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= Market Research for IT Startups =
−
= IT Business start =
  
−
* '''Course name''': IT Business start
 +
* '''Course name''': Market Research for IT Startups
 
* '''Code discipline''':
 
* '''Code discipline''':
−
* '''Subject area''': Technological entrepreneurship
 +
* '''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 is for the first-time entrepreneur. We will briefly but concisely discuss all the issues related to starting your own project from scratch: how to make sure that your idea is in demand, how to do market research, how to stop putting off the launch, why the customer is more important than the product, and how to do customer research. During this course, students will get used to their entrepreneurial role, build teams, formulate a business and product idea and be ready to delve into the complexities of business development in the following courses.
  
   
 
== Prerequisites ==
  
== Prerequisites ==
Line 22: Line 22:
 
! Section !! Topics within the section
  
! Section !! Topics within the section
 
|-
  
|-
  +
| Ideation tools ||
−
| Introduction & Building Your Team & Making Your Team Agile ||
 
  +
# Art VS Creativity
−
# Defining a startup
  
  +
# Ability to discover
−
# Formulating the group project: team, business idea
  
  +
# How to generate ideas
−
# Leadership
  
  +
# Creativity sources
−
# Forming the team
  
  +
# Ideation in groups
−
# Managing the team
  
  +
# Rules for ideation for startups
 
|-
  
|-
  +
| Market research content ||
−
| Defining Your Customer & Defining Your Product & Defining Your Rivals ||
 
  +
# Types of research: primary vs secondary
−
# Customer Segmentation
  
  +
# How to plan a research
−
# Customer Profile (JTBD, Pains, Gains)
  
  +
# Market research chapters content
−
# Creating a Value Proposition
  
  +
# Frameworks used in a market research (SWOT, Persona, etc)
−
# Matching Value Proposition with Customer Profile
  
  +
# Tools and sources to conduct a competitors analysis
−
# Strategy Canvas
  
 
|-
  
|-
  +
| Customer development ||
−
| Defining Your Business Model & Defining Your Vision ||
 
  +
# Interviews are the main tool for “Get Out The Building” technique
−
# Business Model Canvas
  
  +
# The "Mum's Test"
−
# Business Model Patterns
  
  +
# Jobs-To-Be-Done
−
# Business Model Environment
  
  +
# Good and bad interview questions
−
# Business Model Testing
  
  +
|-
−
# Minimum-Viable Product
  
  +
| Market sizing ||
−
# Product Roadmap
  
  +
# 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 purpose of the course is to walk students through the concrete steps that are necessary for an entrepreneur to develop a tech product and build a solid business around that tech product.
  
   
 
=== ILOs defined at three levels ===
  
=== ILOs defined at three levels ===
Line 53: 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,
−
* design-thinking tools to design the prototype of the product,
  
  +
* Typology of market assessment methods,
−
* approaches to designing and testing a business model through the experiments,
  
  +
* Types of research data and their application,
−
* frameworks of agile development,
  
  +
* Market research components: competitors overview, value proposition, trend watching, venture status, business models, buyers profile etc
−
* storytelling methods to design a brand,
  
−
* pitching presentation tools.
  
   
 
==== 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,
−
* concrete steps of creating a value proposition for a customer,
  
  +
* TAM SAM SOM method, 2 approaches,
−
* concrete steps of the business design (business model, hypothesis formulation/testing and minimum-viable product creation),
  
  +
* Applied tools and resources for market sizing,
−
* SCRUM roles, ceremonies and artefacts,
  
  +
* Principles to work with business hypotheses
−
* specifics of pitch presentation for investors.
  
   
 
==== 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 ...
−
* build and manage the startup team,
 +
* Identify and describe the market
  +
* Assess market potential for any business idea
−
* define the customer problem and validate it,
  
  +
* Conduct relevant market research before starting up a business
−
* create the product to fit the problem with agile methods,
  
  +
* Use the most relevant and high-quality data for a market research
−
* define the business model around the product,
  
  +
−
* promote a product and a startup,
  
−
* build strong networks in the business world.
 
 
== Grading ==
  
== Grading ==
   
Line 82: Line 99:
 
! 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. Fail || 0-59 || -
 +
| D. Fail || 0.0-50.0 || -
 
|}
  
|}
   
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! 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)
−
| Final presentation || 30
  
 
|-
  
|-
  +
| Paper #1: TAM SAM SOM || 0-10 scale (costs 20% final)
−
| Project Report || 20
  
 
|-
  
|-
  +
| Workshops activity || 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
−
| Project Progress || 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.<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
 +
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
−
* Tidd, J. & Bessant, J. (2011). Managing Innovation: Integrating Technological, Market and Organizational Change
  
  +
* - 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.
−
* Stickdorn, M. & Schneider, J. (2010). This is Service Design Thinking. Wiley.
  
  +
* - 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.
−
* Brown, T. & Kātz, B. (2009). Change by design. New York: Harper Business.
  
  +
* A selection of with a summary of key ideas from Harvard Business Review
−
* Osterwalder, A.& Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers
  
  +
* F. Sesno "" - the book on how to get information out of people through questions.
−
* Sutherland, J. (2014). Scrum: The Art of Doing Twice the Work in Half the Time
  
  +
* a visual guide book to dealing with your inner procrastinator
−
* Ries, E. (2011). The Lean Startup
  
   
 
=== Closed access resources ===
  
=== Closed access resources ===
  +
* Crunchbase.com
−
* N/A
  
  +
* Statista.com
   
 
=== Software and tools used within the course ===
  
=== Software and tools used within the course ===
Line 124: Line 146:
 
* Miro.com
  
* Miro.com
 
* Notion.com
  
* Notion.com
−
* MS Teams
+
* MS Teams
  +
 
= Teaching Methodology: Methods, techniques, & activities =
  
= Teaching Methodology: Methods, techniques, & activities =
   
Line 131: Line 154:
 
|+ Teaching and Learning Methods within each section
  
|+ Teaching and Learning Methods within each section
 
|-
  
|-
−
! Teaching Techniques !! 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
 +
| 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
 +
| 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
 +
| 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
 +
| 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
 +
| 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
 
|-
  
|-
−
| Task-based learning || 1 || 1 || 1
 +
| inquiry-based learning || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|}
  
|}
 
{| class="wikitable"
  
{| class="wikitable"
 
|+ Activities within each section
  
|+ Activities within each section
 
|-
  
|-
−
! Learning Activities !! Section 1 !! Section 2 !! Section 3
 +
! Learning Activities !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
 
|-
  
|-
−
| Lectures || 1 || 1 || 1
 +
| Interactive Lectures || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Interactive Lectures || 1 || 1 || 1
 +
| Lab exercises || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Lab exercises || 1 || 1 || 1
 +
| Group projects || 1 || 0 || 0 || 0 || 0 || 1 || 1
 
|-
  
|-
−
| Cases studies || 1 || 1 || 1
 +
| Flipped classroom || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Group projects || 1 || 1 || 1
 +
| Discussions || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Peer Review || 1 || 0 || 0
 +
| Presentations by students || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
−
| Discussions || 1 || 1 || 1
 +
| Oral Reports || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
−
| Presentations by students || 1 || 1 || 1
 +
| Cases studies || 0 || 1 || 0 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Written reports || 1 || 1 || 1
 +
| Experiments || 0 || 0 || 1 || 0 || 0 || 0 || 0
 
|-
  
|-
−
| Oral Reports || 1 || 1 || 1
 +
| Written reports || 0 || 0 || 1 || 0 || 0 || 1 || 0
 
|-
  
|-
−
| Quizzes (written or computer based) || 0 || 1 || 0
 +
| Individual Projects || 0 || 0 || 0 || 1 || 0 || 0 || 0
 
|-
  
|-
−
| Simulations and role-plays || 0 || 1 || 0
 +
| Peer Review || 0 || 0 || 0 || 0 || 0 || 0 || 1
−
|-
 +
|}
  +
−
| Essays || 0 || 1 || 1
  
−
|-
  
−
| Experiments || 0 || 0 || 1
  
−
|-
  
−
| Individual Projects || 0 || 0 || 1
  
−
|}
 
 
== Formative Assessment and Course Activities ==
  
== Formative Assessment and Course Activities ==
   
Line 190: Line 208:
 
! Activity Type !! Content !! Is Graded?
  
! 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
−
| Discussion || 1. What is a startup?<br>2. What are the roles within a team?<br>3. How should you form the team of a startup?<br>4. What types of leadership are the most effective?<br>5. What are the ceremonies, roles and artifacts of SCRUM? || 0
  
 
|-
  
|-
−
| Workshop || Fill in the team canvas to put all your goals and common values on one page. || 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
−
|}
+
|-
  +
| 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 ====
  
==== 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
−
| Workshop || 1. Define INTERESTING industries for all team members. Define industries in which you HAVE KNOWLEDGE AND EXPERIENCE. Put these industries on the matrix. Choose ONE industry for your project that meets 2 criteria above. <br>2. Brainstorm about stakeholders from your market. Choose the segment that you sympathise the most. <br>3. Define the customer segment you empathise the most (i.e. elderly people, children, office workers etc.). Define JOBS TO BE DONE. Put each job on the separate sticker. Define user's PAINS. Put each pain on the separate sticker.Define user's GAINS. Put each gain on the separate sticker. <br>4. Brainstorm what products you can offer to the chosen segment with their pains or gains. If you are stuck, use SCAMPER techniques.Group ideas that have the similar topic into clusters. Choose 1 top idea for further development based on 2 defined criteria (innovative potential and feasibility). <br>5. Choose the best product idea. Define PRODUCTS & SERVICES. Put each item on the separate sticker. Define GAIN CREATORS. Put each item on the separate sticker. Define PAIN RELIEVERS. Put each item on the separate sticker. <br>6. Review your pain relievers and gain creators.Check if pain relievers and gain creators correspond with JBDs, pains and gains from the customer profile. Highlight those that correspond with each other. If there are any pain relievers and gain creators are left, they don't create the value for a customer. Check how you can redefine you value proposition. <br>7. Define your 5 main competitors. Define competing factors (these are your pain relievers and gain creators). Draw the strategic canvas based on competing factors. Define areas where you can compete. Redefine your value proposition if necessary (make new priorities for product and services, pain relievers, gain creators.<br> || 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
−
| Discussion || 1. How to validate a problem?<br>2. How to validate a market?<br>3. How to validate a solution? || 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
−
| Customer research || 1. How customers do their jobs in the industry right now?<br>2. How can we develop the empathy with users?<br>3. What is a persona? How to design a persona? || 1
  
−
|}
+
|}
  +
 
==== Section 3 ====
  
==== Section 3 ====
 
{| class="wikitable"
  
{| class="wikitable"
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! Activity Type !! Content !! Is Graded?
  
! Activity Type !! Content !! Is Graded?
 
|-
  
|-
  +
| Oral test || Good or bad interview question? <br> Useful or useless feedback? || 0
−
| Discussion || What is the value of the business model canvas by Alexander Osterwalder?<br>What are the components of the business model?<br>What is the Minimum Viable Product (MVP)? How to define must-have, should-have and could-have requirements? || 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
−
| Group project || Please, develop the business model for your tech product.<br>Please, test your business model using experiments with your prototypes.<br>Please, create the concept for your Minimum Viable Product. || 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
−
| Workshop || Formulate all blocks of the business model for your business idea.<br>Define the forces that shape your business environment.<br>Define must-have, should-have and could have requirements for your product. || 0
  
  +
|}
  +
  +
==== Section 4 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Group presentation || Create a story for your product. Think about your user as a hero and your product as a helper. || 1
  
−
|}
+
|-
  +
| 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 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! 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 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| Workshop || Exercises: <br> Personal SWOT Analysis <br> List of Personal Achievements <br> Analysis of Motivating Activities <br> Your Personal Vision || 0
  +
|}
  +
  +
==== Section 7 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! Activity Type !! Content !! Is Graded?
  +
|-
  +
| 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 ===
  
=== Final assessment ===
 
'''Section 1'''
  
'''Section 1'''
Line 229: Line 290:
 
# Customer segments are named
  
# Customer segments are named
 
# Сompetitor analysis has been conducted
  
# Сompetitor analysis has been conducted
−
# At least 2 prominent data sources are used
+
# At least 2 prominent data sources are used
 
# Customer discovery interviews conducted
  
# Customer discovery interviews conducted
 
# Future steps are mapped out
  
# Future steps are mapped out
Line 236: Line 297:
   
 
'''Section 3'''
  
'''Section 3'''
  +
  +
'''Section 4'''
  +
  +
'''Section 5'''
  +
  +
'''Section 6'''
  +
  +
'''Section 7'''
   
   
 
=== The retake exam ===
  
=== The retake exam ===
 
'''Section 1'''
  
'''Section 1'''
−
# .3 The retake exam.
  
 
# 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.
  
# 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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