value proposition design

Innovators-in-Residence Program comes to McMaster University

mcmasterThe SearchLite had the privilege of being invited to McMaster University to conduct an Innovators-in-Residence Workshop on March 3rd, 2016.   The invitation was extended by the Graduate Student Life Team, part of the School of Graduate Studies.   This event was made possible by a connection between Scott Phillips from The SearchLite and Catherine Maybrey from McMaster University back in 2014 when Catherine hosted a “CV to Resume Webinar” on behalf of The SearchLite.

maybreyCatherine began her career with dreams of the tenure track, and along the way discovered something much better – the ability to take the best of what she loves about academia and to apply it in practice helping others. Her approach to career development is grounded in labour market research, hiring practices, and innovative use of technology to make service available to all graduate students on their timetable.  She previously served as the Alumni Career Coach, where she advanced services for graduate students including workshops and videos on Transforming Your CV to a Resume, The Academic Job Search, The Non-Academic Job Search, Transferable Skills, and Graduate Student Boot Camp.

IMG_0984The Innovators-in Residence (IIR) program is a community-based learning platform. The IIR program provides a unique opportunity for Ph.D. graduate students and postdoctoral fellows from all academic disciplines to gain experience in innovation commercialization, acquire insights into market risk assessment and build relationships with leaders in industry while trying to solve real-world problems.

ThIMG_0987e McMaster University Graduate Students who participated in the workshop learned about the principles of Product-Market Fit and Value Proposition Design through live engagement in case studies which represent real Market Discovery Challenges recently completed by The SearchLite. Value Proposition Design is one of the 2016-03-03 10.41.01most critical skill sets needed to be a successful inventor or entrepreneur and a key element of the Lean Startup Process and Business Model Generation. Understanding Value Proposition Design will also be a valuable skill for academics in transition to industry with interest in various aspects of Corporate R&D, Engineering, Product Management or Marketing.

IMG_0988Students broke down into teams and were assigned a case study. Their assignment was to  identify the best -Product-Market Fit given the Value Proposition for a particular invention.  Inventions included (1) Portable Ammonemia Detector (Stanford University) – A low cost, portable, simple-to-use device designed to rapidly detect elevated ammonia in a drop of blood; (2) Rapid Decoupling & 2016-03-03 11.04.39Isolation (Oakland University) – Concept with ability to sense a sudden event and rapidly decouple load-bearing, structural joints in order to isolate occupants from the shock of the event; (3) Mobile Power Generation (Diversified Solar) – Hybrid solar system for mobile stand alone and grid-tied solar-based power generation and other inventions.

The teams all did an amazing job.  With no background on the principles of lean startup and only one hour to study their inventions, they all presented to a mock group of venture capitalists at the conclusion.  It was amazing how they were all able leverage the individual strengths, skills and experiences of their individual team members.  After the presentations, Scott had a chance to have lunch and visit with the students to learn more about their future plans and answer questions about The SearchLite and the Innovators-in-Residence Program.

 

 

 

 

 

 

 

 

 

 

 

 

Growth Hacking 101: Product Market Fit

Apostle Mengouis does a good job of connecting Product Market Fit Metrics with early stage Customer Discovery and the implications for cash burn.

He emphasizes the importance of keeping burn rate as low as possible while iterating towards achieving Product Market Fit. Some level of preliminary value proposition iteration and sign up flow optimization is necessary to establish some early traffic but then the focus should quickly shift towards measuring product/market fit before anything else. You typically know when you achieve product/market fit but metrics help you measure and hopefully get you there faster. Now that my preliminary value proposition, sign up flow, MVP, and early traffic channels are *mostly* in place, the next step will be optimizing for user gratification and putting metrics in place to measure product/market fit.

This is the 2nd part of the Growth Hacking 101 series. This article emphasizes on tools, techniques and hacks that Growth Hacking Marketers use excessively.

Source: growthrocks.com

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