Putting Your Business Model Canvas into Words The

Putting Your Business Model Canvas into Words: The basics for writing an Executive Summary Session #5 October 3, 2019 By: Mariam Gorjian

What is an Executive Summary? • Explains your business model canvas in writing. • Primary audience - nontechnical people / anyone should be able to pick it up and understand it. • Contains enough information for a quick flip-through, know what your company is doing, how it will get there, while not disclosing proprietary info. • 5 -pages or less. 60 -second pitch ELABORATED in writing

How do I begin this writing process? • Brainstorm first – grab some paper and write down what you know now. This does not need to be organized in the brainstorming process, but will be later when you put it all together. • Ask yourself what's unique and exciting about your company. After you've explained what your company does, it's time to sell why you believe you're uniquely qualified to succeed.

Creating the document • Company Introduction • Problem • Solution • Value Proposition • Address why you are different / why this is important NOW • Market • How big is the market? Millions, Billions of dollars? • Who are you targeting in that market? Age / demographic / local?

Creating the document • Customer Validation / Discovery • Do people really want what you have to offer? • Have you done customer interviews? • Provide stats on those interviews and what you discovered. • Start. Up Costs and Revenue Streams • • • Address the costs associated with your business model. How are you going to make money? Web sales? Downloads? Product sales? Focus on what you need in the next 6 -12 months. Put together your 3 -5 year projections later.

Creating the document • The Team • Why are you the best person to make this happen? • What is your experience working in this area and do you have the network connections to get your idea out there? • Have you assessed the risks at this early stage? Meaning…. are you honest about the hurdles in front of you at this time?

Templates / Resources • Templates available on our resources page • Review executive summaries from previous teams • Get something on paper! The executive summaries weigh into our decision in selecting the winners of Bootcamp 1. 0 and invitations into Bootcamp 2. 0 • Remember – your first draft won’t be perfect, but these tips will help you get started.

Good luck on drafting your Executive Summaries! Next up: Shavahn Loux CEO and Founder of Genom. Eqs

Back-up slides

Financials – have you done the math? • Nothing is free! • Spend money to make money – Startup Costs • Materials • Logos / Marketing • Equipment • Fees (websites, consultants, etc. ) • There are terms in the financial sectors that will be thrown at you. Don’t try to learn them all! • Focus on what you need first and how much it will cost.

Writing Process (cont. ) • Company Description Summary • The Problem • Your Solution • Why Now? • The Why Now category is one of the most important questions to answer, because it makes your executive summary timely. • The team and what they bring to the table. Successful companies aren’t working in a vacuum.