GovTech Business Model Canvas
The GovTech Business Model Canvas is a simple 9 step process to help you answer key questions you need to understand and truly internalize before fully going after and building a GovTech startup.
According to Frederik Groce the GovTech business model canvas walks you through the following key areas:
- Issue/Opportunity — This is the problem that you’re trying to solve. Similar to B2B enterprise startups, GovTech startups are all fundamentally software solutions to existing problems.
- Ideal User Profile — This is who you expect to use the product. This may be a single individual, a team, or a group of people.
- Stakeholders and Buyers — These are the gatekeepers, and you need to understand who they are in government. This could be a manager, a city manager, another department like procurement or IT. The more complex, the longer the expected sales cycle will be.
- Urgency — Why now? What’s changed that makes the job of the ideal user profile more difficult? Is there new regulation? A new law?
- Buying Process — Understanding the buyer isn’t all it takes, this is government after all! You also need to understand HOW a purchase is made.
- Product & Features — This is often where people want to start after they define the issue/opportunity. I urge every GovTech founder not to jump to product. It’s 6th on this list because everything above is key for you to understand before you start writing a single line of code.
- Funding — How do you plan to finance your business? Do you know who the players are?
- Risks & Competition — What are the challenges you expect on the go-to-market? Who are the competitors? What are they doing well and not so well? How are you differentiated?
- Thought Leadership — This is something you won’t find on the standard Business Model Canvas, but it’s key. Thought leadership is how you define the “new way” in any new category.
If you follow the 9 steps of the GovTech Business Model Canvas you’ll be more prepared to follow this journey.
Checkout other business canvases in our Canvas Database