An initiative of

Value propositionWorkshop 1, 17th August, CBRIN.

The program+ Ten weeks to develop, validate and pitch an innovative idea.

+ Participate in intensive workshops, expert seminars & other special events.

+ Be matched with, and guided by, mentors.

+ Engage with the local innovation ecosystem.

+ The top teams will pitch for a share of $50,000 grants.

+ All teams eligible for other prizes and startup support.

Ideas+ Early stage ideas are best suited to program.

+ Don’t need to be ready to launch by the end of 10 weeks, but we want to see evidence of validation.

+ Don’t need to stick with the same idea, but the more progress you make during the program the better.

+ All disciplines, e.g. software, hardware, research, social ventures, etc.

Eligibility+ Teams must consist of two to five people.

+ Teams must be made up of current ANU students (and maximum 1x approved Wildcard entry, if required).

+ All team members must be registered as part of the team by deadline – 11:59pm 17th August.

+ If you don’t meet the criteria, you may still participate, but you won’t be eligible to receive grants. But it’s not all about the money – the skills, tools & networks you can gain are invaluable.

Shortlisting+ Complete Challenges throughout the program to earn points for

your team (points standings will not be made public). Challenges will be announced during events and on the IACT website.

+ On 2nd Oct, 20 teams with highest Challenge scores will have their ventures presented to the IACT19 Judging Panel (made up of key representatives from Canberra’s startup community).

+ Judges select 10 teams to present at IACT19 Pitch Night.

+ Judges select which teams receive a share of the grant pool & other startup support.

Values

Rules

An initiative of

READY?

• STAGE ONE

Workshop 1, 17th August, CBRIN.

An initiative of

Start!Workshop 1, 17th August, CBRIN.

What makes a good idea?

What makes a good idea?

+ Features of a good business idea:

+ Solves a problem

+ Repeatable

+ Scalable

+ Sustainable

Where do ideas come from?

Where do ideas come from?+ Deep empathy for a group of (potential)

customers in a particular market

+ The collision of partially formed ideas

What is an entrepreneur?

What is an entrepreneur?“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

What is an entrepreneur?“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

“Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship.”

But first…Suspend your existing ideas

Finding opportunities

Stakeholders

Stakeholders“Any group or individual who can affect or is affected by the achievement of the organization's objectives.”

But first…Let’s meet the IACT Committee & Collective

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StakeholdersWhat did you find?

Understanding needs

The tasks your customers are trying to get done in their work or life, or problems they want to solve.

1. Functional jobs are specific tasks like mowing the lawn.

2. Social jobs are how they want to be perceived by others.

3. Emotional jobs are when they want to feel a certain way.

Customer jobs

The things that annoy your customers before, during or after they are trying to complete a job.

1. Problems can be functional, social or emotional.

2. Obstacles prevent them from starting or finishing the job.

3. Risks are things that could go wrong or have bad results.

Customer pains

Customer gainsDescribe the outcomes or benefits a customer wants.

1. Required gains are those a solution must provide.

2. Expected gains are those that we expect from a solution.

3. Desired gains are those we would love to have if possible.

4. Unexpected gains are those that we don’t know we want.

Customer personasCollection of realistic representative information about a customer or group of customers which can include fictitious information for a more accurate characterisation.

1. Some attributes of a Persona should be based in reality, in particular those which are highly relevant to your venture;

2. Personas can also include imaginary characteristics, such as their name, image and any other attributes which are not relevant to your venture.

Customer personasWhat did you learn?

The competition+ Direct competitors are those who offer products or services

that address similar/identical needs.

+ Indirect competitors offer close substitutes and are common when you have an innovative or completely new offering.

+ Future competitors are those who could enter your market in the future, sometimes based on the success of your venture. It is important to develop strategies to counter them.

Competitive analysisHow much better than current solutions will our solution be? Try to measure this!

1. Time costs encourage us to provide a quicker solution.

2. Monetary costs encourage us to provide a cheaper solution.

3. Effort costs encourage us to provide an easier solution.

Competitive analysisWhere can you win?

Creating value

What is value?

What is value?+ A bias or interest that motivates action.

+ Value is a verb as well as a noun. People value things, and what they value is personal; we can only tell what another person values from the way they behave.

+ Value is a process. People anticipate value, which motivates them to act. By taking action, they realise value. Depending on the realised value, they re-evaluate and may act differently in future.

The value proposition+ The bundle of products and services that create value

for a specific stakeholder.

+ They are formed through activities of reciprocal exchange of knowledge between stakeholders.

+ They respond to the needs of the customer, providing ways of overcoming pains and achieving gains.

Let’s pitchTry this template:

‘Our __(solution)__

Helps __(customer segment)_

Who want to _(customer job)__

By __(negative verb)__ (customer pain)__

And __(positive verb) __(customer gain)__

Unlike ___(competitor)______’

Let’s pitchRepeat, repeat, repeat!

Your first Challenge+ For this challenge, reflect on what you have learnt from

Workshop 1, particularly from the exercises on Competitive Analysis (Toolkit 03), and share:+ One sentence describing your venture idea.+ One potential direct competitor.+ One potential indirect competitor.+ One potential future competitor.

+ Submit your responses via the Challenge 01 form on the IACT website (innovationact.org/challenges).

+ You have until 5:30pm, 20th Aug to complete this Challenge in order to earn one point.

The IACT Hub+ You will find a wealth of resources on the IACT website in the

IACT19 Hub (innovationact.org/resources), including:+ List of all current IACT19 Challenges.+ Slides, toolkits and other materials from events.+ Handy links to IACT19 events, the IACT Community Facebook group, etc.+ More helpful info & tips crowdsourced from the community throughout

the course of the program.

Register your team+ You have until 11:59pm, 17th Aug (tonight) to finalise your teams.

+ After this deadline, no new participants may enter IACT19 and movement between teams will only be made at the discretion of the IACT19 Committee by emailing contact@innovationact.org.

+ If you’re still looking for team members, stick around and network/pitch after this workshop, submit a Team Hunt profile, or post on the ‘IACT Community’ Facebook group.

Next steps+ Finalise your team.

+ Complete Challenge 01.

+ Register for the next IACT19 event via Eventbrite.

+ Keep an eye out for the IACT19 newsletter for updates and tips.

+ Share your progress using #IACT19.

An initiative of

See you at

Customer Validation, 20th August, CBRIN

IACT After Hours