Unicorn Academy: Chapters 1-3

Entrepreneurship Education in the Metaverse Be your own boss

STTE Foundation

Page 1

INTRODUCTION

Welcome to Unicorn Academy Welcome to Unicorn Academy, the first-ever augmented reality (AR) education program that offers students in grades 8-12 a fun, inclusive, and engaging way to learn entrepreneurship through a physical book that takes students on a journey into the metaverse.

This book is designed to inspire creative thinking and problem solving, empower youth to turn their ideas and passions into a real money-making business, support youth development, and advance youth entrepreneurship. Throughout the book, you’ll learn to create solutions that solve real-world problems, immerse yourself in the nine building blocks to successfully launch a business, and design an AR experience to promote your business. Have fun!

What is the Metaverse?

People around the world have many definitions of the metaverse, some people think it is a vision of the future where people come together to form a virtual universe fostering a social connection without a physical location. Others define the metaverse as connected virtual worlds where people can interact with each other in real-time, often (but not always) using virtual or augmented reality (AR) technology.

STTE Foundation and a group of leaders in technology defined the metaverse as “a spectrum of evolving experiences collectively designed to support the way entrepreneurs live, work, play, and connect.” According to a McKinsey 2022 report, the metaverse is an evolution of today’s internet.

And guess what? Younger generations are driving the future of the metaverse! Who knows?

Maybe you’ll be the one creating it… Are you prepared?

Fun Fact: Why a Unicorn?

You might be wondering “Why Unicorn Academy has a Unicorn in the logo?." In the business world, unicorns are companies valued at a billion dollars. Yes, BILLION DOLLARS!

Page 2

MEET YOUR AR TEACHER How to Enter the AR Experience

OPEN CAMERA

"Hello! I’m Jessica, your AR teacher. It's a pleasure to meet you. Follow the steps on the phone or tablet!

AR effect not loading? Try exiting the application and relaunching again. You will be able to learn at your own pace, anywhere and anytime."

SCAN QR CODE ALLOW

& ENTER EXPERIENCE

You Will Need: Wifi or a Cellular Data Plan Mobile Phone (iPhone or Android) Laptop, Desktop Computer, or Tablet After you’ve entered the AR experience and listened to my message, you’re ready to begin your learning journey!

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CHAPTER 1

DESIGN THINKING INTRODUCTION TO DESIGN THINKING What is design thinking?

What comes to your mind when you hear DESIGN? You’re probably thinking of fashion, painting, drawing, or designing a house. Try your best guess, there is no right or wrong answer.

Well, design thinking is a non-linear iterative process used to create solutions that solve realworld problems. It always starts by placing your customers at the core and finding ways to create a better future for them, it also means that you will have to test your assumptions and prototypes many times until you find “the solution.”

Design thinking is crucial to develop a business idea, understanding your customers, and creating something that relieves their pain points. Imagine you are sick and your parents (or guardians) take you to the doctor. The doctor performs a complete physical exam, asks you questions about your symptoms and writes you a prescription letter with medicine to cure you. Now imagine that you are the doctor for your patients (the people that you are trying to save), you will use design thinking to perform a holistic well-being exam, ask questions, identify their pain points, and eventually create something that relieves their pain. The most innovative people and businesses use design thinking to create solutions focused on solving the problems of their customers, and the people they are saving. Who do you want to save?

Great design starts with empathy, invention and iteration.

Empathy

Invention

Iteration

Put yourself in your customers’ shoes

As Walt Disney said, “Created first in the mind and next in the activity.”

Successful invention takes experimentation

Take the Boss Pledge!

I __[your name]__, acknowledge that being a design thinker means: I probably probably won’t get it right the first time, so I must keep trying Being open-minded and asking “What if?”

Connecting deeply with customers Seeking opportunities, not perfection Creating Value After you acknowledge the statements above, you are ready to move to the next page…

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CHAPTER 1: DESIGN THINKING

THE FIVE STAGES OF DESIGN THINKING How to Apply Design Thinking in Developing your Business Idea Disclaimer: You can do the activity below by yourself or with a team.

Empathize

Define

Ideate

Prototype

Test

Activity 1

Step 1: Empathize Start by answering these questions: Who do you want to serve? Who are your users? How old are they? Where do they live? What are their hobbies? What do they like to buy? Think about an experience where you had a problem and didn’t find a solution, and suddenly you thought “If only this existed.” Would you like to solve that problem for others?

Once you’ve identified your users, let’s just call them YOUR SQUAD, it is important to empathize with their problems by doing research, creating a questionnaire to understand their wants and needs, and arranging interviews with your users (online or in-person).

Interviewing your squad will help you find real insights and test your assumptions. What do you want to learn from them? Listen carefully.

Create an Empathy Map Canvas to get familiar with your squad, it will guide you to learn more about what your squad is hearing, seeing, feeling, thinking, saying, and doing. See canvas below and sketch out your customer empathy map.

o

What do they need to DO?

y THINK an the

d EL? FE

Wh at d

WHO are we empathizing with?

What do they HEAR?

What do they SEE? PAINS

What do they DO?

GAINS

What do they SAY?

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CHAPTER 1: DESIGN THINKING

THE FIVE STAGES OF DESIGN THINKING Step 2: Define

Step 3: Ideate

After conducting interviews and gathering information, it’s time to analyze all the data and observe with an open mind. What are their core problems? What keeps them up at night? What are their needs? What would be their ideal solution/product? What are they trying to achieve? Then, define three key problem statements of your squad, also known as target audience or persona(s).

Time to generate bold ideas, think outside the box, and have a brainstorming session.

Now that you’ve identified their key problems, what they are trying to achieve and the gains they hope to get, it's time to create your value proposition. What value do you want to create? What medicine is going to relieve the pain? Are you creating a product or service? Why is your solution different and worth buying?

Create a Value Proposition Canvas and start on the right side where it says "Your Customer Profile." This will help you visualize their jobs-to-be-done, the pains they face, and the gains they perceive.

Fill out the left side of the canvas where it says "Your Value Proposition."

Tip: Invite people from different expertise and backgrounds (like your teacher, mentor, or parents) this will help you generate fresh ideas and gain different perspectives. Remember, there is no right or wrong answer. Welcome all ideas, be creative and have fun.

Your Value Proposition

GAIN CREATORS

Your Customer Profile

GAINS

PRODUCTS & SERVICES

JOBS-TO-BE DONE

PAIN RELIEVERS

PAINS

Page 6

CHAPTER 1: DESIGN THINKING

THE FIVE STAGES OF DESIGN THINKING Step 4: Prototype

Are you ready to experiment and get your hands wet? Great! Because you will. It's time to move from idea to concept. This is a step to create inexpensive, scaled-down versions of your solution. This is considered the first iteration of your solution, or minimal viable product (MVP). The purpose of this stage is to move fast, it doesn’t have to be perfect, you just need a simple concept to test with your users.

You could try paper prototyping, app prototyping, designing a mockup, etc…

Step 5: Test

Try it! After you have your first prototype, ask for feedback from your squad. What did they like and didn’t like? How do they use it? How can you make it better? Would they pay for your solution?

Remember that design thinking is an iterative process, sometimes you won’t get it right the first time and that is okay, you must keep trying and applying feedback. Feel free to redefine your idea, and make alterations and improvements. Your goal should be to understand your squad and create value for them deeply.

Resources If you’re interested in learning more about Design Thinking, find more resources below: Design Thinking tools and case studies: http://www.designkit.org/

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CHAPTER 2

LEAN BUSINESS MODEL CANVAS INTRODUCTION TO LEAN BMC The lean business model canvas (BMC) is like the blueprint of your business, it helps entrepreneurs visualize how their business idea works – who do you serve (Squad), what you’ll sell (Fire), how you’ll earn money (Bread), how you are unique (Drip), etc... Your Business Model Canvas is meant to change and be updated as you define your idea, talk to your customers, learn, validate your assumptions, and test your prototypes.

To build a great house, you need a blueprint; the same way businesses need a business model.

The Nine Blocks of Lean Canvas The business model has 9 building blocks that will guide you step-by-step to brainstorm possible business models.

Page 8

CHAPTER 2: THE LEAN BUSINESS MODEL CANVAS

BMC EXAMPLE

Let's look at an example of a lean business model canvas of a top brand. This will help you start to think about what it takes to create yours.

Experience Canvases in the Metaverse Time to take out your phone! Scan the QR code below to learn and immerse yourself in the business model canvases from leading brands such as Tesla, Nike, Instagram, and TikTok.

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CHAPTER 2: THE LEAN BUSINESS MODEL CANVAS

Activity 2 – Your turn!

After you’ve explored the AR business model canvases, it's your turn to build your first business plan by following the 9 building blocks of the business model canvas. Follow the steps below to get started!

You Will Need: Wifi Laptop, Desktop Computer, or Tablet Type in the following URL

https://unicorn-academy-stte.web.app

Fill out the blocks!

Click on each block and fill out your information

Create an account Click down below on “Sign up” Add your email and create a password

Share Once you’re done, see the right upper corner and click on “Export Canvas” Download and share with your friends, teacher, or parents

You can also learn about each part of the canvas in the upcoming pages and watching videos. They are fun! (and short) Let’s get started!

Page 10

CHAPTER 2: THE LEAN BUSINESS MODEL CANVAS

THE NINE BUILDING BLOCKS - HOW TO BUILD YOUR MVP!

BLOCK 1

BLOCK 2

Customer Segments (Squad)

Problem (Prob)

Ask yourself these questions: Who would be your target “audience”?

Who do you want to serve?

Who is going to buy a solution to the problem you are solving? Take into account metrics like demographics.

After narrowing your Squad, ask yourself: What problems do they have?

What are their pain points?

What keeps them up at night?

When thinking about your business, you should define the problem first and establish your business as the solution to that problem.

BLOCK 3

BLOCK 4

Solutions (Fire)

Channels (Influencers)

The solution is addressing the problem. The fire at this point is just an untested hypothesis or assumption.

The Channels describe how a company communicates with and reaches its Customer Segments (SQUAD) to sell its product or service. Channels serve several functions, including:

Follow the three-step process: 1. Features: come up with the top three features that the solution addresses.

2. Squad: once you know your squad, interview them to validate your fire.

3. Solution: after squad interviews, come up with your startup's minimum viable product (MPV) or service.

Raising awareness among customers about a company’s products and services Helping customers evaluate a company’s Value Proposition Allowing customers to purchase specific products and services Delivering a Value Proposition to customers Providing post-purchase customer support

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CHAPTER 2: THE LEAN BUSINESS MODEL CANVAS

NINE BUILDING BLOCKS - HOW TO BUILD YOUR MVP!

BLOCK 5

BLOCK 6

Unique Value Proposition (Drip)

Key Metrics (Grades)

Your unique value proposition is a brief statement on what makes your solution so unique from your competition, why your business is fire, how you provide value to your customers, and why they would want to buy it from you and no one else.

Grades are the key metrics that help you measure your performance, set short-term and long-term goals, demonstrate success, and take better datadriven decisions.

Keep it less than two sentences What's so unique? Newness, Performance, Customization, Design, Brand, Price, Cost Reduction, or Accessibility.

BLOCK 7

BLOCK 8

Revenue Streams (Bread)

Cost Structure (Broke)

Revenue Streams are the ways that your product or service is turned into financial gain. A business model can involve three different types.

When you create a product or provide a service, there will be costs involved. You have to spend money to make money.

Your cost structure is what costs you to operate your business.

1. Transaction revenues resulting from one-time customer payments.

2. Recurring revenues from ongoing payments to either sell to customers or provide post-purchase customer support.

3. Advertising and selling ads online.

Gross profit margin is an important measure to assess a company's financial health by calculating the amount of money left over from sales after subtracting the costs. See formula below:

Gross Profit Margin

To help you set some grades, keep these things in mind: What will you measure to determine if your business is making progress?

What are your top weekly, monthly and yearly goals?

=

(Total Sales - Costs) Total Sales

Some examples include talent or people, licenses, rent, materials, technology, utilities like internet, electricity, water, HVAC. Cost structures: Fixed costs: Costs remain the same regardless of volume (i.e. salaries).

Variable costs: Costs that vary with volume Economies of scale: Cost decreases as output expands.

Economies of scope: Cost decreases as the company obtains larger scope of operations.

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CHAPTER 2: THE LEAN BUSINESS MODEL CANVAS

NINE BUILDING BLOCKS - HOW TO BUILD YOUR MVP! BLOCK 9

Unfair Advantage (Clout) Clout is something that cannot be easily copied or brought by your competitors.

Who are your competitors and how are you unique from them?

Some examples of Clout include: trade secrets, patents, network, speed, passion, intellect, experience, great team, curiosity, and community.

Exercise: Create a 2x2 matrix to fill out this block, the 2x2 matrix is a square with four squares. The square is divided by a vertical line down the middle of the four squares (up-down) and a horizontal line across the middle of the box (side to side). If you already have your value proposition it will be easier to plug in the dots.

Select two key variables that distinguish your business and the other side of the matrix should be the opposite. One example for variable (1) is “Innovative,” and the opposite is “Traditional.”

Variable (2) is “Affordable,” and the opposite is “Expensive.”

This is how it should look: Innovative, Affordable Innovative, Expensive Traditional, Affordable Traditional, Expensive After you select your key variables, start mapping your business and competitors in the matrix. This will help you visualize the value and unique offerings between your business and competitors.

Innovative

Affordable

Expensive

Traditional

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CHAPTER 3

MARKETING IN THE METAVERSE CREATING MORE ENGAGING EXPERIENCES Marketing in the Metaverse Today, marketers and the world’s most innovative brands are entering the metaverse, building virtual stores, and providing entirely new experiences to their customers. The metaverse is changing the way brands engage and interact with their customers, and most importantly how they make money. For example, Domino's pizza in Decentraland, (for one day) people had the opportunity to order a pizza virtually and get it delivered in the real world. How amazing is that? The possibilities are endless.

Source: MetaZone.io

Now imagine creating your own business and building a virtual store to interact with your squad. You will need to create virtual objects with the same shape as your real-life product, advertisements to put outside your virtual store like flyers or a big sign with your logo, and design the interior of your store. This might sound funny and out of this world, but it's happening, it is here to stay, and guess what? You will be the one creating and shaping the metaverse.

[Gucci Town is a virtual piazza on Roblox. Photo: Gucci]

What you'll do In this chapter, you will learn how to design an augmented reality (AR) experience that promotes your “fire solution” in the metaverse.

Are you ready?

By McKinsey, “Marketing in the metaverse: An opportunity for innovation and experimentation.”

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CHAPTER 3: MARKETING IN THE METAVERSE

CREATING MORE ENGAGING EXPERIENCES Activity 3 – Design Your Content in AR Now that you have your “fire solution” and built your business model, it’s time to create your first augmented reality (AR) experience to promote it and show the world who you are and what you offer to relieve their pain points.

Scan QR Code Scan QR code Fill out the information to sign up and create your free account

https://geenee.ar

Select Your Experience Select “World AR” and click on “Get Started” Click on the center of the phone “Go full screen to design your scene”

Design Look at top of the website and click on “Add Assets” Add assets (GIFs, music from Spotify, Sketchfab, etc…)

Some ideas to get you started: What is your business? and for who it is?

Write 3 benefits that your business provides A picture or visual representation of your product Colors that represent your brand Slogan & Logo

Share Once your AR design is complete, it's time to Publish and share!

Click on “Publish” Click on the icon next to publish Share the link or QR Code with your parents, guardians, friends, teachers, and siblings

UNICORN ACADEMY CONCLUSION You’ve made it! What’s next?

Congratulations on completing Unicorn Academy’s program “Entrepreneurship Education in the Metaverse.” You learned about entrepreneurship, the metaverse, how to become a design thinker, what entrepreneurs use to plan their business, and designed an augmented reality experience promoting your fire solution.

You are ready to take on the world.

Awesome job following and completing all the activities, it’s your turn to take your idea into a startup, and hopefully into a unicorn.

Remember that great entrepreneurs have empathy towards others, listen carefully, fail, learn, and try again. Good luck changing the world, and most importantly, have fun and enjoy the process! For more information, visit sttefoundation.org/unicorn-academy/.

If you liked this book, recommend it and share it with your friends!

Want to keep learning about entrepreneurship? Watch SayWhat!

SayWhat?! is about real content to inspire and keep our future informed on issues that matter. @SayWhat6273

Brought to you by:

STTE Foundation

Special thanks to all the wonderful people who have been instrumental and supported the Unicorn Academy development journey: Joseph Sapien Dr. Beto Pallares Kathy Hansen Noah Carp Alysha Swann Jeff Villalobos

Jessica Tarin Iffat Fatima Kitxia Y. Juárez Adriana Sudimack Maximo Gamez Magdalena Guillen

Ivan Huerta Ivan Vigilante Xavier Martinez Leonel A. Romero Andres Alcantar Brooke Montgomery

Geenee AR Cory Grenier Beaugart Gerber Elena de Sosa Dima Kyrylov

Nicholas Venecia Jay Torres Valerie Corpus Dopamine Productions, LLC Carnegie Mellon University