Download - Commercialising Your Business Idea
Fiona Anson - Co-Founder - Workible
HOW TO COMMERCIALISE GREAT IDEAS
IT'S ABOUT MAKING IDEAS HAPPEN
IDEAS IT’S NOT ABOUT
IT’S GOING TO BE HARD!
GREAT IDEA? SO, WHAT’S YOUR
• What’s the market problem you’re 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?
INNOVATION
MARKET RESEARCH COMPREHENSIVE
• More than the people who know and love you • Validate with potential customers• What’s the size of the market? Local? Global?• Why are you different - and better?• Why will customers change?
PRODUCT/MARKET FIT
YOUR SUCCESS WILL DEPEND ON
PRODUCT
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
• Users
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
QUESTIONS?