Business Model Design Workshop for Master of Design Students
Students of the Master of Design program at the FH Münster were invited to participate at the „Business Model Design Workshop“ on May 13th. The workshop aimed to give students an understanding of what a business model encompasses, how it is connected to product and service design, as well as how an idea can be further developed into a business model.
The day began by exploring and visualizing the business models of established companies such as Drive Now and AirBnB and asking: who are the main actors? what is their interrelation? what is the core logic of the company, and what are the major risks faced by the given company? This deep dive into different business models allowed us to analyze the strengths and weaknesses of companies to ultimately reSvealed the close connection between a product or service and intended customers.
As a next step, the students developed different ideas based on the needs and the „jobs to be done“ of a specific persona. Students then developed a prototype of a possible business model which was based on an array of available patterns from subscription, freemium, add on, and micro payment models. The results from the prototyping activity showed that students devised business models based on assumption about the value perception, viability, and feasibility – all concerns which required further testing to further developing the various building blocks that comprise a business model.
The day revealed that designing a business model resembles the process required for designing a product or service.
(The workshop was supported by Andrea Augsten)