Validating Your Business Model with Innovator’s Canvas

Overview

By the end of this guided project, you will be able to use the Innovator’s Canvas to test your startup business model hypothesis. The Innovator’s Canvas is a business model validation tool that help entrepreneurs to test their business idea assumptions. The Canvas is divided into six major components: customer/problem, solution, channel, support structure, economic model, and market environment. The goal of the Canvas is not just to provide an analytical tool, but to provide a systematic process by which business models can be documented, tested and iteratively created until you have achieved either fast/cheap failure or success For us to practically demonstrate how the model works, we will use a spreadsheet to analyze a startup Social Venture. Examples from the case study would empower you to use the model to analyze your startup idea or any other company of your choice. The Innovator’s Canvas is entrepreneur-focused, but equally useful for everyone involved in introducing a new product or idea to the market. At the end of the project, you will be able to use the Canvas to brainstorm possible business models, prioritize where to start, and track ongoing learning