Technology Development, Innovation

& Entrepreneurship for Startups

Business Modeling

2023

Yong Yoon, Ph.D.

Inha University
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2
3
000
Exit
Founder (Team Building…)
08 01
Revenue
07 02 Management
Board Members

06 03
Risk
Right customers
Hedging Right Value with
Competitiveness
05 04
Market Growth Products/Services
Create, Keep, Expand Superior Business with technology

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Difference

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3년 생존율 16%
 1st Death Valley(초기 시장(고객)확보), 2nd Death Valley(양산/제품-시장 Fit)

1년~3년
40%

Death valley : Real customers,

Making profits
1년
20% 미만 ~3년 ~10년
10년
이상

0%

17% 41% 16% 16% 8%

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Reasons of failures

 Q : Good ideas, great technologies, only 16% succeded?

Q : If more marketing?

 Answer :
- Right customer? Right problems?
- Right Fit? New things, only 2.5% accepted
- Hypothesis for the new (unknown) …

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Business Thesis

 Who :

 What :

 Why :

 How : Key factors

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 Keys that will help any entrepreneur soar

 Passion : Belief in yourself is a choice. Are you proud of what you do?

 Mindset : Positive mindset, Entrepreneurs are always thinking, always on the go.
What happens If you don't believe in capability of handling issues and making
decisions

 Responsibility : One of the most fundamental qualities in decisions

 Domain Expert : an authority in a particular area or topic. would you tend to

investigate data, find patterns and create solutions based on resources

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Main Steps of a startup

 What factors actually matter the most for the successful business?
Based on what? How to increase percentage of market possibilities.

?%

Early
adapter2 %

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 기업가정신 요소

-혁신성 (innovativeness)
-진취성 (proactiveness)
-자율성 (autonomy)
-경쟁력 (competitive aggressiveness) , 성장성, 시장확대
-투자와 위험 감수성 (Risk-Taking)
-실행력 (Execution)
-성취욕

 새로운 길을 만든다

- 신념, 노력, 통찰, 욕심(투기)과 성취의 구분

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medical brace device

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Steps for customer discovery

 Awareness or Interest about problems & needs

 Prospecting who and what are opportunities .

Identifying right customers

 Verifying Hypothesis
Conversations, Listening, Building relationship,
uncover needs

 Pivoting & Positioning

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Lean Startup : For the most risk free & efficient way

 Identify what’s big risks of business and problems of customers

 Learn from customers with business thesis and idea hypothesis

 Collect good data (Not bad data)

 MVT (Minimum Viable Test/Product)

 Measure, mom test,

Iteration of tests, Update beliefs,
Pivot

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Business thesis : Start with Who, What & Why Chat GPT

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Business thesis : Start with “Who”, What & Why

 For more happy campus life : Many business ideas….

We focus on the problems of customers with hypothesis
: Building student social networks online > Narrow it down

 H(1) : Making new friends in college as a freshman is so difficult ?

 H(2) : Making new friends in college as a freshman is so difficult

through online from anonymous community or club group

1. Right problems from job map  for example, assault in online

2. Right customers (Narrow them down first)  ?
3. Right solutions (Values proposition)  ?

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Business thesis : Start with “Who”, What & Why

 Who : Customer segment by right definition of customer’s problem

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 브레인 스토밍 Brain storming

 피쉬 본 Fish bone : 문제의 근본 원인을 찾아보기

 스캐머 SCAMPER : 변형과 새로운 적용

 식스 씽킹 햇츠 : Six thinking hats : 여섯 관점에서 탐구하기

 피.엠.아이 PMI : 긍정적 요소, 부정적 요소, 흥미를 끄는 요소

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Brain storming to expand

 브레인 스토밍 테크닉

(By Osborn, A. F.)
- 자유로운 환경
- 적정 시간 보장
- 가능한 많은 연관 아이디어 파생
- 비판 금지
- 아이디어 링크 연결, 제거, 수정
- 기존 아이디어에서 새 아이디어

 (예) 건강관리 아이디어

- 다이어트 > 과일섭취, 음료
- 숙면 > 숙면용 침대, 숙면제
- 운동 > 걷기, 자전거
- 스트레스 > 목욕, 주류
- 건강관리 > 전문의, 마사지
-…

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Fish bone to find out reasons

 뼈대 > 중간 가시 > 작은 가시

 데이터 수집 및 증명 측정방법 원인 기계 원인 사람 원인

 문제와 시장을 연결해 보기 Check

with 야근
eyes 노후
비숙련

제품 불량
Too
유통기한
humid many
process

공장환경 원인 재료 원인 제조방법 원인

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 SCAMPER to modify

 SCAMPER (Alex F. Osborn, 1971)

- 대체
Substitute (replace with something else, find available one instead)
- 결합
Combine (combine something that’s similar or different)
- 응용
Adapt (apply to new purpose, differently)
- 수정
Modify-Magnify-Minify
(enlarge, reduce shape, color, form, scale, weight)
- 용도변경 Put to other use (change time, location for new uses that
did not exist)
- 제거 Eliminate (delete existing ones, simplify)
- 거꾸로 Reverse (rearrange, change the order or arrangement,
pattern, plan)

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기존 제품/서비스의 변형, 새로운 적용

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 Six Thinking Hats to have many views (Edward de Bono, 1985)

- 한번에 너무 많은 생각하기 어려움, 창의를 위한 효율적/효과적 진행

- 하나의 현상에 대해 각각 한 가지씩 여섯 가지 관점을 적용시켜 봄
- 인간의 감지 기능을 모두 활용
- 여섯 관점으로 나누어서 창의, 관찰, 결정
- 외출할 때 (적용, 결정 시), 어떤 모자를 쓸까? (무엇이 더 잘 어울릴까?)

 흰색 : 사물 그 자체 사실 기반, 중립적, 균형적, 비편향 관점으로 제안

 검은색 : 논리적, 비평적, 부정적 관점으로 지적
 노란색 : 긍정적, 낙관적, 오픈 마인드로 타당성을 논리적으로 검토
 빨간색 : 열정적, 감정적, 반응적, 납득보다는 일단 진행 추진
 녹색 : 새로운 아이디어 창조, 진보적, 성장 지향, 불가능을 가능하게 제안
 파란색: 결론 지향적, 계획적, 안정적, 보완적으로 통제 역할 수행

• 잠시 동안 눈을 감으시고, 모자를 모두 벗어주세요.

• 지금부터 10분 동안 우리 모두는 노란색 모자를 쓰겠습니다.
• 지금 보는 상품에 대해 노란 모자 의견을 제시해 주세요

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PMI to summarise

 PMI technique (By Edward de Bono)

- 세가지 관점으로 아이디어를 평가
(advantages, disadvantages, interesting points of ideas)
- 최종 의사결정 (랭킹을 위한 근거 자료화)

 Plus: positive aspects, rating your ideas/solutions

 Minus: shortcomings, rating
 Interesting: unique or new points when approaching problem, ideas

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 1차 알고리즘 결과  2mm 샘플러 3종 (2만원)

 샘플러 중에 50mm 정품 구매 시, 첫 할인 50% : 3억병 판매

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Business thesis : How to solve Right Problems with right values

 New, different & Insane rules : opportunities to go into market

 Making new friends in college as a freshman is so difficult
from anonymous community or club group
- Assault  Only verified students
- Hard to maintain active members  Grouping Similar interests like movies

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Lean Startup : How & What to learn from customers

1. Learn to learn : Do they care at all

2. Learn to confirm : Will anyone pay for it?

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Lean Startup : Who are the customers, Why they pay

 Customer Discovery
- Job, Situation, customs, similar reasons & activities
- Creation, Keeping, Expanding

 Customer Validation
- Must have? Nice to have?
- How much they will pay
- Stop selling, Listen !

 Customer Creation
- Beyond Chazm
- New customers Just for 2%
early adapters?

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Lean Startup : Who are the customers

 What do customers really want to see? : Customer segments

 Why do they make that choice? : Conditions, Reasons

 What will you do to convince your customers : Values

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Lean Startup : Suspicious about why customer like to pay for it

 Suspicious about ideas with experiments

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Lean Startup : Keep testing, verifying with communications

 Keep testing and iteration until real customers love it

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Lean Startup : How to collect good data about you business

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Lean Startup : Do you want Compliments during customer test?

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Lean Startup : Solution :

Special Propellers Brushless Motors Landing Gear

Easy photos from the air Hang my pics on the wall

What kind of useful values

will be provided through products and services

- Situational, aesthetic, economic, social...

- Is it possible to quickly deliver to the destination
with a drone?
- Can I drink freshly squeezed juice without additives?
- Can I make a hole in the wall with a drill and
Beautiful design? display my art-work easily?

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Lean Startup : MVT (MVP)

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Lean Startup : MVT (MVP)

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Lean Startup : MVT (MVP)

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Lean Startup : MVT (MVP)

 Is this the idea people want to use?

 People who are really fascinate about

trading old and used goods?

 Before launching,
Small pre-test with small functions
in an area with a high concentration of
small and medium-sized businesses

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Main Things to present

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Tech., Ideas, Items, Who are customers, Team Building &

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 Before diving into, Start off with ….

Assuming Customer : Business people owners ?

Are you a business owners
Do you want to be a business owners
Are you working with business owners

커피 기술 ㅡ 커피 아카데미 ㅡ 고객? 카페 사장, 미래의 카페 사장, 바리스타 직원, 집취미.

이중 바리스타 직원, 어떤 잡 프로세스. 가장 혁신?개선,도와줄,해결할 박스와 지점, 바꿀 내용은?

돈이 없어서 카페. 국비지원이 되는 커피 학원 강좌 개설자격증 서티피킷이 중요

기존 카페 사장 고객은 맛이 더 좋은 커피가 핵심이고 혁신이 필요. 이와 관련된 강좌 개설이 필요

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Initial meeting : Any tech/idea?

 Ex) I’m interested in using AI Tech.

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Initial meeting : Any tech/idea?

 Ex) I would like to simplify remote controller

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Initial meeting : Any tech/idea?

1. The first one is it seems that the major participants assume

their market for the items with ideas/tech.

- What is market?
- It’s about customer
- You need to define customer : customer development/segment
- Narrow it down : Who is really going to pay you?

2. Customers are needed to be verified

- What kind of methodology to investigate (search and study)

the customer (market) characteristics, market size before starting
business
- Customer Persona, Interview  Assuming market
- Tam Sam Som is just secondary research to be cross checked

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It (Top down definition) might be isolated from customers might be

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we really focus on bottom up market sizing

To Understand Customer ( = Market), Pick a Competitor

Competitors include any business, current customers, any potential customers

• Indirect competition : products or services are not the same

but the same consumer need it.
• Direct competition : selling products or services are essentially the same.

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we really focus on bottom up market sizing

To Verify customer : Interview (more than 3) & Persona

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Template : 4 pages per each project team

 Business Thesis

 What are / were we trying to learn, What we learned

 What we did

 We’re planning next

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we really focus on bottom up market sizing

To Verify Customer : Customer’s Job, Work Process, You find out

customer’s events or They would say

I get up, I drink my coffee, I get in my car, I go to work

???

But Your views, contents (Ex, questions to understand customer’s

problems) should be different : To stress is to get a lot of time to think
that what kind of innovation will be possible and happened in each
event or between 2 events where the innovating is necessary.

Wait : Tell me about coffee. Tell me about how you get the coffee

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Bottom up market sizing ex: Creation of drive through business

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Initial meeting : Why this tech/idea? Narrow it down

 Team Name, Leader, Members

- Everyone participates in the presentation

 Business Thesis
- Who : Patients who are …

- Why : Fewer major

bleeding events than …

- What : Enhanced solution

for … (weapons)

- How : Key components like

channels, relationships …

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Second meeting : Conducted 3 interviews (at least)

 Listen to interviewees
- Take feedbacks about team’s tech/idea
- Why we focus on this?
- Interviews : In person (Preferable),
on Zoom, on phone …

 Pivot previous Business Thesis

- New Who : they didn’t like it
they have no right to buy

- New Why : they wanted cost reduction

- New What : they wanted simpler device
- New How : we need other partner who are good at design

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Mid Point meeting : What we learned & What we did

 What were we trying to learn  What we learned

- Are there areas for improvement / challenges in …
- Is this really helpful for …
- Is there technology for …
- Do they believe in
it’s beneficial …

 What we did
- Researched :
- Interviewed :

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Mid Point meeting : What we plan to learn next

 We’re planning next

- Regroup we know
- Regroup we believe
- Continue forward with
- Pivot previous business thesis
- Discuss with other segment
- See what affects the most
- Meet people who
- Change project

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 What we learned Finally & Plan for Prototype
(Any innovation in the services, process, event or products)
 Through customer interviews, What part of business model did you verify?
- Customer-Market fit (Example : 1 Customer segment verified)
 What MVP is needed to implement the business model we verified?
- How to verify that the MVP with the value to solve the customer's problem?
- Product-Market fit (Example : 2 Value propositions verified)

Customer-
Market
Fit
Under-served
needs from pains
and gains

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Draw Business Model

 살 사람을 한번에 찾을 수 있을까?

 처음부터 고객이 원하는 제품, 서비스를 잘 만들 수 있을까?

 만드는 데 필요한 비용, 시간, 조달 다 계산해봤어?

 만들었다면 어덯게 잘 팔것인가?

 살 사람을 어떻게 만들어내고, 산 사람을 어떻게 유지시키고, 새로운

사람을 증가시킬 것인가?

 혼자 다 할 수 있어? 뭐부터 시작할거야?

 돈은 돼니? 들어가는 비용은?

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Value
Creation

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B.M CANVAS VALUE INNOVATION CANVAS + BLUE OCEAN

Cost 관점 Value Proposition 관점 Customer 관점

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Draw Business Model Canvas : 1~2, Then 1~5

What
& Who
We
Why Serve
They
should
Buy

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 Q 1: 제시한(가설) 각 블록의 내용을 고객이 수용하는가?
Q 2 : 각 블록은 실현 가능한가?
Q 3 : 생존 및 지속 가능한가?

가치를 고객은 왜
외부에서
만들기 위한 당신 편에
조달해야 할 고객이
작업은 무엇? 서는가?
자원이나 당신에게 누가(그룹별)
작업은 무엇? 바라는 지불하나요?
가치는 무엇? 관심갖나요?

필요한
자원 리스트
고객을
만나는 창구?

가치를
가치를
교환하여
만들기 위한
지불하는
비용은?
댓가는?

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Key Key Value Customer Customer
Partners Activities Proposition Relationships Segments
(제휴, 공급사, (사업을 위한 (고객이 원하는 (지속구매, 재구매 (고객 그룹,
아웃소싱) 핵심 활동) 중요한 가치 제공, 를 위한 CRM방안, 고객 프로필)
제품이나 서비스, 고객전환 방안)
솔루션, 잠재적
해결 과제도 Channels
Key
Resources
포함) 1 (고객 접점,
1
적합한 제공)
(사업을 위한
핵심경영 자원) 2 2

Cost Revenue
Structure (비용의 구조와 내용) Streams (매출의 구조와 내용)

• 스타트업은 아이디어나 기술 차제보다는 차별화된 인사이트(Insight)로,

비즈니스 모델을 만들고, 변경해 가면서 고객에게 다가가야 한다.
가치제시 모델을 먼저 만들고, 비즈니스 모델을 작성한다

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 https://www.youtube.com/watch?v=IP0cUBWTgpY
(Business model channel: 9 min 41 sec)

 비즈니스 모델
- 비즈니스를 구성하는 모두 요소
- 제품/서비스 생산부터 판매까지 유기적 구성
- 비즈니스를 구성하는 대표적 9개 요소

- Value proposition (what are you building for customer segment.

not about idea, tech. itself. tech is just a part of value. : solving need,
problem  satisfying, Benefits by process, hypothesis)
- Customer archetype(s) : listen to… why they buy… by getting out of building
- Channel : how can product get to customers : physical/online distribution
- Relationship : how do I get customers. interactions over, keep soft channels
- Revenue : how to make money from : direct sales, transaction/subscription…
- Resource : what need to make BM works : asset, manuf.line, machine, IP, men
- Partners : suppliers, buyers, types of partnership in a year(s), strategic alliance
- Activities : important things to make BM works : engineering, managing
- Costs : costs/expenses to operate BM : what(expensive) costs worrying about
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 BM 은 어디에서 시작하여, 어떤 방식으로, 무엇을 지향하는가
- what are the value propositions you can offer to users
- clearly dividing customers to generate revenue
- process of obtaining revenue
- what is the cost structure and how is it invested
- whether users are willing to pay through value
- how to establish customer relationships so that repurchase kept
(establishing long-term relationships instead of one-time)
- channels that reach customers to generate revenue
- what are the core competencies and resources, partners, key activities

 초기 비즈니스 모델 (Establishing a business plan or initial BM)

- if you do not achieve goals, business model should be revised
- if business model is a simple technology, environment is required
- using technology is to create a profit model
- Kakaotalk, for example, launched in 2010, is a simple messenger tech.
It does not have meaning by itself at that time. In 2013 while collecting
100 million subscribers, It expanded BM presenting a profit model

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Team Name

Team Member 1 Team Member 2 Team Member 3 Team Member 4

Item name (overview)

Business Thesis

Total Interview = ?
Total number in Person = ?
Total number on Face to Face = ?
Total number on Phone = ?
 제출 3월 15~ 29일

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