| Name | |
|---|---|
| Explain your Big Idea in one sentence. | |
| 1. Pain of the Customer | |
| 1. Who’s your target customer? | All Transport Platform, Shopping malls |
| 2. What’s the job your customer is trying to perform? | To provide the physically unfit individuals like elderly, commuters and more due to injuries, disabilities or pregnancies. Therefore they can seat comfortably and reducing the risk of inju |
| 3. What’s the pain your customer is experiencing while doing the job? | Not being able to find a seat as other people will take up the seat and getting injured as people does not want to give up the seats |
| 4. How big is the pain the customer is feeling? | 4 Dog Bite |
| 5. How often are customers feeling the pain? | 5 2X Daily + |
| 6. What’s the pain score? | 20 |
| 7. How much market knowledge do you have to understand the pain? | Varsity |
| 2. Potential of the Market | |
| 1. How many customers are experiencing the pain? | 3 Thousands |
| 2. Sustainability? Can you provide the solution to customers profitably? | 4 Most Likely |
| 3. What’s the current overall size and growth of the market? | 3 Nonexistent / Big Potential |
| 4. Will your solution greatly affect the size and growth of the market? | 5 Yes |
| 5. What are the key growth drivers for the market? | Ageing populations in Singapore as we all know there is more older people as we can see from the population chart online so E-seat can be more useful as we can cater their needs |
| 6. What’s the financial potential of a business that solves the pain? | 12 Lifestyle |
| 3. Prescription for the Pain | |
| 1. What’s the name of your proposed solution to the pain? | E Seat |
| 2. Describe your proposed solution to the pain and its key benefits. | We created a product where we can properly reserve seats for people in need as many commuters refuse to give up their seats and horde during rush hour, leaving those in need standing up. To address this issue, we devised the concept of locking the seats. To begin, we want to create a seat belt lock that can only be accessed after you have verified that you meet the criteria by |
| 3. How distinct is your solution from what already exits? | 2 Almost Identical |
| 4. What types of innovation are you using to differentiate yourself? |
|
| Other | |
| 5. What are the primary differentiators of your solution? | Our design is unique as the seat is foldable which makes it space saving efficient. Due to our smart technological advancemnt E seat is equipped with a security system where only people in need will have acess to the seat by using a RFID card, thus this will enchance the customer experience as the seats will always be reserved for them. |
| 6. How much domain expertise do you have to solve the pain? | Varsity |
| 4. Positioning in the Market | |
| 1. What does the competitive landscape (jungle) look like? | Dinosaurs |
| 2. Name the current market gorilla. | The concept by Geoffrey Moore crossing the chasm, is enduring and invaluable in understanding how customer adoption transpires snd many products get caught in the proverbial chasm. In crossing the chasm: Marketing defines the Technology Adoption Life Cycle. |
| 2.1 No Market Gorilla | |
| 3. Are you competing head on with a gorilla for the same customer? | No |
| 4. Who goes out of business if you win? | Companies will go out of business as they will no longer need to provide the chairs for new built mrts and buses. Industries will not be as affected as industries comprises many other companies. |
| 5. Based on the proposed solution, what’s your market-entry strategy? | Bolt-on Strategy |
| Face Punch | Compete head-to-head with market leaders for existing customers with a solution that is similar to existing offerings (i.e., no innovation). |
| Greenfield | Create a brand new market category where competition is non-existent; create new customers and draw customers in from other markets. |
| Bolt-on | Extend an existing market by adding a product or service onto the market’s current offerings; partner with market leader (i.e., incremental innovation) |
| Geographic | Import proven business models and innovations from one country to another (i.e., geographic innovation). |
| Breakthrough | Develop products that are 10x better than market leaders; competing for same customers with high “switching costs” (i.e., 10x innovation). |
| Disruptive | Target unmet needs of underserved customers at the low end of an existing market; competitors flee up market rather than fight for the low end. |
| 5. Path to the Exit | |
| 1. How large is the universe of potential buyers for the company? | 5 A Hundred |
| 2. Who are the top likely potential buyers of the company? | Industry buyers tend to merge with or acquire direct competitors. Selling to an industry buyer can be the only viable choice if your company has a lot of assets and unfavorable profitability. Selling to a financial or strategic buyer might not be an option in some sectors. Because they typically pay the lowest price, industry buyers are frequently seen as the buyer of last resort. These purchasers are well-versed in the sector and unwilling to pay for goodwill. A potential confidentiality leak is an added risk when selling to industry buyers. When selling to an industry buyer, use a professional to handle the negotiations on your behalf, provide value that is unique, monitor the leak of secret information carefully, and avoid seeming frantic. |
| 3. Do you plan to engage in partnerships with them? If so, how? | Yes i do, Firstly, Start the process followed up by starting to establish a common understanding of the goals we are trying to achieve and develop a clear timeline for the overall effort and for each individual component or event. Lastly, to implement the plan by conducting a collective review of the plan prior to each event to be certain that participants understand their role and responsibilities. |
| 4. Do you currently have access to relevant distribution channels? | Yes |
| 5. What’s the overall likelihood of the company becoming acquired? | 4 Very Likely |
| The Big Idea Hypothesis | The output of this worksheet is to create a hypothesis that you can go out and test. Writing down a Big Idea Hypothesis forces you to focus and clarify what you believe before you talk to potential customers or build prototypes (see Nail It Then Scale It, p. 69-73). The best tool we have found for formulating your Big Idea Hypothesis is found in Geoffrey Moore’s book, Crossing the Chasm. Moore calls it the “elevator message,” but we use it for the Big Idea Hypothesis. The steps of the Big Idea Hypothesis are:
EXAMPLE 1 – Using this format, let’s take a look at a potential Big Idea Hypothesis for Surf Air, a subscription-based airline startup headquartered in Santa Monica, CA. “(1) For the frequent, wealthy business traveler (2) who dislikes the airport experience, specifically checking in, going through security, waiting at the terminal, and picking up luggage, yet doesn’t have enough wealth to buy a private jet, (3) Surf Air is an airline that (4) allows the traveler to skip all the hassle of the airport experience and have access to a private jet experience without the cost. (5) Unlike traditional airlines, Surf Air (6) is a subscription-based airline, which employs small, luxury planes that can be used by customers like private jets.” EXAMPLE 2 – As an another example, the following is the Big Idea Hypothesis Paul Ahlstrom created for his software company, Knowlix. “(1) For the Internal IT Help Desk managers of large corporations who (2) have dissatisfied customers and are out of compliance with their Customers’ Service Level Agreements because each front-line support representative is unable to capture and share knowledge so they can answer customers’ technical questions and problems in a timely manner, (3) Knowlix is an IT Knowledge Management Solution that (4) allows the front-line IT Customer Support Reps to capture issues within their existing workflow and provide accurate answers in real-time to their corporate customers. (5) Unlike Inference, Knowlix (6) integrates large amounts of unstructured data into the existing workflow of Remedy, Peregrine, and other leading IT Help Desk systems, thus allowing the frontline support rep to answer the question on the first call.” |
| Your Big Idea Hypothesis | Now that you have a foundational understanding of the Big Idea Hypothesis, let’s create one for your big idea (see Nail It Then Scale It, p. 71). By using the answers you provided on the other side of this Canvas, you can piece together a Big Idea Hypothesis that will help focus your efforts and share a clear message as you talk about your big idea with others. So let’s go retrieve each step of the Big Idea Hypothesis. |
| 1. For (target customer): | All Transport platform and shopping malls |
| 2. Who (statement of monetizable pain): | Some people that do not get the products as they might not get how the product works or what the products do. Some people might also be too fat to fit in the chair or might be wheel bound therefore unable to use the e-seat. |
| 3. The (product name) is a (product category): | E Seat is part of new created creative seat that helps everyone in need |
| 4. That (statement of key benefit): | E- seat provides physical support and this helps to relax your muscles, support your spine and even help you relieve pain. By having a orthopedical seat cushion clients would have extra support for the tailbone and not only do they provide more comfort they are also essential for proper health |
| 5. Unlike (primary competitive alternative): | our product is the first only product currently in the market |
| 6. Our Solution (solution and primary differentiation): | We created a product where we can properly reserve seats for people in need as many commuters |
| With all the steps identified and written down, you can now stitch them together to create one, unified Big Idea Hypothesis. Give it a try below. | All Transport platform and shopping malls Some people that do not get the products as they might not get how the product works or what the products do. Some people might also be too fat to fit in the chair or might be wheel bound therefore unable to use the e-seat. E Seat is part of E- seat provides physical support and this helps to relax your muscles, support your spine and even help you relieve pain. By having a orthopedical seat cushion clients would have extra support for the tailbone and not only do they provide more comfort they are also essential for proper health our product is the first only product currently in the market We created a product where we can properly reserve seats for people in need as many commuters |
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