Building a BMC
by Hailee Kim
In this blog diary, I would like to share with the Eden community a sneak peek of what our BD team has been working on and introduce some of the methods that we’ve been applying to our projects. First, let me briefly introduce the role of EdenChain’s Business Development team. The priority of the job is 1) Creating, managing and retaining relationships with community members and business partners, and 2) Developing growth strategies for new products and services such as the EdenChain Wallet. In order to ensure the sustainability of EdenChain’s releases, the BD team has been carefully creating a growth strategy. This process involves more than simply envisioning long-term success. The main goal is to make a growth strategy that is deliberative. One of the methods that we have been using and found to be most effective is a ” business model canvas,” or BMC.
Building a BMC is a good way to sustain a business’ long-term growth. BMC is a graphic representation of a number of variables that show the values of a product, service, or an organization as a whole. It can be deployed as a strategic tool especially for the development of a new service or product. Furthermore, it also continuously helps to analyze the business situation. There are nine categories for the Business Model Canvas which are referred to as the building blocks of a business. These building blocks are:
- Key partners
- Key activities
- Key resources
- Value propositions
- Customer relationships
- Customer segments
- Cost structure
- Revenue streams
Every block in a BMC is intertwined and organically connected and every member of EdenChain has been making excellent contributions. By fleshing out the BMC on a large sheet of paper, we have been (trying to) enjoying brainstorming sessions with each other, thinking about the building blocks and freely voicing our opinions. It has been a great method that has created a clear and objective image for the platforms and dApps that we have been working on. Furthermore, it provides us with a framework in which any new ideas can be discussed and implemented effectively in a relatively short period of time.
Among the nine building blocks, the value proposition is the one in which we have invested the most time. This is because value propositions have a direct impact on the success of a project; in a nutshell, a value proposition is a clear statement that explains how a service solves customers’ problems or improves their situation, delivers specific benefits and ideally convinces them why they should use the service and not other services.
As we have previously announced through the mainnet release plan, most of you are aware that the EdenChain Wallet is scheduled to be showcased soon. We are excited for the Eden community and the blockchain community as a whole to see how our BMC will affect the upcoming version of EdenChain Wallet, which is continuously being updated with new features and benefits.