| Name | biba jackson |
|---|---|
| Explain your Big Idea in one sentence. | a brand that focuses on mental wellness via holistic healing in the form of a tracksuit with an embedded mental cue to reduce anxiety |
| 1. Pain of the Customer | |
| 1. Who’s your target customer? | gen z fashion and mental wellness conscious |
| 2. What’s the job your customer is trying to perform? | get on public transport |
| 3. What’s the pain your customer is experiencing while doing the job? | they are experiencing anxious thoughts and worry |
| 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? | Pro |
| 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? | 3 I Think So |
| 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? | 3 I think So |
| 5. What are the key growth drivers for the market? | consumer behaviour |
| 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? | holistic healing |
| 2. Describe your proposed solution to the pain and its key benefits. | a subtle cue aimed at reducing anxiety in a stylish discreet way that empowers consumers |
| 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? | community building, consumer lifestyle brand, empowerment |
| 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. | |
| 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? | N/A |
| 5. Based on the proposed solution, what’s your market-entry strategy? | Geographic 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? | selfridges, lululemon |
| 3. Do you plan to engage in partnerships with them? If so, how? | yes with selfridges they can sell the products |
| 4. Do you currently have access to relevant distribution channels? | Sort of |
| 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): | genz fashion and mental wellness conscious consumers |
| 2. Who (statement of monetizable pain): | people who experience anxiety or like stylish comfortable clothing |
| 3. The (product name) is a (product category): | tracksuit |
| 4. That (statement of key benefit): | reduces anxious feeling with a mental cue of calmness |
| 5. Unlike (primary competitive alternative): | unlike broken planet and traditional therapies or online services like calm |
| 6. Our Solution (solution and primary differentiation): | sustainably, comfortability, subtle cue in reducing anxiety in a stylish way with clothes that make you feel confident and comfortable |
| 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. | genz fashion and mental wellness conscious consumers people who experience anxiety or like stylish comfortable clothing tracksuit reduces anxious feeling with a mental cue of calmness unlike broken planet and traditional therapies or online services like calm sustainably, comfortability, subtle cue in reducing anxiety in a stylish way with clothes that make you feel confident and comfortable |
| Generated PDF Link |