iQnite Bootcamp #1: From idea to crisp value proposition + how-to guide
iQnite - a case competition on climate change
In October, we launched iQnite, a case competition on climate change. Why? Because climate change is one of the biggest – if not the biggest – challenges we have ever faced. Pressure is applied to industry and governments, and a lot of dedicated people protest and demand change. But what if we instead decided to focus all our energy on coming up with bold new ideas on how to take on climate change related challenges? What if we decided to pick out some of the areas responsible for contributing to the problems and came up with ideas for new solutions that could also serve as blueprints for great new startups? That is exactly what iQnite is about. iQnite is a case competition powered by inQvation for all the people who have the guts to go first. All who have the passion, creativity and stamina to step up and take the first step towards contributing to the new solutions, we all need. And see an opportunity for creating a great business out of it.
Until November 4, it was possible to sign up for the case competition. And guess what? 38 dedicated people did that. And Friday, November 15, they all showed up in inQvation. Ready for Bootcamp #1 – the first step to pitch day, January 22.
Bootcamp #1: 38 participants, at least as many ideas and ONE goal!
On November 15-16, 38 participants moved into inQvation to participate in the first iQnite Bootcamp. They all arrived with their interesting #climateaction ideas, creative minds, and the guts to go first. Mads-Jakob Vad Kristensen and Alita Juzene, the masterminds behind iQnite, were ready to provide the participants with the tools, tips, and tricks necessary to go from a pretty abstract idea into a very concrete, sellable one. But before working with ideas we snacked fruit, croissants, and of course coffee – that’s necessary to get ready for a long workshop day, right? After that and an introduction to inQvation, the case competition and the first Bootcamp, it all started.
All the participants pitched their idea. And there were many different ones. Some of them in the early idea phase. Others with a very concrete solution on how to make it successful to market. “What if affordable homes could be made out of waste – like plastic?”, “What if Danish supermarkets started producing their own veggies on their rooftops” and “what if we stop using cheap single-use plastic for food containers in the take-away food delivery industry and also replace single-use coffee cups with sustainable reusable options?”. That was just some of the ideas among the participants. During the two-day Bootcamp all the participants worked with their ideas to get from first idea pitch to a unique value proposition. At the end of day two, they all pitched their idea once again – this time with a more high-level concept and with maximum two minutes to deliver. But how did they come from a rough idea to a value proposition – and how can you do the same?
Mads is welcoming all the participants in inQvations camp area
How do you get from idea to crisp value proposition?
Okay, so let’s face it – getting from an idea to a concrete business plan isn’t as easy as it may sound. And you can’t do that in two days – but what you can do is to make a value proposition and start making your idea more concrete. A value proposition is the answer to why people should do business with you. A good value prop is a single, clear, compelling message that states why you’re different and worth paying attention to – why should the customer choose you?
We’ve teamed up with Mads-Jakob Vad Kristensen, the mastermind behind iQnite, Head of Studio in inQvation and master of value propositions. Mads has 6 things you need to focus on when making a crisp value prop.
1) Setting the big goal
A big goal gives you a sense of purpose; why are you doing this? Your goal should be specific, understandable, measurable, achievable (but ambitious), realistic and based on insights.
Ask yourself: “What do I want to accomplish? When do I want to achieve it? How will I do it? And how do I imagine success looks?”
2) Define the situation you want to change
To be able to create change it’s important to know what the situation you want to change looks like today.
3) Good cop vs. bad cop – what can make or break your dream?
It’s easy to be filled with passion and a belief that you are on the right track. Nevertheless, all statistics show that a major contributor to failure is not recognizing market and customer dynamics.
Ask yourself: What makes us successful (put an optimistic hat on)? What can make us unable to succeed?
4) Mapping the journey to the goal
The greatest opportunities lie in understanding and addressing real problems to real people. If you want to understand your idea’s problems and opportunities, you need to understand how things are today. When focusing on the journey, you’ll get a closer look at the individual steps.
How do you do that? Make the logical steps; both for the customer looking for a solution, and you playing the role of the supplier. What is needed when?
Time to become wiser and closing the gaps.
Fill out the blanks – the things you don’t know at all or things you think you know but don’t really know.
Ask yourself questions like: “How can I find out?”, “What if…?”.
6) The concrete product
Time to ask yourself (again): “What can I make now based on what I know?”
Now you’re ready to make a clear value proposition. Turn all the information from above into a single, clear message that states why you are worth paying attention to. Focus on what product category you see yourself within, what is the customer benefit? Who are you planning on doing it for? And what sets you apart from your competitors?
You can use this formula: For XX, our brand is the YY that ZZ by WW. Okay, maybe this example makes it a little clearer: For Urban Pro’s, our brand is the personal accessory that reduces your plastic footprint by offering you a fully reusable lid.
And then – when you think you have nailed it – go out in the real world and test your value proposition on real customers. Because in the end it’s what happens out there that determines whether you will be successful with your idea or not.
Day 2. Emma, Niamh, Jimena, Martin, Leonel and Robert working on their value proposition... and drinking coffee of course ;-)
We hope you can use our “6 things you need to know when making a value prop”-guide. AND we’re looking VERY much forward to Bootcamp #2: Business Modelling and how to validate the idea and be ready for investors.