Documenting and Validating the Business Model of a Startup : Case: Consolite

A new era has begun with the unprecedented number of startups and the soaring number of unicorns whose valuations reach $1 billion. Cost of entry for a startup is at an all-time low; startup incubators and accelerators expand in size and scope; and funding opportunities are made prevalent by angels, venture capitalists, and governments. The success stories and the accessible resources often obscure the fact that most startups fail within the first few years. The practice of writing a business plan and never updating it seems to be a major culprit. Business Model Canvas, Lean Canvas, and Lean Startup are invented to help startups avoid such practice and resolve the extreme uncertainty that always threaten the success of a startup. Meanwhile, intending to solve the problems associated with financial consolidation in Excel, a project called Consolite is created by van Wunnik of Arsima Projects in Belgium. The author is assigned to help build a sustainable business around Consolite, hence the research on documentation and validation of Consolite business model. The research is constructed on the theoretical framework of Business Model Canvas, Lean Canvas, and Lean Startup. Secondary data are collected from credible printed and electronic sources. Primary data are extracted internally from the Consolite team and externally from four companies in Belgium through three techniques: in-depth interviews, participant observation, and document analysis. The research is guided by case study and action research strategies and strictly qualitative research method. The research is successful in documenting and validating most building blocks in Consolite business model. Problems, revenue streams, and cost structure are confirmed; customer segments, unique value proposition, and solutions are revised according to the latest evidence; and unfair advantage is discovered