Startup Consulting

Wendt Partners utilizes a variety of proven tools and methods specifically for startup consulting engagements. Clients begin with a Business Growth Assessment and then proceed with a combination of services using advanced methdologies such as these.

Startup Consulting Methods

The key methods used by Wendt Partners for startup strategy consulting include Business Model Generation, Lean Startup, Blue Ocean Strategy and Design Thinking.

> Business Model Generation

The approach of Business Model Generation emphasizes the idea that a new business can exist when a model for its value creation becomes apparent. In this sense, it is an excellent tool for bringing together the concepts of Lean Startup and Blue Ocean Strategy. The indicators to be assessed in this process include:

> Lean Startup

The lean startup concept radically rethinks the traditional assumptions of startup management and strategy. Whereas in the past, most startups in the technology space developed a specific product strategy and committed fully to it before commencing development, Lean Startup takes a different approach. Key components include:

Key concepts of the methodology include the Business Model Canvas (BMC), Validated Learning and the Validation Board, Minimum Viable Product (MVP), continuous depoyment of code, split testing (A/B Testing), choosing actionable metrics over vanity metrics, and creating a continuous innovation model within the business. Measurement methods include funnel analysis, cohort analysis, net promoter score, predictive monitoring and usability testing through a customer liaison process.

> Blue Ocean Strategy

The cornerstone of blue ocean strategy is the concept of Value Innovation, which is what separates red and blue oceans in the marketplace. Red oceans represent all of the industries in existence today, i.e. known market segments and defined categories. Blue oceans represent industries not yet in existence, i.e. unknown potential market segments and future categories.

The goal of the Blue Ocean Strategy model is to create new market space that is not yet formed and therefore is not crowded with competition. However, the critical requirement is to create value simultaneously for both the buyer and the company, while at the same time eliminating factors (or features) that are less valued or will soon be obsolete. Value Innovation therefore creates higher value, at a lower cost, before competition arrives, and in an area where customers will begin paying for the new value promptly.

The Blue Ocean Strategy Canvas assesses the innovation concept against two factors: offering level and competing factors. The goals of the canvas are to clarify the current nature of the marketspace (including competitive positions and investments), and focus on shifting from a focus on competitiors and customers to alternatives and noncustomers (potential future customers for the value innovation). The three litmus tests for BOS opportunity are focus, divergence and a compelling offering.

> Design Thinking

The methodology behind design thinking recognizes that business problems often remain unsolved or ineffectively addressed because there is no overarching design philosophy in place. Traditional analytical thinking (starting with the problem and working down to possible solutions) is considered the opposite approach to design thinking, which starts with a concept and builds up through a range of ideas and possibilities. In both cases, the process begins with defining and researching the problem, but in design thinking, the third step and subsequent steps align with creative concepts rather than root-cause analysis or other downward-facing approaches. The steps in design thinking include:

As a result, the design thinking approach is well aligned with Lean Startup and Blue Ocean Strategy concepts, since creativity, rapid adjustment and ongoing evolution are hallmarks of all three. 

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