EDA’s second workshop of the year was a three-part event called the First Step Towards the Business Model Canvas, which drew 92 attendees. In Part A, Nilay Goyal (Entrepreneurship Manager of LaunchYU) presented the business model canvas, which was a great starting point to developing one’s business idea.

 

It provides guidance for individuals who want to work on their model before producing a prototype. One of the first steps is problem discovery. People often generate interesting ideas but they fail to ask for feedback from their target market about whether or not their product or service addresses the problem. It is imperative to interview others to ensure that your offering satisfies a consumer need, and that there is a demand in the market. Another important concept is the minimum viable product, which encourages entrepreneurs to create a prototype that fulfills the consumers’ most basic needs. Interestingly, this strategy advocates for lower quality products at the start. Since your target audience may not like the best version of your product, it is beneficial to test their expectations. Over time, as more people like the product, better versions with new features can be released. This concept can be demonstrated by the iPhone. The process of improvement avoids the potential for consumers to become tired of your product, thus allowing new competitors to enter. In addition, the minimum viable product strategy allows for your company to grow.

 

Next, Nikita Iliushkin (Co-Founder and CEO of Modular Integrated Robotics) discussed how to pitch a brilliant idea. This is an essential skill because although your idea may be brilliant, if you cannot deliver an effective pitch, investors and consumers will be unable to see the value of your offering. There are two options for presenting your idea. One option is to introduce yourself, your company and your purpose. Alternatively, you can capture your audience’s attention by posing a question that introduces the problem.

 

The last part of our event was a pitch competition that enabled our members to apply what they learned in our workshop. This gave them the opportunity to gain practical experience with presenting their business idea. Fourteen students in total participated in the competition, pitching a variety of products and services such as a clothing service, a food app, and a promotions service. All contestants received constructive feedback on how to deliver a quick, yet effective presentation from our three judges: Peyman Aleagha (Founder and CEO of WebsiteBox), Fredrick Zhou (Co-Founder and CEO of NVest) and Nikita Iliushkin. They talked about essential presentation skills such as pacing and body language, as well as strategies on how to effectively tackle the problem, expand your customer base, and differentiate yourself from your competitors. Overall, the students highly enjoyed this event, as they not only learned how to test and develop their business idea, but they were also able to practice their pitch and gain valuable insight from the judges.

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