Objective:
- Idea identification: each learner identifies 3 or more ideas using the idea generation tool.
- Validate ideas using business modelling tools (value proposition canvas).
- Pitch ideas by building and running an online reward based crowdfunding campaign.
- Evaluate peer ideas by purchasing rewards and leaving feedback.
- Embed the practise of play, reflection and experimentation.
Overview:
The focus of this task is to enable the learner to identify, validate, pitch, test and evaluate new venture ideas using an online reward-based curriculum based crowdfund platform and business modelling tools. The crowdfund platform enables the learner to adopt the dual role of an entrepreneur (when building their campaign) and the potential customer (when funding and evaluating their peers’ campaigns).
Activity:
Online crowdfund platform enrolment (1 week).
- Students self-enrol onto Sandpit and are allocated 1000 campus coins (CC), where 1CC is equivalent to £1 (1 hour)
Individual idea identification (2 weeks)
- Each learner individually identifies a minimum of 3 ideas using one or all the following techniques (I week):
a. Sandpits online 4 step idea generation simulators (step 1 – customer identification; step 2 – customer problem; step 3 – identify current solutions; step 4 – suggest desirable customer goals; step 5 – suggest a set of solutions).
b. Neck et al (2014); students use themes emerging from their Knowledge, Skills and Abilities to generate ideas.
Idea Validation (1 week) – Resource: Value proposition Canvas
- In groups of 3 students discuss and select one idea from the range of ideas which they have individually identified and select a customer segment. Students apply the value proposition canvas in the following sequence:
a. Identify an international customer segment
b. Identify their customers jobs, pains and gains.
c. Rank their selected customers jobs, pains and gains.
d.Provide a detailed breakdown of their product/service
e. Identify their product/services gain creators.
f. Identify their product/services pain relievers.
g. Rank their products key features, gain creators and pain relievers.
h. Validate the idea by identifying a fit between their key gain creators and pain relievers and those pains, gains and jobs which are critical for the customer.
i. Repeat the cycle with a new idea or customer segment if idea validation fails.
Pitching - Campaign Building (3 weeks)
- Students build their campaign on Sandpit in groups of 3
a. Set the project amount to 2500 CC
b. Use video tools (e.g., render forest) and your value proposition to develop a 3minute video pitch.
c. Use your value proposition to write your short statement.
d. Complete the Long story section of your campaign by uploading your completed value proposition canvas. e. Provide a visual representation of how your product will work in the long story section.
e. Provide a set of rewards (minimum of 3) of increasing value starting from donations to preselling versions of your final product/service.
Peer to peer Idea evaluation (3weeks)
- Students individually fund and evaluate campaigns
a. Select 3 campaigns (excluding your own campaigns)
b. Evaluate the campaigns based on their feasibility and desirability.
c. Spend your 1000CC by purchasing rewards from all 3 campaigns.
Skill Development:
Learning by doing
Developing new venture ideas
Generating new ideas
Commercially awareness and ability to spot opportunities
Valuing ideas/Idea evaluation
Coping with failure/learning from failure
Working with others
Idea pitching and communicating their idea via campaign building.
Digital crowdfunding skills
Customer focused mindset.
Internal crowdfunding taking off!
Resources:
- Sandpit Crowdfund Platform license. (https://www.sandpit.cc/)
- Sandpit idea builder.
- Knowledge Skills and Abilities template (Neck et al (2014)
- A1 Value Proposition Canvas.
- Sticky notes.
- Pens
References:
Osterwalder, A & Pigneur, Y (2010), Business Model Generation: A handbook for Visionaries, Game Changers and Challengers, Wiley