Lesson 2: Business Model Canvas

The focus of this lesson is to explain the Business Model Canvas and its 9 sections. The INCubatoredu class uses a BMC most similar to the Lean Canvas Model used by Ash Maurya in Running Lean.

Required Outcomes

  • Students will understand the purpose of a BMC.
  • Students will be able to identify each of the 9 components of the BMC.
  • Students will create a BMC to illustrate their understanding.
  • Students will understand how they will create their plans and the system in which they will track their pivots and iterations.

Business Model Canvas

Key Terms

The terms below are important to know and understand in the context Lean Methodology. Be sure you not only learn the definitions, but can understand how they relate to each other.

  • Problem
  • Customer Segments
  • Solution
  • Unique Value Proposition
  • Channels
  • Customer Relationships (formerly unfair advantage if you were intro to business)
  • Revenue Streams
  • Cost Structure
  • Key Metrics

Bucketfeet BMC

For this exercise, you’re going to take what you have learned about the Business Model Canvas and reverse engineer one for the company Bucketfeet. Complete each of the following steps:

  • Study Bucketfeet online: website, news, etc.
  • Determine their BMC elements
  • Create their BMC using your best judgment

Click the image below to view Bucketfeet’s website:



The video below is for reference only. It covers many of the same topics that we will examine and discuss in class related to the Business Model Canvas.