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This will be the second year of this race with a portion of the proceeds to benefit the fight against invasive aquatic species in Lake George.
Last week at the BCIC New Ventures Competition seminar I learned about developing a Business Canvas Model. The Business Model Canvas is a single page divided into sections which define and identify nine essential areas of any business venture.
In support of this, and nestled between the two on the form, are the sections on Channels and Customer Relationships. The remaining four sections look at what it’s actually going to take to deliver your Value Proposition to your Customer. The Key Activities identify how you will deploy the key resources to deliver your Value Proposition. Bring your funky costumes, headlamps, flashlights, and smiles and we’ll give you some glow sticks to hit the course with! Racers are encouraged to bring a flashlight and wear costumes, lights or anything reflective or that glows. At its core is defining your Customer, their target market, and the Value Proposition you bring to this.

Do you have a monthly news letter; can they access user information on-line; how do they interact with you regarding service issues, etc? The Key Resources focuses on those physical and virtual resources that are absolutely required to deliver your Value Proposition.
Partnering with an organization in the industry that needs your Value Proposition can be a win win. Here you focus on your primary costs as they relate to your Key Activities and Key Resources.
The Business Model Canvas is a great tool to help you capture the essence of any business venture. The Business Canvas Model forms part of the write up for the Round 2 Submission in the contest.
What I have found is how quick it is to learn, and more importantly, how it helps focus on the business model and its viability.
Is the product or service delivered virtually over the internet,  physically delivered to the customer’s door, or does the customer have to visit a bricks and mortar establishment to pick up the product? They may get early access to your solution, and in tern provide market exposure and possibly financing.

If you have a Key Resource or Key Partner and no activity to assign them too, how key are they? Similarly, how will you carry out Key Activities if you don’t have the resource. It’s about understanding your customer and their needs, and providing them with a solution that has quantifiable value and a unique differentiator. If R&D is critical to delivering your Value Proposition, then a suitable laboratory is a Key Resource.
Similarly, partnering with a supplier of a key item can ensure a continues supply while providing the supplier with a long term revenue stream.
What human resources do you need, not only to develop the product or service but to get it into your customers hands? One last comment, make sure you validate your assumptions, especially in determining what your customer wants. Someone is going to have to bankroll your business, at least until you become cash flow positive.

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