GEN302 Fundamentals of Innovation & Entrepreneurship - Emirates College of Technology
General Idea: Small startup of business (new ‘not exist' to the market)
Idea of my business:HOMEMADE SOAPS
• 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. Project Plan
B. Concept and Vision and Mission Statements
» 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 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?
C. Market Analysis(Add charts & data & tables & photos)
» 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 is 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.
D. Product (or Service) Design and Development Plan.
If you're developing a completely new product or service, you need to include a section in your business plan that focuses on the status of your development efforts.
a. The sections to include in this portion of the plan include: Development Status and Tasks, Challenges and Risks, and Intellectual Property.
b. Most products follow a logical path of development that includes product conception, prototyping, initial production, and full production. You should describe specifically the point that your product or service is at and provide a timeline that describes the remaining steps.
c. A prototype is the first physical depiction of a new product. A virtual prototype is a computer-generated 3D image of an idea. It displays an invention as a 3D model that can be viewed from all sides and rotated 360 degrees.
E. Customers and Customer DevelopmentYou should include both (primary (or first-hand) research and secondary research)
This is extremely important
You need to have a clear idea of who are your target customer?
The only way for you to be able to do this is to "get out of the building" and speak with your potential customers.
You will need to answer questions such as:
» What does the customer need?
» Why does the customer need it?
» What is the customer using today?
» What is the customer willing to pay for your solution?
» How will you reach this customer?
» Emphasizing primary over secondary.
F. Competition and Positioning (SWOT Analysis)
» Who else serves this customer need?
» Who might attempt to serve this market in the future?
» What advantages and weaknesses do these competitors and would-be competitors have?
» What share of the market do specific competitors serve?
» Are the major competitors' sales growing, declining, or steady?
» What are the barriers to entry for you?
» What are the barriers to entry for additional competitors?
» How could partners and allies best help you overcome competition from established enterprises or other startups?
G. Business Model
» Now that you have discovered an opportunity and talked to potential customers, how will you turn it into a business?
» How will you make money and when do you expect your venture to be profitable?
» What is the major risk to address right away (e.g., market or technical)?
» In other words, which hypothesis regarding product or market strategies need to be tested right away?
H. Financial Projections
(Write about these points but in paragraph& details table& in AED currency), but use below still in ppt
I. Learning and Adaptation.
» What did you learn and how between the time you chose the idea and producing the final presentation and written report?
» Is this idea a true opportunity or not?
Attachment:- Fundamentals of Innovation.rar