At Cognify, we create apps for the workplace, which is why we recognize that innovation is fraught with risk. To counter, we have adopted the Business Model Canvas within our business so that we can assess whether our creations will be both effective for our customers and financially sustainable.
The Business Model Canvas is a widely prasticed template which uses the nine blocks of a traditional business model – customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partners, and cost structure.
The app version follows the same methodology; enabling business leaders, embarking on new initiatives, to sketch out their business ideas. They do so by populating the nine blocks using virtual sticky notes. Users can create and rearrange ideas in each of the blocks to form a robust and cohesive model to test their theory. You can build your model automatically and share via email to get input from others or export as a jpeg to include in presentations.
The app also has a calculator with the basic mechanics of a spreadsheet containing 12 revenue and cost formulas to test the profitability of your ideas. Additionally, it produces a quick report and breakdowns by offer, customer segments, and costs.
With its simple layout and navigation, the app is very easy to use. It also offers clear support features so that users can get the best out of it. We particularly like the learning centre which connects to up-to- date videos. While, for an app, it’s on the expensive side, we believe it’s well worth the investment for any business taking project development or innovation seriously.
The Business Model Canvas is available on iPad for $29.99