At last week’s Entrepreneurship 101 lecture, Mark Zimmerman, chief information officer at MaRS and advisor to the MaRS information technology, communications and entertainment practice, spoke about the Business Model Canvas.
He began his presentation by describing the 1990s formula of writing business plans.
(wild guess x some assumption of a miracle that happens somewhere in the middle x [another] wild guess)
What that formula produced for Mark, as someone who has spent considerable time supporting entrepreneurs, is a 192-page business plan for a real estate startup.
Today, Mark recommends the Business Model Canvas, a concise and shareable tool for expressing the what, who, why and how of your business, if you don’t really require a business plan.
The Business Model Canvas consists of the following elements.
All in all, your Business Model Canvas should produce a clear path to a net benefit regardless of the viewer, whether that viewer is you, your customer or an investor. If you’re a pro, you’ll be able to complete your Business Model Canvas with just pictures. For now though, let’s just focus on paring down that 192-page business plan to one comprehensive canvas.
For more great information on the Business Model Canvas, check out the video from Mark’s Entrepreneurship 101 lecture.
Produced by MaRS Media.
Next lecture: Business Plan and Other Communication Tools on Wednesday, December 4, 2013
This past week we also re-launched the Up-Start! Competition. To review the details of the competition and how to apply, check out our slides.
Want to connect?