In recent years, instead of writing lengthy business plans, that quickly become out of date, the ‘Business Model Canvas’ has become highly used by startup businesses, and is taught and advocated in many startup accelerators, such as Bethnal Green Ventures, which I have been part of while running a previous business startup.
This does not mean a longer business plan is not developed and needed at specific moments in time, however, according to inventors, the Business Model Canvas helps you to “describe, design, challenge, and pivot your business model” in a concise and quickly update-able format.
This Business Model Canvas summarizes the Neighbourhood business model:
Our model follows and takes advantage of the following revenue and success factors, highlighted by Ross Dawson and Steve Bynghall in ‘Getting Results from Crowds‘. (I have circled the relevant aspects to Neighbourhood’s business model. One aspect to note is the importance of public reputation to the success of a business of our type. This supports our focus on trust as a key aspect of our brand values and positioning to users and business partners.
