Innpulsa, Colombia is the innovation agency for the nation of Colombia. The ALDEA program seeks to support the innovation companies of Colombia to develop new products and services, develop new business models, increase their exports and sharpen the marketing skills. School for Startups has been chosen as one of the service providers to help young Colombian companies in pursuit of these goals. Using the 10 Question methodology the School is providing a set of programs specially tailored to the needs of young Colombian startups and companies. The Program combines, live face to face training and ongoing mentoring to drive young company growth. The School for Startups oer is available across Colombia and uses the same Curricula and methodology that has been successful across the world and which was chosen by Innovate UK (the UK Innovation agency) as their standard curricula in their own training programs in 2014/5. Participants who are interested in being involved can get more details about the School for Startups oer here: www.aldeainnpulsa.com
Development of new products, and / or business model
The basic service the students will receive a pre-workshop homework assignment and pre-reading.
1. A one day, intensive workshop based on the school for startups 10 questions analytic methodology . The goal of the day is to determine whether their products or services are fit for purpose, whether they need to or are in a position to develop new products or services or to determine whether their current business model is fit for purpose or could be reinvented to improve their businesses success. For new entrepreneurs the goal is to help them design products, services and business models that take their idea and turn it into a successful growing business.
During the course of the day they will learn how to answer the key questions that will determine what their product or service or business model should be as compared with what it is or intended to be. The questions to be answered include:
- what is the company’s core proposition that determines the benefit they provide in terms of products, services and model
- who are the company’s customers, broken out by market segment, and in what order should the potential market segments be addressed
- who is the direct and indirect competition and what current and potential advantages does the company have to de ne a sustainable advantage in the marketplace
- what are the key attributes of the industry the company is in and how do those attributes hinder of help a new entrant into that industry
- what are the most accessible or beneficial routes to market, what are the best channels to reach the customers broken out by market segment, what are the alternatives to direct channels including the online strategy for the company
- what is the nature of the customer relationship? How does the company fulfill its core business promise and how do customers interact with the business?
- What is the pricing model for the products or services? Who is the customer versus the beneficiary? What is the potential profitability of the business?
- What is the revenue model for the business versus the pricing model? What are the revenue potentials and limitations?
- What are the capital requirements of the business and how can they is defrayed?
- Who are the key potential partners of the company and how can they be reached and with what value proposition?
- What are the key assets of the company and how will those assets be created and protected?
- What are they key competencies of the business? How does the business achieve those competencies?
- What are the human resource requirements of the business? What skill sets are needed and how can those people be persuaded to join the business.
The outcome of the day will be a preliminary action plan that they create based on the day’s activities which forms the basis for their one on one work with their mentor. This will be followed with mentoring sessions across the following weeks where they will work to prepare and execute a strategy to analyses how best to develop the new products or services and to build the correct business model. If it is an existing business they will develop and deliver a plan to change existing product or services or develop additional products or services.
Advice and support to access new markets
This program has 3 parts: the base program that includes the intensive workshop and the mentoring and the additional “in country program” and potential added support or mentoring depending on the individual entrepreneur. The students will receive a pre-workshop homework assignment and pre-reading. The students will attend: 1. A one day, intensive workshop based on the school for startups 10 questions analytic methodology, and mentoring session over the following weeks. During the intensive workshop they will learn to diagnose the issues with their business. The goal of the day is to help them understand whether they are ready to try to expand to new markets and, if so, which markets would be best for them and how to build a plan that supports that strategy. The day will also determine whether they need to be redirected to another theme, such as the development of new products, processes or services or the acceleration of their business if accessing new markets turns out to be the wrong strategy.
The 10 questions analysis will deliver insights on:
- the current value proposition and whether it is appropriate to other markets
- which potential other markets they could approach
- the quality of their current value proposition;
- whether there is a need for new models around innovations, products or services to service other markets
- comparing and contrasting existing models and potential models to determine whether their current business model can expand to other markets
- what new competitors they will face in other markets and how to analyses them
- their organizational alignment and the potential need for new talent if they are going to reach new markets
- the need for channels of distribution, and the potential need for partners in other markets and how to find and evaluate them
- their current financial position and the potential need for more capital or better management of current capital if they are approaching other markets
- identifying and manage other risks the students will receive a 40 page Spanish language guide to assist them in working through the analysis and supporting their understanding of the analytic process.
The outcome of the day will be a preliminary action plan that they create based on the day’s activities which forms the basis for their one on one work with their mentor over the following weeks. This will be followed with mentoring sessions across the following weeks where they will work with their mentor to prepare and execute a strategy to analyses potential markets and build the plan for market entry.
For companies that have the resources and wish to receive additional support there is an optional module: in country support for other markets. The in country support program for companies that are successful in part one of this program, they can receive additional support if the markets they choose to access are in Europe or the US. School for startups will provide “in country support” this means that s4s will work with them to plan an exploratory trip to the new market, help them arrange meetings with potential partners or distributors and potentially join them for those meetings. There are functional limits to this extension but the price includes all the planning for the trip, the desk research by school for startups to find and analyses potential partners and set up the meetings for the trip. Travel costs by s4s would be additional to the price
The program has three parts. The students will attend:
- A one day, intensive workshop based on the school for startups 10 questions analytic methodology (the students will receive pre-workshop homework assignment and pre-reading.)
- mentoring sessions over the following weeks
- Potential additional support depending on the individual needs of the entrepreneur
During the intensive workshop they will learn to diagnose the issues with their business. The goal of the day is to help them identify the bottlenecks and obstacles that prevent them from accelerating their growth. The day will also determine whether they actually need help in acceleration or whether they have misidentified their issues and actually need to be redirected to another theme, such as the development of new products, processes or services.
The 10 questions analysis will deliver insights on:
- the quality of their current value proposition;
- whether there is a need for new models around innovations, products or services;
- comparing and contrasting existing models and potential models;
- the quality of their current growth strategy;
- the efficacy of their current strategy;
- the effectiveness of the customer acquisition system;
- their competitive position and position within the industry
- their organizational alignment and the potential need for new talent
- the need for channels of distribution, and the potential need for partners;
- their current financial position and the potential need for more capital or better management of current capital &
- identifying and manage other risks
The students will receive a 40 page Spanish language guide to assist them in working through the analysis and supporting their understanding of the analytic process. The outcome of the day will be a preliminary action plan that they create based on the day’s activities which forms the basis for their one-on-one work with their mentor over the following weeks. This will be followed with mentoring sessions across the following weeks where they will work with their mentor to prepare and execute a strategy to overcome their obstacles or remove the bottlenecks preventing growth.
The mentoring sessions will be Skype sessions.
10 questions methodology
The school for startups 10 questions methodology has been used to teach over 30,000 entrepreneurs around the world. Our approach is broken into 2 parts:
the first is to enable the entrepreneur to be able to analyses their own company, not just receive an analysis from an outside expert. And the second part is to put that analysis into practice with the ongoing support from an experienced mentor. Our experience has shown that young companies that succeed go back again and again to review their business model because young companies change very quickly as they grow and they need to be able to shift their business to respond to the changes that come with growth. Thus our program breaks into two parts: the intensive workshop which teaches them how to analyses their own business and mentoring support over time that helps them put their plan into action.
Thus the results the company will get from our program are:
- a specific, detailed plan for entering a new market tailored to their individual needs and requirements.
- A list of the potential markets and the order in which they should be addresses
- the necessary support from a mentor to guide them through the execution of the plan to ensure they get it right.
- And they also have the key new skill that increases the likelihood of success: the ongoing ability to analyses their business over and over so that they can continue to adapt their business as it grows the in country support program results.
If the company takes advantage of the additional in country support program (available for the EU and US only) they will also receive an analysis by school for startups of potential partners and distributors for their products and a plan for a trip to the marketplace with meetings and introductions arranged. The trip itself would take place at the end of the project.