Step 24, Developing, Implementing, and Monitoring a Venture Development Plan, pulls together the previously addressed tasks and activities for venture development into a project plan that can be implement and monitored. It adds a means to manage the venture development process to assist in staying on track with the venture development process. It also sets a precedence that is used when reporting to key stakeholders like investors.
Step 23, Refining the Value Proposition, pulls together the elements of the venture’s business model through its various strategies and presents a framework for documenting, aligning, and monitoring the strategies. As a result of investigating elements of the business model more fully as a part of either generating a Concept Document or completing the Proof of Concept stage, you are able to refine the value proposition to a new level.
Step 22, Constructing Revenue, Cost, and Financial Management Structures, addresses the financial picture and economic viability of the venture’s business model. In addition to covering revenue and cost structures, you are given tips and tools to manage cash flow and establish financial statement reporting.
Step 20, Leveraging and Developing Marketing (Distribution) Channels, covers developing the marketing channels to deliver products and services to customers. It discusses the variables you need to understand in order to organize marketing channels and how these channels fit into the bigger picture of supply chain, which is addressed in the next step.
Step 19, Analyzing Competitors and Collaborators, consists of methods for gaining a deeper understanding of competitors, complementors, and collaborators of the venture. The focus of competitive analysis should shift from direct competition to discovering how to build synergies and collaborate with the right firms to augment the venture’s offerings.
Step 18, Formulating Competitive Advantage, discusses how there is no sustainable competitive advantage unless a venture maintains innovation and keeps moving into new things. It also introduces industry analysis as a means to understand one aspect of the micro-market of the venture.
Step 17, Working through Customer and Product Development Processes in Tandem, outlines the intertwined nature of customer development and product development and lays out a framework for walking through them simultaneously. It also links the customer development and product development processes through the customer experience.
Step 16, Recognizing and Developing Viable Solutions (Products and Services), presents a framework for determining and developing the minimum viable product as a working prototype to use as as customers are validated in the Proof of Concept stage.
Step 15, Developing Customers and Markets, works on unpacking the customer segments and markets that you are developing. It emphasizes the differences in market development, depending on whether the business model is focused on an existing, re-segmented, new, or clone market. The mechanisms presented allow you to detail your understanding of the customer, which strengthens your ability to develop a suitable product or service.