Crafting a Customer Value Proposition for a public research based high-tech start-up
The following paper describes the process of crafting a Customer Value Proposition (CVP) in a public research based high-tech business-to-business start-up company that is offering a hardware plus software solution for laboratory automation. The work focuses on the monetary quantification of customer value and the determination and access of the target market. It discusses the process towards the establishment of a value-based selling approach. This work extends current understanding regarding these topics. Additionally it provides a description of a modified customer value proposition framework, which is based on Wouters’ and Kirchberger’s approach, developed for new technology ventures. In addition to the original framework, the design thinking approach was integrated in order to improve the beneficial impact of crafting a CVP on product development, customer value creation and customer orientation. The research is based on a six month case study that was conducted using interventionist research at cubuslab, a public research based start-up from Karlsruhe Institute of Technology (KIT). This research adds to recent work on the impact of crafting a customer value proposition in start-ups at the chair of management accounting at KIT. It takes the distinct character of public research based new technology ventures into account and therefore extends current literature on this particular topic.