Janne gives presentation about NABC model using www-page as reference.
First part: NABC
https://innovationenglish.sites.ku.dk/model/nabc/
Use this with your team to develop your business.
As a homework, think about your project thought NABC model.
Nabc (Need), What is the market need for you project/result of research etc. Get feedback from industry. The ones that need it will be paying for it at the end of the day!
nAbc (Approach), Our cases, something unique is done one need to define, what the approach is to get into the market.
naBc (benefits), what is the benefit to the user, market etc. of your product. what problem you solve or do you create a new market?
nabC (competition) How do you differ from the competition in the market. So what is you advantage against the competitors in the market.
There has to be a need for you product at the market. Or if your product is new to create a new market, you will need to specify this and think of the product in that way.
If you can answer all these four question or points well. You are in good shape for giving a pitch of your company to investors.
On the same site, Business model canvas is a good place to look into.
Business model that fits your customer, your company and your product. At the same time create as much profit as possible to your company.
Next part: Idea Selection
Think about your company/product answering the different parts of the image.
Also use Idea Selection slide to go through the questions and answer them as well you can. Sketch it and think it through.
Monthly subscription, single purchase?
How to you create value to your customers (company or individual).
-Create new market
-Solve excising problem/solve better
Cost is critical. What will be the costs of creating your product. If software or hardware, makes the cost structure different.
You will need to get feedback from customers. This will change the original thoughts in the long run and will focus your product better to the need of the customer.
Pricing is one critical part of your business model. Who will by for what price. Will you get profit.
Non-profit, is that the same? Same laws apply says Janne. Could start as non-profit but later on some money making option will rise.
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