Building a Business Model

The business model is the heart of the venture. Put simply, how will this business make money?

It takes time to build a complete business model. Care must be given to really understand the voice of the customer.

It takes even more time and resources to develop a defensible business plan. Generally, startups are in search of a business model that works (one that can sustain the company) and if the company survives and gains traction, a business plan will be necessary for attracting funding.  The NC State Office of Research Commercialization supports completing a business model canvas as a first step to determining the business model that will make sense for the company.

In addition, when a Startup Company in which an NC State employee holds an ownership interest makes a proposal to Office of Research Commercialization requesting to option or license intellectual property, the Startup Company will be required to provide Office of Research Commercialization with a business plan or business model canvas  that includes the following information:

• • • Key Partners
    • Key Activities
    • Key Resources
    • Value Proposition
    • Channels
    • Customer Segments
    • Customer Relationships
    • Cost Structure
    • Revenue Streams
    • Milestones for product development and commercialization

During this phase the university innovator will:

• • • Complete a Business Model Canvas (BMC) with the support of Office of Research Commercialization’s Venture Development
    • File a complete Notice of Intent within the University’s PackPortal System
      • Complete a Conflict-of-Interest(COI) update (if requested by the university innovator’s approving chain)
      • Complete a Conflict-of-Interest Management Plan (if requested by the university innovator’s approving chain)

Triangle Innovation and Entrepreneurial Ecosystem Resources

• Small Business Technology Development Center (SBTDC)
  • • Technology Development & Commercialization Team
    • Market Research Services
• The Entrepreneurship Collaborative (TEC) at NC State’s Poole College of Management
• The SCORE Association – Raleigh Chapter
• Assets and Resources for Creating a Thriving
• Innovation Ecosystem in the Triangle

Additional Resources – Videos

• Alexander Osterwalder: The Business Model Canvas Alexander Osterwalder: Sketching Out a Business Model
• Alexander Osterwalder: Using Business Models to Beat the Competition
• Steve Blank: How to Build a Great Company, Step by Step
• What They Don’t Teach in Business School about Entrepreneurship
• Lean Launchpad Videos

I-CORPS Faculty Toolkit 

Additional Resources – Web Links

• Business Model Canvas Information & Download
• Lean Launchpad Educators Program is offered multiple times a year through VentureWell
• Canvanizer – Create a business model canvas collaborating with team members
• Business Plan – WorkCompLab

Additional Resources – Books

• Traversing the Valley of Death: A practical guide for corporate innovation leaders
  Written by: Stephen K. Markham
• Research to Revenue
  Written by: Don Rose and Cam Patterson
• The Lean Entrepreneur: How Visionaries Create Products, Innovate with New Ventures, and Disrupt Markets
  Written by: Brant Cooper, Patrick Vlaskovits
• The Ultralight Startup: Launching a Business Without Clout or Capital
  Written by: Jason Baptiste
• The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
  Written by: Eric Ries
• The Launch Pad: Inside Y Combinator, Silicon Valley’s Most Exclusive School for Startups
  Written by: Randall Stross
• Disciplined Entrepreneurship: 24 Steps to a Successful Startup
  Written by: Bill Aulet

Venture Innovation Partner (VIP) Services

NC State startups have the ability to work with one or more of our Venture Innovation Partners (VIPs) that have expressed interest in working with our startup companies.