Business Model Innovation Hub

... where visionaries, game changers, and challengers discuss business models

New game to test your talents - Dragon's Den

I was relaxing at home recently and, in my usual channel flipping state of mind, came across the program Dragon's Den. For those of you not familiar with it; a group of venture capitalist investors (usually 3-4) form a panel and entrepreneurs are brought before them with their business ideas and products/services. If the 'contestants' are capable of convincing the VCs, they can walk away with some very serious funding. Apparently this show is done in a number of countries, I think having originated in England.

As with most of these 'reality' shows there is a mix of loonies and very serious entrepreneurs. This week's episode had a questionable guy trying to sell a new game (amusing to watch his rejection) and two young men who had designed a new type of wheelchair that is adjustable for both width and height. As I watched I began to ask myself questions about how I would have approached being in front of the VCs, or indeed, how I would have designed the business opportunity.

Then it struck, what a great game for people who are interested in business design and innovation. I grabbed a couple of blank canvas pages (always have a few on hand to sketch out ideas) and started playing with the busines ideas. The questions the VCs asked helped me to think through how the proposal should be structured, or how the approach of the entrepreneurs could have been shifted.

For those of us who lead training or run workshops on innovation, this is a great source of case studies to be used in the course. Having walked through the canvas and the approaches to innovation, lay out the case study of the boys with the new wheelchair and look at how the group would build the business model.

BTW, the VCs loved the product (wheelchair) but felt the boys had missed the mark on the numbers behind revenues and time to market. Their overall package didn't get funded, but the VCs said re-think the numbers and come back because the idea was worth pursuing. For me, I think they missed the mark on their target clients. They were so wrapped up on the product, they didn't keep an open mind on how it could be used by a broad range of target clients. They underestimated the market for revenues.

If you get a form of this program in your area I would encourage you to watch and "play" the game. There is also u-tube or itunes that are likely to have this program.

Tags: canvas, case, games, innovation, studies

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Comment by Mike Lachapelle on December 6, 2010 at 1:16am: @ Sandra - last week I presented a session on building business models at Business Analyst World Ottawa 2010. I used the Dragon's Den wheelchair example to explain how we should think about each part of the business model. I have also thought we could run workshops using case studies based on some of the presenters on DD.

Alex has used a case study as part of his courses in the past. They are a really effective way to help people understand the concept of the canvas, and the approach to innovation. The one I did on his course was to create innovation for a consulting firm who are very successful, but whose revenues have flatlined. They are a standard consulting company and bill by time and effort. Go!

At the end of the session each of the groups presented their business models and the large group voted on the best presented, the most creative and the most likely to succeed. It was great fun, and really cemented the understanding.

Comment by Mike Lachapelle on December 6, 2010 at 1:09am: @ Stephen - just noticed you're a home town boy here in Ottawa - sweet. In one of the organizations I worked with, the regional DG trained all his people on business models and the canvas. He then required that any project proposal had to contain a context section that explained how the project was going to change and improve the current business model.

Comment by Mike Lachapelle on December 6, 2010 at 1:05am: @ Hielke - the best advice I can give you is to go the Business Model Generation site see below. There is a 70 page pdf download (free) of the book that includes an explanation of the canvas. Have a read, if the material intrigues you and gets you thinking about the kind of things we are all passionate about here on the hub, then I would strongly suggest you purchase a full copy of the book. If there are lingering questions, I'm sure there are plenty of people who can help you here in the hub. Don't be shy to ask questions, this is a communal discovery group, we are here to help.

http://www.businessmodelgeneration.com/

Comment by Hielke Boersma on December 6, 2010 at 12:44am: Ha Mike, me as a newby, I'm not familiar with the canvas, can you help me learning more on that theme?
You seem to be enthousiastic!
regards
Hielke

Comment by Stephen Nason on October 9, 2010 at 9:25pm: Mike, I have watched Dragons Den for a few seasons now and it was a comment of Kevin's that led me on a quest to learn more about business models and eventually to BMG. Kevin had commented a number of times "your business model is broken". He seemed to state it, but never explained it. I did not know what he meant, so began a quest to learn more.

Today, I have blanks of the canvas always handy (but I can draw them quick as well). I use them everywhere. One of my jobs is to evaluate program proposals for new classes and activities at a recreation centre. I use the tool to look for issues in the proposal and get beyond the "wow - that's a cool idea" - as many of the folks who pitch to me are passionate about their interests. It has lead me to explore and propose alternative approaches.

Today, I still watch dragons den but as the ideas are coming out - I find myself evaluating the idea using the 9 building blocks and trying to find where the business model is broken, weak or strong.