START-UP DEVELOPMENT PROCESS

DEMETRIS C. HADJISOFOCLIDIRECTOR, LIAISON OFFICE UNIVERSITY OF NICOSIACOORDINATED INTRODUCTION OF ENTREPRENEURSHIP EDUCATION IN CYPRUS SCHOOLSEXECUTIVE DIRECTOR, ENTREPRENEURSHIP FRONTIER NETWORK, LTD.

CRITICAL POINT

• You don’t invent product/service

• You solve problems

SETUP THE RIGHT GOALS

• How good/thorough do you know customer’s needs?

• Does your product/service solve that need?

• How much are they willing to pay for your solution?

• How much is this problem a priority to the customer?

• Does it solve a significant problem?

CUSTOMER DISCOVERY

• Who can be the customers?• Target• Profile

• Can they afford the product/service?

• Can they access it?• Location• Legal• Weather

GO THROUGH THE PROCESS

• You’ll get plenty of doubt: Analyze data

• It’s all about speed and control

CUSTOMER SEGMENTS

• The People & Organizations targeted by the company

• For whom are we creating value?

• Who are our most important customers?

• Not all customers are created equal

VALUE PROPOSITION

• Services and products that provide value to customer segments• Product • Satisfies a new need/creates a need• Solves a problem• Offers better performance• Is more customized• Costs less• Has a better design

• KNOW Numbers• KNOW Markets• WHAT is the Monetization of the Solution• Who is the TEAM

CHANNELS

• How does company reach customers to tell them about value proposition?

• Through which Channels Customer Segments can/want to be reached?• How are Channels integrated?• Which ones work best?• Which ones are most cost-efficient?• How are Channels integrated with customer

habits/routines?

CUSTOMER RELATIONSHIPS

• Types of relationships established between the company and customer segments

•What types of relationships does the company have with customers?•Direct or relying on others• Customer facing• Loyalty Schemes

REVENUE STREAMS

• Represents the income of the company for every customer segment

• For what value are customers willing to pay?• For what value do they currently pay? If they do!• How are they currently paying?• How would they prefer to pay?• How much does each stream contribute to overall

revenue?

KEY RESOURCES

• Strategic assets that the company need to maintain its business model

• What Key Resources does the… • Value Propositions require to be delivered?• Distribution Channels?• Customer Relationships?• Revenue Streams?

• Resources type: Physical, Intellectual, Human, Financial

KEY ACTIVITIES

• Strategic activities to deliver the value proposition, reach customers and nurture relationships

• What Key Activities does the• Value Propositions require?• Distribution Channels?• Customer Relationships?• Revenue streams?

• Types of Key Activities: Production, Problem Solving, Platform/Network

KEY PARTNERS

• Define contractors and partners that are supporters/critics for company’s business model

• Who are the Key Partners?

• Who are the key suppliers?

• Which Key Resources is the company acquiring from partners?

• Which Key Activities do partners perform?

COST STRUCTURE

• What are all the costs required for the company in order to have its business model up and running

• What are the most important costs inherent in the business model?• Which Key Resources are most expensive?• Which Key Activities are most expensive?• Cash Flow is King• Cost Rationalization? Why this/that Expense? How does it

Contribute?

Thank You for Your PatienceQuestions