It’s time to understand how to create a business case!
Before going deeper in the business case, keep in mind that you must choose a startup to endorse your case.
Here is a quick list of essential points to present in your card:
- Startup Name
- Founder’s Description
- Latest News
- Amount of Capital Raised
- Traction on Social Media
- Product Description
In case you have missed the last articles, please check them before going through this one.
The purpose of this article is to show how the opportunity you are proposing is:
- a consumer desire/need;
- that the company is able to exploit;
In the previous steps, we went deeper into all relevant topics to evaluate the opportunity, and now you have a lot of information to present to the board. Take care not to exaggerate the amount of information presented. Instead, focus on how opportunity can solve critical elements that everyone there can recognize.
The biggest risk of you trying to explain everything is losing the board’s support. You can get confused in the details and think that you have not come to a conclusion. Deliver relevant information as objectively as possible.
Then, with the opportunities selected by decision-makers, send a more in-depth presentation that stands up your entire research.
Here’s how to build a business case with all the critical elements to present to the board.
The Corporate Innovation Canvas should present the “one page” crucial for each opportunity to decision-makers. A strategic summary that clearly illustrates with precision everything that has been discussed so far.
This page should basically:
- describe the opportunity;
- show why it will have market acceptance;
- how the company can deliver it;
- what the company can profit from it.
It is important to note that a Business Case is different from a Business Plan. The first is a document that provides the information needed for decision-makers to make well-grounded investments, while the second is a more profound analysis that requires execution planning.
Corporate Innovation Canvas should have a format that gives decision-makers a quick view of the entire opportunity.
Example of Corporate Innovation Canvas:
How to fill out the Corporate Innovation Canvas ?
Here is a short manual for you to fill in the Corporate Innovation Canvas.
- Opportunity: give it a name
- Horizon: 1. Core; 2. Adjacent; 3.Disruptive.
- Product Offer: describe the proposal to market.
- Personas: Who are the personas who this offer will serve?
- Competitors: What are the companies that have competitive suggestions for the personas in question?
- Personas Challenges: What are the challenges of the personas for “Get the Job Done.”
- Our Solution: How the product offer solves the personas’ challenges and their differential concerning competitors.
- Value Offer: What is the solution’s value proposition (use as a reference the value study done previously).
- Startups Needed: What is the startup (or set of startups) needed to deliver the offer.
- Functional Assessment: Illustrate how the other areas of the company perceive the opportunity (Question number 2 of the Functional Assessment stage).
- Technological Trends: Insert the trend that most defends the opportunity.
- Startup Readiness Level: How much the technology and the market are ready for implementation.
- Sales vs. Cost of Goods Sold: This shows that you estimate the product sales and cost to achieve these goals.
- Return On Investment: Break-even analysis.
Note that all of the points mentioned above are critical and based on some earlier studies. However, instead of making a long presentation, you deliver the data already consolidated on a single page enough to hold the board’s attention – and there’s still time to ask questions.
In addition to clarifying the topic before the presentation, the consolidation of information allows decision-makers to choose the opportunities they want to investigate quickly.
At the end of all this work, I believe that you will gain the trust of decision-makers, who should combine a meeting to ask more questions instead of needing to read extensive material.
Then, if all goes as well as it should, you will have the green light of leadership to start the projects. This support is vital because it has the power to streamline processes and people and, consequently, accelerate the pace of innovation.
In the next article, we will talk about the adoption of the selected opportunity.