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Opportunity Assessment Workshop: Unlocking Your Startup Potential

Join Prof. Steve Tello & Prof. Tom O’Donnell for a session on assessing entrepreneurial opportunities and building team skills. Learn about the $25K Idea Challenge and how to craft a winning pitch. Discover the difference between an idea and an opportunity. Gain insights into defining problems, understanding users, analyzing competition, and more. Get ready to develop innovative solutions and make a difference. Don’t miss out on this valuable workshop!

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Opportunity Assessment Workshop: Unlocking Your Startup Potential

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  1. Workshop II: Assessing Opportunities Prof. Steve TelloProf. Tom O’Donnell

  2. Tonight’s Agenda • 6:00 – 6:15 Welcome Back, Challenge Questions • 6:15 – 7:00 Identifying/Assessing Opportunities • 7:00 – 7:30 Team Building

  3. $25K Idea Challenge Update! • No. of Applications to date • All Applications due online Feb. 24!Where do I submit my application?Can I change my application?Can I enter two different companies?Other questions? • 6 weeks Preliminary Pitch off – April 4

  4. Problem/Solution Model

  5. Deliverable • Prepare a 3-5 minute Rocket Pitch, Project Executive Summary and Poster • Rocket Pitch Format • Problem • Opportunity • Solution • Resources • Build your online E-Portfolio

  6. Step I – Define the Problem • Clearly state the problem you want to solve • Define who is affected by the problem • Specifics count here! • Who? How many? What color are their eyes? • How are they affected? • How important is it to solve this problem? • Details are important • Best way to find this information: • Research & Talking to People

  7. Paper Marker Brains Step I – Define the Problem PROBLEM WHY? WHO? HOW MANY? HOW?

  8. Step I – Define the Problem

  9. Answering the Questions • Where did you find your answers? • Any surprises? • Any challenges? • Has this exercise improved your understanding of the opportunity?

  10. Assessing Opportunities • What is the difference between an Idea and an Opportunity? • IDEA • May be beautiful, but exists in your head • Unrealized, Untested

  11. Step II: Assessing Opportunities • Opportunity- a favorable set of circumstances that creates a need for a new product, service, or business. • Opportunity gap – identifying a missing piece, a need, and a new way to address the gap. • Not driven by a desire to make and sell. Not an IDEA. • Driven by your ability to fulfill a market need and the markets interest in your solution – A two-way street

  12. Assessing Opportunities – Potential Users • Numbers, Numbers who has numbers? • How many people are affected by the problem? • What are their ages? Sex? Income? Profession? • Where do they live? Work? • What is their education level? • Do you have numbers yet?

  13. Assessing Opportunities – Potential Users • Numbers are helpful in order to estimate the size of the opportunity • Help you to assess scale of your production and distribution effort • Also help to determine first customers or users • Numbers are best organized and reviewed in tables and graphs

  14. Assessing Opportunities – Potential Users • Numbers are best organized and reviewed in tables and graphs

  15. Assessing Opportunities – Potential Users • Who are your users or customers? • Use your paper and marker to develop a picture of your user groups • Use graphs and images to provide a sense of relative size Paper Marker Brains

  16. Assessing Opportunities - Competition • How is the problem currently addressed? • Who is currently addressing this problem? How big is their market share? • How effective is the current solution? Is there a GAP? • How can current solutions be improved upon? • How could your solution be different?

  17. Assessing Opportunities - Competition • Use your paper and marker to develop a picture of your competition, potential competition or substitute product • Try to provide a sense of their relative size and how important this opportunity is to competitors

  18. What’s Next? • Feb. 24th, Idea Challenge applications due • Feb. 28th, 6-7:30 PM Develop Solutions workshop will examine business models and solutions. Dr. Kijewski

  19. Upcoming Events

  20. Contact Us • differencemaker@uml.edu • www.uml.edu/differencemaker • @difference_uml

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