What good is a car if you have no fuel? A car needs fuel to run. It is a key resource for the car to complete its designed function. Just as there are key activities for your business, you also need the key resources to complete these activities. So what are these key resources for invention makers?
Key Resources for invention makers are one of the nine components of the Business Model Canvas that helps inventors manage and structure a streamlined business plan.
Up until now, we’ve covered many components of the Business Model Canvas. Starting with your customers, we’ve learned that they can be grouped into Customer Segments. Each segment represents a general group of customers. Each group is based on their demographics and other characteristics that may alter their buying habits. Because of these different habits and characteristics, you create Value Propositions specific to each of your segments to communicate the value of your product and ultimately convince them to purchase your product.
Invention makers should also be aware of the different communication Channels you’re using to relay your value propositions effectively. If you’re doing it correctly, you can begin to establish trust with your segments and start building Customer Relationships. That’s why it’s important to think about your Key Activities well ahead of time. That way you can plan how you’re going to deliver on your value propositions and build those relationships.
Circling back to the example about the car, do you barrel oil on your own and refuel at your house? No, most likely you’re you simply pay for the fuel at the gas station – so you’ll need financial resources to ensure you can drive with a full tank. Similarly, when you’re running your startup, you’re going to think about how you’re going to design your product, who you need to hire, your business or office space, and so many other things that might be out of your comfort zone. The key resources for invention makers are the things one needs to consider to achieve what you set out to do when you aim to accomplish your key activities.
Types of Key Resources
As mentioned above, human and financial resources are just half the picture. Below we’ve listed out the key resources you’ll consider.
- Human Resources: The people you hire to complete assignments to ensure the success of your business. In fact, even your Co-Founders are human resources. Because if you’ve chosen the right Co-Founder, they’re helping you achieve your goals because they have a specific set of skills that you don’t have. For example, you might come from a strong sales background but you need someone with an equally strong creative or technical background to round out the executive team.
- Financial Resources: Pretty straight forward key resource here. Liquid cash, credit, or even ownership to help achieve your business model. For example, our client ChaiEasy successfully reached out to their fans through FrontFundr for funding in exchange for ownership within the company.
- Physical Resources: One of MAKO’s specialties. We’re talking machines, design, additive manufacturing, and many of the other capital-intensive aspects of the product development process.
- IP Resources: IP, or Intellectual Property, resources include proprietary knowledge, data, and patents. Most of our clients file a patent after they are at least part-way through product development, and usually after the prototype is complete.
About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry's leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about MAKO Design + Invent!