Week 6

Question 1

Business Plan

Answer 1

A static (lengthy) document that describes the size of the opportunity, the problem to be solved and the solution that the venture has proposed. Typically includes 5 year forecast

Question 2

Business Model

Answer 2

Mechanism through which the company the company generates profit.

Question 3

Idea Model

Answer 3

First iteration of capturing high-level details about business idea. Continually update as assumptions become validated and experimented.

Question 4

Prototype

Answer 4

First design of idea that can become a physical object to present to audience.

Question 5

Minimum Viable Product

Answer 5

First version of product available for circulation. Has at least one piece of functionality that makes the product special.

Question 6

Unfair Advantage

Answer 6

The thing that stops competitors from being able to steal your customers. Intellectual Property, Trade Secret, Team talents, First to act, Expert endorsements, credibility/reputation.