“Lean Business Canvas”

On the 19th April 2023 Entrepreneurship Development Cell and IIC in association with the Department of IT organized a workshop titled "Lean Business Canvas". The session was handled by Mr. Selva Kumar, AP/MBA, Francis Xavier Engineering college. 55 students from First year IT and 2 faculties of IT department participated in the program. The program was coordinated by Mrs. M. Yasmin Nirosha, Assistant professor, Department of IT from 9.30 A.M – 3.30 P.M

The workshop aimed to provide an understanding of the Lean Business Canvas framework and its significance in building a successful business. The workshop began with an introduction to the Lean Business Canvas, which is a strategic tool that helps entrepreneurs and business owners to develop and validate their business model. The guest speaker explained the different components of the canvas, which includes the customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure.

The participants were divided into groups, and each group was assigned a hypothetical business scenario. They were then asked to create their own Lean Business Canvas based on the scenario given. This exercise helped the participants understand the practical application of the framework. The speaker also discussed the importance of testing and validating the assumptions made in the canvas. He emphasized the need to gather feedback from potential customers and make changes accordingly. He explained the concept of the Minimum Viable Product (MVP) and how it can be used to test the market and validate the business model before investing significant resources. The workshop concluded with a Q&A session, where the participants were given an opportunity to clarify their doubts and seek advice from the guest speaker. The workshop received positive feedback from the participants, who found it to be informative and engaging. Many participants mentioned that they were able to gain a better understanding of the Lean Business Canvas framework and how it can be applied to their business. They appreciated the interactive nature of the workshop and the opportunity to work in groups and learn from each other. The interactive nature of the workshop helped the participants to apply the framework to a hypothetical scenario and gain a better understanding of its practical application. Overall, the workshop was well-received and benefitted a lot.