It is based on a proven model developed by Stanford University Professor and serial entrepreneur Steve Blank to assess the sustainability of a business model, market and customer segments before developing a business plan or making costly hiring decisions or infrastructure investments.
In addition to Development Wisdom, I (Randy Fisher) am the Founder and CEO of Customer Discovery Pros; a a mentor with the US National Science Foundation’s Innovation (NSF I-Corps) Program; and a team member in TechStars Global Startup Weekend to Fight COVID-19. These experiences have led me to develop a deep understanding of customer needs and insights.
Customer Discovery is an intriguing type of qualitative market research that involves identifying and validating (or invalidating) Customer needs, wants and aspirations. It uses Alexander Osterwalder's Business Model Canvas, and a scientific method to test and evaluate hypotheses / assumptions about Customers' needs, pain points and behavior. It also helps you to determine who your Ideal Customer and achieve “Product/Market Fit”. The result are insights that enable you to iterate and/or pivot your organization to make better decisions and increase the sustainability and profitability of your business models.
A case study has been developed for the World Intellectual Property Organization about how Randy Fisher from Customer Discovery Pros mentored Ushani Hewage of Sri Lanka, a senior design executive with Hayleys Fabric PLC and recent university graduate to understand her Customer's needs, motivations and preferences, and pivot her business model to commercialize an innovative weaving technology for unique multicolor designs / fashions for key Customer segments and buyer personas.
Part social enterprise, she pays rural women weavers higher wages than competing businesses. She also greatly benefited from help from the University of Moratuwa's Engineering School, the Technology Transfer Office and her Sri Lanka's National Science Foundation. She has become a role model and inspiration for other women entrepreneurs in Sri Lanka, for her drive, motivation and success.