TECHENTREP_chapter1.pptx

TECHENTREP CHAPTER 1 INTRO AND CASE STUDY Why do start up fails Lack of Market Need: The product or service does not solve a significant problem or address a real need. Poor Business Model: Ineffective revenue models or unsustainable business strategies. Insufficient Capital: Running...

TECHENTREP CHAPTER 1 INTRO AND CASE STUDY Why do start up fails Lack of Market Need: The product or service does not solve a significant problem or address a real need. Poor Business Model: Ineffective revenue models or unsustainable business strategies. Insufficient Capital: Running out of funds before achieving profitability. Weak Management Team: Lack of skills or experience in key areas. Competitive Pressures: Strong competition that outperforms the startup. Product Issues: Poor quality, delayed launch, or failure to meet user expectations. Marketing Problems: Ineffective marketing strategies leading to low customer acquisition.  Value and creation with innovation TECHNICAL CAPABILITIES Technical Skills: Proficiency in programming, data analysis, system design, and troubleshooting. Knowledge: Understanding of relevant technologies, methodologies, and best practices. Tools and Resources: Access to software, hardware, and other tools required for technical tasks. Innovation and Adaptability: Ability to learn new technologies and adapt to changing technical environments. Problem-Solving: Skills to identify issues and develop effective solutions. CUSTOMER NEEDS Functional Needs: Practical or utilitarian purposes, such as a car needing to transport people reliably. Emotional Needs: Feelings or experiences a product or service provides, such as a luxury brand making customers feel prestigious. Social Needs: Desire for acceptance or status among peers, like using eco-friendly products to appear environmentally conscious. Convenience Needs: Easy access or use, such as a mobile app offering a seamless user experience. Financial Needs: Cost-related concerns, such as affordability or perceived value for money. THERE IS NO VALUE UNTIL CUSTOMER NEEDS AND TECHNICAL CAPABILITIES INTERSECT  INNOVATION Process innovation involves creating or improving methods and systems within an organization to enhance efficiency, quality, or customer satisfaction. Product innovation involves the creation or improvement of goods or services through the introduction of new ideas, methods, or features to meet market demands or customer needs. Service innovation involves developing new or improved services, processes, or methods to better meet customer needs, enhance customer experiences, and differentiate from competitors in the marketplace.  The waterfall process, also known as the waterfall model, is a traditional linear sequential approach to software development. It consists of distinct phases where progress flows steadily downwards (like a waterfall) through conception, initiation, analysis, design, construction, testing, implementation, and maintenance. Agile process refers to a flexible and iterative approach to project management and software development. Unlike the linear waterfall model, agile methodologies emphasize collaboration, adaptability, and continuous improvement throughout the development lifecycle. Key characteristics of agile include:  Build: Create a Minimum Viable Product (MVP) or prototype based on your assumptions. This is a simplified version of your product or service designed to test key hypotheses. Learn: Analyze the data and insights gathered from the measurements. Assess whether your assumptions were validated or invalidated. Use this learning to decide whether to pivot (adjust your approach) or persevere (continue with the current strategy). Measure: Collect relevant data and metrics from real users interacting with your MVP. This could include usage statistics, feedback, conversions, or any other