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Build, measure, learn - validatied learning applied to a skateboard start-up
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EGAL Skateboards is a start-up of two friends who decided to manufacture skate decks in Germany. The project is already in an advanced stage. The company set up its own manufacturing facility where boards are produced which are of high quality and well perceived by consumers. The entrepreneurs plan to sell their product online and offline and in this way create a profitable business. However, how exactly value is created and delivered was not entirely clear yet. Therefore, the work project at hand specifies a business model by implementing a tool called business model canvas (BMC). The BMC is a popular framework invented by Alexander Osterwalder (2011) who advocates it as practical orientated and superior to traditional business plans. Important assumptions underlying the business model are then tested in the real world. To do so, a methodology called validated learning which was developed by Eric Ries (2011) is applied. Validated learning is a rigorous method to come up with a repeatable and scalable business model. The results suggest that the business model can work, but improvements have to be made. The work conducted throughout the work project helps the company on its way to become a profitable business.
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Entrepreneurship Start-up Validated learning Business model canvas