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Narrowing the Field: Choosing Your Best Business Idea

Join us for an interactive session on "Narrowing the Field" at our Open Mic and Pizza Night! Discover effective strategies for evaluating and selecting your next business idea. We'll discuss how to prioritize potential ideas based on market size, capital requirements, and unique value propositions. Learn about sustainable competitive advantages, including patents and brand value. Participate in fun decision-making activities to help clarify your vision. Bring your ideas, enthusiasm, and a readiness to engage—we can’t wait to see which concepts prevail!

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Narrowing the Field: Choosing Your Best Business Idea

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Presentation Transcript

  1. Welcome!

  2. Today • Narrowing the field • Open Mic + pizza

  3. Topic 2: Narrowing the Field How do you decide which idea to pursue?

  4. Narrowing the field • How do you sort through potential ideas? • Pick which feels best • Fight for your own ideas over others’ and go with whomever wins • Darts • Flip a coin • Structured evaluation and scoring

  5. A great business idea has a combination of: • Really big market • Low capital requirements • Clear value proposition • High margins • Sustainable competitive advantage

  6. Really big market – lots of customers!

  7. Low capital requirements

  8. Clear value proposition

  9. High margins

  10. Sustainable competitive advantage

  11. What is this?

  12. Sustainable competitive advantage 1: patents

  13. What is a patent?

  14. Sustainable competitive advantage 2: scale

  15. Sustainable competitive advantage 3: brand

  16. Explicit Evaluation Criteria • Really big market • Low capital requirements • Clear value proposition • High margins • Sustainable competitive advantage

  17. Where the rubber meets the road • Are claims backed up by data? • Is the case presented coherently? • Does the team have relevant experience and passion? • Does this feel real, or just for show?

  18. Open Mic!

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