In your venture teams, take pads of three different coloured sticky notes and use one colour each to answer the following questions about your customers, your industry, and your competitors.  Your team will have 5 minutes to complete this exercise - and a representative may be asked to share with the group.

**One customer/industry/competitor per sticky note!**

Note: The questions beneath each main question are prompts to help you think about each concept. You do not have to answer each of these individual questions.

Colour 1: Who is (are) our customer(s)?

• Who will benefit from using your product or service?
• Who will be the end-user?
• Who will be willing to pay?
• Who can afford to pay?

Colour 2: Who is (are) our industry (industries)?

• What industry or industries would your venture be involved in?
• How would your business fit within the value chain (producer? buyer? seller? distributer? storefront? hosting? other?)
• Does your venture depend on another platform?
• Which organizations or associations related to that industry may be relevant to your business?

Colour 3: Who are our competitors?

• What other companies make up the industry or industries you’ve identified?
• Which ones have products that are trying to solve your problem?  Which ones offer substitutes for what your venture is offering?
• Which companies have no or minimal barriers preventing entry into the market you are targeting?