FYI – Finding Your Idea!

Understanding Entrepreneurial Impact Generating Ideas Evaluating Ideas Focusing Startup Efforts

Agenda

6 – 7 % of US population is in the process of starting a business at any given time

53% of new small businesses begin in the home with less than $10,000

Since 1980, Fortune 500 companies have lost five million jobs, while the United States as a whole has added 34 million new jobs

American small business is the world’s third largest economy, trailing only the U.S. as a whole and Japan

Median net worth for self employed $335,600 compared to $67,200 for those that worked for others

Importance of Small Business

Entrepreneurs account for 67% of inventions and 95% of radical innovations since World War II

Small firms produce more highly cited patents than large firms

Small patenting firms produce 13-14 times more patents per employee

Small companies represent 65% of new companies in the list of most highly innovative companies in 2002

Louisiana’s Blue Ocean economic development strategy

Significance of Innovation

Generating IdeasWhat’s Up?

Personal Inventory Broad Environmental Survey Focused Investigation Unique Interpretation

Getting Started…

Genuine Interests and True Passion Professional and Personal Resources Entrepreneurial Characteristics and Aptitude

Look INSIDE

Involve Others Listen to Friends, Acquaintances, and Mentors Solicit input from Vendors/Suppliers, Customers, and

Regulators Converse with New People, Strangers and General Public,

Other Majors/Industries Be Original Notice Unexpected/Unusual Uses and Different

Applications Observe Social Behavior Pay Attention to Daily Happenings, Events, Ordinary

Living Tweak or Twist Existing or Old

Explore ALL ABOUT (Generally)

Immerse Yourself Specific Information General Information Sources Demographics

Reach OUT (Intentionally)

Break The Rules Question Habitual Responses Explore Familiar Surroundings, Similar

Circumstances, or Advanced Areas Break Your Routine Honor and Develop Your Imagination,

Dreams, Fantasies Explore Your Intuition Reexamine Failure

Interpret/Analyze UNIQUELY

Have Lots of Ideas Method of Capturing Be Open Build on Ideas Multiple Solutions Simple Don’t Judge Become a Collector

Generating Ideas

The question is not what you look at

but what you see.-Thoreau

So What?Assessing Ideas

Description of 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 Preventing Duplication or Imitation Additions and Sustainable Advantage External Factors

Your IDEA – why yours is best

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

Your MARKET – who will buy it

Organizational Systems And Capacity To Perform

Activities and Abilities That Create Value Arrangements For Mutual Benefit Estimated Cost & Charge to Customers Approach for Transferring to Customer Suitability and Superiority of Basic Routine Scalability and Future Capacity

Requirements Plan for Generating Sufficient Revenue

Your METHOD – how you do it

What Your Customer Wants/Needs Specific Benefits/Results You Provide Ways You Surpass Competition or

Alternatives Summarizes Why Product/Service is Bought

Value Proposition

Why Trends Occur Acknowledge Intuition, but Support with

Data Fact Based Learning, Adapting, and Improving Avoid a Poor Choice and Survive What about Someone Else Be Patient and Persistent

Idea Assessment Guidelines

http://www.youtube.com/watch?v=HpvEF_GIhmw

Exercise: Invention Example

Inside - the personal/internal factors About – external environment/situation Out – external assessment/information Unique Perspective – analysis &

interpretation

Defining Idea Characterizing Market Developing Method Understanding Value Proposition

Exercise: Invention Evaluation

Now What?Acting on the Idea

How You Want to End Define Major Actions Identify and Address Challenges Experience and Abilities Needed Advisors and Assistance Estimate Funding/Resources to Start and

Grow Plans for Securing Needed Funds Attend Learn B-4-U Launch on January 18

Beginning to PLAN

Kathy Wyatt, DirectorTechnology Business Development CenterLouisiana Tech UniversityP.O. Box 3145, Ruston, LA 71272Phone: (318) 257-3537Fax: (318) 257-4442Email: kwyatt@latech.edu

 

You Already Have What It Takes