| Name | Georgia Barrett |
|---|---|
| Explain your Big Idea in one sentence. | To create a company that sends consumers interested in coffee a monthly package of different brands and styles of coffee and coffee related items. |
| 1. Pain of the Customer | |
| 1. Who’s your target customer? | Coffee drinkers |
| 2. What’s the job your customer is trying to perform? | Drink a good cup of coffee |
| 3. What’s the pain your customer is experiencing while doing the job? | Being stuck with the same company/brand and unsatisfied, wanting to try other brands and types of coffee but not knowing where to start. |
| 4. How big is the pain the customer is feeling? | 3 Jellyfish Sting |
| 5. How often are customers feeling the pain? | 4 Daily |
| 6. What’s the pain score? | 12 |
| 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? | 5 Billions |
| 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? | 4 Big & Fast |
| 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? | Changes in consumer behavior, changes in market prices |
| 6. What’s the financial potential of a business that solves the pain? | 16 High Growth |
| 3. Prescription for the Pain | |
| 1. What’s the name of your proposed solution to the pain? | Global Brew Explorer |
| 2. Describe your proposed solution to the pain and its key benefits. | A coffee subscription service that goes beyond just delivering freshly roasted beans to customers’ doors. Offer a unique selling point by curating coffee experiences from around the world. Each month, subscribers receive a package that includes not only high-quality beans but also information about the coffee’s origin, the farmers who grew it, and brewing tips. You could also add exclusive access to virtual coffee tasting events or partner with local cafes to provide discounts and promotions to subscribers. |
| 3. How distinct is your solution from what already exits? | 4 Very Different |
| 4. What types of innovation are you using to differentiate yourself? |
|
| Other | |
| 5. What are the primary differentiators of your solution? | This isn’t something that is sold in stores, it is a subscription service where customers can just sign up and receive a package every month without having to do any of the hard work. It’s the convenience that is enticing. |
| 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? | Apes |
| 2. Name the current market gorilla. | Atlas Coffee Club |
| 2.1 No Market Gorilla | |
| 3. Are you competing head on with a gorilla for the same customer? | Yes |
| 4. Who goes out of business if you win? | Small businesses that aim to achieve the same goal |
| 5. Based on the proposed solution, what’s your market-entry strategy? | Breakthrough 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? | 3 Twenty |
| 2. Who are the top likely potential buyers of the company? | Albertsons, Smiths, Whole Foods |
| 3. Do you plan to engage in partnerships with them? If so, how? | If companies are willing to partner, specifically coffee brands (small businesses), then yes! |
| 4. Do you currently have access to relevant distribution channels? | Sort of |
| 5. What’s the overall likelihood of the company becoming acquired? | 3 50/50 |
| 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): | Coffee Drinkers |
| 2. Who (statement of monetizable pain): | Being stuck with the same company/brand and unsatisfied, wanting to try other brands and types of coffee but not knowing where to start. |
| 3. The (product name) is a (product category): | Global Brew Explorer |
| 4. That (statement of key benefit): | A coffee subscription service that goes beyond just delivering freshly roasted beans to customers’ doors. Offer a unique selling point by curating coffee experiences from around the world. Each month, subscribers receive a package that includes not only high-quality beans but also information about the coffee’s origin, the farmers who grew it, and brewing tips. You could also add exclusive access to virtual coffee tasting events or partner with local cafes to provide discounts and promotions to subscribers. |
| 5. Unlike (primary competitive alternative): | Atlas Coffee Club |
| 6. Our Solution (solution and primary differentiation): | This isn’t something that is sold in stores, it is a subscription service where customers can just sign up and receive a package every month without having to do any of the hard work. It’s the convenience that is enticing. |
| 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. | Coffee Drinkers being stuck with the same company/brand are unsatisfied, wanting to try other brands and types of coffee but not knowing where to start. Global Brew Explorer, a coffee subscription service that goes beyond just delivering freshly roasted beans to customers’ doors, Offers a unique selling point by curating coffee experiences from around the world. Each month, subscribers receive a package that includes not only high-quality beans but also information about the coffee’s origin, the farmers who grew it, and brewing tips. Included will be exclusive access to virtual coffee tasting events and partnerships with local cafes to provide discounts and promotions to subscribers. This isn’t something that is sold in stores, it is a subscription service where customers can just sign up and receive a package every month without having to do any of the hard work. It’s the convenience that is enticing. |
| Generated PDF Link |