Business model and lean canvas session (QAA23567) #FEEUK

Objectives: 

  •        Learners to be able to define the business model canvas and the lean business model canvas
  •        Learners to develop and lean canvas from a case study in a limited time frame
  •        Learners to be able to complete sections 1 -3 of their own business idea’s lean canvas

Introduction: 

QIncubator is an 8-week programme, which provides a testing ground for projects at idea-stage and early-stage. Our entrepreneur-led programme combines enterprise training, expert coaching, and peer learning to accelerate success. This programme was delivered fully online due to the pandemic.  The first session we teach is the lean business model canvas.

Activity:

Time required 1h

Pre-work:

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The session was divided in five parts:

  1. The facilitator presented the lean canvas and explaining the main difference between the lean canvas and the business model canvas: “Lean Canvas uses the same 9 blocks concept as the Business Model Canvas, developed by Alexander Osterwalder except they’ve been modified slightly to suit the needs/ purposes/requirements of a Lean Startup. The Lean Canvas is the perfect one-page format for brainstorming and/or validating possible business models.”[1]
  1. The facilitator explained the first three sections using Oddbox as case study. He/she then used Mentimeter to get the student entrepreneurs share what they learnt from their pre-reading using word cloud to answer the first three sections.
  •        Customer segments (customers vs users) and Early adopters / Problems
  •        Problem / Existing alternatives
  •        Unique Value Proposition / High Level concept
  1.      The facilitator then explained sections 4 and 5
  •        Solution
  •        Channels

[1] https://medium.com/@steve_mullen/an-introduction-to-lean-canvas-5c17c469d3e0

The facilitator then split randomly the students in breakout rooms of 4-5 students to discuss in their opinions what would be Oddbox’s top three features and how do they acquire and keep their customers. It is an opportunity for each student to introduce themselves to the group and then to share their thought regarding the case study.

When the whole group is back in the room, the facilitator will give the opportunity to the breakout rooms to feedback on their findings.

4. The facilitator then explained section 6 and 7 – Revenue streams and cost structure and used Mentimeter to get student entrepreneurs’ involvement and analysis.

5. Finally, the facilitator explained sections 8 and 9: Key metrics and Unfair advantage. And repeated step 3.

6. As this session is part of an 8-week programme, participants are then asked to complete the first three sections of their own lean canvas is their post-session assignment.

The impact was significant as:

  • 78% of our feedback respondents found the session very useful.
  • 97% of our feedback respondents found the content good, very good or excellent.
  • 97% of our feedback respondents found the delivery good, very good or excellent
  • Before starting the programme, 67% of our participants did not feel confident about lean canvas creation. At the end of the programme, 75% of our participants felt confident about lean canvas creation and completion.

What we learnt from the session was that we could have used the pre-reading content even more to allow more group time for our students and graduates entrepreneurs to evaluate information, analyse and discuss as a group.

Learner’s feedback:

Which content and/or what aspects of the overall session did you find particularly useful?

“Going over the case study with different sections of the lean canvas”

“Introduction to business planning - it really helped me to put my idea in a framework and start thinking about it in a pragmatic and organised fashion.”

Resources: 

  •        Online platform such as Zoom
  •        Moodle for pre and post work

References: 

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Author / Attribution

This guide was produced by Mrs Julie Kouamo (Enterprise Manager, Queen Mary University of London ).