GEN302 Fundamentals of Innovation & Entrepreneurship - Emirates College of Technology
In this project, student team should pick an idea and use the time to determine whether or not their idea is a true opportunity that can be turned into a scalable enterprise. Students will use the study questions to guide this exercise.
• Identify potential opportunities.
- Combine your own personal experiences and creativity with external forecasts and trend analysis. How is the world changing with respect to new technologies?
- What is the impact of globalization on current solutions?
- What new requirements will those changes produce?
- Recent media articles on trends are often a good place to start.
• Define your purpose and objectives.
- Identify your most promising opportunity, being careful to discriminate between an interesting technological idea and a viable market opportunity.
- Prepare an outline which will help you to determine what types of data and information you need to demonstrate the attractiveness of your chosen opportunity.
• Gather data from primary sources.
- It is crucial for you to obtain data from primary sources.
- Potential investors will place more trust in well conducted primary research than in stacks of data from secondary sources.
- There is simply no substitute for talking to potential customers from the target market in order to validate the opportunity you have identified.
- Consequently, we prefer that you spend time gathering data from primary, not just secondary, sources.
• Gather data from secondary sources.
- Countless secondary sources exist on the web and in your college's various library resources.
- Try not to get too bogged down in financial and accounting data.
• Analyze and interpret the results.
Persuasively summarize your results.
In your written analyses and presentations, you will tell the "story" of your proposed venture by addressing as much of the following as possible:
A. Concept and Vision. Where did your idea come from (e.g. a university lab)? Explain what the market opportunity is and how your solution addresses this. What makes your solution particularly compelling? How does it make the world a better place? Do you have personal experiences with this market? Is there existing intellectual property that you must license or new intellectual property you must develop in order to pursue this opportunity? Has anyone tried something like this before? If so, why did they fail or succeed, and why is the opportunity still attractive?
B. Market Analysis. What industry or sector of the economy are you addressing? Why is this market attractive? What segment of the overall market are you pursuing? What market research can be done to describe this market need? What are the total industry or category sales over the past three years? What is the anticipated growth for this industry? If this is a new market, what is the best analogous market data that illustrates the opportunity? Project the potential market size and growth for your opportunity.