The Financial Model
Although researchers are generally comfortable talking about their technology and its features at length, they are often much less well-versed in the business and financial aspects of their undertaking. Entrepreneurs need to be in a position to answer a few key financial questions about their venture. What are we producing that has a value in the market? Will the market pay us enough to be profitable? How exactly are we transferring money from customers into our bank account? The business-model canvas answers the first question, but the other ones require a financial model made with spreadsheet software.