FYI Finding Your Idea!

Find Your Convert Ideas to OpportunityIdea Generation, Evaluation, & Acceleration Workshop1Acceleration IntroductionImportance of EntrepreneurshipIdea GenerationAssessing OptionsUseful Tools and ResourcesNext StepsAgenda

2Start YourEnginesAcceleration and Entrepreneurship

3Louisiana Tech and Winrock InternationalCommunity and Economic Development CapabilitiesExtend New Venture ChampionshipProposal to EDA, USDA & DRA6 Communities Joined InitiativeArcadia, Bastrop, Bernice, Delhi, Farmerville, and Springhill

Rural Jobs and Innovation Accelerator Challenge

4Rapid Growth EnterprisesGood Quality JobsRevenue from Outside RegionIndustry ClustersIT and TelecommunicationsAlternative Energy & Green BuildingBiosciencesSmall Rural N LA Communities

Acceleration Emphasis

5Business Development, Economic Growth & Job CreationStrengthen non-Metro CommunitiesExtend Resources into Rural AreasEngage More in IT, Energy & Biosciences ClustersGreater Employment Opportunities & WealthRetain Local GraduatesEconomic Benefits of Acceleration

6FYI Workshops & Community PresentationsAccelerator Advising & ApplicationTraining, Mentoring & Consulting to Plan and Pitch New VenturesRegional Competition & Follow on Support

Regional Accelerator Activities

7NameDescription of IdeaWant/Need from PresentationAccelerator Candidate Introductions

8Self-employment can triple net worthSelf-employed account for 2/3 of millionaires95% of radical innovations since WWIIMany launch businesses with $10K or lessMedian net worth of self-employed $1.9 million vs $350,100

Small Biz is Big

9Entrepreneurs create all or most net new jobsFortune 500 companies lost five million jobsHigh-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

Importance of Existing Enterprise

10Current Examples

11Future Prospects

YourLOGOHere?12

University Technologies

In-pipe radarImage through solid surfaces, concrete & clay pipe wallsPaint picture of pipe conditions similar to MRI for human bodyLicensed to co in Florida

13University Technologies

Energy cell for scavenging light and thermal energies Carbon nanotube film CNF capable of converting light and thermal energies into electricitySufficient to operate some low-power microsensors and integrated circuitsOffers potential for powering small devices hearing aids, cell phones, ipods, key fobs

14University 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 tilesEnergy scavenging through waste water, and other sources of pressure as well as natural movementStrengthened and better preserved concrete and wood building products (prior to construction or in place as restoration)

15ConstructionAheadGenerating Ideas

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YOUInternal Proficiency & PassionAcknowledge your genuine interests and true passionTake stock of your professional and personal resourcesConsider your entrepreneurial characteristics and aptitudeOTHERSExternal Observations & BehaviorsSolicit input from business associates, vendors, suppliers, customersConverse with new/different people and general publicBe originalObserve social behavior and pay attention to ordinary living

Zoom In on Ideas

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SURROUNDINGSSituations & ResponseQuestion wisdom of continuing habitual responsesExplore familiar surroundings, similar circumstances or advanced areasBreak your routineTweak the existingEXPECTATIONSAttitude & OutlookBreak the rulesExplore your intuitionReexamine failure and accidental results

Zoom Out on Ideas

19Immerse Yourself Specific InformationGeneral Information SourcesDemographics & TrendsSearch Multiple Sources& Fact Check

20Have Lots of IdeasMethod of CapturingBe OpenBuild on IdeasMultiple SolutionsSimpleDont JudgeBecome a CollectorGenerating Ideas

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

22Which Roadto Choose?Evaluating Options

23Understand Why Trends OccurAcknowledge Intuition, but Support with Data Make Fact Based DecisionsRecognize Learning, Adapting, and Improving easier than Complete RevolutionAvoid a Poor Choice and SurviveConsider Passing on to Someone ElseBe Patient and Persistent

Analyze Your Information

24Answer 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?

Scrutinize Options

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Idea Evaluation Exercise

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

26MappingYour JourneyPlanning for Your Venture

27EntrepreneurIdeaAssetsFUTURE

Opportunity

Major Factors to ConsiderNumbers28Experience in industry settings, jobs, or situations similar to proposed ventureResources (cash, equipment, patents, savings, contacts, etc.) you will investEducation, training, skills, or savvyEntrepreneur

29Why Management MattersApple and Steve Jobs1971 Apple established1985 Jobs was asked to resign1996 Jobs returned1997-2011 Jobs CEO

30Ways 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.Idea

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

32Current 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.

Opportunity

33Why Market Matters?

34Availability 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.Assets

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Why Money Matters

36Indicators 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.

Numbers

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Why Margin Matters

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

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

40Next StepsUnderstanding the Accelerator

41Identify Preferred Business OpportunityReview and Consider Accelerator ApplicationMeet with Counselor for Help Responding to Application FormSubmit Completed Accelerator ApplicationWork with Organizations as ReferredNext Steps

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TBDC Facebook Pagefacebook.com/LATechTBDC /

http://tbdc.latech.edu/

http://tbdc.latech.edu/news/fyi-find-your-idea-november-workshopsTools and Resources

43Technology Business Development CenterLouisiana Tech UniversityP.O. Box 3145, Ruston, LA 71272Phone: (318) 257-3537Fax: (318) 257-4442Email: tbdc@latech.edu

Questions?

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