by Balbir, Nameeta, Aparna, Sree and Sankha
The fifth day of WetSkills ’21 began with the feedback session of the previous day. Participants tried to give feedback to the coordinator regarding their experiences of the previous day. They were all enthusiastic about how it went the previous day. After this, the coordinator introduced the Canvas Business Model to everybody. Johan Oost shared a PowerPoint presentation which explained how Canvas business model is built and how it can be used to pitch a business idea to others.
The business model is quite extensive and it is based on two parts: value side and the supply side. The value side talks about the value proposition side of the business and how the value propositions can provide uniqueness in the business model as well as how it can influence customer relationships and how it can generate revenue. It also discussed the supply side which talks about what it will take to run and manage the business, what will be the key resources, key partners, logistics and key activities. It also talks about the cost structure of the business model. The business model is quite relevant and it was appreciated as a key tool to pitch business ideas without unnecessarily making it complex for the audience.
The first session ended around 3 p.m. Indian time. Then the participants were asked to work on the business model. The coaches and experts also visited the Breakout rooms to help the participants. Team 4 had a meeting with the expert around 4 p.m. Indian time. The expert gave quite exhaustive insights to the team’s ideas. The team got the necessary clarification from the expert. The expert was quite open to the proposed short term mid term and long term ideas. He also suggested some valuable new ideas. The day ended on a good note with appreciation and insights from the experts and coaches, but the highlight of the day was Canvas business model.