Agenda – Vision/ Brand/ Pitch
In last week’s workshop we defined and studied the elements of a business model. Today we moved onto the below topics:
- the definition and establishment of a ‘Vision’/ ‘Vision Statement’ for your venture
- how you’d like your venture to be ‘Represented’ or be ‘Perceived’ by both internal and external customers (ie. through logos, associations/ partnerships, symbols, slogans etc); and
- practising the techniques and preparation to ‘Pitching’ your business idea.
Regarding ‘Pitching’ it is important to know your ‘Domain’ and ‘Role’ within your team. Teams will need to effectively utilise the different skills and strengths of their members in order to achieve business goals (ie. a member with an accounting background answering financial questions or a member with a designer background presenting the specifications of a product etc).
Towards the second-half of the workshop I couldn’t help but think our discussions became a little bit more philosophical. I don’t know about my peers but I, for one, was mistaking my venture as my product that I wanted to pitch, and therefore created a ‘Vision Statement’ that defined my ‘single’ product idea. The workshop was quick to address that if a venture’s ‘Vision Statement’ was created for the sole purpose of catering a single product/ service then that venture will be short-lived.
A venture’s ‘Vision Statement’ is to define your team, their purpose and their commitment to developing the products/ services that satisfies the needs of their market segment (creating ‘Value Proposition’ for their customers). That, for me, is one of the most critical concept to take on board. It should encompass the goals, ethics and decision-making of the venture (which is very tricky to do).
When starting-up a new venture teams will have to address the topic of ‘Developing a business VS. Developing a product/ service’. There is a difference and it is critical to be able to both separately define and integrate the two concepts seamlessly into your business model because this is a ‘Holistic’ concept. In this workshop we also learnt the importance of how your ‘Team’, ‘Vision’ and ‘Branding’ needs to be streamlined (be consistent) in order to credibly deliver a perceived ‘Value’ for your market segment.
Although we finished our session earlier than last week, I felt that my brain came out little bit burnt from being worked quite hard. Really got pushed to think outside the box today.
The link below were recommended sites for references in ‘Branding’ and ‘Design’, but please note I didn’t write down all of the websites:
Wikipedia product naming article – https://en.wikipedia.org/wiki/Product_naming
Cross compatible fonts for most computer systems – http://www.fontsquirrel.com/
Adobe Kuler – https://color.adobe.com/create/color-wheel/
Information on Innovation ACT 2015, see links below: