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Application WorkshopDecember 3, 2010
Sabin Environmental Prize
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Sabin Application Info
Letter of Intent due Jan 14Full Application due March 4• Today: Researching your idea• Jan 21st – Financial issues• Feb 11th – Writing &
Presentations
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Sabin Questions
• Idea (what is it – what is appealing)
• What is original (unique advantage)
• What have you done so far (stage)
• Next steps – what do you need to do?
• What is the environmental benefit?
• Who is on your team?• How much $ do you need? Use
of prize?
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Judges in 2010
• Andrew Sabin, prize funder & investor
• Rosemary Ripley – NGEN – investor
• Konstantine Drakonakis – Launch Capital - investor
• Sally Fan, Deutsche Bank - investor
• Ralph Earle, Assabet, consultant to investors, investor
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Judges are Investors by Day
They want to:• Hit a homerun (big financial
upside)• Avoid known losers (high
failure rates)• Minimize risks (pick the surest
thing)• Back winners (proven track
records)
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Ideal Investor Characteristics
Exciting company• Unique Product / Service • Large potential market• Rapid growth prospects
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Unattractive Sectors
• Restaurants -- one location
> Too many cooks
> 80% bankruptcy rate
• Retailing -- one location
> Too easy to enter
> 80% bankruptcy
rate
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More Unattractive Choices
• Consulting
> Not scalable
> No need to raise $ from
others
• Some International Businesses
> Depends on your access
> Also, perspective of the
judges
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Avoid
Ideas with Large Capital Requirements
Need to buy an island?Need to buy an island?
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Consider...
Do you have:• The skills to make the venture
happen?• Or, an “in” to acquire those skills?
If not, your application is just creative writing
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Most Important Question
• If the idea is so great...• Why hasn’t anyone done it
before?
• Might be – Technology didn’t exist before
• Might be – it just won’t work!
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The Best Ideas
Come from your own experiences
• School, jobs• Hobbies, family• A problem you’ve faced
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Themes of the Day
You want to communicate an idea that:
• Addresses a big, exciting opportunity
• In a new, unique, innovative way
• That is feasible and believable• With great people on your
team
To Win Contests (or Raise $)
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Idea: Big, ExcitingOpportunity
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The Need or Opportunity
•What is it?•How large is it ? • Is it growing ? By how much ?
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Caution: Use Data, Sources!
• Your opinion about a need has little value
• You want to win contests….• Do research! • Industry reports, articles,
interviews, etc.
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Caution: Look at the Right Market!
GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website.
Cleaning product sales in the US were $28 billion in 2009.
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GreenCleaning’s Market
• Green cleaning products Say, 5% of all cleaning products $1.4 billion
• Sell them (not make them) Say, for a 10% commission
$140 million - not $28 billion!
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Research the Interest
• Who are the customers?• How many are there?• What do they want?• What can you do for them?
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Caution: Don’t Assume!
• Your ideas about customer have little value
• You want to win contests….• Do research! • Do interviews & surveys!• Get someone to sign up!
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Caution: Get the Customer Right!
GreenCleaning will sell its own brand of environmentally friendly cleaning products – in retail stores.
• Who is the customer?
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Caution: Get the Customer Right!
• The customer = stores• Stores’ customers = consumer
• You must appeal to the consumers
• But you also must understand customer needs – and meet them
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Caution: Get the Customer Right
GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website – for a commission.
• Who is the customer?• Cleaning product companies
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Testing Customer Interest
Develop a one page product description
• What does it do ?• How does it work ?• List the main features• List main benefits -- to
customers
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Use the Product Description to:
• Conduct interviews • Do surveys• Ask customers if they want your
product !
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Find Out:
> Do they like your product ?
> Will they buy/use it when it is
ready ?
> Will they pay the price you’re
asking?
> Do they have any issues /
concerns ?
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Surveys
• Survey Monkey = online survey
product Easy, nice looking
Includes analysis tools
Free for short, simple surveys
• Keep your survey short, simple
• Test your survey before sending!
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For Your Application
• Describe your venture (what will it do)
• Also, the need / opportunity• And the customer (who will pay
for it)• Include secondary research
data• Quote your interviews• Present your survey data
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Unique: Innovative,Competitive Advantage
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What is Innovative?
• How is your idea – unique?• Different from the competition?• Different – from alternatives?
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The Competition
• Who are the competitors ?
• How do they compete ?
• How are you different ?
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What is Innovative?
• Always more competition - than you think
• Compare major features of your product> To all competitors’ products
> To doing things “the old way”
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Construct a Competitor Grid
Reason Co. A Co. B Our Co.
Price X X
Reliability X X X
Env Benefit X X
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Caution: Be Objective!
• You saying you are better = little value
• You want to win contests...!• Why, objectively, are you
better?• Did customers say you were
better?• Admit where you are not better
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If your Grid Looks like this….
MadeCompetitor By Us Better Cheaper FasterOur ServiceCompetitor ACompetitor BCompetitor C
MadeCompetitor By Us Better Cheaper FasterOur ServiceCompetitor ACompetitor BCompetitor C
X
X XX
XX X
X
Buyer has no reason to switch -- probably won’t
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Beware the Status Quo
• People hate to change• Or to pay -- for what was free
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Key Avenues For Investigation
• Why has no one done this
before ? Technology didn’t exist?
New regulations or incentives?
It won’t work for some reason….?
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Unique, Big Idea: Example
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• Fresh farmed tilapia fillets• Purified and filtered re-
circulated water• “Seafood Safe” and Organic• 100% organic feed
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Evidence of Opportunity - over 3 years:• US seafood consumption up 12% - $12
billion• US tilapia consumption up 110% - $400
million• Demand for organic meat & fish up
120%
Over 70% of Americans would by organic seafood if available; 60% ‘strongly
prefer’ domestic
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Customers • Suppliers of restaurants,
grocery & fish stores• Also, Trader Joe’s, Whole Foods
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Talking to customers:• 450 chefs and 150 retailers
Most prefer environmentally friendly fish
• Local restaurant owner: “customers care”
• Wholesaler: “Not enough good farms”
• EcoFish: I will buy all you have to sell
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Competition• 96% of tilapia
– imported, mostly frozen, not organic
• Most US farm-raised – small, not organic
The Good Fish tilapia will be more expensive vs. competitors
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Feasibility: Making it Happen
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Demonstrate:
• You have a detailed strategy
• You’ve made some moves
• You know what the next ones are
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Issues to Cover
1. How will you make your product?
2. How will you get customers to buy it?
3. How will you start – and expand?
4. Who will run your business?
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Make a List
• What are your product “inputs”?
• What kind of facilities do you need?
• What is your production plan? • How will you deliver to
customers?• How will you provide ongoing
service?• How will you handle HR,
finance, legal?
Research the answers!
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People might be your main “input”
• Skilled managers• Customer service• Engineers, scientists, IT• Support functions
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People Issues
• What skills should they have?• How many people will you need –
to start?• How many – as you grow?• Where will you find them?
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Making the Product Feed: Organic vegetarian Staff: Monitor equipment, move, clean,
fillet fish Facilities: series of tanks (“Pod
System”), heating, warehouse space Production planning: 28 week growth
cycle Delivery: Distributors pick up Byproducts: Waste and offal
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Getting Customers to Buy
• Selling• Advertising• “PR”• Partnerships
Key Challenge
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Two Main Categories
• In person Sales Force• Direct Marketing
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How to Decide?
• Complicated or Simple?• Must be “test driven”?• Expensive or Cheap?• Custom or Standard?
What Kind of Sale Are You Making?
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Sales Force is Probably Necessary
If the Sale:• Involves education• Requires a lot of customization• Is expensive or risky
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Sales Force
• Door-to-door• In-store• Telesales
• Door-to-door• In-store• Telesales
• Strong track record
• Industry contacts
• Product Expertise
• Strong track record
• Industry contacts
• Product Expertise
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Sales Tools
• Conferences & Trade Shows• Joining industry
associations• Buying customer lists • Company brochures• Customer specific sales info• Demonstrations
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Direct Marketing
• Mailings• Yellow Pages• Email• Print Ads• Television
• Mailings• Yellow Pages• Email• Print Ads• Television
• Newspaper inserts
• Coupons• Flyers• Catalogs• Radio
• Newspaper inserts
• Coupons• Flyers• Catalogs• Radio
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Internet Marketing
• Web Sites• Key word search• Sponsored Links• Ads with online
trade journals• You Tube Ads
• Web Sites• Key word search• Sponsored Links• Ads with online
trade journals• You Tube Ads
• Banner, pop-up ads
• Blogs• Yelp• Groupon• Facebook• Twitter
• Banner, pop-up ads
• Blogs• Yelp• Groupon• Facebook• Twitter
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Web Sites
• Not a sales tool, on its own• Must drive people to it• Search engine
optimization?• Buying key words?
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“PR”
“Free” exposure in:• Newspaper reviews• TV stories• Industry publications• Celebrity photos
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Develop Partnerships
• New homeowners – Real estate agents
• For kids’ programs -- Schools• People with health conditions –
Doctors • Churches, libraries, nonprofits
Keep in Mind:
They will only partner with you if there is something in it for them!
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Find Out:
• Will they partner with you? • What do they want?
A share of your Sales?
An exclusivedeal?
To do good?
Another servicefor their
customers?
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Green Brides
“Partnering” with the Wedding Institute
• Green Bride makes online course
• Wedding Institute sells it to students
Wedding Institute getsFree contentHalf the $ from the courses
Green Bride getsExposure to wedding plannersHalf the $ from the course
Wedding Wire agreed to the partnership
It’s clear what both sides get
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Getting Customers Strategy Hire Sales Force Visit customers, explain the benefits List in organic seafood directories Advertise with trade associations Host events, tours, tastings
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How will you Start – and Expand?
• Start small• Prove you can do it -- then
expand
CT
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How will you Start – and Expand?
Start in New Haven then go to Hartford?Start with one product, then add?
Sell in one store, then more?
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What have you done so far?
• If you’ve done something – risk is lower
• Do you have a sample product?• A first customer?• A potential customer – in
writing?
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Team (who’ve you got?)
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Investors will Say: Keys to Success
People People People !
People People People !
More important than everything else -- combined
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Your Team
• Who are the Yale members?• What roles will they play?• What skills, experience do they
have…• Directly relevant to your
business
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Management Strategy
• Key management people – skills?
• Who are you missing – but will hire?
• Advisory board or board of directors?
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Environmental Benefit
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Final Words of Advice
• Do your homework Use data, research – talk to
customers Not just your opinions
• Try to do something – now - to risk
• Think like an investor!