bachelor, and you will
create your own, specific content while you research.“
Comment: „We are left alone during project execution!“
Reply: „Partially true. But finding your own way in an entrepreneur‘s
reality
Comment: „We dont recieve much feedback!“
Reply: „Partially true. But we have extensive walk-in opportunities
Comment: „The projects are so vague and complex“
Reply: True. Thats real business. We try to help you deal with it.

Planning, storming the castle, or something else?
School of Management & Governance 6www.caycon.comfreelanceswitch.com

Startups as experiments: Validated learning
8http://blog.amt.in/the-new-science-of-product-development
http://www.youtube.com/watch?feature=player_embedded&v=WAdikBfKeD8

The scientific method
Question
Prelim.
Research
Hypotheses
TestAnalyze data
Conclusion
Report
results
http://blog.amt.in/the-new-science-of-product-
development

Lean Startup – merging the scientific method and
entrepreneurship
1. Talk to customers – real cases
2. Form hypotheses to test
3. Write code (produce)
4. Roll out to % customers
5. Analyze data
6. Interpret data
7. Share learning
http://blog.amt.in/the-new-science-of-product-
development

The B – M – L cycle

IMVU: Eric Ries‘ Lean Startup Story
www.microsoft .com
http://www.imvu.com/catalog/web_landing.php?p=ls1 llcollection-groupll.blogspot.com
http://www.youtube.com/watch?v=fEvKo90qBns minutes 23 to 35

Testing assumption: two IMVU examples
brucebucks.com
zazzle.com

The problem-solution fit
Refers to a implicitly defined customer segment -> make expliciti

The MVP
„The MVP is the smallest group of features that will elicit customer
feedback about the validity of the customer problem or solution“
Steve Blank
The mechanical turk

Getting deeper into the MVP
 Low-Fi MVP
 Problem exploration MVP: customer inverviews
 Product Pitch MVP: asking cash at the end; landing pages, video
demos
 Concierege MVP: real delivery, but „Wizard of Oz“
 Hi-Fi MVP
 Removal of any feature that might distract from the core learning
goal (google, dropbox - > plain interfaces

Analyzing
 Qualitative analysis (Ehrenhard)
 Quant. Analysis: A/B testing, Conjoint
Analysis etc.

„Pivot“ or presevere
http://cdn.elezea.com/images/local-maximum.gif

Pivot = strategic change: one way of listing …
 Zoom-in-pivot
 Zoom-out-pivot
 Customer segment pivot
 Customer need pivot
 Platform pivot
 Business architecture pivot
 Value capture pivot
 Engine of growth pivot
 Channel pivot
 Technology pivot

Key metrics (example)
 Industry-Specific KPI
 „Conversion rate“ – from view to click, from click to buy
Reference: the metrics page

Example of empirical project (validated learning)
1. Problem: Mediocre evaluation of BK III course
2. Preliminiary research, eg. Brainstorming: Limited feedback as main problem,
mentoring as potential solution, best practices
3. Hypothesis: „Mentoring is positively related to the course evaluation
4. Test design:
4.1: Sample: this BK III class, all students
4.2: Operationalization: main satisfaction score, project support and feedback score,
assignment feedback score
4.3: Method of analysis: 2-sample mean comparison (t-test)
5. Analyse data
6. Conclusion
7. Results

Example your project
1. Problem: Newsletter services can be expanded to other segments
2. Preliminiary research, e.g. Brainstorming: lit research, customer interviews about what
they value most about current project, interview with prospective customers etc., SMT,
Porter5forces etc.
3. Hypothesis (better: Assumption!): „Customers derive value from newsletters “
(operationalize!)
4. Test design:
4.1: Sample: x number of prospective customers
4.2: Operationalization: find ways to collect your material and / or find fitting metrics !
4.3: Method of analysis: qualitative vs. quantiative
5. Analyse data
6. Conclusion
7. Results

Businnes
Model
Generation/
Validation
Minimal
Viable
Product
(MVP)
Usage
3-5 clients
Market
Research Idea?
MVP
for
Adoption
MVP
for
Revenue
Month 1 Month 2,3 & 4 Month 5 Month 6
Idea
Business
Plan
Func. Spec
Design
Build
Test
Market
Sell
Some learning
More learning
Most
learning

The lean canvas – where does BML hide?

Deliverables
Starting
canvas
DP 1
Suggest
solution
DP 3
Exam
< 10.02 12.02 26.02 12.03 19.03 26.03 17.4.
Find project
company /
own venture
Problem
interview
DP 2
Solution
interview
DP 4
Pitch
DP 5

In short
 Find a company / a venture with a (I)NBD issue
 Set up a meeting with the entrepreneur, and identify customer-
reserach project
 Describe current venture with Lean Canvas (DP 1)
 Carry out and report customer interview (DP 2)
 Suggest a solution (DP 3)
 Get customer feedback from solution (DP 4)

Getting started with the interviews
Coffee shops
Lurking: on the street, in a location, online...
@MeetUps
Where do I find them?
Facebook / LInkedIn
Existing Customers
1st Degree Networks
http://de.slideshare.net/LeanStartupConf/jon-irwin-
rocktheinterview-slides

Is the problem worth solving?
Make a problem interview.
This is a problem statement
This is another problem statement.
(Priority [ ] | Pain: low, medium, high) | How I solve this today:
This is a third problem statement.
This is a blank problem the customer can fill in.
This is a blank problem the customer can fill in.
Name:
Email Address:
Referrals:Notes:

Opener
Hey, I’m [name], and I’m working on a
project to help conference
attendees connect and collaborate.
Do you wish it was easier to
connect and share ideas with other
attendees like you? [smile]
Yes? Awesome, here we go / No? Okay, thanks. [smile]

Analyse the problem interview
Do the problems really exist?
Are the problems commonly experienced?
Are the problems severe?
Are there problems you didn’t anticipate?
Is this the right customer?
Take an opportunity to refine your persona.
Should you Kill / Pivot / Persevere?

Our role

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