Today was the second class for the Via Water Acceleration programme. We still had some technical hiccups but most importantly we were taken through the concept of business model canvass by our wonderful facilitator Saskia Reus. Sometimes most start up entrepreneurs (maybe myself included) get really bogged down in the technical development of our innovations and forget how important it is to validate the ideas in the market through simple business models. It is very easy to take for granted the need to develop a business model around your innovation and this is where most entrepreneurs go wrong. My take home from todays class is that, it is absolutely crucial to make several business models which can be sharpened by having consultations with your key partners such as funders, clients, suppliers, fellow entrepreneurs etc. The nature of models is that they are not static but dynamic and change with the market dynamics. Therefore it is important to frequently revise them as your business grows. This can avoid kicking out your fantastic and life changing innovation out of the window because a well ignored competitor developed one that adapted with the market demands and revised it with the true needs of the clients.
Ps/ I have attached a sample business model canvas (It's really a simple tool with just a fancy name!!). Anyone can work with it.