How to find a right business model for your startup – a process based on MegaTrends
How to do business based on satellite data? Satim, a Krakow-based company developing and processing data from satellites, turned to us with this question. As part of the cooperation, we proposed two workshops and an analytical sprint. The goal was to develop a business model. We started with MegaTrends.
In May 2019, Satim asked us for help in developing a business model that would use their know-how in the area of satellite data. The company has been dealing with this field for 7 years.
By joining the project, we knew that we had to use the potential of satellite technology in an area that is valuable in terms of business and promising at the same time. For this purpose, we analyzed global MegaTrends comparing them with the space industry. Then, we did desk research, taking into account the value of individual markets and social interest in them, as well as existing competitors. We also animated/organized two workshops. Research and workshops allowed us to build/propose/choose two business models and determine further action steps.
The project involved mainly two people from the client team – President of the Management Board Jacek Strzelczyk and Technology Director Stanisława Porzycka-Strzelczyk. On our part, Beata Mosór – Szyszka participated in the process, who was responsible for the workshop parts and Katarzyna Golonka, who was involved in analysis and support during the workshops.
Workshop 1 – generating ideas
We started working on business models from MegaTrends research. What are these? These are global social, political or technological changes that affect all areas of our lives for a longer period of time. MegaTrends, which we focused on in the context of satellite data are:
At the workshop, we briefly presented each of the selected megatrends explaining:
- what its object is
- how it affects society
- why it is important from the point of view of satellite data.
The goal was to start the creative process that we moderated using the Design Studio method. 4 people took part in the workshop, so first we were creating the solutions in the area of a given MegaTrend ourselves, and then in pairs. Then, together, we were discussing the issues of the solutions – their disadvantages, advantages, implementation options, as well as competitive entities, if they were known to us. At the end, we selected solutions that were feasible, and above all, which had the greatest business potential.
The result was a list of 40 business area proposals, including 14 for further analysis.
In order to identify from fourteen business area proposals those that should be subjected to detailed research, we conducted an analysis of each of them using Desk Research. We considered aspects such as:
- market value in a particular area – to know if the model is profitable,
- the number and scope of competitors’ activities – to know how many companies have already decided to invest in this model and how they stand out,
- scientific research – to know if the topic is already explored in scientific terms,
- popularity of the topic in the search engine – to know if there is a need among society related to a model.
The data collected through the analysis served as the starting point for the second part of the workshop with the Satim team, which would result in the selection of several business models that would be worth examining.
Workshop 2 – choosing a model for research
We divided the 3-hour workshop into two parts. The first one was focused on the discussion of data from the analysis and the choice of two business models that seem to make the most business sense to each of us. The second part is preparation of Stasia and Jacek for further research on their own.
For this purpose, we divided into two teams in which we worked on two business models – more specifically we were determining who can be a person using Persona Canvas.
- How old can they be? Where do they work? What do they do after hours? What is their education? What is their family status?
- What are their problems? What is bothering them?
- What do they like or dislike?
- What are their life goals?
- What values do they confess, what is important to them?
Then, we wondered where and how we could find people to study. The final was a list of questions that would be worth asking potential audience during the research phase.
Summary – in numbers and more
- 2 workshops
- 6 MegaTrends
- 40 business model proposals
What next? Thanks to our recommendations, the Satim team began research in the form of individual in-depth IDI interviews with potential recipients of the solution based on a jointly prepared scenario. We managed to conduct several interviews in total. We also created a clickable prototype and conducted live tests, thanks to which the team chose a proto-persona. Currently, after our further recommendations, the team is carrying out further research with our support.
And Jacek has such an opinion about our cooperation:
“The Project: People team, as always, was ready and as usual stood up to the challenge. We asked Beata & co. for help in finding a new business idea for our company. Beata and Kasia (who coordinated this project) did a solid job and led us very sensibly in this process. Project: People knows how to make something pleasant, dynamic and with specific results from a very difficult and complicated process of looking for business ideas, which additionally includes a list of subsequent actions to be performed. I strongly recommend.”
Tools and methods used in the project
The MegaTrends Method – the original Project: People method that allows the use of global social, technological or political changes for strategic and business purposes.
Design Studio – a method of teamwork, whose starting point is the generation of as many ideas as possible to eliminate in the upcoming iterations those that least meet the criteria.
Persona Canvas – a tool that allows you to quickly and easily organize knowledge about the target group of a product/service.
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