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Find Your . Convert Ideas to Opportunity Idea Generation, Evaluation, & Acceleration Workshop. Agenda. Acceleration Introduction Importance of Entrepreneurship Idea Generation Assessing Options Useful Tools and Resources Next Steps. Start Your Engines. Acceleration and Entrepreneurship. - PowerPoint PPT PresentationTRANSCRIPT
FYI Finding Your Idea!
Find Your Convert Ideas to OpportunityIdea Generation, Evaluation, & Acceleration Workshop1Acceleration IntroductionImportance of EntrepreneurshipIdea GenerationAssessing OptionsUseful Tools and ResourcesNext StepsAgenda
2Start YourEnginesAcceleration and Entrepreneurship
3Louisiana Tech and Winrock InternationalCommunity and Economic Development CapabilitiesExtend New Venture ChampionshipProposal to EDA, USDA & DRA6 Communities Joined InitiativeArcadia, Bastrop, Bernice, Delhi, Farmerville, and Springhill
Rural Jobs and Innovation Accelerator Challenge
4Rapid Growth EnterprisesGood Quality JobsRevenue from Outside RegionIndustry ClustersIT and TelecommunicationsAlternative Energy & Green BuildingBiosciencesSmall Rural N LA Communities
Acceleration Emphasis
5Business Development, Economic Growth & Job CreationStrengthen non-Metro CommunitiesExtend Resources into Rural AreasEngage More in IT, Energy & Biosciences ClustersGreater Employment Opportunities & WealthRetain Local GraduatesEconomic Benefits of Acceleration
6FYI Workshops & Community PresentationsAccelerator Advising & ApplicationTraining, Mentoring & Consulting to Plan and Pitch New VenturesRegional Competition & Follow on Support
Regional Accelerator Activities
7NameDescription of IdeaWant/Need from PresentationAccelerator Candidate Introductions
8Self-employment can triple net worthSelf-employed account for 2/3 of millionaires95% of radical innovations since WWIIMany launch businesses with $10K or lessMedian net worth of self-employed $1.9 million vs $350,100
Small Biz is Big
9Entrepreneurs create all or most net new jobsFortune 500 companies lost five million jobsHigh-impact firms account for almost ALL the private sector employment and revenue growth
Littleton, CO Economic Gardening Strategy:employment growth more than doubled, while population grew by 24 %sales tax revenues tripled from $6.8 million to $19.6 million
Importance of Existing Enterprise
10Current Examples
11Future Prospects
YourLOGOHere?12
University Technologies
In-pipe radarImage through solid surfaces, concrete & clay pipe wallsPaint picture of pipe conditions similar to MRI for human bodyLicensed to co in Florida
13University Technologies
Energy cell for scavenging light and thermal energies Carbon nanotube film CNF capable of converting light and thermal energies into electricitySufficient to operate some low-power microsensors and integrated circuitsOffers potential for powering small devices hearing aids, cell phones, ipods, key fobs
14University Technologies
Nanoparticles for slow release of medications, improved bone density, or even corrosion resistance for coatings/paint Geopolymer as replacement for expensive heat and corrosion resistant ceramic tilesEnergy scavenging through waste water, and other sources of pressure as well as natural movementStrengthened and better preserved concrete and wood building products (prior to construction or in place as restoration)
15ConstructionAheadGenerating Ideas
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YOUInternal Proficiency & PassionAcknowledge your genuine interests and true passionTake stock of your professional and personal resourcesConsider your entrepreneurial characteristics and aptitudeOTHERSExternal Observations & BehaviorsSolicit input from business associates, vendors, suppliers, customersConverse with new/different people and general publicBe originalObserve social behavior and pay attention to ordinary living
Zoom In on Ideas
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SURROUNDINGSSituations & ResponseQuestion wisdom of continuing habitual responsesExplore familiar surroundings, similar circumstances or advanced areasBreak your routineTweak the existingEXPECTATIONSAttitude & OutlookBreak the rulesExplore your intuitionReexamine failure and accidental results
Zoom Out on Ideas
19Immerse Yourself Specific InformationGeneral Information SourcesDemographics & TrendsSearch Multiple Sources& Fact Check
20Have Lots of IdeasMethod of CapturingBe OpenBuild on IdeasMultiple SolutionsSimpleDont JudgeBecome a CollectorGenerating Ideas
21The question is not what you look at but what you see.-Thoreau
22Which Roadto Choose?Evaluating Options
23Understand Why Trends OccurAcknowledge Intuition, but Support with Data Make Fact Based DecisionsRecognize Learning, Adapting, and Improving easier than Complete RevolutionAvoid a Poor Choice and SurviveConsider Passing on to Someone ElseBe Patient and Persistent
Analyze Your Information
24Answer These Basic Questions:How does idea solve problem better than alternatives?What will competition do in response to idea?What proves idea is technically feasible?What prevents copying idea and permits your legal use of idea?How will competitive advantage be sustained?What external factors must you consider?
Scrutinize Options
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Idea Evaluation Exercise
http://www.youtube.com/watch?v=HpvEF_GIhmw
26MappingYour JourneyPlanning for Your Venture
27EntrepreneurIdeaAssetsFUTURE
Opportunity
Major Factors to ConsiderNumbers28Experience in industry settings, jobs, or situations similar to proposed ventureResources (cash, equipment, patents, savings, contacts, etc.) you will investEducation, training, skills, or savvyEntrepreneur
29Why Management MattersApple and Steve Jobs1971 Apple established1985 Jobs was asked to resign1996 Jobs returned1997-2011 Jobs CEO
30Ways product/service outperforms other options. Why meaningfully different and worth paying for. Ultimate promise/commitment to customer.Methods to reach and connect with customers. How to conveniently transfer products/services from your organization to the customer.Idea
31Whatever you think your business model is when you start, you are wrong.Colin Angle Co-founder and CEO of iRobotWhy Model Matters
32Current and future potential of target market. Consumer problem/pain motivating purchase.Comparison of product/service to existing alternatives.Distance from actual/final product. Evidence of market demand.Protection from duplication/copying.
Opportunity
33Why Market Matters?
34Availability of things essential for success of your venture.Personal skills, capabilities and talents.Connections to industrial organizations, customers, suppliers/vendors, or other key associations.Assets (equipment, land, buildings, raw materials, patents, and such) needed.Assets
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Why Money Matters
36Indicators of success identified and measurable. Cost and price comparison to other options. Units sold. Price of units. Number sales calls/product demos to sell a unit. Marketing methods producing sales.Total cost to start operations. Cost to make a unit. Monthly administrative/fixed/overhead cost. Number units to break even.Amount of investment needed for first year.
Numbers
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Why Margin Matters
38Major activities/efforts needed to move forward when, expected outcomes & success measures.Critically important steps. Biggest challenges/hurdles.Additional inputs (money, people, equipment, effort).Realistic Expectations
39"Success is a lousy teacher. It seduces smart people into thinking they can't lose.Bill GatesWhy Motivation Matters
40Next StepsUnderstanding the Accelerator
41Identify Preferred Business OpportunityReview and Consider Accelerator ApplicationMeet with Counselor for Help Responding to Application FormSubmit Completed Accelerator ApplicationWork with Organizations as ReferredNext Steps
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TBDC Facebook Pagefacebook.com/LATechTBDC /
http://tbdc.latech.edu/
http://tbdc.latech.edu/news/fyi-find-your-idea-november-workshopsTools and Resources
43Technology Business Development CenterLouisiana Tech UniversityP.O. Box 3145, Ruston, LA 71272Phone: (318) 257-3537Fax: (318) 257-4442Email: [email protected]
Questions?
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