Generative AI Canvas
Generative AI is revolutionizing how we design, create, and learn across industries, but harnessing that power to build valuable products & solutions can be difficult. Here’s a smarter path with the ‘Generative AI Canvas.’
As a product builder or business leader, one of the most important skills is getting your ideas out of your head into a simple format. In the past, this meant a well-researched business plan that would usually take weeks or even months to create.
I’ve found a faster (and smarter) way to evaluate business cases with the ‘Lean Canvas’ - a one-page business plan template that focuses on the key components of new product innovation and building businesses. It is derived from the Business Model Canvas, but with more of a focus on problem-solution and product-market fit.
Key Benefits of Using the Canvas
Speed and Simplicity: GenAI Canvas is quick to fill out, allowing for rapid iterations and changes.
Problem Focus: It helps in identifying and understanding the problems that the product or service aims to solve, thus promoting customer-centric thinking.
Adaptability: GenAI Canvas allows for constant updates and changes as the business evolves, encouraging a lean, flexible approach.
Communication: Helps in communicating the business idea in a concise manner to stakeholders, team members, and potential investors.
Steps To Building out Your Generative AI Canvas
Recommended order for filling out your canvas
Customer Segments: Identify the target customer or users you aim to serve
Problem: Outline the top problems or pain points that your target customer segment faces.
GenAI Solution: Propose how your product or service will address the problems you have identified.
Unique Value Proposition: Define what sets your solution apart from the competition. Consider a tagline like – “ChatGPT for summarizing legal docs.”
Data Source: Outline what data you have or need to obtain to make the solution work. If know, define how much data you have and who ‘owns’ it.
Value Streams: Describe how your concept drives value – estimate your savings and revenue potential.
Cost Structure: Lay out the major costs and expenses necessary to build/run your solution.
Ethics/Compliance: Highlight any ethical, legal, or compliance hurdles you’ll need to manage.
Key Metrics: Outline the essential metrics you will use to track the success and growth of your solution - leading/lagging metrics that reflect the overall health and success of your venture.
The Generative AI Canvas offers a holistic yet streamlined guide for businesses seeking to leverage generative AI technology. The biggest benefit I’ve found using it is its simplicity – filling out the canvas is easy, so I can draft and get feedback on multiple versions before building out a robust business case.
Move faster, engage more stakeholders, and hone your next business case with the generative AI canvas.
