Business Planning for BiomimicryAn introduction to identifying a market strategy
Why Business Planning is Essential
With the support of our partners and global network, the Biomimicry Institute’s Biomimicry Launchpad program offers design teams mentorship, advice from industry experts, and the opportunity to compete for cash prizes to overcome these market entry hurdles.
Business Innovation Tools
A Biomimicry Business Model Canvas
A good method for using the Canvas is for your team to jot down individual thoughts and ideas onto sticky notes that can be grouped and moved about on the canvas. Visualizing a variety of scenarios will help you identify priorities and needs in your design process.
Fit: Designing in context
Nature’s designs fit into a specific ecosystem and context; so should your design. Think about fit to connect your design concept to a viable market niche. Fit is hard to find and maintain and, just as in nature, your business model needs to fit a niche and then be adaptable to disturbance. Your team will start with hypotheses, or guesses about needs and wants for a customer segment. You will prove or reject your hypotheses as you research and iterate. Prototyping your solution will provide the opportunity to assess for true product-market fit.
Some customer segments are bigger or more profitable than others. Some have highly specialized needs. Many social enterprises focus on important needs that are not profitable in our current market economy and not all problems can or should be monetized.
Value comes in many forms—insurance that provides access to future health services, immediate online recommendations for books, and experiential value from attending a concert. Whatever the bundle of products and services you offer, the combined value should help your customer or stakeholder meet an essential need or want, or help them perform one of their jobs. A value proposition must be compelling in the context of existing alternatives and resilient to future disturbances.
In Value Proposition Design Osterwalder and Pigneur state, “You achieve fit when customers get excited about your value proposition, which happens when you address important jobs, alleviate extreme pains, and create essential gains that customers care about.”