The smart way to map out your business model

The business model canvas — as opposed to the traditional, intricate business plan — helps budding businesses and established organisations alike. It allows you to conduct structured, tangible, and strategic conversations around new businesses or existing ones. Leading global companies like GE, Nestlé or Lego use the canvas to manage strategy or create new growth engines, while start-ups use it in their search for the right business model.

In fact, some insiders point out to the canvas as the key to Lego’s great turnaround story. Facing bankruptcy a few years ago, the company had to reinvent themselves and re-position their brand. The canvas allowed them to smartly map out the key challenges and helped come up with direct solutions, such as streamlining the manufacturing process and adapting the kits to the modern times.

The canvas’s main objective is to help companies move beyond product-centric thinking and towards business model thinking.
It is also increasingly popular in competitions, such as the upcoming 2017 Santander Universities Entrepreneurship Awards. (Keep an eye out on this blog to find out more soon!)

In summary, the canvas is incredibly useful because it lets you look at all nine building blocks of your business on one page. Here’s a sleek little video explaining it in more detail:

 

Advertisements

Navigating the digiverse, innovating in teams

Today we hosted the first in our series of themed interactive workshops and it was great to see some of you there. The theme of this event was digital enterprise and software development. We wanted to meander through the sometimes tricky paths of the digiverse and gain knowledge about the strategies, design, and processes involved.

fullsizerenderWe kicked off with a great talk by Dr Ernesto Compatangelo, coordinator of the MSc IT course and managing director of a software development spinout. His insights were helpful to those who would like to digitalise their start-ups or create new software from scratch. Dr Compatangelo emphasised the importance of meticulous testing and the need for a comprehensively planned design which is also realistic to implement.

The second part of the workshop was the informal, interactive element. We engaged the participants in a ‘speed innovating’ session, where we identified recent trends, emerging markets, and linked them to the local challenges in Aberdeen. The teams noticed the emergence of demand for local, ethically sourced produce and sustainable businesses. We also agreed that there’s a growing appetite to ‘make a difference’ and to put people in charge of their local decision-making.

This, we found, is at least partly linked to the rise in digital communication, which allows like-minded people to group together, find out more about products they consume and form effective campaigns. One of the main markets for start-ups today are the millennials, the large group of tech-savvy, environmentally-conscious young people who want to see more innovative ways of doing business.

fullsizerender-2At the end of our brainstorming and collective innovating, we came up with the rough idea of introducing ‘smart cycle lanes’ to Aberdeen.
This would tackle many of the local challenges which we identified: overcrowded roads, expensive public transport, perception of Aberdeen as ‘characterless’ and the ‘donut effect’, where large businesses and retailers increasingly move out of the city centre and into the suburbs.

The smart cycle lanes would be digitalised via a bespoke app, which would provide real-time information about cycling conditions, maps, integrate information about the local area and partner with local businesses. Not bad for a quickfire 20-minute speed innovating session!

We have more such events in the pipeline, and we strongly encourage undergraduates and aspiring changemakers to get involved in future workshops! They’re a great opportunity to learn some technical aspects of entrepreneurship, network with start-ups and come up with ideas in a vibrant, informal setting.


Make sure to follow us on Twitter to stay updated with future events, enterprise competitions and latest endeavours of our community of start-ups 🙂
https://twitter.com/ABVentureZone

And why not ‘like’ our brand new Facebook page as well?
https://www.facebook.com/abventurezone/