Entrepreneurial Mind (Chap 5-8)

Design Thinking & Lean Startup

Design Thinking - a human-centered approach to innovation that integrates the needs of people, the possibilities of technology, and the requirements for business success.

Human-centered - focuses on understanding the end-user’s needs and challenges

Iterative - involves continuous cycles of prototyping, testing, and refining

Collaborative - encourages diverse teams to work together

Solution-based - aims to solve complex problems in a practical and creative way

5 Stages of Design Thinking

Empathize - understand the user’s needs, experiences, and motivations through research and observation

Define - synthesize research to clearly articulate the core problem(s) to be solved from the user’s perspectives

Prototype - build tangible representations of selected ideas to test and refine them quickly and cheaply

Ideate - brainstorm a wide range of creative solutions to the defined problem, encouraging divergent thinking

Test - gather feedback on prototypes from users to identify what works and what needs improvement, leading to further iteration

Lean Startup Principles

  • popularized by Eric Ries, emphasizes rapid experimentation and validated learning. It’s about building a sustainable business by continuously testing hypotheses about your product or service with real customers. The core of Lean Startup is the Build-Measure-Learn feedback loop.

Build - develop a Minimum Viable Product (MVP) or a small experiment to test a specific hypothesis.

Measure - collect quantitative and qualitative data on how users interact with the MVP or experiment.

Learn - analyze the data to gain insights, validate or invalidate hypotheses, and decide whether to persevere, pivot, or perish.

Minimum Viable Product (MVP)

  • version of the new product which allows a team to collect the maximum amount of validated learning about cxs with the least effort.

Key principles of MVP:

  • Focus on Core Value - identify the single most important problem to solve for your initial users

  • Speed over Perfection - launch quickly to gather real-world feedback

  • Validated Learning - every feature and assumption should be a hypothesis to be tested

  • Iterative Development - the MVp is just the first step; it will evolve based on user feedback.

**The goal of MVP is not to be perfect but to be a learning tool. It helps avoid building products nobody wants by engaging customers early in the development process.

Iteration and Testing in Digital Product Development

  • Continuous iteration and rigorous testing are fundamental to both Design Thinking and Lean Startup. In digital product development, this means constantly refining your product based on user feedback and data, rather than launching a finished product and hoping for the best.

User Research - conduct interviews, surveys, and usability tests to understand user behavior and pain points

Rapid Prototyping - quickly build low-fidelity to high-fidelity prototypes to test specific features or flows.

A/B Testing - compare different version of a feature or design element to see which performs better

Feedback Integration - systemically incorporate insights from testing into the next iteration of the product.

Business Model Generation

Business Model

  • a company’s method for making money in the current environment

  • it includes key structural and operational characteristics of a firm - how it earns revenue and makes a profit

Business Model Canvas

  • a strategic management template used to describe, design, challenge, and invent business models.

  • this tool resembles a painter’s canvas - preformatted with the nine blocks

Building Blocks of a BMC

  • Value Propositions - bundle of services and products that create value for a specific customer segment

  • Customer Segments - different groups of people or organizations an enterprise aims to reach and serve

  • Customer Relationships - types of relationships a company establishes with specific customer segments

  • Channels - how a company communicates with and reaches its customer segments to deliver a value proposition

  • Revenue Streams - cash a company generates from each customer segment

  • Key Activities - most important things a company must do to make its business model work

  • Key Resources - most important assets required to make a business model work

  • Key Partners - network of suppliers and partners that make the business model work

  • Cost Structure - all costs incurred to operate a business model

Legal, ethical, and social considerations in technopreneurship

  • Legal Considerations

    • Compliance with Philippine Laws

      • Data Privacy Act

      • Cybercrime Prevention Act

      • IP Code

    • Protection of IP and contractual obligations

  • Ethical Considerations

    • Transparent data handling and user privacy protection

    • Fair algorithmic practices without bias or discrimination

  • Social Considerations

    • Development of inclusive and accessible technology solutions

    • Alignment with sustainable development goals for positive societal impact

Data Privacy Act of 2012 (RA 10173)

  • mandates protection of personal data

  • requires consent for data collection, processing, and storage

  • establishes National Privacy Commission (NPC) for enforcement

Intellectual Property Rights

  • protects patents, tms, copyrights, and trade secrets

  • essential for safeguarding innovations and brand identity

  • crucial for maintaining competetive advantage

Cybercrime Prevention Act of 2012 (RA 10175)

  • addresses cybercrime offenses (hacking, data interference)

  • provides legal framework for online conduct

  • includes provisions on libel and content regulation

Ethical Issues in Digital Startups

Ethical Issues - situations or problems that arise in business operations and product development. Can include:

  • Data Colelction and Consent

  • Algorithmic Bias

  • Job Displacement

  • Misinformation and Fake News

  • User Manipulation

  • Worker Classification

SDG Alignment and ISDA Values

SDG Alignment

SDG 4: Quality Education

SDG 8: Decent Work and Economic Growth

SDG 9: Industry, Innovation, and Infrastructure

SDG 10: Reduced Inequalities

ISDA Values

Integrity

Social Justice

Discipline

Academic Excellence

Pitching and Communicating Startup Ideas

Pitching - presenting a start-up idea to potential investors, partner, or customer.

Goal:

  • secure funding

  • future partnerships

  • gain early adopters

Elements:

  • Clear problem definition

  • Create innovative solution

  • Market Opportunity

  • Business Model

  • Team Expertise

  • Final Projections

Communicating Start-Up Ideas - sharing the start-up’s vision, mission, and value proposition with various audiences.

Goal:

  • to create awareness

  • build credibility

  • attract talent, customer, and stakeholders

Elements:

  • consistent messaging

  • compelling storytelling

  • transparency

Preparing a Pitch Deck - concise visual story of your busines, a clear narrative that can be easy to understand

  • Problem > Solution > Product/Services > Market > Business Model > Traction/Milestone > Team > The Ask > Information

Techniques for Effective Presentation

  • Know your audience

  • Compelling narrative

  • Concise and clear

  • Visual slides

  • Practice delivery

  • Hook

  • Highlight problem

  • Present solution

  • Showcase team

  • Market opportunity

  • Business model

  • Call to action

  • Prepare question

  • End strong

Storyetelling and Visual Design for Pitching

Storytelling - the most effective way to persuade and captive your audience

  • The Hero’s Problem

  • The Promise

  • The Victory

Visual Design - powerful tool for reinforcing your story and making your pitch more impactful

  • Simplify

  • Unify

  • Illustrate

Conclusion

Effective pitching and communication of startup ideas hinge on 3 key elements:

  1. a well-prepared pitch deck that concisely highligh the problem, solution, market and team

  2. strong presentation skills characterized by confident delivery and audience understanding

  3. the ability to engage through compelling storytelling and impctful visuals