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= Market Research for IT Startups =
−
= Control Theory =
  
−
* '''Course name''': Control Theory
 +
* '''Course name''': Market Research for IT Startups
 
* '''Code discipline''':
 
* '''Code discipline''':
  +
* '''Subject area''': Technological Entrepreneurship
−
* '''Subject area''': ['Introduction to Linear Control, Stability of linear dynamical systems', 'Controller design', 'Sensing, observers, Adaptive control']
  
   
 
== 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
−  
   
 
== 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 ||
−
| Introduction to Linear Control, Stability of linear dynamical systems ||
 
  +
# Art VS Creativity
−
# Control, introduction. Examples.
  
  +
# Ability to discover
−
# Single input single output (SISO) systems. Block diagrams.
  
  +
# How to generate ideas
−
# From linear differential equations to state space models.
  
  +
# Creativity sources
−
# DC motor as a linear system.
  
  +
# Ideation in groups
−
# Spring-damper as a linear system.
  
  +
# Rules for ideation for startups
−
# The concept of stability of the control system. Proof of stability for a linear system with negative real parts of eigenvalues.
  
−
# Multi input multi output (MIMO) systems.
  
−
# Linear Time Invariant (LTI) systems and their properties.
  
−
# Linear Time Varying (LTV) systems and their properties.
  
−
# Transfer function representation.
  
 
|-
  
|-
−
| Controller design. ||
+
| Market research content ||
  +
# Types of research: primary vs secondary
−
# Stabilizing control. Control error.
  
  +
# How to plan a research
−
# Proportional control.
  
  +
# Market research chapters content
−
# PD control. Order of a system and order of the controller.
  
  +
# Frameworks used in a market research (SWOT, Persona, etc)
−
# PID control.
  
  +
# Tools and sources to conduct a competitors analysis
−
# P, PD and PID control for DC motor.
  
−
# Trajectory tracking. Control input types. Standard inputs (Heaviside step function, Dirac delta function, sine wave).
  
−
# Tuning PD and PID. Pole placement.
  
−
# Formal statements about stability. Lyapunov theory.
  
−
# Types of stability; Lyapunov stability, asymptotic stability, exponential stability.
  
−
# Eigenvalues in stability theory. Reasoning about solution of the autonomous linear system.
  
−
# Stability proof for PD control.
  
−
# Stability in stabilizing control and trajectory tracking.
  
−
# Frequency response. Phase response.
  
−
# Optimal control of linear systems. From Hamilton-Jacobi-Bellman to algebraic Riccati equation. LQR.
  
−
# Stability of LQR.
  
−
# Controllability.
  
 
|-
  
|-
  +
| Customer development ||
−
| Sensing, observers, Adaptive control ||
 
  +
# Interviews are the main tool for “Get Out The Building” technique
−
# Modelling digital sensors: quantization, discretization, lag.
  
  +
# The "Mum's Test"
−
# Modelling sensor noise. Gaussian noise. Additive models. Multiplicative models. Dynamic sensor models.
  
  +
# Jobs-To-Be-Done
−
# Observability.
  
  +
# Good and bad interview questions
−
# Filters.
  
  +
|-
−
# State observers.
  
  +
| Market sizing ||
−
# Optimal state observer for linear systems.
  
  +
# Market analysis VS market sizing
−
# Linearization of nonlinear systems.
  
  +
# Sizing stakeholders and their interests
−
# Linearization along trajectory.
  
  +
# Sizing methods
−
# Linearization of Inverted pendulum dynamics.
  
  +
# TAM SAM SOM calculation examples
−
# Model errors. Differences between random disturbances and unmodeled dynamics/processes.
  
  +
|-
−
# Adaptive control.
  
−
# Control for sets of linear systems.
 +
| Data for a research ||
  +
# Sources and tools for competitors overview
−
# Discretization, discretization error.
  
  +
# Sources and tools for product and traffic analysis
−
# Control for discrete linear systems.
  
  +
# Sources and tools for trend watching
−
# Stability of discrete linear systems.
  
  +
# 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.
−
Linear Control Theory is both an active tool for modern industrial engineering and a prerequisite for most of the state-of-the-art level control techniques and the corresponding courses. With this in mind, the Linear Control course is both building a foundation for the following development of the student as a learner in the fields of Robotics, Control, Nonlinear Dynamics and others, as well as it is one of the essential practical courses in the engineering curricula.
  
   
 
=== ILOs defined at three levels ===
  
=== ILOs defined at three levels ===
Line 78: 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,
−
* methods for control synthesis (linear controller gain tuning)
  
  +
* Typology of market assessment methods,
−
* methods for controller analysis
  
−
* methods for sensory data processing for linear systems
 +
* 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? ====
  
==== 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,
−
* State-space models
  
  +
* TAM SAM SOM method, 2 approaches,
−
* Eigenvalue analysis for linear systems
  
  +
* Applied tools and resources for market sizing,
−
* Proportional and PD controllers
  
  +
* Principles to work with business hypotheses
−
* How to stabilize a linear system
  
−
* Lyapunov Stability
  
−
* How to check if the system is controllable
  
−
* Observer design
  
−
* Sources of sensor noise
  
−
* Filters
  
−
* Adaptive Control
  
−
* Optimal Control
  
−
* Linear Quadratic Regulator
  
   
 
==== 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
−
* Turn a system of linear differential equations into a state-space model.
  
  +
* Assess market potential for any business idea
−
* Design a controller by solving Algebraic Riccati eq.
  
  +
* Conduct relevant market research before starting up a business
−
* Find if a system is stable or not, using eigenvalue analysis.
 
  +
* Use the most relevant and high-quality data for a market research
  +
 
== Grading ==
  
== Grading ==
   
Line 110: Line 99:
 
! Grade !! Range !! Description of performance
  
! Grade !! Range !! Description of performance
 
|-
  
|-
−
| A. Excellent || 85-100 || -
 +
| A. Excellent || 85.0-100.0 || -
 
|-
  
|-
−
| B. Good || 70-84 || -
 +
| B. Good || 70.0-84.0 || -
 
|-
  
|-
−
| C. Satisfactory || 50-69 || -
 +
| C. Satisfactory || 50.0-69.0 || -
 
|-
  
|-
−
| D. Poor || 0-49 || -
 +
| D. Fail || 0.0-50.0 || -
 
|}
  
|}
   
Line 125: 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 || 30
  
 
|-
  
|-
  +
| Paper #1: TAM SAM SOM || 0-10 scale (costs 20% final)
−
| Interim performance assessment || 20
  
 
|-
  
|-
  +
| 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
−
* Williams, R.L. and Lawrence, D.A., 2007. Linear state-space control systems. John Wiley & Sons.
  
  +
* - 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.
−
* Ogata, K., 1995. Discrete-time control systems (Vol. 2, pp. 446-480). Englewood Cliffs, NJ: Prentice Hall.
  
  +
* - 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 ===
  
=== 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
  
 
|-
  
|-
−
| Testing (written or computer based) || 1 || 0 || 0
 +
| 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
−
| Midterm evaluation || 0 || 1 || 0
  
 
|-
  
|-
  +
| 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
−
| Discussions || 0 || 1 || 0
  
−
|}
+
|-
  +
| inquiry-based learning || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
== 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 is a linear dynamical system? || 1
 +
| Interactive Lectures || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Question || What is an LTI system? || 1
 +
| Lab exercises || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Question || What is an LTV system? || 1
 +
| Group projects || 1 || 0 || 0 || 0 || 0 || 1 || 1
 
|-
  
|-
−
| Question || Provide examples of LTI systems || 1
 +
| Flipped classroom || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Question || What is a MIMO system? || 1
 +
| Discussions || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
  +
| Presentations by students || 1 || 0 || 1 || 0 || 0 || 0 || 1
−
| Question || Simulate a linear dynamic system as a higher order differential equation or in state-space form (Language is a free choice, Python and Google Colab are recommended Use built-in solvers or implement Runge-Kutta or Euler method || 0
  
−
|}
 
−
==== Section 2 ====
  
−
{| class="wikitable"
  
−
|+
 
 
|-
  
|-
  +
| Oral Reports || 1 || 0 || 1 || 0 || 0 || 0 || 1
−
! Activity Type !! Content !! Is Graded?
  
 
|-
  
|-
−
| Question || What is stability in the sense of Lyapunov? || 1
 +
| Cases studies || 0 || 1 || 0 || 1 || 1 || 1 || 0
 
|-
  
|-
  +
| Experiments || 0 || 0 || 1 || 0 || 0 || 0 || 0
−
| Question || What is stabilizing control? || 1
  
 
|-
  
|-
−
| Question || What is trajectory tracking? || 1
 +
| Written reports || 0 || 0 || 1 || 0 || 0 || 1 || 0
 
|-
  
|-
  +
| Individual Projects || 0 || 0 || 0 || 1 || 0 || 0 || 0
−
| Question || Why the control for a state-space system does not include the derivative of the state variable in the feedback law? || 1
  
 
|-
  
|-
  +
| Peer Review || 0 || 0 || 0 || 0 || 0 || 0 || 1
−
| Question || How can a PD controller for a second-order linear mechanical system can be re-written in the state-space form? || 1
  
  +
|}
  +
  +
== Formative Assessment and Course Activities ==
  +
  +
=== Ongoing performance assessment ===
  +
  +
==== Section 1 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || Write a closed-loop dynamics for an LTI system with a proportional controller || 1
  
 
|-
  
|-
  +
| 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 || Give stability conditions for an LTI system with a proportional controller || 1
  
 
|-
  
|-
  +
| 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 || Provide an example of a LTV system with negative eigenvalues that is not stable || 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
−
| Question || Write algebraic Riccati equation for a standard additive quadratic cost || 1
  
  +
|}
  +
  +
==== Section 2 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || Derive algebraic Riccati equation for a given additive quadratic cost || 1
  
 
|-
  
|-
  +
| 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 || Derive differential Riccati equation for a standard additive quadratic cost || 1
  
 
|-
  
|-
  +
| 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 is the meaning of the unknown variable in the Riccati equation? What are its property in case of LTI dynamics || 1
  
 
|-
  
|-
  +
| 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 || What is a frequency response? || 1
  
  +
|}
  +
  +
==== Section 3 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || What is a phase response? || 1
  
 
|-
  
|-
−
| Question || Design control for an LTI system using pole placement || 0
 +
| Oral test || Good or bad interview question? <br> 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
−
| Question || Design control for an LTI system using Riccati (LQR) || 0
  
 
|-
  
|-
  +
| 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 || Simulate an LTI system with LQR controller || 0
  
−
|}
+
|}
  +
−
==== Section 3 ====
  
  +
==== Section 4 ====
 
{| class="wikitable"
  
{| class="wikitable"
 
|+
 
|+
Line 232: Line 247:
 
! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Workshop || Estimate your target market using the TAM-SAM-SOM template in MIRO. Explain the data. || 1
−
| Question || What are the sources of sensor noise? || 1
  
 
|-
  
|-
−
| Question || How can we combat the lack of sensory information? || 1
 +
| Case study || Learn a market sizing case: online babysitting service || 0
  +
|}
  +
  +
==== Section 5 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || When it is possible to combat the lack of sensory information? || 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
−
| Question || How can we combat the sensory noise? || 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
−
| Question || What is an Observer? || 1
  
  +
|}
  +
  +
==== Section 6 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || What is a filter? || 1
  
 
|-
  
|-
  +
| Workshop || Exercises: <br> Personal SWOT Analysis <br> List of Personal Achievements <br> Analysis of Motivating Activities <br> Your Personal Vision || 0
−
| Question || How is additive noise different from multiplicative noise? || 1
  
  +
|}
  +
  +
==== Section 7 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Question || Simulate an LTI system with proportional control and sensor noise || 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 || Design an observer for an LTI system with proportional control and lack of sensory information || 0
  
−
|}
+
|}
  +
 
=== Final assessment ===
  
=== Final assessment ===
 
'''Section 1'''
  
'''Section 1'''
  +
# For the final assessment, students should complete the Market Research paper.
−
# Convert a linear differential equation into a state space form
  
  +
# 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.
−
# Convert a transfer function into a state space form
  
  +
# 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.
−
# Convert a linear differential equation into a transfer function
  
  +
# Grading criteria for the final project presentation:
−
# What does it mean for a linear differential equation to be stable?
  
  +
# 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'''
   
 
'''Section 3'''
  
'''Section 3'''
  +
−
# Write a model of a linear system with additive Gaussian noise
  
  +
'''Section 4'''
−
# Derive and implement an observer
  
  +
−
# Derive and implement a filter
  
  +
'''Section 5'''
  +
  +
'''Section 6'''
  +
  +
'''Section 7'''
  +
   
 
=== The retake exam ===
  
=== The retake exam ===
 
'''Section 1'''
  
'''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 2'''
   
 
'''Section 3'''
  
'''Section 3'''
  +
  +
'''Section 4'''
  +
  +
'''Section 5'''
  +
  +
'''Section 6'''
  +
  +
'''Section 7'''

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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