I've just completed a study with a venture capital fund on how to evaluate business models.

Attached you'll find the results.

I need some time to finish the excel tool that you can use as a template. If you're interested let me know. Then I'll send it to you once I'm done.




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Hi David,

Hope you received my two emails. Would love a copy of the excel template when you've completed it.


Paul Anderson

Paul, it's uploaded now.

Regards, David

Hi David,

At first sight, your thesis is of interest and I'll take the time later on to go it through in more detail.

I am interested in looking at the Excel tool as well.

Best regards,


Marc, it's uploaded now.

Regards, David


Thank you for making this excellent piece of work available. I like the comparison and synthesis of the various approaches. I am just doing some practical work using the Osterwalder component model for designing a new venture and your thesis has given me some further points to consider.

In a different context I help academics in the Life Sciences to design ventures to commercialise their patents or scientific knowledge and I would like to see whether your excel based tool can help them to evaluate their proposition viz-a-viz VCs that they are going to meet at a later stage.

I would appreciate to have a look at your tool when you feel its ready.


Regards, Hans

Hans, it's uploaded now.

Hope it's useful!


Excellent work, I'd like to get the excel tool.

Regards from Chile

Diego, its uploaded now.

Regards, David

Interesting and fantastic document.  It cover all the key aspects of Business Model from previous forms to new.

I do some consulting in Japan using the practical model by Alex. It is great how you have tied this in.


Look forward to evaluating the Excel template.


Karl, it's uploaded now.

Hope it's useful to you!


the tool is still a bit "for geeks" I admit. However to make it really user-friendly would take some time, so let me upload work in progress.

It consists of 2 parts:


1) screening tool

Here you can describe the business model using the canvas (I gave it a roof, so it's a house now :)

You can rate the criteria directly. The sum on top only uses the criteria you rated, If something is not relevant to the company you're looking at simply leave it at zero.

You could also add your own criteria.

It's done in a way that you can do both parts (description and evaluation) in 10 minutes. And you can print it out on 2 pages.


2) due diligence tool

You use this if you want to look at the business model in detail. This takes more time. You rate the criteria and give an additional rating on how sure you are about the information you have and how important this aspect is to you. Here is where theory comes in to give you a thinking frame with which you can approach the BM from different angles. The idea is that this will make you think of stuff you would not have thought of without a structured process.


An example for both parts is given using a Micro Finance Institution.




If it works for you or if you have ideas on how to improve please give me a shout, would love to hear from you.






should there be interest and anyone takes initiative to coordinate and set up a conference call with screen sharing, we could have a short workshop on how to use the tool.


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