As explained in the Lean Launchpad course activity, you will be working throughout the term to develop a business model with a high likelihood of success. Your initial model will consist of guesses you make about product features, marketing channels, customer segments, etc. As you make various external contacts throughout the term, you will gain insights that corroborate, refute, or suggest modification of your initial guesses. Then you will revise your business model accordingly, and the revision should have a greater chance of success than the previous versions.Your Business Model Development Report will show how the business model evolved throughout the term. The business model should contain details falling into the nine categories described in the Lean Launchpad course. For examples, “business model canvas.”
The report should include your initial business model with your initial guesses, plus at least three revisions. Normally, each of these four versions of your model would be laid out on a separate business model canvas, on a separate page of your report. In addition, your report should include the following items.• Market size estimate
(see Lesson 1.5)
• MVP description (see Lesson 2)
• Customer archetype description (see Lesson 3)
• Channel diagram & economics (see Lesson 4)
• Customer acquisition cost and customer lifetime value (see Lesson 5)
Start with a brief overview of the business idea you had that led to the initial model. Then, explain the guesses you made in each of the nine categories of that initial model. (E.g., give a one-paragraph explanation for each category.) For each revision, indicate changes from the previous version in red on the corresponding business model canvas. Then in the text, explain each change and why you made the change. Discuss what you learned from your external contacts that led to the particular change. Weave in each of the lesson-specific items listed above where relevant. E.g., if you defined your Minimum Viable Product (MVP) after your initial model but before the first revision, describe the MVP as you discuss changes leading to that first revision. After you discuss your final model for the term in this manner, add a conclusion where you explain which model categories you feel pretty certain about, and discuss others for which you would like to get additional information.
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