Find Your

Convert Ideas to OpportunityIdea Generation, Evaluation, & Acceleration Workshop

Acceleration Introduction Importance of Entrepreneurship Idea Generation Assessing Options Useful Tools and Resources Next Steps

Agenda

Start YourEngines

Acceleration and Entrepreneurship

Louisiana Tech and Winrock International◦ Community and Economic Development

Capabilities◦ Extend New Venture Championship

Proposal to EDA, USDA & DRA 6 Communities Joined Initiative

◦ Arcadia, Bastrop, Bernice, Delhi, Farmerville, and ◦ Springhill

Rural Jobs and Innovation Accelerator Challenge

Rapid Growth Enterprises◦ Good Quality Jobs◦ Revenue from Outside Region

Industry Clusters◦ IT and Telecommunications◦ Alternative Energy & Green Building◦ Biosciences

Small Rural N LA Communities

Acceleration Emphasis

Business Development, Economic Growth & Job Creation

Strengthen non-Metro Communities Extend Resources into Rural Areas Engage More in IT, Energy & Biosciences

Clusters Greater Employment Opportunities &

Wealth Retain Local Graduates

Economic Benefits of Acceleration

FYI Workshops & Community Presentations Accelerator Advising & Application Training, Mentoring & Consulting to Plan and

Pitch New Ventures Regional Competition & Follow on Support

Regional Accelerator Activities

Name Description of Idea Want/Need from Presentation

Accelerator Candidate Introductions

Self-employment can triple net worth Self-employed account for 2/3 of

millionaires 95% of radical innovations since WWII Many launch businesses with $10K or less Median net worth of self-employed $1.9

million vs $350,100

Small Biz is Big

Entrepreneurs create all or most net new jobs Fortune 500 companies lost five million jobs High-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

Current Examples

Future Prospects

YourLOGOHere?

University Technologies In-pipe radar Image through solid surfaces,

concrete & clay pipe walls Paint picture of pipe conditions

similar to MRI for human body Licensed to co in Florida

University Technologies Energy cell for scavenging

light and thermal energies Carbon nanotube film CNF

capable of converting light and thermal energies into electricity

Sufficient to operate some low-power microsensors and integrated circuits

Offers potential for powering small devices – hearing aids, cell phones, ipods, key fobs

University 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 tiles

Energy scavenging through waste water, and other sources of pressure as well as natural movement

Strengthened and better preserved concrete and wood building products (prior to construction or in place as restoration)

ConstructionAhead

Generating Ideas

YOU◦ Internal Proficiency & Passion

Acknowledge your genuine interests and true passion Take stock of your professional and personal resources Consider your entrepreneurial characteristics and aptitude

OTHERS◦ External Observations & Behaviors

Solicit input from business associates, vendors, suppliers, customers

Converse with new/different people and general public Be original Observe social behavior and pay attention to ordinary living

Zoom In on Ideas

SURROUNDINGS◦ Situations & Response

Question wisdom of continuing habitual responses Explore familiar surroundings, similar circumstances

or advanced areas Break your routine Tweak the existing

EXPECTATIONS◦ Attitude & Outlook

Break the rules Explore your intuition Reexamine failure and accidental results

Zoom Out on Ideas

Immerse Yourself Specific Information General Information Sources Demographics & Trends

Search Multiple Sources& Fact Check

Have Lots of Ideas Method of Capturing Be Open Build on Ideas Multiple Solutions Simple Don’t Judge Become a Collector

Generating Ideas

The question is not what you look at

but what you see.-Thoreau

Which Roadto Choose?

Evaluating Options

Understand Why Trends Occur Acknowledge Intuition, but Support with

Data Make Fact Based Decisions Recognize Learning, Adapting, and

Improving easier than Complete Revolution Avoid a Poor Choice and Survive Consider Passing on to Someone Else Be Patient and Persistent

Analyze Your Information

Answer 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

Idea Evaluation Exercise

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

MappingYour JourneyPlanning for Your Venture

EntrepreneurIdea

Assets

FUTURE

OPPORTUNITY

Major Factors to Consider

Numbers

Experience in industry settings, jobs, or situations similar to proposed venture

Resources (cash, equipment, patents, savings, contacts, etc.) you will invest

Education, training, skills, or savvy

Entrepreneur

Why Management Matters Apple and Steve Jobs

◦ 1971 – Apple established◦ 1985 – Jobs was asked to resign◦ 1996 – Jobs returned◦ 1997-2011 – Jobs CEO

Ways 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

Whatever you think your business model is when you start, you are wrong.

Colin Angle – Co-founder and CEO of iRobot

Why Model Matters

Current 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

Why Market Matters?

Availability 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

Why Money Matters

Indicators 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

Why Margin Matters

Major 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

"Success is a lousy teacher. It seduces smart people into thinking they can't lose.“◦ Bill Gates

Why Motivation Matters

Next StepsUnderstanding the Accelerator

Identify Preferred Business Opportunity Review and Consider Accelerator

Application Meet with Counselor for Help Responding to

Application Form Submit Completed Accelerator Application Work with Organizations as Referred

Next Steps

TBDC Facebook Pagefacebook.com/LATechTBDC /

http://tbdc.latech.edu/

http://tbdc.latech.edu/news/fyi-find-your-idea-november-workshops

Tools and Resources

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

 

Questions?