Test business ideas using SimVenture Validate

test business ideas

SimVenture Validate is the perfect tool allowing university, college and even school students to develop and test business ideas. Regardless of concept, students are able to examine for themselves the suitability of their entrepreneurial idea.

Getting started with a group of students

Depending on your course learning objectives and available time, students can work solo or in teams. To make the most of Validate it’s best if people are able to use the software over a period of a few days – but don’t worry if they are not consecutive as users can come back to their work at anytime.

Working with a ‘Administrator Licence’, tutors set up and distribute individual licences to students electronically. This process means that you always have sight of the nature and amount of work any one person is doing. However, if you opt for students to share licences in a team, you only see what the collective group achieves, rather than individual work.

Training and Support

Training and support will always be recommended when purchasing SimVenture Validate for the first time. Since the learning solution is easy and straightforward to use, the training normally only takes between 2 and 3 hours to complete – and all work is delivered on-line which means less hassle and work for you. By the end of the training session(s), you will be confident about how you want to use and teach with the software.

How students start work with Validate

Students access SimVenture Validate on-line using their own email login and password.

When viewing and using the platform at the outset, students will face a series of questions all structured around each element of the Business Model Canvas. Starting with the ‘Customer Segments’ section, students are able to define who might buy their proposed product or service – and of course, they will be asked to justify their reasoning.

Multiple customer segments can be selected at the outset, but as students realise later, the greater the number of segments chosen, the greater the complexity of thinking and planning throughout the process. Ambition is a good thing, but so is keeping matters simple. This balancing act is the source of rich discussion.

As students navigate their way through Validate (at their own pace) so they will make further decisions and test/check all key assumptions that fit within their self-constructing business plan. Since progress is not necessarily linear (users choose which bits to complete when), Validate completes much like a jigsaw puzzle.

Prompt students to test business ideas

From the outset, students naturally start completing the easier sections of Validate. However, The ‘test’ (validation) areas of the software are more difficult to complete because thinking has to be justified. And since tutors can see all work on-line, students know their answers are public.

To support students, it is recommended that time is allocated at the outset to demonstrate what a valid ‘test’ might look like. Throughout, Validate includes ‘test’ examples for students to follow but you may want to suggest other module-specific ways for students to show their hypotheses.

The classroom is not enough

It won’t take students long to realise that many of the answers are not in their heads, nor in books. To discover what they need to know they have to get out of the classroom.

By asking the right questions, completing market research, seeking expert advice and critically, getting outside, users are able to validate their own social or business idea and complete a full SimVenture Validate Portfolio. Once complete, a Portfolio can be printed or exported for assessment.