A Business Model describes the rationale of how an organization creates and delivers value in economic, social, or cultural contexts. Business Model Development is the design for the successful operation of a business that includes idenfying revenue sources, customer base, products, and details of financing. The Business Model is heavily influenced from the Customer Discovery, market research, and Market Requirements. A viable business model aggregates these concepts into actionable information to set achievable financial forecasts and goals.
At this point an entrepreneur should have collected enough knowledge about the market to create a go-to-market strategy. Now is the time to assess the team and determine their strengths and weaknesses. Create a plan to fill any voids.
The business needs a viable and profitable Business Model with enough customers to buy the finished product to be successful or to license the technology to another party. A business needs the correct team and resources in order to thrive, for which the Business Model helps identify and plan. The creation of a go-to-market strategy ensures that there will be concrete steps to take toward success.
Are the Business Model’s goals attainable? Is there a return on investment that makes this project worthwhile to the entrepreneur and investors? Does the team possess adequate skills to drive growth? Is there quantifiable intellectual property to drive business growth?
There are two modules in the Business Model Development Process: Business Model Development (BMD) and Fundraising Materials.
The first one to explore is the BMD where you will learn:
- Cover and expand on key aspects of the Business Model Canvas and Market Requirements Document
- Consistent documentation
- Direct and focus the team’s energy toward successful commercialization
