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Application Workshop February 6, 2009

Sabin Environmental Prize. Application Workshop February 6, 2009. A good application will. Describe the idea / opportunity Explain how you will execute on it. Sabin Criteria. Market Assessment Customer (demand) appeal Environmental Benefit Innovative Feasibility Team Financials.

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Application Workshop February 6, 2009

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  1. Sabin Environmental Prize Application Workshop February 6, 2009

  2. A good application will • Describe the idea / opportunity • Explain how you will execute on it

  3. Sabin Criteria • Market Assessment • Customer (demand) appeal • Environmental Benefit • Innovative • Feasibility • Team • Financials

  4. A Good Application • Is as important as the idea itself This is all the judges will see

  5. Quality is Critical > Exciting or unique content > Thorough -- thought about details > Well written – easy to understand

  6. This is NOT a Research Report Avoid an application that is: • Too academic or technical • Dense, hard to read, hard to follow • Too long You can stand out – with a clear, concise, easy to read application

  7. Most Student Writing Too academic • Long-winded – to use up space • Long words – to impress professors • Too technical – to daze and confuse?

  8. The Judges have Day Jobs! Consider your Audience: They want applications: • With relevant information • Concise • Easy to read • Quick to read

  9. The Judges have Day Jobs! Consider your Audience: They do not want: • Really long term papers • With lots of repetition • Dense paragraphs • And tons of footnotes

  10. Lots of Foot Notes Things to Avoid Don’t do this: Do this: According to a 2003 study by Euromonitor, more than 50% of women would pay more for comfortable high heeled shoes. More than 50% of women would pay more for comfortable high heeled shoes.1 [1] Euromonitor report on Footwear in the USA. June 2003.

  11. Using Lots of Acronyms & Jargon Things to Avoid The best strategy is to file a PMA application after receiving an OUS indication. Then complete an IDE study and submit the PMA to the FDA. Huh??

  12. Imbedding Links into the Text Things to Avoid According to a report http://www.nytimes.com/2009/02/01/us/politics/01assess.html , the new stimulus plan will not work.

  13. Unsubstantiated Hype For Good Writing – Leave out “ Paradigm Shift Inc will revolutionize the industry with its game changing strategies.” • Why should I believe you? • What does this even mean? Huh?

  14. Avoid Verbs in Passive Voice • Academic writing disease “ The dog was seen by Jane. ” “ Jane saw the dog. ” Avoid Passive Verbs

  15. Application Format One page Executive Summary Aim for a main body of 12 – 15 pages Appendices for extra data Must have -- great writing Easy to read Easy to understand

  16. Good Writing -- Keep It Simple • Short words • Short sentences • Short paragraphs

  17. No one can read micro fonts and if you use them, no one will read your Report Style, Fonts and Format • Use same layout style, margins throughout • Use same font -- Times Roman or Arial • Use big font size -- Arial 12 or Times 13, etc. Use Big Fonts

  18. Break Up Dense Text Use bullet point lists • Smart • Lucky • Rich • Famous Use Charts

  19. Keep Tables Simple & Clear

  20. Good Things • Numbers! Quotes! Sources! • Details -- explain what you mean • Short words, sentences, paragraphs • Bulleted lists • Pictures, graphs, simple tables • Relevant research

  21. A good application • Describes the idea / opportunity • Explains how you will execute on it

  22. One Page Executive Summary • What is your idea? • How big is the opportunity? • Uniqueness -- what is special? • What is the environmental benefit • Team -- experience & Yale connection

  23. The Market Assessment How large is it ? Is it growing ? By how much ? What are the gaps, needs, opportunities ? 23

  24. Caution: Look at the Right Market! The U.S. tent market -- is $100 million We make: high-end, hiking tents In 5 years, we will ship $5 million in tents We only need 5% of the market, right ? 24

  25. Wrong! $5 million in sales = 50 % of market, not 5 % 25

  26. Another Example GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website. Cleaning product sales in the US were $28 billion in 2008.

  27. GreenCleaning’s Market • Green cleaning products • Say, 5% of all cleaning products • $1.4 billion • Sell them (not make them) • Say, for a 10% commission $140 million - not $28 billion!

  28. Non-profit Market Size • People helped • Costs avoided • Lives saved Use data, numbers!

  29. Research the “Demand Appeal” • Who are the customers? • Demographics? • How many are there? • What do they want? • What can you do for them? Find out!

  30. The Product -- or the Service Develop a “strawman” -- one page • What does it do ? • How does it work ? • List the main features • List main benefits -- to customers

  31. Use the Product Description to: • Conduct interviews • Do surveys • Ask customers if they want your product !

  32. Find Out: > Do they like your product ? > Will they buy/use it when it is ready ? > What price will they pay ? > Do they have any issues / concerns ?

  33. Interviews • Make up a questionnaire • Send in advance -- or bring with you • Take good notes • Do as many as you can

  34. Surveys • Survey Monkey = online survey product • Easy, nice looking • Includes analysis tools • Free for short, simple surveys • Keep your survey short, simple • Test your survey before sending!

  35. For Your Application • Describe customer • Include secondary research data • Quote yourinterviews • Present your survey data

  36. What is Innovative? How is your idea – unique? What is different from the competition? How is it different – from alternatives? 36

  37. The Competition Who are the competitors ? How do they compete ? How are you different ? 37

  38. What is Innovative? Always more competition - than you think Compare major features of your product > To all competitors’ products > To doing things “the old way” 38

  39. Beware the Status Quo People hate to change Or to pay -- for what was free 39

  40. Construct a Competitor Grid

  41. If your Grid Looks like this…. X X X X X X X X Buyer has no reason to switch -- probably won’t 41

  42. Key Avenues For Investigation • Why has no one done this before ? • Technology didn’t exist? • New regulations or incentives? • It won’t work for some reason….?

  43. The Product • Fresh farmed tilapia fillets • “Seafood Safe” and Organic • 100% organic feed • Purified and filtered re-circulated water

  44. Market Drivers - over 3 years: • US seafood consumption up 12% - $12 billion • US tilapia consumption up 110% - $400 million • Demand for organic meat & fish up 120% Over 70% of Americans would by organic seafood if available; 60% ‘strongly prefer’ domestic

  45. Customers • Suppliers of restaurants, grocery & fish stores • Also, Trader Joe’s, Whole Foods

  46. Talking to customers: • 450 chefs and 150 retailers • Majority prefer environmentally responsible fish • Local restaurant owner: “customers care” • Distributor: “Not enough good farms”

  47. Competition • 96% of tilapia – imported, mostly frozen, not organic • Most US farm-raised – small, not organic The Good Fish tilapia will be more expensive vs. competitors

  48. Sabin Workshop Feasibility

  49. A good application will • Describe the idea / opportunity  • Explain how you will execute on it

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