Solverboard uses a question-based blueprint to help you shape your concept into a fully formed business model providing you with a validated option to invest further and scale using our projects module.
Solverboard allows you to evolve your concept through 4 cycles, allowing iteration in each cycle to continually learn and refine before continuing to the next cycle, pivoting to something new or killing the initiative.
The cycles are:
Product-market fit: MVP
Product-market fit: Business Model Viability
The objective of these cycles are:
Problem definition cycle - aim is to define your customers, identify their problems or unmet needs and make sure you have a problem worth solving.
Problem-solution fit cycle - aim is to identify a solution that solves the problem you identified in the problem definition cycle that you can deliver to customers who both want and are willing to pay for it.
Product-market fit MVP cycle - objective is to test prototypes of your solution with real users to establish whether or not your solution genuinely addresses the user problem in a way that is better than alternatives to prove your value proposition.
Product-Market Fit Business Model Viability cycle - objective is to launch a refined version of your solution to a larger audience to demonstrate the desirability of your solution, to confirm how you will execute your business and reach your customers at scale – effectively proving you have a viable business.
Each cycle has a specific set of questions designed to consider, capture and progress the definition and testing of your business model. The questions are grouped using 5 themes:
Customer: Who wants this and why?
Solution: Why your solution?
Market: What’s the market potential, the trends and what’s else is available?
Execution: What do you need and how will you make this a reality?
Outcomes: What’s the overall benefit for you?
In doing so, you will be making a large number of assumptions that need fact-checking. This is the purpose of the testing process, to construct hypotheses to research and experiment against to provide evidence and validate your business model.
The type of testing you need to do will depend on the cycle that you are in and the hypothesis you need to prove. Here is an example of the different types of experiments you could undertake in the different cycles.
There are extensive resources on experimentation and building minimum viable products; please see the following as a good source to get you started.