LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA . FYI: Finding Your Idea §Generating Ideas §Evaluating Ideas §Acting on the Idea §Presenting the Idea
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA . What’s the Really BIG Idea? § 6 – 7 % of US population starting a business at any given time § 53% of new small businesses begin in the home with less than $10, 000 §Youngest and smallest firms are the biggest job producers §Fast-growth companies responsible for about two-thirds of the new jobs § 67% of inventions and 95% of radical innovations since World War II §Small patenting firms produce 13 – 14 times the number of patents per employee §Large companies & wealthy individuals started small, like YOU
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA What’s UP! Look INSIDE: personal characteristics and existing resources §Genuine interests and true passion §Professional and personal resources §Entrepreneurial characteristics and aptitude Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA What’s UP! Explore ALL ABOUT: ask, listen, look §Involve others §Friends, acquaintances and mentors §Business associates, vendors, suppliers, customers, employees, regulators §New/different people, strangers and general public, other majors/industry §Be original and break rules §Question habitual responses §Daily happenings, events, ordinary living §Break your routine §Heed your imagination, dreams, fantasies §Explore your intuition §Reexamine failure Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA What’s UP! Reach OUT: examples, trends, data §Immerse yourself §Specific information §General information sources §Demographics Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA What’s UP! Generating Ideas §Have lots of ideas §Develop a method of capturing these ideas §Be open to ideas §Build on ideas §Accept multiple solutions §Consider substitutions, changes , rearrangement §Simple is best §Observe and contemplate, but don’t judge §Do strive to understand, interpret actions/behavior, and consider context §Filter ideas later Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA What’s UP! The question is not what you look at but what you see Thoreau Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. Define and Differentiate the Product or Service §Unique capabilities and function §Demonstration of value created §Solves a real problem better than alternatives §Benefits and advantages, not just features §Competitive situation §Stage of development §Proof establishing technical feasibility §Rights to use & Ability to prevent duplication or imitation §Additions and sustainable advantage §External factors Why is your idea best ? Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. Identify Market Opportunity and Demonstrate Market Potential §Initial/primary target market §Describe characteristics §Segments of target market §Define expectations §Real and specific pain or need §Overall potential of primary market §Potential of secondary market(s) §Projected sales §Credible research data Who will buy your product or service? Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. Describe Organizational Systems and Capacity to Perform §Activities and abilities that create value §Arrangements for mutual benefit of organization and customer §Estimated cost and charge to customers §Approach for transferring to customer §Suitability and superiority of organization's basic routine §Scalability and future capacity requirements §Plan for generating sufficient revenue Help me understand what is special about how you do what you do. Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. Your Value Proposition §What your customer wants/needs §Specific benefits/results you provide §Ways you surpass competing or alternative solutions §Summarizes why your product/service should be bought Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. Assessing Ideas §Ask why trends occur §Acknowledge intuition, but support with data §Fact based §Learn, Adapt and Improve §Avoid/minimize failure §Identify best person/organization for implementation §Patience and persistence Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. In the middle of difficulty lies opportunity. Einstein §Xerox, 25 years and $75 million in research §Guitar Hero, 10 years leading to overnight success §Fed Ex, first night’s delivery include only 7 packages Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA So What. Super Successful Example http: //www. youtube. com/watch? v=Hpv. EF_GIhmw Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA Now What? Outline Next Steps and Implementation Plan §Determine how you want to exit §Define major actions §Identify and address challenges §Describe experience and abilities needed §Find advisors and assistance §Estimate funding and resources to start and grow §Locate sources and plan for securing needed funds Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA Now What? People Succeed Technologies and Ideas merely Support Success Each of YOU Already Has What it Really Takes To Find Your Idea Finding Your Idea – October 8, 2009
LOUISIANA TECH UNIVERSITY Technology Business Development Center GENERATE IDEAS EVALUATE IDEAS ACT ON THE IDEA PRESENT THE IDEA Now What? What Else. . . Kathy Wyatt, Director Technology Business Development Center Louisiana Tech University P. O. Box 3145, Ruston, LA 71272 Phone: (318) 257 -3537 Fax: (318) 257 -4442 Email: kwyatt@latech. edu Finding Your Idea – October 8, 2009
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