Models
An iterative startup model with a feedback loop.
What is lean startup?
A rule for brainstorming sessions to help ensure we get a large number of ideas written down.
What is "reserve judgement" or "quantity over quality"?
One of the four ways to segment customers based on basic information like income, gender, and age.
What is demographic?
The first iteration of the feedback loop in the lean startup model.
What is Minimum Viable Product (MVP)?
The event we will be competing in later in the semester for money.
A startup model that prioritizes customer needs and problems before generating solutions.
What is Design Thinking?
What is combination?
A document that describes your idealized customer, often with a fun name and photo.
What is a customer profile or persona?
A simplified MVP that is often just an ad or product description, not a real product.
What is a concierge MVP?
The top prize in Idea Factory.
What is $5,000?
An explanation of the 3 ways companies compete with each other for customers in free markets.
What is Michael Porter's 3 Generic Strategies?
Typically the worst idea you come up during a brainstorming session.
What is the first idea?
One of the 4 ways to segment customers based on their beliefs, attitudes, feelings, or affiliations?
What is psychographic?
A very rough working model of a new invention constructed in the lab.
The spelling of our instructor's last name.
What is J-E-N-S-E-N?
The first stage of the Design Thinking process
What is Empathize?
A generic strategy where the product is unique or special in some way.
What is differentiation?
The very first set of customers your company need to win over for sales.
What are early adopters?
A NASA-developed model that describes how new technologies go from lab to market.
What are Technology Readiness Levels (TRLs)?
The minimum number of workshops students should attend during the semester (assignments).
What is two (2)?
A problem-solving model that identifies four different categories of problems.
What is the Cynefin Framework?
A 7-word acronym describing different ways to modify an existing product to create something new.
What is S.C.A.M.P.E.R.?
One of the 4 ways to segment customers based on how they act.
What is Behavioral?
The two hypotheses startups test when they share their prototype with customers.
What is the Growth Hypothesis and Value Hypothesis?
A very, very short presentation of your business idea.
What is an Elevator Pitch?