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= Market Research for IT Startups =
−
= Analytical Geometry \& Linear Algebra -- II =
  
−
* Course name: Analytical Geometry \& Linear Algebra -- II
 +
* '''Course name''': Market Research for IT Startups
  +
* '''Code discipline''':
−
* Course number: XYZ
  
  +
* '''Subject area''': Technological Entrepreneurship
   
−
== Course Characteristics ==
 +
== 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 ==
−
=== Key concepts of the class ===
  
−
* fundamental principles of linear algebra,
  
−
* concepts of linear algebra objects and their representation in vector-matrix form
  
   
  +
=== Prerequisite subjects ===
−
=== What is the purpose of this course? ===
  
  +
* N/A
−
This course covers matrix theory and linear algebra, emphasizing topics useful in other disciplines. Linear algebra is a branch of mathematics that studies systems of linear equations and the properties of matrices. The concepts of linear algebra are extremely useful in physics, data sciences, and robotics. Due to its broad range of applications, linear algebra is one of the most widely used subjects in mathematics.
  
−
=== Course objectives based on Bloom’s taxonomy ===
  
   
  +
=== Prerequisite topics ===
−
==== - What should a student remember at the end of the course? ====
  
  +
* N/A
−
By the end of the course, the students should be able to
  
−
* List basic notions of linear algebra
  
−
* Understand key principles involved in solution of linear equation systems and the properties of matrices
  
−
* Linear regression analysis
  
−
* Fast Fourier Transform
  
−
* How to find eigenvalues and eigenvectors for matrix diagonalization and single value decomposition
  
   
  +
== Course Topics ==
−
==== - What should a student be able to understand at the end of the course? ====
  
  +
{| class="wikitable"
−
By the end of the course, the students should be able to
  
  +
|+ Course Sections and Topics
−
* Key principles involved in solution of linear equation systems and the properties of matrices
  
  +
|-
−
* Become familiar with the four fundamental subspaces
  
  +
! Section !! Topics within the section
−
* Linear regression analysis
  
  +
|-
−
* Fast Fourier Transform
  
  +
| Ideation tools ||
−
* How to find eigenvalues and eigenvectors for matrix diagonalization and single value decomposition
  
  +
# Art VS Creativity
  +
# Ability to discover
  +
# How to generate ideas
  +
# Creativity sources
  +
# Ideation in groups
  +
# Rules for ideation for startups
  +
|-
  +
| Market research content ||
  +
# Types of research: primary vs secondary
  +
# How to plan a research
  +
# Market research chapters content
  +
# Frameworks used in a market research (SWOT, Persona, etc)
  +
# Tools and sources to conduct a competitors analysis
  +
|-
  +
| Customer development ||
  +
# Interviews are the main tool for “Get Out The Building” technique
  +
# The "Mum's Test"
  +
# 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) ==
−
==== - What should a student be able to apply at the end of the course? ====
  
  +
−
By the end of the course, the students should be able to
  
  +
=== What is the main purpose of this course? ===
−
* Linear equation system solving by using the vector-matrix approach
  
  +
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.
−
* Make linear regression analysis
  
  +
−
* Fast Fourier Transform
  
  +
=== ILOs defined at three levels ===
−
* To find eigenvalues and eigenvectors for matrix diagonalization and single value decomposition
  
  +
−
=== Course evaluation ===
  
  +
==== 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 ===
 
{| class="wikitable"
  
{| class="wikitable"
  +
|+
−
|+ Course grade breakdown
  
  +
|-
  +
! Grade !! Range !! Description of performance
 
|-
  
|-
  +
| A. Excellent || 85.0-100.0 || -
−
! type !! points
  
 
|-
  
|-
  +
| B. Good || 70.0-84.0 || -
−
| Labs/seminar classes || 20
  
 
|-
  
|-
  +
| C. Satisfactory || 50.0-69.0 || -
−
| Interim performance assessment || 30
  
 
|-
  
|-
−
| Exams || 50
 +
| D. Fail || 0.0-50.0 || -
 
|}
  
|}
   
  +
=== Course activities and grading breakdown ===
−
=== Grades range ===
  
 
{| class="wikitable"
  
{| class="wikitable"
  +
|+
−
|+ Course grading range
  
 
|-
  
|-
  +
! Activity Type !! Percentage of the overall course grade
−
! grade !! low !! high
  
 
|-
  
|-
  +
| Paper #0: Market research structure || 0-10 scale (costs 10% final)
−
| A || 85 || 100
  
 
|-
  
|-
  +
| Paper #1: TAM SAM SOM || 0-10 scale (costs 20% final)
−
| B || 65 || 84
  
 
|-
  
|-
  +
| Workshops activity || 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
−
| C || 50 || 64
  
 
|-
  
|-
  +
| Paper #2: Market research || 0-10 scale (costs 30% final)
−
| D || 0 || 49
  
  +
|-
  +
| Final Presentation || 0-10 scale (costs 20% final)
 
|}
  
|}
−
=== Resources and reference material ===
  
−
* Gilbert Strang. Linear Algebra and Its Applications, 4th Edition, Brooks Cole, 2006. ISBN: 9780030105678
  
−
* Gilbert Strang. Introduction to Linear Algebra, 4th Edition, Wellesley, MA: Wellesley-Cambridge Press, 2009. ISBN: 9780980232714
  
−
== Course Sections ==
  
−
The main sections of the course and approximate hour distribution between them is as follows:
  
−
=== Section 1 ===
  
   
  +
=== Recommendations for students on how to succeed in the course ===
−
==== Section title ====
  
  +
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
−
Linear equation system solving by using the vector-matrix approach
  
  +
  +
== 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 =
−
==== Topics covered in this section ====
  
−
* The geometry of linear equations. Elimination with matrices.
  
−
* Matrix operations, including inverses. <math>LU</math> and <math>LDU</math> factorization.
  
−
* Transposes and permutations. Vector spaces and subspaces.
  
−
* The null space: Solving <math>Ax = 0</math> and <math>Ax = b</math>. Row reduced echelon form. Matrix rank.
  
   
  +
== Activities and Teaching Methods ==
−
==== What forms of evaluation were used to test students’ performance in this section? ====
  
 
{| class="wikitable"
  
{| class="wikitable"
  +
|+ Teaching and Learning Methods within each section
−
|+
 
 
|-
  
|-
  +
! Teaching Techniques !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
−
! Form !! Yes/No
  
 
|-
  
|-
  +
| Problem-based learning (students learn by solving open-ended problems without a strictly-defined solution) || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Development of individual parts of software product code || 1
  
 
|-
  
|-
  +
| Project-based learning (students work on a project) || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Homework and group projects || 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
−
| Midterm evaluation || 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
−
| Testing (written or computer based) || 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
−
| Reports || 0
  
 
|-
  
|-
  +
| inquiry-based learning || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| Essays || 0
  
  +
|}
  +
{| class="wikitable"
  +
|+ 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
−
| Oral polls || 0
  
 
|-
  
|-
  +
| Peer Review || 0 || 0 || 0 || 0 || 0 || 0 || 1
−
| Discussions || 1
  
 
|}
  
|}
   
  +
== Formative Assessment and Course Activities ==
−
==== Typical questions for ongoing performance evaluation within this section ====
  
−
# How to perform Gauss elimination?
  
−
# How to perform matrices multiplication?
  
−
# How to perform LU factorization?
  
−
# How to find complete solution for any linear equation system Ax=b?
  
   
  +
=== Ongoing performance assessment ===
−
==== Typical questions for seminar classes (labs) within this section ====
  
−
# Find the solution for the given linear equation system <math>Ax=b</math> by using Gauss elimination.
  
−
# Perform <math>A=LU</math> factorization for the given matrix <math>A</math>.
  
−
# Factor the given symmetric matrix <math>A</math> into <math>A=LDL^T</math> with the diagonal pivot matrix <math>D</math>.
  
−
# Find inverse matrix <math>A^-1</math> for the given matrix <math>A</math>.
  
   
  +
==== Section 1 ====
−
==== Tasks for midterm assessment within this section ====
  
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| 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
  +
|-
  +
| 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 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! 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
  +
|-
  +
| 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
  +
|-
  +
| 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
  +
|}
   
  +
==== Section 3 ====
−
==== Test questions for final assessment in this section ====
  
  +
{| class="wikitable"
−
# Find linear independent vectors (exclude dependent): <math>\overrightarrow{a}=[4,0,3,2]^T</math>, <math>\overrightarrow{b}=[1,-7,4,5]^T</math>, <math>\overrightarrow{c}=[7,1,5,3]^T</math>, <math>\overrightarrow{d}=[-5,-3,-3,-1]^T</math>, <math>\overrightarrow{e}=[1,-5,2,3]^T</math>. Find <math>rank(A)</math> if <math>A</math> is a composition of this vectors. Find <math>rank(A^T)</math>.
  
  +
|+
−
# Find <math>E</math>: <math>EA=U</math> (<math>U</math> – upper-triangular matrix). Find <math>L=E^-1</math>, if <math>A=\left( \begin{array}{ccc} 2 & 5 & 7 \\ 6 & 4 & 9 \\ 4 & 1 & 8 \\ \end{array} \right)</math>.
  
  +
|-
−
# Find complete solution for the system <math>Ax=b</math>, if <math>b=[7,18,5]^T</math> and <math>A=\left( \begin{array}{cccc} 6 & -2 & 1 & -4 \\ 4 & 2 & 14 & -31 \\ 2 & -1 & 3 & -7 \\ \end{array} \right)</math>. Provide an example of vector b that makes this system unsolvable.
  
  +
! Activity Type !! Content !! Is Graded?
−
=== Section 2 ===
  
  +
|-
−  
  +
| Oral test || Good or bad interview question? <br> Useful or useless feedback? || 0
−
==== Section title ====
  
  +
|-
−
Linear regression analysis and decomposition <math>A=QR</math>.
  
  +
| Workshop || Work on your customer profile using the Persona template. Make a client interview script with the help of the Problem-validation-script. || 1
−  
  +
|-
−
==== Topics covered in this section ====
  
  +
| 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
−
* Independence, basis and dimension. The four fundamental subspaces.
  
  +
|}
−
* Orthogonal vectors and subspaces. Projections onto subspaces
  
−
* Projection matrices. Least squares approximations. Gram-Schmidt and A = QR.
  
   
  +
==== Section 4 ====
−
==== What forms of evaluation were used to test students’ performance in this section? ====
  
 
{| class="wikitable"
  
{| class="wikitable"
 
|+
 
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
! Form !! Yes/No
  
 
|-
  
|-
  +
| Workshop || Estimate your target market using the TAM-SAM-SOM template in MIRO. Explain the data. || 1
−
| Development of individual parts of software product code || 1
  
 
|-
  
|-
  +
| Case study || Learn a market sizing case: online babysitting service || 0
−
| Homework and group projects || 1
  
  +
|}
  +
  +
==== Section 5 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Midterm evaluation || 1
  
 
|-
  
|-
  +
| 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
−
| Testing (written or computer based) || 1
  
 
|-
  
|-
  +
| 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
−
| Reports || 0
  
  +
|}
  +
  +
==== Section 6 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Essays || 0
  
 
|-
  
|-
  +
| Workshop || Exercises: <br> Personal SWOT Analysis <br> List of Personal Achievements <br> Analysis of Motivating Activities <br> Your Personal Vision || 0
−
| Oral polls || 0
  
  +
|}
  +
  +
==== Section 7 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Discussions || 1
  
  +
|-
  +
| 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
 
|}
  
|}
   
  +
=== Final assessment ===
−
==== Typical questions for ongoing performance evaluation within this section ====
  
  +
'''Section 1'''
−
# What is linear independence of vectors?
  
  +
# For the final assessment, students should complete the Market Research paper.
−
# Define the four fundamental subspaces of a matrix?
  
  +
# 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.
−
# How to define orthogonal vectors and subspaces?
  
  +
# 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.
−
# How to define orthogonal complements of the space?
  
  +
# Grading criteria for the final project presentation:
−
# How to find vector projection on a subspace?
  
  +
# Market sizing has been carried out
−
# How to perform linear regression for the given measurements?
  
  +
# Customer segments are named
−
# How to find an orthonormal basis for the subspace spanned by the given vectors?
  
  +
# 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 3'''
  +
  +
'''Section 4'''
  +
  +
'''Section 5'''
  +
  +
'''Section 6'''
  +
  +
'''Section 7'''
  +
  +
  +
=== The retake exam ===
  +
'''Section 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'''
−
==== Typical questions for seminar classes (labs) within this section ====
  
−
# Check out linear independence of the given vectors
  
−
# Find four fundamental subspaces of the given matrix.
  
−
# Check out orthogonality of the given subspaces.
  
−
# Find orthogonal complement for the given subspace.
  
−
# Find vector projection on the given subspace.
  
−
# Perform linear regression for the given measurements.
  
−
# Find an orthonormal basis for the subspace spanned by the given vectors.
  
   
  +
'''Section 5'''
−
==== Tasks for midterm assessment within this section ====
  
   
  +
'''Section 6'''
   
  +
'''Section 7'''
−
==== Test questions for final assessment in this section ====
  
−
# Find the dimensions of the four fundamental subspaces associated with <math>A</math>, depending on the parameters <math>a</math> and <math>b</math>: <math>A=\left( \begin{array}{cccc} 7 & 8 & 5 & 3 \\ 4 & a & 3 & 2 \\ 6 & 8 & 4 & b \\ 3 & 4 & 2 & 1 \\ \end{array} \right)</math>.
  
−
# Find a vector <math>x</math> orthogonal to the Row space of matrix <math>A</math>, and a vector <math>y</math> orthogonal to the <math>C(A)</math>, and a vector <math>z</math> orthogonal to the <math>N(A)</math>: <math>A=\left( \begin{array}{ccc} 1 & 2 & 2 \\ 3 & 4 & 2 \\ 4 & 6 & 4 \\ \end{array} \right)</math>.
  
−
# Find the best straight-line <math>y(x)</math> fit to the measurements: <math>y(-2)=4</math>, <math>y(-1)=3</math>, <math>y(0)=2</math>, <math>y(1)-0</math>.
  
−
# Find the projection matrix <math>P</math> of vector <math>[4,3,2,0]^T</math> onto the <math>C(A)</math>: <math>A=\left( \begin{array}{cc} 1 & -2 \\ 1 & -1 \\ 1 & 0 \\ 1 & 1 \\ \end{array} \right)</math>.
  
−
# Find an orthonormal basis for the subspace spanned by the vectors: <math>\overrightarrow{a}=[-2,2,0,0]^T</math>, <math>\overrightarrow{b}=[0,1,-1,0]^T</math>, <math>\overrightarrow{c}=[0,1,0,-1]^T</math>. Then express <math>A=[a,b,c]</math> in the form of <math>A=QR</math>
  

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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