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Approach

In: Business and Management

Submitted By mk1991
Words 838
Pages 4
The Petal Diagram
I’ve always thought of my startups as the center of the universe. So I would begin by putting my company in the center of the slide. In this example the startup is creating a new category – a lifelong learning network for entrepreneurs. To indicate where their customers for this new market would come from, they drew the 5 adjacent market segments: corporate, higher education, startup ecosystem, institutions, and adult learning skills that they believed their future customers were in today. So to illustrate this they drew these adjacent markets as a cloud surrounding their company. (Unlike the traditional X/Y graph you can draw as many adjacent market segments as you’d like.)

Steve Blank
Your startup at the center
Then they filled in the market spaces with the names of the companies that are representative players in each of the adjacent markets.
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Steve Blank
Fill in the segments
Then they annotated the private companies with the amount of private capital they had raised. This lets potential investors understand that other investors were interested in the space and thought it was important enough to invest. (And plays on the “no VC wants to miss a hot space” mindset.)

Steve Blank
Show capital raised
Finally, you could show the current and projected market sizes of the adjacent markets, which allows the startups to have a “how big can our new market be?” conversation with investors. (If you wanted to get fancy, you could scale the size of the “petals” relative to market size.)

Steve Blank
Show sizes of adjacent markets
The Petal Diagram drives your business model canvas
What the chart is saying is, “we think our customers will come from these markets.” That’s handy if you’re using a Lean Startup methodology because the Petal Chart helps you identify your first potential customer segments on the business...

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