Urban Mist Farms
Aero-Farm it!
Innovation-Driven Business Model
As part of our Green MBA Innovation, Design and Entrepreneurship project, our team focused on creating an e-portfolio to develop an innovative business idea and model. It highlights an innovative idea using currently existing green technology related to a product or service, and this project includes a biological and chemical technology associated with it.
After several weeks of brainstorming possible ideas, we paired ourselves with an upper-class undergraduate science major that helped us to understand the biological and technological feasibility aspects of our ideas. We struggled through numerous iterations of ideas such using algae as alternative fuel source, aquaponics, hydroponics, and other alternative ways of vertical gardening. To help us, we used tools learned from our homework readings and in-class exercises to help our team finalize on the idea we felt was the most viable from the myriad of ideas we originally brainstormed. Finally, our team settled on aeroponics.
One of the most helpful tools that we used in-class came from the class textbook, The Startup Owner’s Manual: The Step-by-Step Guide for Building a Great Company by Steve Blank and Bob Dorf. Our team designed a business model based on the Alexander Osterwalder’s 9-box Business Model Canvas outlined from The Startup Owner’s Manual text. We found it helped us to understand the key drivers for each of the nine building blocks. Additionally, it helped us understand how an organization creates, delivers, and captures value for its customers. Furthermore, it helped us to target our customer segment.
After settling on an idea with a solid biological and technological viability, we met with an assigned Venture Greenhouse advisor to discuss our idea’s business feasibility and scalability. Although our business advisor had limited knowledge on the biological and technical aspects of our project, he gave us sound business advice about marketing to our target segment and enhancing our business model draft.
As a team, we learned the following things from our business development model project:
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To generate ideas sometimes beyond the current scope of knowledge
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To change our frame of reference to find hidden opportunities
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To learn new tools and perspectives to creating a viable business model
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To perform and justify business financial analysis such as break-even analysis
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To develop a sense of renewed creativity
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To learn to create an e-portfolio
