Commercialization and Entrepreneurship

Course objectives

At the end of this course, students will be able to:

1. Create and validate your Business Model

During the course you will build and validate your first business model around your innovative idea.

We make use of the Business Model Canvas (BMC) tool to plot the Business Model. With the BMC you will be able to present your business model quickly and clearly and you learn to speak the language of entrepreneurs and investors. It also gives you the knowledge to read other people’s business models and ask the right questions.

2. Know your Value Proposition. Determine the real value you offer to your customers

The Value Proposition is the core of your Business Model. To define your Value Proposition you need to understand your customer(s). What are their pains? What can they gain from your product or service? You will analyse your customers’ situations and the value chain in which they are operating to build the right Value Proposition.

3. Research the Business Model Environment. Analyze trends and developments that are relevant for your business

You need to understand the world around you to act. To build that understanding you will analyze trends and developments which are relevant for your business. Investigation of topics such as regulatory changes, the impact of the circular economy, and digitization, will define the right directions for your business. You will translate this into opportunities and act accordingly.

4. Validate your Assumptions through interviews with relevant stakeholders. You will become more specific and concrete

You have to validate all assumptions made from behind your desk. Real feedback on your ideas comes from talking to people. Talking to potential customers, partners, and to experts, is the way to research if your idea is the right idea. Based on the feedback you may need to iterate, pivot or continue.

5. Create a strong story and give a pitch

Storytelling & Pitching are essential in bringing your product to the market. You need to convince customers, partners, investors and others that you are the right person and that your product is the best solution. You need to build a story for the right audience. And you need to pitch in the right way. Each audience requires a different approach. On a weekly basis you present your progress to the other students and during the program you will need to discuss your project with experts and potential partners and customers.