Find a working business model for your innovation project within the upcoming 3 months.
Here are 6 key lessons I've learned during the past 8 years:
𝟏. Forget about all your market research and start with a clean sheet.
𝟐. Talk to about 120-160 people spread over 12-16 experiments.
𝟑. Don't sell your product; learn everything about your customer's behaviours, emotions and problems.
𝟒. Pick the best-fitting earnings model you can find (There's more than just a subscription model out there!).
𝟓. Pitch your value proposition face-to-face, including your earnings model, and get at least a 40% commitment.
𝟔. Build your business case and unit case only after you've got commitments.
I hope this is helpful.
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Don't create unicorns,
Let's breed blue whales.
🐋
