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= Market Research for IT Startups =
−
= Developing Entrepreneurial Skills for a Startup Founder =
  
−
* '''Course name''': Developing Entrepreneurial Skills for a Startup Founder
 +
* '''Course name''': Market Research for IT Startups
−
* '''Code discipline''': R-01
 +
* '''Code discipline''':
−
* '''Subject area''':
+
* '''Subject area''': Technological Entrepreneurship
   
 
== Short Description ==
  
== Short Description ==
  +
This course is for students who see themselves as entrepreneurs. The course is designed for the early development of business ideas and provides methods and guidelines for business research. The course teaches how to assess the potential of business ideas, hypothesis thinking, methods for generating ideas and testing their quality
−
This course covers the following concepts: A systematic and balanced approach to the development of entrepreneurial skills for the hi-tech startup founder; Entrepreneurial thinking as a unique phenomenon and the basic condition of successful entrepreneurship; Practice-oriented approach including real-life examples, work-based learning.; Startup founder as a “leader and follower”..
  
   
 
== Prerequisites ==
  
== Prerequisites ==
   
 
=== Prerequisite subjects ===
  
=== Prerequisite subjects ===
  +
* N/A
−  
   
 
=== Prerequisite topics ===
  
=== Prerequisite topics ===
  +
* N/A
−  
   
 
== Course Topics ==
  
== Course Topics ==
Line 22: Line 22:
 
! Section !! Topics within the section
  
! Section !! Topics within the section
 
|-
  
|-
  +
| Ideation tools ||
−
| Entrepreneurial thinking and hard-skills for a startup founder in hi-tech sphere ||
 
  +
# Art VS Creativity
−
# Entrepreneurial thinking as a key concept for the startup founder
  
  +
# Ability to discover
−
# Entrepreneurial Skills: Top-5 hard-skills for a startup founder in hi-tech sphere
  
  +
# How to generate ideas
  +
# Creativity sources
  +
# Ideation in groups
  +
# Rules for ideation for startups
 
|-
  
|-
  +
| Market research content ||
−
| Soft-skills of a startup founder ||
 
  +
# Types of research: primary vs secondary
−
# Presentation and communication skills to promote a startup. Networking.
  
  +
# How to plan a research
−
# Time management, stress management and personal efficiency: how to ensure balance and productivity for a founder
  
  +
# Market research chapters content
−
# Innovative and flexible thinking, creativity
  
  +
# Frameworks used in a market research (SWOT, Persona, etc)
  +
# Tools and sources to conduct a competitors analysis
 
|-
  
|-
  +
| Customer development ||
−
| Entrepreneurial identity of a startup founder and facing challenges ||
 
  +
# Interviews are the main tool for “Get Out The Building” technique
−
# Startups in VUCA and BANI Reality: How Entrepreneurial Thinking Can Help a Founder Be Efficient in the Face of Uncertainty
  
  +
# The "Mum's Test"
−
# A startup as a “reflection” of the founder’s personality: how personal growth helps to increase efficiency and form a strong team
  
  +
# Jobs-To-Be-Done
−
|}
 
  +
# Good and bad interview questions
  +
|-
  +
| Market sizing ||
  +
# Market analysis VS market sizing
  +
# Sizing stakeholders and their interests
  +
# Sizing methods
  +
# TAM SAM SOM calculation examples
  +
|-
  +
| Data for a research ||
  +
# Sources and tools for competitors overview
  +
# Sources and tools for product and traffic analysis
  +
# Sources and tools for trend watching
  +
# Life hacks for search
  +
|-
  +
| Founder motivation ||
  +
# Ways to Stay Motivated as an Entrepreneur
  +
# Exercises for founders motivation
  +
|-
  +
| Pitch Day ||
  +
# Market research results presentations
  +
|}
  +
 
== Intended Learning Outcomes (ILOs) ==
  
== Intended Learning Outcomes (ILOs) ==
   
 
=== What is the main purpose of this course? ===
  
=== What is the main purpose of this course? ===
  +
This course aims to give students theoretical knowledge and practical skills on how to assess market potential at an early stage of an IT startup (or any company) development. The ultimate goal is to teach students to conduct market research for their business.
−
The main purpose of this course is to provide a startup founder with a holistic understanding of how various entrepreneurial skills can help ensure not only the potential success of a startup, but also their own personal effectiveness, as well as enjoyment of running a hi-tech business.
  
   
 
=== ILOs defined at three levels ===
  
=== ILOs defined at three levels ===
Line 44: Line 72:
 
==== Level 1: What concepts should a student know/remember/explain? ====
  
==== Level 1: What concepts should a student know/remember/explain? ====
 
By the end of the course, the students should be able to ...
  
By the end of the course, the students should be able to ...
  +
* Market research techniques using open data,
−
* the content and characteristics of the modern concept of "entrepreneurial thinking";
  
  +
* Typology of market assessment methods,
−
* basic entrepreneurial skills and their features;
  
  +
* Types of research data and their application,
−
* methods of self-assessment of readiness for entrepreneurial activity;
  
  +
* Market research components: competitors overview, value proposition, trend watching, venture status, business models, buyers profile etc
−
* features of presentation, communication skills and networking, their importance for the promotion of a startup;
  
−
* concepts and characteristics, the main tools of time management, stress management and personal effectiveness;
  
−
* definition, features and characteristics of creativity, innovative and flexible thinking in the context of a startup;
  
−
* basic investor requirements for founder skills;
  
−
* the concept and characteristics of VUCA- / BANI-reality, special requirements for entrepreneurial skills of the founder in conditions of uncertainty;
  
−
* concept and characteristics of a concept of a founder as a “leader and follower”.
  
   
 
==== Level 2: What basic practical skills should a student be able to perform? ====
  
==== Level 2: What basic practical skills should a student be able to perform? ====
 
By the end of the course, the students should be able to ...
  
By the end of the course, the students should be able to ...
  +
* Methods of ideation,
−
* Entrepreneurial thinking and basic entrepreneurial skills for the potential effectiveness of a startup;
  
  +
* TAM SAM SOM method, 2 approaches,
−
* Innovational and flexible thinking, creativity
  
  +
* Applied tools and resources for market sizing,
−
* Time-management and stress management
  
  +
* Principles to work with business hypotheses
−
* Presentation and communcation skills
  
−
* Dealing with uncertainty and facing the challenges
  
−
* Teambuilding and leadership for startup founder
  
   
 
==== Level 3: What complex comprehensive skills should a student be able to apply in real-life scenarios? ====
  
==== Level 3: What complex comprehensive skills should a student be able to apply in real-life scenarios? ====
 
By the end of the course, the students should be able to ...
  
By the end of the course, the students should be able to ...
  +
* Identify and describe the market
−
* Understanding of readiness to start business in hi-tech sphere
  
  +
* Assess market potential for any business idea
−
* Effective communication with investor
  
  +
* Conduct relevant market research before starting up a business
−
* Presenting startup and effective analyzation of feedback
  
  +
* Use the most relevant and high-quality data for a market research
−
* Managing startup team
  
  +
−
* Facing the challenges in startup realities and leading the team
  
−
* Organizing of constant self-delvelopment for the effectiveness of startup
 
 
== Grading ==
  
== Grading ==
   
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! Grade !! Range !! Description of performance
  
! Grade !! Range !! Description of performance
 
|-
  
|-
−
| A. Excellent || 90-100 || -
 +
| A. Excellent || 85.0-100.0 || -
 
|-
  
|-
−
| B. Good || 75-89 || -
 +
| B. Good || 70.0-84.0 || -
 
|-
  
|-
−
| C. Satisfactory || 60-74 || -
 +
| C. Satisfactory || 50.0-69.0 || -
 
|-
  
|-
−
| D. Poor || 0-59 || -
 +
| D. Fail || 0.0-50.0 || -
 
|}
  
|}
   
Line 94: Line 114:
 
! Activity Type !! Percentage of the overall course grade
  
! Activity Type !! Percentage of the overall course grade
 
|-
  
|-
  +
| Paper #0: Market research structure || 0-10 scale (costs 10% final)
−
| Labs/seminar classes || 20
  
 
|-
  
|-
  +
| Paper #1: TAM SAM SOM || 0-10 scale (costs 20% final)
−
| Interim performance assessment || 30
  
 
|-
  
|-
  +
| Workshops activity || 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
−
| Exams || 50
  
  +
|-
  +
| Paper #2: Market research || 0-10 scale (costs 30% final)
  +
|-
  +
| Final Presentation || 0-10 scale (costs 20% final)
 
|}
  
|}
   
 
=== Recommendations for students on how to succeed in the course ===
  
=== Recommendations for students on how to succeed in the course ===
  +
Participation is important. Showing up and participating in discussions is the key to success in this course.<br>Students work in teams, so coordinating teamwork will be an important factor for success.<br>Reading the provided materials is mandatory, as lectures will mainly consist of discussions and reflections not slides or reading from scratch.<br>The main assignment in the course is Market research paper which is supposed to be useful not only for this course but s a basis for future business oriented courses
−  
   
 
== Resources, literature and reference materials ==
  
== Resources, literature and reference materials ==
   
 
=== Open access resources ===
  
=== Open access resources ===
  +
* - article with reflections on the methodology book on the 55 typical business models
−
* Kiyosaki, R. (2011) Rich Dad Poor Dad. What The Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not! Plata Publishing.
  
  +
* - a book with instructions on how to communicate with your potential users. How to conduct interviews so that you understand what the client wants to say and not what you want to hear.
−
* Willink, J. (2020) Discipline Equals Freedom: Field Manual. St. Martin’s Press.
  
  +
* - the case book on the Jobs To Be Done. With JTBD, we can make predictions about which products will be in demand in the market and which will not. The idea behind the theory is that people don't buy products, but "hire" them to perform certain jobs.
−
* Five Insightful TED Talks That Every Startup Founder Should Watch https://mindsea.com/startup-founder-ted-talks/
  
  +
* A selection of with a summary of key ideas from Harvard Business Review
  +
* F. Sesno "" - the book on how to get information out of people through questions.
  +
* a visual guide book to dealing with your inner procrastinator
   
 
=== Closed access resources ===
  
=== Closed access resources ===
  +
* Crunchbase.com
  +
* Statista.com
   
  +
=== Software and tools used within the course ===
  +
* Boardofinnovation.com
  +
* Miro.com
  +
* Notion.com
  +
* MS Teams
   
−
=== Software and tools used within the course ===
  
−
 
 
= Teaching Methodology: Methods, techniques, & activities =
  
= Teaching Methodology: Methods, techniques, & activities =
   
 
== Activities and Teaching Methods ==
  
== Activities and Teaching Methods ==
 
{| class="wikitable"
  
{| class="wikitable"
−
|+ Activities within each section
 +
|+ Teaching and Learning Methods within each section
 
|-
  
|-
−
! Learning Activities !! Section 1 !! Section 2 !! Section 3
 +
! Teaching Techniques !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
 
|-
  
|-
  +
| Problem-based learning (students learn by solving open-ended problems without a strictly-defined solution) || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Homework and group projects || 1 || 1 || 1
  
 
|-
  
|-
−
| Midterm evaluation || 1 || 1 || 1
 +
| Project-based learning (students work on a project) || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
  +
| Differentiated learning (provide tasks and activities at several levels of difficulty to fit students needs and level) || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Reports || 1 || 1 || 1
  
 
|-
  
|-
  +
| Contextual learning (activities and tasks are connected to the real world to make it easier for students to relate to them); || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Essays || 1 || 1 || 1
  
 
|-
  
|-
  +
| Business game (learn by playing a game that incorporates the principles of the material covered within the course). || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Oral polls || 1 || 1 || 1
  
 
|-
  
|-
−
| Discussions || 1 || 1 || 1
 +
| inquiry-based learning || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
|-
 +
|}
−
| Testing (written or computer based) || 0 || 1 || 0
  
−
|}
 
−
== Formative Assessment and Course Activities ==
  
−  
−
=== Ongoing performance assessment ===
  
−  
−
==== Section 1 ====
  
 
{| class="wikitable"
  
{| class="wikitable"
  +
|+ Activities within each section
−
|+
 
 
|-
  
|-
  +
! Learning Activities !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
−
! Activity Type !! Content !! Is Graded?
  
 
|-
  
|-
−
| Question || What are the key features of entrepreneurial thinking? || 1
 +
| Interactive Lectures || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Question || What are the top-5 hard skills for a startup founder? || 1
 +
| Lab exercises || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
  +
| Group projects || 1 || 0 || 0 || 0 || 0 || 1 || 1
−
| Question || What are the characteristics of startup readiness? How can you understand that someone is ready to start a business? || 1
  
 
|-
  
|-
−
| Question || Why is self-assessment so important for starting a business? || 1
 +
| Flipped classroom || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Question || What is a personal brand? What does it consist of? || 1
 +
| Discussions || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
  +
| Presentations by students || 1 || 0 || 1 || 0 || 0 || 0 || 1
−
| Question || Do you think a startup founder can/should be excellent in all top-5 hard-skills? Why? || 0
  
 
|-
  
|-
−
| Question || Which skills can you add to this list? Why? || 0
 +
| Oral Reports || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
  +
| Cases studies || 0 || 1 || 0 || 1 || 1 || 1 || 0
−
| Question || Do you think that most successful entrepreneurs were having their entrepreneurial skills already well developed or were developing them to be a success? Find 2-3 examples. || 0
  
 
|-
  
|-
−
| Question || Do you think startup founder should always be a manager? Find 2-3 examples. || 0
 +
| Experiments || 0 || 0 || 1 || 0 || 0 || 0 || 0
 
|-
  
|-
  +
| Written reports || 0 || 0 || 1 || 0 || 0 || 1 || 0
−
| Question || Do you know any examples of startup founders without a proper background and knowledge in the sphere of his/her business? Is it possible in IT-sphere? || 0
  
 
|-
  
|-
  +
| Individual Projects || 0 || 0 || 0 || 1 || 0 || 0 || 0
−
| Question || Questions for exam preparation within this section || 0
  
 
|-
  
|-
  +
| Peer Review || 0 || 0 || 0 || 0 || 0 || 0 || 1
−
| Question || What is the vision of hard-skills of a startup founder? Find 3-5 examples on internet. || 0
  
  +
|}
  +
  +
== Formative Assessment and Course Activities ==
  +
  +
=== Ongoing performance assessment ===
  +
  +
==== Section 1 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || How do typical hard-skills of a startup founder differ in IT-sphere? Why do you think so? || 0
  
 
|-
  
|-
  +
| Discussion || Difference between Art and Creativity. Examples from your personal experience <br> Tools to manage your attention: work with exercises above <br> Is it true that an ideation stage is the very first step to take when starting your own business? If not, what needs to be done before? <br> Idea diary: share your experience, was it useful? How to keep motivation to continue? <br> Sharing your business ideas: is it risky for a founder? Why? <br> Name and discuss principles of hypothesis thinking <br> Name and comment on ideation tool you know. Did you have an experience with it? <br> Where to take creativity? Your advice <br> Lets find examples of “Steal like an artist” approach among startups <br> Create a list of 5 business ideas you have ever had in your mind. Choose 1 and make an exhaustive list of the problems that are associated with the proposed business idea. || 0
−
| Question || What is your motivation of becoming a startup founder? || 0
  
 
|-
  
|-
  +
| Workshop || Break into teams, choose from the list below 1 tool to work with. Use the templates to create new business ideas. Summarize the results. Share your results and experience of using the template with other teams || 1
−
| Question || Do you think it is possible to understand if a startup will be successful or not? Find 2-3 examples of real stories of success and failure in the predictions. || 0
  
 
|-
  
|-
  +
| Exercise || Start an "Idea diary" (not necessarily business ideas): create a convenient place for notes (notion, pinterest, instagram, paper notebook, etc.). Note the time/place/circumstances of ideas coming, learn to write down ideas. Draw conclusions from 1 week's work: where, when, how, why new ideas arise and whether you can manage their flow. || 0
−
| Question || Do you have an entrepreneurial thinking? How others can see it? Do you want to develop it? How do you think to do it? || 0
  
−
|}
+
|}
  +
 
==== Section 2 ====
  
==== Section 2 ====
 
{| class="wikitable"
  
{| class="wikitable"
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! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Discussion || What are the basic steps in market research? <br> What are the commonly used market research methods? <br> What research question types can be asked in surveys? <br> Should startup prefer primary or secondary research? || 0
−
| Question || What is a pitch deck? What is an elevator pitch? || 1
  
−
|-
  
−
| Question || What are the main principles of time-management? Startups are all about deadlines, would you agree or not? || 1
  
−
|-
  
−
| Question || Is stress always harmful and negative? Why? When stress is very harmful? || 1
  
−
|-
  
−
| Question || What is networking? What are the main differences between networking and “useful” connections? || 1
  
−
|-
  
−
| Question || What is creativity / innovational thinking/ flexible thinking? || 1
  
−
|-
  
−
| Question || What are the best stress management techniques you know? (use different kind of sources for your search) || 0
  
−
|-
  
−
| Question || What are the best startup pitches in your opinion? Find 2-3 best inspirational examples. || 0
  
−
|-
  
−
| Question || What can your startup community look like? Which values will you share? Who will join you and why? || 0
  
−
|-
  
−
| Question || Why is it difficult to listen and hear others? Why is this so important in startup/investors relationship? || 0
  
 
|-
  
|-
  +
| Workshop || SWOT analysis: compare your business idea with competitors and market situation <br> Get familiar with industry trends and reports: Find and create a list of 3 to 5 business research papers or trend reports in your industry || 0
−
| Question || What are the most important psychological aspects of investor/founder relationship? || 0
  
 
|-
  
|-
  +
| Home written assignment || Market research doc: create a structure that is: <br> 1-2 pages long <br> Describes your business idea <br> Contains the structure of your future research <br> Contains a list of questions to answer during the research for each chapter proposed <br> Contains links and references to data sources potentilly interesting to use in a research <br> Its feasible: it should be a chance you may answer all the questions stated in the doc <br> The doc format is designed and well structured || 1
−
| Question || Test questions for exam preparation within this section || 0
  
−
|-
 +
|}
  +
−
| Question || What are the crucial parts of the pitch deck? || 0
  
−
|-
  
−
| Question || What is a work/life balance for a startup founder? || 0
  
−
|-
  
−
| Question || How does stress management can be used by a startup founder? || 0
  
−
|-
  
−
| Question || Create your own time-management rules || 0
  
−
|-
  
−
| Question || What are the innovative technologies that you are going to use in your startup? || 0
  
−
|}
 
 
==== Section 3 ====
  
==== Section 3 ====
 
{| class="wikitable"
  
{| class="wikitable"
Line 224: Line 234:
 
! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Oral test || Good or bad interview question? <br> Useful or useless feedback? || 0
−
| Question || What is VUCA and BANI reality for entrepreneurs? || 1
  
 
|-
  
|-
  +
| Workshop || Work on your customer profile using the Persona template. Make a client interview script with the help of the Problem-validation-script. || 1
−
| Question || What is a professional identity of entrepreneur? || 1
  
 
|-
  
|-
  +
| Case study || Watch the video with the case study. This is an example of HOW NOT to take a customer discovery interview. Discuss what went wrong? || 0
−
| Question || What is a critical incident in entrepreneurship? || 1
  
  +
|}
  +
  +
==== Section 4 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || What are the main strategies of facing critical incidents by startup founders? What are their features? || 1
  
 
|-
  
|-
  +
| Workshop || Estimate your target market using the TAM-SAM-SOM template in MIRO. Explain the data. || 1
−
| Question || What is a concept of “leader and follower”? Why is it important for founders in hi-tech sphere? || 1
  
 
|-
  
|-
  +
| Case study || Learn a market sizing case: online babysitting service || 0
−
| Question || What are the best examples of the actions of entrepreneurs for facing the challenges? Find 2-3 interesting examples. || 0
  
  +
|}
  +
  +
==== Section 5 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || What is for you to be a startup founder? How does it reflect on your identity? || 0
  
 
|-
  
|-
  +
| Workshop || Use 3 tools from this lesson's theory that you are least familiar with or have not used at all. From each source, take one insight on the state of your project's market. (For example, the total size of your target market, a leading competitor, number of users, or a growing trend) || 0
−
| Question || Create the identity profile of a famous entrepreneur that inspires you. How does it look? Why all these roles help person to be a success? || 0
  
 
|-
  
|-
  +
| Oral presentation || Take one tool from the list below and create a “how-to” guide to the service for your classmates. The guide could be done in a form of 1) video-instruction 2) text 3) visualized scheme 4) presentation. The guide must answer how to use a tool and give an example of its use on concrete case study. Studying the guide should take your reader not mach then 15 min. || 1
−
| Question || What does uncertainty provide for the startup? How to use the uncertainty for achieving new goals? || 0
  
  +
|}
  +
  +
==== Section 6 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || Who are you – a leader or follower? Why? How can a founder combine both these roles? || 0
  
 
|-
  
|-
  +
| Workshop || Exercises: <br> Personal SWOT Analysis <br> List of Personal Achievements <br> Analysis of Motivating Activities <br> Your Personal Vision || 0
−
| Question || Test questions for exam preparation within this section || 0
  
  +
|}
  +
  +
==== Section 7 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || Is uncertainty good or bad for a startup founder? Why? || 0
  
−
|-
  
−
| Question || What are your main strategies of facing critical incidents in entrepreneurship? What are the strong and weak sides of those? || 0
  
 
|-
  
|-
  +
| Pitch session || The final Market Research report should follow the structure discussed <br> Content of the oral presentation may include: business description, market overview, main sources used in the research, competitors overview, monetization opportunity, market size, further stages of research or business work, team, comments on some challenges during the work || 1
−
| Question || Do you think being entrepreneur is easy or hard? Why? When do you think it is easier – in the beginning or in some years of practice? || 0
  
−
|-
 +
|}
  +
−
| Question || What are the psychological factor of failure of major of startups within the first year in your opinion? || 0
  
−
|-
  
−
| Question || What are the main critical incidents that a startup founder must face? || 0
  
−
|}
 
 
=== Final assessment ===
  
=== Final assessment ===
 
'''Section 1'''
  
'''Section 1'''
  +
# For the final assessment, students should complete the Market Research paper.
−
# Create your hard-skills map and show what is a potential of the development of these skills.
  
  +
# It should follow the market research paper structure, contain information about market volume (TAM SAM SOM), data must be gathered with help of data sources learnt.
−
# What will you do for the development of these skills in future?
  
  +
# The paper should refer to market potential and give the basis to make business decisions, answer questions on how to start and develop your idea, what is your business model, target customer persona, product MVP etc.
−
# Evaluate your own startup readiness using the tools of the course
  
  +
# Grading criteria for the final project presentation:
−
# Evaluate the readiness of your pair companion and give some recommendations that you suppose will be useful for him/her.
  
  +
# Market sizing has been carried out
  +
# Customer segments are named
  +
# Сompetitor analysis has been conducted
  +
# At least 2 prominent data sources are used
  +
# Customer discovery interviews conducted
  +
# Future steps are mapped out
  +
# The final report is visualized clearly and transparent
 
'''Section 2'''
  
'''Section 2'''
  +
−
# Present your startup (elevator pitch + standard investors’ 3 minutes pitch)
  
−
# Present the innovative technologies that you are going to use in your startup? Why are they innovative?
  
−
# Present your concept of life/work balance of entrepreneur. Which tools of time management and stress management will you use?
  
−
# Present you networking concept. What are your values? Which values can you propose to others?
  
 
'''Section 3'''
  
'''Section 3'''
  +
−
# Present your type of entrepreneurial identity and describe which strategies you will use for facing critical incidents
  
  +
'''Section 4'''
−
# Create your identity profile. How will different identities create cooperation effect for your future effectiveness?
  
  +
−
# Find the example when you managed to face the challenge or situation of uncertainty effectively. Why did you manage?
  
  +
'''Section 5'''
  +
  +
'''Section 6'''
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=== The retake exam ===
  
=== The retake exam ===
 
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# For the retake, students have to submit the results of the market sizing exercise with the TAM SAM SOM method in the form of a visual framework studied.
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Latest revision as of 09:50, 29 May 2023

Market Research for IT Startups

  • Course name: Market Research for IT Startups
  • Code discipline:
  • Subject area: Technological Entrepreneurship

Short Description

This course is for students who see themselves as entrepreneurs. The course is designed for the early development of business ideas and provides methods and guidelines for business research. The course teaches how to assess the potential of business ideas, hypothesis thinking, methods for generating ideas and testing their quality

Prerequisites

Prerequisite subjects

  • N/A

Prerequisite topics

  • N/A

Course Topics

Course Sections and Topics
Section Topics within the section
Ideation tools
  1. Art VS Creativity
  2. Ability to discover
  3. How to generate ideas
  4. Creativity sources
  5. Ideation in groups
  6. Rules for ideation for startups
Market research content
  1. Types of research: primary vs secondary
  2. How to plan a research
  3. Market research chapters content
  4. Frameworks used in a market research (SWOT, Persona, etc)
  5. Tools and sources to conduct a competitors analysis
Customer development
  1. Interviews are the main tool for “Get Out The Building” technique
  2. The "Mum's Test"
  3. Jobs-To-Be-Done
  4. Good and bad interview questions
Market sizing
  1. Market analysis VS market sizing
  2. Sizing stakeholders and their interests
  3. Sizing methods
  4. TAM SAM SOM calculation examples
Data for a research
  1. Sources and tools for competitors overview
  2. Sources and tools for product and traffic analysis
  3. Sources and tools for trend watching
  4. Life hacks for search
Founder motivation
  1. Ways to Stay Motivated as an Entrepreneur
  2. Exercises for founders motivation
Pitch Day
  1. Market research results presentations

Intended Learning Outcomes (ILOs)

What is the main purpose of this course?

This course aims to give students theoretical knowledge and practical skills on how to assess market potential at an early stage of an IT startup (or any company) development. The ultimate goal is to teach students to conduct market research for their business.

ILOs defined at three levels

Level 1: What concepts should a student know/remember/explain?

By the end of the course, the students should be able to ...

  • Market research techniques using open data,
  • Typology of market assessment methods,
  • Types of research data and their application,
  • Market research components: competitors overview, value proposition, trend watching, venture status, business models, buyers profile etc

Level 2: What basic practical skills should a student be able to perform?

By the end of the course, the students should be able to ...

  • Methods of ideation,
  • TAM SAM SOM method, 2 approaches,
  • Applied tools and resources for market sizing,
  • Principles to work with business hypotheses

Level 3: What complex comprehensive skills should a student be able to apply in real-life scenarios?

By the end of the course, the students should be able to ...

  • Identify and describe the market
  • Assess market potential for any business idea
  • Conduct relevant market research before starting up a business
  • Use the most relevant and high-quality data for a market research

Grading

Course grading range

Grade Range Description of performance
A. Excellent 85.0-100.0 -
B. Good 70.0-84.0 -
C. Satisfactory 50.0-69.0 -
D. Fail 0.0-50.0 -

Course activities and grading breakdown

Activity Type Percentage of the overall course grade
Paper #0: Market research structure 0-10 scale (costs 10% final)
Paper #1: TAM SAM SOM 0-10 scale (costs 20% final)
Workshops activity 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
Paper #2: Market research 0-10 scale (costs 30% final)
Final Presentation 0-10 scale (costs 20% final)

Recommendations for students on how to succeed in the course

Participation is important. Showing up and participating in discussions is the key to success in this course.
Students work in teams, so coordinating teamwork will be an important factor for success.
Reading the provided materials is mandatory, as lectures will mainly consist of discussions and reflections not slides or reading from scratch.
The main assignment in the course is Market research paper which is supposed to be useful not only for this course but s a basis for future business oriented courses

Resources, literature and reference materials

Open access resources

  • - article with reflections on the methodology book on the 55 typical business models
  • - a book with instructions on how to communicate with your potential users. How to conduct interviews so that you understand what the client wants to say and not what you want to hear.
  • - the case book on the Jobs To Be Done. With JTBD, we can make predictions about which products will be in demand in the market and which will not. The idea behind the theory is that people don't buy products, but "hire" them to perform certain jobs.
  • A selection of with a summary of key ideas from Harvard Business Review
  • F. Sesno "" - the book on how to get information out of people through questions.
  • a visual guide book to dealing with your inner procrastinator

Closed access resources

  • Crunchbase.com
  • Statista.com

Software and tools used within the course

  • Boardofinnovation.com
  • Miro.com
  • Notion.com
  • MS Teams

Teaching Methodology: Methods, techniques, & activities

Activities and Teaching Methods

Teaching and Learning Methods within each section
Teaching Techniques Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
Problem-based learning (students learn by solving open-ended problems without a strictly-defined solution) 1 1 1 1 1 1 1
Project-based learning (students work on a project) 1 1 1 1 1 1 1
Differentiated learning (provide tasks and activities at several levels of difficulty to fit students needs and level) 1 1 1 1 1 1 1
Contextual learning (activities and tasks are connected to the real world to make it easier for students to relate to them); 1 1 1 1 1 1 1
Business game (learn by playing a game that incorporates the principles of the material covered within the course). 1 1 1 1 1 1 1
inquiry-based learning 1 1 1 1 1 1 1
Activities within each section
Learning Activities Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
Interactive Lectures 1 1 1 1 1 1 1
Lab exercises 1 1 1 1 1 1 0
Group projects 1 0 0 0 0 1 1
Flipped classroom 1 1 1 1 1 1 0
Discussions 1 1 1 1 1 1 1
Presentations by students 1 0 1 0 0 0 1
Oral Reports 1 0 1 0 0 0 1
Cases studies 0 1 0 1 1 1 0
Experiments 0 0 1 0 0 0 0
Written reports 0 0 1 0 0 1 0
Individual Projects 0 0 0 1 0 0 0
Peer Review 0 0 0 0 0 0 1

Formative Assessment and Course Activities

Ongoing performance assessment

Section 1

Activity Type Content Is Graded?
Discussion Difference between Art and Creativity. Examples from your personal experience
Tools to manage your attention: work with exercises above
Is it true that an ideation stage is the very first step to take when starting your own business? If not, what needs to be done before?
Idea diary: share your experience, was it useful? How to keep motivation to continue?
Sharing your business ideas: is it risky for a founder? Why?
Name and discuss principles of hypothesis thinking
Name and comment on ideation tool you know. Did you have an experience with it?
Where to take creativity? Your advice
Lets find examples of “Steal like an artist” approach among startups
Create a list of 5 business ideas you have ever had in your mind. Choose 1 and make an exhaustive list of the problems that are associated with the proposed business idea.		 0
Workshop Break into teams, choose from the list below 1 tool to work with. Use the templates to create new business ideas. Summarize the results. Share your results and experience of using the template with other teams 1
Exercise Start an "Idea diary" (not necessarily business ideas): create a convenient place for notes (notion, pinterest, instagram, paper notebook, etc.). Note the time/place/circumstances of ideas coming, learn to write down ideas. Draw conclusions from 1 week's work: where, when, how, why new ideas arise and whether you can manage their flow. 0

Section 2

Activity Type Content Is Graded?
Discussion What are the basic steps in market research?
What are the commonly used market research methods?
What research question types can be asked in surveys?
Should startup prefer primary or secondary research?		 0
Workshop SWOT analysis: compare your business idea with competitors and market situation
Get familiar with industry trends and reports: Find and create a list of 3 to 5 business research papers or trend reports in your industry		 0
Home written assignment Market research doc: create a structure that is:
1-2 pages long
Describes your business idea
Contains the structure of your future research
Contains a list of questions to answer during the research for each chapter proposed
Contains links and references to data sources potentilly interesting to use in a research
Its feasible: it should be a chance you may answer all the questions stated in the doc
The doc format is designed and well structured		 1

Section 3

Activity Type Content Is Graded?
Oral test Good or bad interview question?
Useful or useless feedback?		 0
Workshop Work on your customer profile using the Persona template. Make a client interview script with the help of the Problem-validation-script. 1
Case study Watch the video with the case study. This is an example of HOW NOT to take a customer discovery interview. Discuss what went wrong? 0

Section 4

Activity Type Content Is Graded?
Workshop Estimate your target market using the TAM-SAM-SOM template in MIRO. Explain the data. 1
Case study Learn a market sizing case: online babysitting service 0

Section 5

Activity Type Content Is Graded?
Workshop Use 3 tools from this lesson's theory that you are least familiar with or have not used at all. From each source, take one insight on the state of your project's market. (For example, the total size of your target market, a leading competitor, number of users, or a growing trend) 0
Oral presentation Take one tool from the list below and create a “how-to” guide to the service for your classmates. The guide could be done in a form of 1) video-instruction 2) text 3) visualized scheme 4) presentation. The guide must answer how to use a tool and give an example of its use on concrete case study. Studying the guide should take your reader not mach then 15 min. 1

Section 6

Activity Type Content Is Graded?
Workshop Exercises:
Personal SWOT Analysis
List of Personal Achievements
Analysis of Motivating Activities
Your Personal Vision		 0

Section 7

Activity Type Content Is Graded?
Pitch session The final Market Research report should follow the structure discussed
Content of the oral presentation may include: business description, market overview, main sources used in the research, competitors overview, monetization opportunity, market size, further stages of research or business work, team, comments on some challenges during the work		 1

Final assessment

Section 1

  1. For the final assessment, students should complete the Market Research paper.
  2. It should follow the market research paper structure, contain information about market volume (TAM SAM SOM), data must be gathered with help of data sources learnt.
  3. The paper should refer to market potential and give the basis to make business decisions, answer questions on how to start and develop your idea, what is your business model, target customer persona, product MVP etc.
  4. Grading criteria for the final project presentation:
  5. Market sizing has been carried out
  6. Customer segments are named
  7. Сompetitor analysis has been conducted
  8. At least 2 prominent data sources are used
  9. Customer discovery interviews conducted
  10. Future steps are mapped out
  11. The final report is visualized clearly and transparent

Section 2

Section 3

Section 4

Section 5

Section 6

Section 7


The retake exam

Section 1

  1. For the retake, students have to submit the results of the market sizing exercise with the TAM SAM SOM method in the form of a visual framework studied.

Section 2

Section 3

Section 4

Section 5

Section 6

Section 7

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