About the Group Project

Project Goal

Through a step-by-step process, you will develop a Business Model Canvas for a new product or service for the art market.

Why Groups?

You will develop your project in groups. The benefits of group projects are that they allow for collaboration and the pooling of different perspectives and expertise. This can lead to a more comprehensive and successful end product. Additionally, group projects can provide a learning opportunity for team members to develop skills in communication, leadership, and problem-solving. All students are expected to contribute to the group project and take over specific responsibilities. These will be discussed in class during our first Live Session and on Canvas.

Business Model Canvases (BMC)

What is a Business Model Canvas (BMC)?

A business model is a crucial tool that outlines how an organization creates, delivers, and captures value. It is typically expressed in a business plan that covers the marketing, financial, and operational aspects of the business. However, traditional business plans can be lengthy and difficult to absorb. To solve this problem, the Business Model Canvas (BMC) is a more flexible and easy-to-understand concept that helps to communicate new business ideas or social ventures. It allows for iteration based on new insights, ideas, feedback, and market research. The BMC is a synthetic way to describe and discuss a business or start-up venture idea. You may have seen the BMC before in your work or your other classes. This is a common 'tool of the trade' that you need to be comfortable using in various contexts.

How will we use the BMC?

The BMC typically consists of nine building blocks, developed according to two sections: the left side focuses on the business activities, while the right side concerns how to generate value for the business. Module 1 will be devoted to organization and ideation. Through a step-by-step process, you will follow the order numbers in the template starting during Module 2.

As you work through your idea, the sequence of the building blocks will guide your thinking, with each component informing the next. The BMC is designed to be a dynamic and adaptable document, and revisiting each block as your ideas and business evolve is an integral part of the development process. Through each assignment, you will fill out one or more blocks. A series of questions and additional resources will assist you with your decision-making.

Project Resources

Template

Blank Business Model Canvas: This is the template you will use to organize and convey your ideas as you work through the group project.

Videos

Introduction to the Business Model Canvas: This video offers a short introduction to the Business Model Canvas and will help you learn how to use it.
Amazon Kindle Business Model: This video offers a great example of the Business Model Canvas in use.