Step 5 - Build a Business Model Canvas and ExO Canvas

Once a core idea or breakthrough has been identified, the next step is to elaborate on how to get it to market. Our suggested tool for this is the Business Model Canvas (BMC), which was created by Alexander Osterwalder[1] and has been popularized by the Lean Startup model. As shown below, you begin the process by diagramming the various components of the model like value propositions, customer segments, etc. [A warning: At this early stage, it is important that the BMC be simple and not overthought. Experimentation will then help navigate the best path and provide the next level of fidelity.]

After the BMC, it’s important to fill out the ExO Canvas. This starts with stating your MTP and listing the information streams that can be leveraged. Then you document how you would apply each of the SCALE and IDEAS attributes. Finally, you list the implementation steps.