Abstract
Startup success is greatly attributed to pre-startup phase planning. Startups develop business plans to pitch their ideas to secure funding and/or partners. The task of reading and, relating the frameworks in the document, could be a long and cumbersome process. Similarly, there is no one page illustration that can sketch a startup’s strategy and plan as well as one that is used universally. A one page clear, concise and attractive startup strategy model a ‘startup frame’ is proposed detailing ideation to financial returns analysis. It is constructed on learnings from considerations of the design thinking approach, the business canvas along others. The frame has evolved over a period of 14 months in which two bootcamps were held. Bootcamps were attended by 266 participants. It has also been used by 28 students of a senior entrepreneurship undergraduate course (Launching Entrepreneurial Ventures) over two semesters. It provides a logical flow and connects value drivers on economic, operational and strategic levels of the startup. The frame enables identifying courses of action like, ‘Management of customer benefits (CBEN), Management of segmentation and the customer relationships (CREL), Segmentation of markets and customers (SEGM), Communication management (COMM), Strategic Goal Setting and Management (SGM), Competitor Analysis (CA), Developing Startup Frame (SF), Designing the Business, and Design Elements (DE)’.
Highlights
McLeod (2000) demonstrated a statistically significant relationship between the Startup Success Index and the level of planning for a startup
The aim of this paper is to further the Osterwalder and Pigneur (2010, 2011) business canvas and propose a “Startups Strategy Business Frame”, which according to Schallmo and Brecht (2010) is a generic industry level model that will instruct the new firms / startups on how they will be able to operate in the industry
The startup frame is different than the canvas in many ways and builds on the learning from it
Summary
McLeod (2000) demonstrated a statistically significant relationship between the Startup Success Index and the level of planning for a startup. During the pre-startup phase, the startup business model is constructed, a business plan and a financial feasibility finalized. Models depict a simplified image of reality. Models are constructed to explain aspect(s) of a system. These can be used for ease of comprehension and in a visual format. A business model pronounces the rationale of how a firm will create, capture and deliver value, customer benefits and trigger revenue generation. The business plans and feasibility studies are large documents and at times could become cumbersome to read and relate to the information in a clearer manner
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