Business model

What do you need to accomplish this weekend? What does your pitch need to contain? Where should you focus? Probably on this, because it's what the judges will use to score you...

Do you know what the "thing" is?

Business model is the obvious judging criteria, but it means more than you think it does.

We want to know that you have clarity in your idea by being able to address the four components of a business model:

1. Who is your customer?
2. What is your offering to them (value creation)?
3. How do you do it (value delivery)?
4. Why does this make money (value capture)?

When you're just starting out with an idea, this is all you need to know to get to work. It translates directly into questions that you can turn into experiments:

1. Does the customer exist? Do they have the problem you think they do? Are there enough of them out there to make this worthwhile?
2. Do they want your solution to this problem?
3. Do they want it in the way you're offering it? Can you get in front of them?
4. Will they pay what we need to turn this into a viable business?

Questions to consider...

• Have you clearly defined who the customer is?
• Have you clearly defined the problem?
• Do you have a clear value proposition?
• Do you know how value is delivered?
• Why this would make money?