Lean Startups: Using the Business Model Canvas
Team SōPOD, a student-lead business startup, was required to follow Lean Startup Methodologies and utilize the Business Model Canvas to validate their business idea. With little support on campus for their entrepreneurial activities, this team was not only able to win their state tournament, they advanced to the semi-finals in the International Business Model Competition. But why were they not able to advance to the final round despite following all the requirements of the competition? This descriptive case follows the processes and decisions made by team SōPOD during the nine months leading up to the International competition.
- Identify the benefits of applying the Lean Startup Methodology compared to a Business Plan
- Describe how the learning from the group’s investigation validated or suggested a pivot of the business model
- Analyze what should have been done differently for the team to advance to the finals the International Business Model Competition (IBMC)
- Construct a Business Model Canvas for a startup business idea
- Design hypotheses and experiments to refine a business model