| Name | Bronte Rose |
|---|---|
| Explain your Big Idea in one sentence. | BASIC is a trailblazing e-commerce brand focused on redefining the fashion industry through sustainability, innovation, affordability and inclusivity |
| 1. Pain of the Customer | |
| 1. Who’s your target customer? | Environmentally conscious consumers looking for timeless basic apparel |
| 2. What’s the job your customer is trying to perform? | tackling a gap in the market for affordable, timeless basic apparel that helps lower pollution. |
| 3. What’s the pain your customer is experiencing while doing the job? | lack of affordable, high-quality basic apparel brands with sustainable practice and production in the fashion industry- all in which contribute to a highly polluting industry, fast fashion and economic conditions. |
| 4. How big is the pain the customer is feeling? | 4 Dog Bite |
| 5. How often are customers feeling the pain? | 3 Weekly |
| 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? | 4 Millions |
| 2. Sustainability? Can you provide the solution to customers profitably? | 5 Absolutely |
| 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 behaviour, environmental conditions, economic conditions, fashion trends |
| 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? | BASIC. The label |
| 2. Describe your proposed solution to the pain and its key benefits. | At BASIC, the focus extends beyond clothing; it represents a movement toward a more sustainable future. Their garments are meticulously crafted from recycled materials, ensuring each piece not only stylishly adorns but also contributes to a greener planet. From cozy sweatpants to chic dresses, their range caters to all genders, styles, and essentials. |
| 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? | Quality, affordability, sustainability, inclusivity and accessibility |
| 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? | Empty Jungle |
| 2. Name the current market gorilla. | UNIQLO offer quality and affordability basic apparel but is not sustainable, H&M offer affordability and sustainability but are not good quality and do not focus on basic apparel |
| 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? | Skims, UNIQLO, fruit of the loom |
| 5. Based on the proposed solution, what’s your market-entry strategy? | Greenfield 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? | 4 Fifty |
| 2. Who are the top likely potential buyers of the company? | Charities, environmental enthusiast and environmentally conscious influencers, possibly wholesalers like Amazon |
| 3. Do you plan to engage in partnerships with them? If so, how? | Yes by marketing initiatives and environmental impact with fellow passionate brands |
| 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): | Environmentally conscious consumers looking for timeless basic apparel |
| 2. Who (statement of monetizable pain): | lack of affordable, high-quality basic apparel brands with sustainable practice and production in the fashion industry- all in which contribute to a highly polluting industry, fast fashion and economic conditions. |
| 3. The (product name) is a (product category): | BASIC. The label |
| 4. That (statement of key benefit): | At BASIC, the focus extends beyond clothing; it represents a movement toward a more sustainable future. Their garments are meticulously crafted from recycled materials, ensuring each piece not only stylishly adorns but also contributes to a greener planet. From cozy sweatpants to chic dresses, their range caters to all genders, styles, and essentials. |
| 5. Unlike (primary competitive alternative): | UNIQLO |
| 6. Our Solution (solution and primary differentiation): | Quality, affordability, sustainability, inclusivity and accessibility |
| 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. | Environmentally conscious consumers looking for timeless basic apparel lack of affordable, high-quality basic apparel brands with sustainable practice and production in the fashion industry- all in which contribute to a highly polluting industry, fast fashion and economic conditions. BASIC. The label At BASIC, the focus extends beyond clothing; it represents a movement toward a more sustainable future. Their garments are meticulously crafted from recycled materials, ensuring each piece not only stylishly adorns but also contributes to a greener planet. From cozy sweatpants to chic dresses, their range caters to all genders, styles, and essentials. UNIQLO Quality, affordability, sustainability, inclusivity and accessibility |
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