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Find Your

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.

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Find Your

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  1. Find Your Convert Ideas to Opportunity Idea Generation, Evaluation, & Acceleration Workshop

  2. Agenda • Acceleration Introduction • Importance of Entrepreneurship • Idea Generation • Assessing Options • Useful Tools and Resources • Next Steps

  3. Start YourEngines Acceleration and Entrepreneurship

  4. Rural Jobs and Innovation Accelerator Challenge • Louisiana Tech and Winrock International • Community and Economic Development Capabilities • Extend New Venture Championship • Proposal to EDA, USDA & DRA • 6 Communities Joined Initiative • Arcadia, Bastrop, Bernice, Delhi, Farmerville, and • Springhill

  5. Acceleration Emphasis • Rapid Growth Enterprises • Good Quality Jobs • Revenue from Outside Region • Industry Clusters • IT and Telecommunications • Alternative Energy & Green Building • Biosciences • Small Rural N LA Communities

  6. Economic Benefits of Acceleration • Business Development, Economic Growth & Job Creation • Strengthen non-Metro Communities • Extend Resources into Rural Areas • Engage More in IT, Energy & Biosciences Clusters • Greater Employment Opportunities & Wealth • Retain Local Graduates

  7. Regional Accelerator Activities • FYI Workshops & Community Presentations • Accelerator Advising & Application • Training, Mentoring & Consulting to Plan and Pitch New Ventures • Regional Competition & Follow on Support

  8. Accelerator Candidate Introductions • Name • Description of Idea • Want/Need from Presentation

  9. Small Biz is Big • Self-employment can triple net worth • Self-employed account for 2/3 of millionaires • 95% of radical innovations since WWII • Many launch businesses with $10K or less • Median net worth of self-employed $1.9 million vs $350,100

  10. Importance of Existing Enterprise • Entrepreneurs create all or most net new jobs • Fortune 500 companies lost five million jobs • High-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

  11. Current Examples

  12. Future Prospects Your LOGO Here?

  13. University Technologies • In-pipe radar • Image through solid surfaces, concrete & clay pipe walls • Paint picture of pipe conditions similar to MRI for human body • Licensed to co in Florida

  14. University Technologies • Energy cell for scavenging light and thermal energies • Carbon nanotube film CNF capable of converting light and thermal energies into electricity • Sufficient to operate some low-power microsensors and integrated circuits • Offers potential for powering small devices – hearing aids, cell phones, ipods, key fobs

  15. University 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 tiles • Energy scavenging through waste water, and other sources of pressure as well as natural movement • Strengthened and better preserved concrete and wood building products (prior to construction or in place as restoration)

  16. ConstructionAhead Generating Ideas

  17. Zoom In on Ideas • YOU • Internal Proficiency & Passion • Acknowledge your genuine interests and true passion • Take stock of your professional and personal resources • Consider your entrepreneurial characteristics and aptitude • OTHERS • External Observations & Behaviors • Solicit input from business associates, vendors, suppliers, customers • Converse with new/different people and general public • Be original • Observe social behavior and pay attention to ordinary living

  18. Zoom Out on Ideas • SURROUNDINGS • Situations & Response • Question wisdom of continuing habitual responses • Explore familiar surroundings, similar circumstances or advanced areas • Break your routine • Tweak the existing • EXPECTATIONS • Attitude & Outlook • Break the rules • Explore your intuition • Reexamine failure and accidental results

  19. Search Multiple Sources& Fact Check • Immerse Yourself • Specific Information • General Information Sources • Demographics & Trends

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

  21. The question is not what you look at but what you see.-Thoreau

  22. Which Roadto Choose? Evaluating Options

  23. Analyze Your Information • Understand Why Trends Occur • Acknowledge Intuition, but Support with Data • Make Fact Based Decisions • Recognize Learning, Adapting, and Improving easier than Complete Revolution • Avoid a Poor Choice and Survive • Consider Passing on to Someone Else • Be Patient and Persistent

  24. Scrutinize Options • Answer 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?

  25. Idea Evaluation Exercise http://www.youtube.com/watch?v=HpvEF_GIhmw

  26. MappingYour Journey Planning for Your Venture

  27. Major Factors to Consider Entrepreneur Idea Opportunity Assets Numbers FUTURE

  28. Entrepreneur • Experience in industry settings, jobs, or situations similar to proposed venture • Resources (cash, equipment, patents, savings, contacts, etc.) you will invest • Education, training, skills, or savvy

  29. Why Management Matters • Apple and Steve Jobs • 1971 – Apple established • 1985 – Jobs was asked to resign • 1996 – Jobs returned • 1997-2011 – Jobs CEO

  30. Idea • Ways 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.

  31. Why Model Matters • Whatever you think your business model is when you start, you are wrong. • Colin Angle – Co-founder and CEO of iRobot

  32. Opportunity • Current 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.

  33. Why Market Matters?

  34. Assets • Availability 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.

  35. Why Money Matters

  36. Numbers • Indicators 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.

  37. Why Margin Matters

  38. Realistic Expectations • Major activities/efforts needed to move forward – when, expected outcomes & success measures. • Critically important steps. Biggest challenges/hurdles. • Additional inputs (money, people, equipment, effort).

  39. Why Motivation Matters • "Success is a lousy teacher. It seduces smart people into thinking they can't lose.“ • Bill Gates

  40. Next Steps Understanding the Accelerator

  41. Next Steps • Identify Preferred Business Opportunity • Review and Consider Accelerator Application • Meet with Counselor for Help Responding to Application Form • Submit Completed Accelerator Application • Work with Organizations as Referred

  42. Tools and Resources TBDC Facebook Page facebook.com/LATechTBDC / http://tbdc.latech.edu/ • http://tbdc.latech.edu/news/fyi-find-your-idea-november-workshops

  43. Questions? Technology Business Development Center Louisiana Tech University P.O. Box 3145, Ruston, LA 71272 Phone: (318) 257-3537 Fax: (318) 257-4442 Email: tbdc@latech.edu

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