NBE prep for Round 2
Exercise 1 – Minimum Viable Product creation
Teams will be provided with a hypothesis for which they will create a Minimum Viable Product.
A Minimum Viable Product: is a highly simplified and scaled back version of an imagined product or service that enables entrepreneurs to test one or more of their key assumptions. For example, an entrepreneur might make a short video that demonstrates what an envisioned product would do in order to gauge the interest of potential customers before investing the time and money to actually build it.
Exercise 2 – Business model problem
Teams will be presented with a business model that is not working. The team will be asked to analyze why it doesn’t work and to propose changes that will make it work.
A Business Model shows how a business:
Creates value (by offering goods/services to customers)
Delivers value (using activities, people, partners, other resources)
Captures value (by generating revenue and making a profit)
A business model can be shown graphically on a Business Model Canvas.
Exercise 3 – Business process mapping
Teams will be presented with a business (or part of a business) for which they will create a business process.
A Business Process: is a series of logically related activities or tasks (such as planning, production, or sales) performed together to produce a defined set of results. (http://www.businessdictionary.com)
Video: What is a Business Process
Exercise 4 – Surprise!
There are no prep materials for this exercise.
Day of Event Q&A
What time will we begin?
We'll have a light breakfast available at 8:40 A.M. and begin our work promptly at 9:10 A.M.
Will we be paid for our time?
Yes, all internal Mud Bay candidates will be paid for their time. Please work out the scheduling with your supervisor.
Will we get lunch?
Yes. Lunch will be provided. Vegetarian option will be included.
What time will we be finished?
Candidates are scheduled to be finished by 4:20 P.M.