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= Market Research for IT Startups =
−
= Founder Project =
  
−
* '''Course name''': Founder Project
 +
* '''Course name''': Market Research for IT Startups
−
* '''Code discipline''': Subject area: Technical Entrepreneurship
 +
* '''Code discipline''':
−
* '''Subject area''': Technical 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 a combination of mentorship and workshops created for the support and development of a student-founder during his study. All workshops are practically oriented and help to systematize and practically imply all knowledge and skills. Moreover, the workshop has an important psychological meaning for a founder - they are designed to help to reflect, get the answers for important questions and overcome the challenges. Individual work with mentors is combined with group meetings where students progress the creation of their community of the founders and can share their opinions, thoughts, etc. In addition to that, the workshops are targeting to train founders to effectively face important events/cases (“critical incidents”) that happen in their entrepreneurial life.
 
   
 
== Prerequisites ==
  
== Prerequisites ==
Line 14: Line 14:
   
 
=== Prerequisite topics ===
  
=== Prerequisite topics ===
  +
* N/A
−
* Progress check-up, Q&A session, Critical incidents (CI) analysis, Reflection and feedback
  
−
* Management of a startup: key issues
  
−
* Soft and hard skills of a founder
  
   
 
== Course Topics ==
  
== Course Topics ==
Line 24: Line 22:
 
! Section !! Topics within the section
  
! Section !! Topics within the section
 
|-
  
|-
  +
| Ideation tools ||
−
| Section 1:
  
  +
# Art VS Creativity
−
Basic ||
 
  +
# Ability to discover
−
# Basic for all topics:
 
  +
# How to generate ideas
−
# Progress check-up
  
  +
# Creativity sources
−
# Q&A session
  
  +
# Ideation in groups
−
# Critical incidents (CI) analysis
  
  +
# Rules for ideation for startups
−
# Reflection and feedback
  
−
#
 
−
# Main topics for the workshops:
  
−
# Being an entrepreneur: challenges and advantages
  
−
# How to work with a mentor
  
−
# Science and entrepreneurship: synergy effect
  
−
# Step by step to success: how to measure your business progress
 
−
# Developing entrepreneurial thinking
  
−
# Self presentation and pitching
  
−
# Techniques of self-effectiveness for an entrepreneur
  
−
# Business mission: creating value on the market
  
−
# Planning and strategic projecting
  
−
# Teambuilding
  
−
# Problem-solving and flexibility in entrepreneurship
  
−
# Customer relationships
  
−
# “Rise and fall”: how to learn from your mistakes
  
−
# Work/life balance for an entrepreneur
  
−
# Where to find inspiration and to inspire others in business
 
 
|-
  
|-
  +
| Market research content ||
−
| Section 2:
  
  +
# Types of research: primary vs secondary
−
Advanced ||
 
  +
# How to plan a research
−
# Basic for all topics:
 
  +
# Market research chapters content
−
# Progress check-up
  
  +
# Frameworks used in a market research (SWOT, Persona, etc)
−
# Q&A session
  
−
# Critical incidents (CI) analysis
 +
# Tools and sources to conduct a competitors analysis
  +
|-
−
# Reflection and feedback
  
  +
| Customer development ||
−
#
 
  +
# Interviews are the main tool for “Get Out The Building” technique
−
# Main topics for the workshops:
  
  +
# The "Mum's Test"
−
# Forming entrepreneurial identity: how to face CI effectively
  
  +
# Jobs-To-Be-Done
−
# Entrepreneurial strategies
  
  +
# Good and bad interview questions
−
# Competitiveness and high professional value of a startup founder
  
  +
|-
−
# Mentorship and advisory for a startup
  
  +
| Market sizing ||
−
# Investor relationship
 
  +
# Market analysis VS market sizing
−
# Community management of IT-entrepreneur
  
  +
# Sizing stakeholders and their interests
−
# Implementation of a business model: flexibility and adaptation
  
  +
# Sizing methods
−
# Team building and human potential development
  
  +
# TAM SAM SOM calculation examples
−
# Networking: how to add and create value
  
  +
|-
−
# Finance and money attitude of a startup founder
  
  +
| Data for a research ||
−
# Client orientation
  
  +
# Sources and tools for competitors overview
−
# Pitch-deck design and pitching to various audiences
  
  +
# Sources and tools for product and traffic analysis
−
# Startup founder as a seller
  
  +
# Sources and tools for trend watching
−
# Risk-management for an IT-startup
  
  +
# Life hacks for search
−
# Creating brand that matters: how to make a valuable impact
  
−
|}
+
|-
  +
| Founder motivation ||
  +
# Ways to Stay Motivated as an Entrepreneur
  +
# Exercises for founders motivation
  +
|-
  +
| Pitch Day ||
  +
# Market research results presentations
  +
|}
  +
 
== Intended Learning Outcomes (ILOs) ==
  
== Intended Learning Outcomes (ILOs) ==
   
 
=== What is the main purpose of this course? ===
  
=== What is the main purpose of this course? ===
  +
This course aims to give students theoretical knowledge and practical skills on how to assess market potential at an early stage of an IT startup (or any company) development. The ultimate goal is to teach students to conduct market research for their business.
−
The main purpose of this course is to enable a student to progress with the development of the business project effectively dealing with a mentor and participating in workshops on main topics needed for a startup founder.
 
   
 
=== ILOs defined at three levels ===
  
=== ILOs defined at three levels ===
Line 83: 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,
−
* know what is a progress check up, Critical incident, reflection in entrepreneurship,
  
  +
* Typology of market assessment methods,
−
* explain main management concepts for a startup
  
  +
* Types of research data and their application,
−
* explain all basic elements needed for a project realization
  
  +
* Market research components: competitors overview, value proposition, trend watching, venture status, business models, buyers profile etc
−
* explain challenges and advantages of being a startup founder
  
−
* know what is entrepreneurial thinking and how to develop it,
  
−
* basic concepts of working with mentor
  
   
 
==== 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,
−
* deal with a mentor and advisors,
  
  +
* TAM SAM SOM method, 2 approaches,
−
* use scientific research in business,
  
  +
* Applied tools and resources for market sizing,
−
* measure business progress,
  
  +
* Principles to work with business hypotheses
−
* do self presentation and pitching,
  
−
* create a business mission,
  
−
* plan and do strategic projecting
  
−
* team building,
  
−
* perform problem-solving and flexibility,
  
−
* manage customer relationships,
  
−
* get right conclusions from the mistakes,
  
−
* organize work/life balance,
  
−
* to inspire others in business,
  
−
* face CI effectively using various entrepreneurial strategies,
  
−
* provide startup and self-competitiveness,
  
−
* manage with investors,
  
−
* do networking and community management
  
−
* pitch to different audiences,
  
−
* implement client orientation to their company,
  
−
* risk-management,
  
−
* branding.
  
   
 
==== 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
−
* Check the progress of a startup, make a reflection, face with the main critical incidents for a founder
  
  +
* Assess market potential for any business idea
−
* Effectively deal with a mentor, participate in the student business community providing a value,
  
  +
* Conduct relevant market research before starting up a business
−
* Develop a founder project systematizing all concepts and using all basic elements of startup management.
 
  +
* Use the most relevant and high-quality data for a market research
  +
 
== Grading ==
  
== Grading ==
   
Line 126: 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)
−
| Assignment || 50
  
 
|-
  
|-
  +
| Paper #1: TAM SAM SOM || 0-10 scale (costs 20% final)
−
| Quizzes || 15
  
 
|-
  
|-
  +
| Workshops activity || 3 points for each of 7 workshops: 1 point=participation, 2 points=discussion, 3 points=valuable results (costs 21% final)
−
| Peer review || 15
  
 
|-
  
|-
  +
| Paper #2: Market research || 0-10 scale (costs 30% final)
−
| Demo day || 20
  
  +
|-
  +
| 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 is the key to success in this course.<br>You will work in teams, so coordinating teamwork will be an important factor for success. This is also reflected in the peer review being a graded item.<br>Review lecture materials before classes to do well in quizzes.<br>Reading the recommended literature is optional, and will give you a deeper understanding of the material.
 +
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
−
* Five insightful TED talks every startup founder should watch
  
  +
* - 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.
−
* How to find a mentor
  
  +
* - 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.
−
* How to succeed with a statup
  
  +
* A selection of with a summary of key ideas from Harvard Business Review
−
* How to build a future https://www.ycombinator.com/library/6G-how-to-build-the-future
  
  +
* 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
−
* The 23 Best Books for Startup Founders at Any Stage https://visible.vc/blog/books-for-founders/
  
  +
* Statista.com
   
 
=== Software and tools used within the course ===
  
=== Software and tools used within the course ===
  +
* Boardofinnovation.com
−
 
  +
* Miro.com
  +
* Notion.com
  +
* MS Teams
  +
 
= Teaching Methodology: Methods, techniques, & activities =
  
= Teaching Methodology: Methods, techniques, & activities =
   
Line 172: Line 154:
 
|+ Teaching and Learning Methods within each section
  
|+ Teaching and Learning Methods within each section
 
|-
  
|-
−
! Teaching Techniques !! Section 1 !! Section 2
 +
! 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
 +
| 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
 +
| Project-based learning (students work on a project) || 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
 +
| 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
  
 
|-
  
|-
  +
| 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
−
| развивающего обучения (задания и материал "прокачивают" ещё нераскрытые возможности студентов); || 1 || 1
  
 
|-
  
|-
  +
| inquiry-based learning || 1 || 1 || 1 || 1 || 1 || 1 || 1
−
| концентрированного обучения (занятия по одной большой теме логически объединяются); || 1 || 1
  
−
|-
  
−
| inquiry-based learning || 1 || 1
  
−
|-
  
−
| Just-in-time teaching || 1 || 1
  
 
|}
  
|}
 
{| class="wikitable"
  
{| class="wikitable"
 
|+ Activities within each section
  
|+ Activities within each section
 
|-
  
|-
−
! Learning Activities !! Section 1 !! Section 2
 +
! Learning Activities !! Section 1 !! Section 2 !! Section 3 !! Section 4 !! Section 5 !! Section 6 !! Section 7
 
|-
  
|-
−
| Lab exercises || 1 || 1
 +
| Interactive Lectures || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Cases studies || 1 || 1
 +
| Lab exercises || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Individual Projects || 1 || 1
 +
| Group projects || 1 || 0 || 0 || 0 || 0 || 1 || 1
 
|-
  
|-
−
| Group projects || 1 || 1
 +
| Flipped classroom || 1 || 1 || 1 || 1 || 1 || 1 || 0
 
|-
  
|-
−
| Discussions || 1 || 1
 +
| Discussions || 1 || 1 || 1 || 1 || 1 || 1 || 1
 
|-
  
|-
−
| Presentations by students || 1 || 1
 +
| Presentations by students || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
−
| Simulations and role-plays || 1 || 1
 +
| Oral Reports || 1 || 0 || 1 || 0 || 0 || 0 || 1
 
|-
  
|-
−
| Oral Reports || 1 || 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 ==
  
== Formative Assessment and Course Activities ==
   
Line 221: 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
−
| Individual and group reflection || Progress check-up<br>Q&A session<br>Critical incidents (CI) analysis<br>Reflection and feedback<br> || 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
−
| Training || Business training on the topic of the workshop with the aim to concept understanding, the skills development, knowledge systematization and practical implementation. || 0
  
 
|-
  
|-
  +
| Exercise || Start an "Idea diary" (not necessarily business ideas): create a convenient place for notes (notion, pinterest, instagram, paper notebook, etc.). Note the time/place/circumstances of ideas coming, learn to write down ideas. Draw conclusions from 1 week's work: where, when, how, why new ideas arise and whether you can manage their flow. || 0
−
| Group project || 5-minutes group pitches on the topic of the current class. <br><br><br>Suggested structure:<br>- What is the main problem a Founder can face here?<br>- What are the main techniques/instruments he can use?<br>- What are the main strategies of implementation?<br>- What is a practical value? <br>- What else can we propose?<br> || 1
  
−
|-
 +
|}
  +
−
| Individual presentation || Students make presentations showing the ways of practical implementation of the business aspect that was discussed in current class into their startup. || 1
  
−
|}
 
 
==== Section 2 ====
  
==== Section 2 ====
 
{| class="wikitable"
  
{| class="wikitable"
Line 235: Line 221:
 
! 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
−
| Individual and group reflection || Progress check-up<br>Q&A session<br>Critical incidents (CI) analysis<br>Reflection and feedback<br> || 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
−
| Training || Business training on the topic of the workshop with the aim to concept understanding, the skills development, knowledge systematization and practical implementation. || 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
−
| Group project || 5-minutes group pitches on the topic of the current class. <br><br><br>Suggested structure:<br>- What is the main problem a Founder can face here?<br>- What are the main techniques/instruments he can use?<br>- What are the main strategies of implementation?<br>- What is a practical value? <br>- What else can we propose?<br> || 1
  
  +
|}
  +
  +
==== Section 3 ====
  +
{| class="wikitable"
  +
|+
 
|-
  
|-
  +
! Activity Type !! Content !! Is Graded?
−
| Individual presentation || Students make presentations showing the ways of practical implementation of the business aspect that was discussed in current class into their startup. || 1
  
−
|}
+
|-
  +
| 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
  +
|-
  +
| 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 ====
  +
{| class="wikitable"
  +
|+
  +
|-
  +
! 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 ====
  +
{| 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'''
  +
# For the final assessment, students should complete the Market Research paper.
  +
# 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.
  +
# 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.
 
# Grading criteria for the final project presentation:
  
# Grading criteria for the final project presentation:
  +
# Market sizing has been carried out
−
# The student shows his ability to measure business progress, reflect and make conclusions,
  
  +
# Customer segments are named
−
# The student can show that he can face main business critical incidents effectively using various strategies,
  
  +
# Сompetitor analysis has been conducted
−
# Students show that his dealing with a mentor is productive,
  
  +
# At least 2 prominent data sources are used
−
# Demonstrates effective practical implementation of the following concepts/issues: implementation of scientific work into business practice, business mission, strategical projecting, team building, problem-solving and flexibility, customer relationship, work/life balance.
  
  +
# Customer discovery interviews conducted
−
# Performs good communication, pitching and presentation skills, inspired by the project, eager to develop it.
  
  +
# Future steps are mapped out
  +
# The final report is visualized clearly and transparent
 
'''Section 2'''
  
'''Section 2'''
  +
−
# Grading criteria for the final project presentation:
  
  +
'''Section 3'''
−
# The student shows his ability to measure business progress, reflect and make conclusions,
  
  +
−
# The student can show that he can face main business critical incidents effectively using various strategies,
  
  +
'''Section 4'''
−
# Students show that his dealing with a mentor is productive,
  
  +
−
# Demonstrates effective practical implementation of the following concepts/issues: founder’s competitiveness and professional value, investor relationship, community management, business modeling, finance management, networking, team building and human potential management, client orientations, sales, risk-management and branding.
  
  +
'''Section 5'''
−
# Performs good communication, pitching and presentation skills, inspired by the project, eager to develop it.
  
  +
  +
'''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 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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