So let’s get started on a ValueMap for your startup.

First, I want you to write down answers to the following questions. Be specific. And brief. (slide)

  1. What is the NEW need you think you can fill? 
  2. Who are the people whose need or needs you will be filling?
  3. What exciting value, or values–from their perspective–will you be delivering to them?

Now pause the video and take some time and try to answer these questions as best you can.

Now write down the answer to these questions:  Again, try to be specific. And brief.

  1. What Key Activities will create those values that you will be delivering?  If you will be delivering a product, how will you make it, or acquire it?  If you will be delivering a service, how will you create and assemble the elements of that service?
  • What Channels will you use to deliver that product, or service, or perhaps both to your customers?
  • What Customer Relationships will you build, so they first learn about your new offering and they know what to do to acquire and get the benefit of the values you will be delivering?  What will be their experience in acquiring them?
  • And finally, how will you be paid for the Values you will be delivering?  Who will pay you, and how much?

So write down your answers to these questions.

The next step is to express those answers in terms of a ValueMap which expresses them visually and in terms of value flows.  And of course the ValueMap you build will be unique to your venture.  So go build it!

When you have completed your VM, ask yourself one more set of questions:  as you enter the business space that your VM has scoped out, who will your startup be disturbing, or competing with, or disrupting?  You might find it helpful to sketch out their VM. If you start being even moderately successful with your venture, how are they likely to react?  And when they do, what, if anything different, will you do?

So, Mr. Entrepreneur,  I hope you are smart and fortunate enough to find a large need, which a ValueMap may have helped you discover and define, and begin to see the signs of success with your startup.

If your business takes off, you may, like Dubin, need to raise several rounds of capital which will also take a lot of your time and effort.  And you will find that your ValueMap can help you not only form your best business model, but also communicate your business model, strategy, and plans to your investors.

I want to wish you lots of luck.