Workshop 2: Business Planning Version: 1. 01 3/9/04 Planning: From Innovation to Business Prof. Yechiam Yemini (YY) Computer Science Department Columbia University (c)Copyrights; Yechiam Yemini; 2004
The Business Plan to deliver value ¡ Create a business model ¡ Analyze & quantify the market ¡ Define products/services ¡ Define the competitive value ¡ Plan marketing/sales strategy ¡ Team: who will execute what ¡ Finance: quantify value creation Innovation Plan Business Plan (c)Copyrights; Yechiam Yemini; 2004 Execution 2
Developing A Business Model Architecture and operations to create and deliver value Products & Distribution Markets & Services Channels Customers Net $ Financial Engine The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 3
How To Create A Business Model? $ $ $ Technology Product Company Business $ $ Opportunity $ Value Proposition Distribution Strategy Financial Model Market Problem Buyer $Budget $ The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 4
Defining The Value Opportunity ¡Market: medical patients, health-care industry ¡Problem: organizing, accessing and using patient info ¡Technology: inexpensive, personal, mobile storage ¡Product: personal medical records (PMR) system Technology Opportunity Market Product Value Proposition Problem (c)Copyrights; Yechiam Yemini; 2004 5
Maximizing Customer Creation Drive plans from customer/revenues creation Who/what/why/how-much ¡ ¡ 1. 2. 3. 4. 5. 6. Who are our first customers? What will they buy? Why: what quantified value will it deliver? How much will they pay? How will we reach them? How will we overcome barriers? (c)Copyrights; Yechiam Yemini; 2004 6
Markets/Customers: Why/How Will They Buy? ¡Profile & Segmentation ¡Key Pain-points Quantify problem in $$’s Window of opportunity (immediacy) ¡Location of $$’s ¡Competition Products & Distribution Markets & Services Channels Customers Net $ Financial Engine The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 7
Value-Based Segmentation ¡ Products have different value to different segments ¡Who needs this pain-killer; how badly. . ¡ Quantify value: of key features to key segments… (c)Copyrights; Yechiam Yemini; 2004 8
The Market Goal: identify & quantify the opportunity ¡Define the target users ¡Identify & quantify the “pain” you will cure ¡Identify the market segments ¡Size the market ¡Identify competition and analyze competitive factors ¡Establish statistical & anecdotal market validation (c)Copyrights; Yechiam Yemini; 2004 9
Product/Services: What do you offer? ¡Whole product definition ¡Value & pricing ¡Cost to customer/company ¡Add-on/future products Products & Channels of Markets & Services Distribution Customers Net $ Financial Engine The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 10
Whole Product Definition ¡ The PMR PDA Goal: max revenue and market capture E. g. , patient-based model: $50 per month all inclusive o PDA + SW + Storage module (i. POD-like) o Backup, universal access, security & privacy protections, information services… ¡ PMR interface adapters: Goal: max deployment. . free to labs/hospitals/physicians. . . o Ideally: PC SW only solution ¡ PMR backend services: Goal: max outsourcing and market support o Enable record mgmt, billing and other medical care info services… o Build market support by distributing products over the PMR platform (c)Copyrights; Yechiam Yemini; 2004 11
Products & Technology Goal: identify the unique value you will create ¡ Describe the product Focus on the unique painkiller edge What technology edge will you develop ¡ What is the value proposition to your users? Develop an “elevator pitch” ¡ How will you build & sustain competitive distinction? ¡ Establish anecdotal validation of traction (c)Copyrights; Yechiam Yemini; 2004 12
R&D Plan: Scheduling Resources ¡ Design release schedule per key components ¡ E. g. , Release 0. 1 XXXX Design API Coding integration testing Resources: 1 project leader + 2 developers Release 0. 1 YYYY Market study Design Coding Resources: 1 product mgr, 1 developer (c)Copyrights; Yechiam Yemini; 2004 13
Estimating Expenses ¡ Payroll Mgmt R&D Marketing Sales Operations ¡ G&A Rent/utilities/communications… Services: legal, accounting… Equipment… … ¡ Operations costs … (c)Copyrights; Yechiam Yemini; 2004 14
How To Create A Business Model? $ $ $ Technology Product Company Business $ $ Opportunity $ Value Proposition Distribution Strategy Financial Model Market Problem Buyer $Budget $ The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 15
Distribution: How Do You Reach Them? ¡Channel strategy: direct/indirect ¡Marketing strategy: Positioning & branding sales support Partnering ¡Implementation cycles Products & Channels of Markets & Services Distribution Customers Net $ Financial Engine The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 16
Distribution: How Do You Reach Them? ¡ Focus on key segment (s) then expand ¡ Distributors: bootstrapping distribution… Medical information service providers Physicians, radiology labs… Mass market: PDA vendors…PALM, i. POD…. Interface adapters: through HW vendors & direct… ¡ Marketing strategy: partner with competitors PMR as an attachment to extend medical info systems… PMR as a function-specific PDA …: )tax-deductible? MP 3 music. . ¡ Team with hospitals/insurance/drug-companies… (c)Copyrights; Yechiam Yemini; 2004 17
Sales & Marketing Goal: define sales & marketing strategy ¡How do you plan to distribute your products? ¡What is your pricing strategy? ¡How do you plan to support & grow sales? ¡What is your positioning strategy? ¡What marketing relationships will you develop? (c)Copyrights; Yechiam Yemini; 2004 18
Financial Engine: How Do You Create Value? ¡Pricing & revenues model ¡Sales & implementation cycles ¡Cost structure and margins ¡Investment requirements Capital and time required Comparables & exit strategies Products & Channels of Markets & Services Distribution Customers Net $ Financial Engine The following slides are based on presentation by Darlene Mann of ONSET Ventures http: //haas. quimbik. com/files/Darlene. Mann. ppt (c)Copyrights; Yechiam Yemini; 2004 19
![The Financial Engine ¡ Revenues: PMR units: #patients*[$600 -$100] Patient record mgmt: #patients*$500 Insurance](https://present5.com/presentation/d17dbed4d2cdfc926ee0d866ca7501ff/image-20.jpg "The Financial Engine ¡ Revenues: PMR units: #patients*[$600 -$100] Patient record mgmt: #patients*$500 Insurance")
The Financial Engine ¡ Revenues: PMR units: #patients*[$600 -$100] Patient record mgmt: #patients*$500 Insurance billing: bill-amount*4% ……. ¡ Costs: R&D: Data center: Marketing/sales: G&A: (c)Copyrights; Yechiam Yemini; 2004 20
Financial Plan Goal: quantify costs/revenues and capital-needs (Controlling growth & time to reach break-even) ¡Start with a revenues model ¡ Expense model “. . breaking (even) is a hard to do. . ” ¡ Capital needs $ TTM (c)Copyrights; Yechiam Yemini; 2004 Time 21
Validating: Traction is Key!!!!! ¡Learning costs grow exponentially fast… ¡Validate all hypotheses with market Patients; physicians; labs; hospitals; insurance companies; medical info vendors… Industry mavens… ¡ Identify key assumptions; quantify; validate… (c)Copyrights; Yechiam Yemini; 2004 22
Creating A Business Plan ¡ Executive summary ¡ Market environment ¡ Products & technology ¡ Management team ¡ Sales & Marketing plan ¡ Product R&D plan ¡ (Manufacturing & operations) ¡ Financial Plan (c)Copyrights; Yechiam Yemini; 2004 23
The Five Questions (Mayfield) ¡Do you have a team that delivers? ¡Is your product/service a vitamin or a painkiller? ¡Do you know your users? ¡Who are your competitors? ¡How far will this money take you? (c)Copyrights; Yechiam Yemini; 2004 24
The Business Plan Do’s (Ian Ritchie www. coppertop. co. uk ) ¡There’s a great new growth market ¡We’ve got just the thing for it ¡Its the kind of thing that a small player can sell well ¡The growth potential is such that we can go public/be acquired ¡We’ve got/can get lots of technical/managerial/marketing experience ¡ 12 pages or less, and very easy to read (c)Copyrights; Yechiam Yemini; 2004 25
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