commercialising your business idea
Click here to load reader
Post on 22-Jul-2015
Embed Size (px)
Fiona Anson - Co-Founder - Workible
HOW TO COMMERCIALISE GREAT IDEAS
IT'S ABOUT MAKING IDEAS HAPPEN
IDEAS ITS NOT ABOUT
ITS GOING TO BE HARD!
GREAT IDEA? SO, WHATS YOUR
Whats the market problem youre solving
What are their REAL pain points? How do you know? Is there a niche you can fill?
HOMEWORK DOING YOUR
Is there really a market? Who else is currently solving this problem? Why are you different - and better? Why will customers change?
MARKET RESEARCH COMPREHENSIVE
More than the people who know and love you Validate with potential customers Whats the size of the market? Local? Global? Why are you different - and better? Why will customers change?
YOUR SUCCESS WILL DEPEND ON
THE TEAM? WHAT ABOUT
Business experience Industry experience Management mix of skills - strategy Vision Ability to adapt
PAY MAKING IT
Your revenue model - Business or Consumer, Freemium, pay-per-use, Subscription, Enterprise
Number of customers, transaction rate, sale value, expenses, profit
PROOF CONCEPT IDEA
MARKET VALIDATION COMMERCIALISATION
MINIMUM VIABLE PRODUCT
OF YOUR IDEA THE FEASIBILITY
Not every good idea will lead to commercial success Need a balance between innovation skills and your
ability to assess the feasibility of your idea Need to focus on the end goal Decide if you stop before it costs you significantly
FAIL FAST THE LEAN START-UP
OR BREAKING IT MAKING IT
Funding is often the most limiting factor Have an open mind to the alternatives Give yourself a huge lead time Sales are everything
IDEA FUNDING YOUR
Bootstrapping / FFF Money Angel investors Grant money ASSOB Venture Funds/VCs/Series A, B and beyond