High Impact Growth Strategy (HIGS) Two-Day Workshop Generation of Information & Communication Technology (ICT) Business Opportunity Profiles
Introductions • Workshop Facilitators • Dr. Basil G. F. Springer GCM Change-Engine Consultant, CBET Inc. • H. Peter Mansel MBA, President and Co-Founder 4P Group Inc. • Participants • Please introduce yourself one at a time • Name • Country • Institution • Position
Workshop Agenda • Day 1 Morning Programme • 09.00-09.45 Welcome and Introductions • 09.45-10.00 Spot an Anomaly -The Catalyst of New Ideas (Section 1) • 10.00-10.30 Turning Ideas into Commercial Realities (Section 2) • 10.30-11.00Morning Break • 11.00-11.45 CBET and its Seven Business Drivers (Section 3) • 11.45-12.00 Why Share Your Ideas – What’s In It For Me - And Protection of Your Idea (Section 4) • 12.00-13.00Lunch
Workshop Agenda cont’d • Day 1 Afternoon Programme • 13.00-14.00 Business Opportunity Profile (BOP) of a Completed CBET Business Plan – “CMCS” (Section 5) • 14.00-14.45 Global ICT Trends and Directions (Section 6) • 14.45-15.15 Caribbean ICT Trends and Directions (Section 7) • 15.15-15.45Afternoon Break • 15.45-16.15 Potential Caribbean ICT Business Opportunities (Section 8) • 16.15-16.30 What’s Your ICT Business Idea? • 16.30-17.00 Closing Session for Day 1
Workshop Agenda cont’d • Day 2 Morning Programme • 09.00-09.15 Assemble at Round Tables and Select a Team Leader • 09.15-09.30 CBET Agreement Review and Signatures (Section 9) • 09.30-10.30 Discuss ICT Ideas and Select One Major Opportunity for the Group to Develop • 10.30-11.00Morning Break • 11.00-12.00 Brainstorm and Fill out Page 2 of the BOP in your workbooks (Section 10) • 12.00-13.00Lunch
Workshop Agenda cont’d • Day 2 Afternoon Programme • 13.00-14.00 Brainstorm and Fill out Page 3 of the BOP in your workbooks (Section 11) • 14.00-15.00 Brainstorm and Fill out Page 4 of the BOP in your workbooks (Section 12) • 15.00-15.30Afternoon Break • 15.30-16.30 Team ICT Business Opportunity Presentations • 16.30-16.35 Distribute Business Opportunity Profile (BOP) Forms • 16.35-16.45 Team Leader to Fill Out Final Copy of BOP for Participant Signatures and Submission to CBET • 16.45-17.00 Workshop Closing Session and Feedback
Spot an Anomaly The Catalyst of New Ideas Section 1
For the first time … One of the hottest segments … Unprecedented … Never before … Unique … Exceptional … In the form of … Never seen … Replacing … Anomalies are the starting point for new business ideas since they reveal the first signs of change in the marketplace.
When a shift in market behaviour, technology usage or classical business alignments is reported, stay focused on the anomaly. Then assess the impact on your business or industry and evaluate if a new business idea has emerged.
How to Identify Anomalies Go to Page 9 in your Workbook
Anomaly Examples Go to Page 10 in your Workbooks
Turning Ideas into Commercial Realities Section 2
Turning Ideas into Commercial Realities • There are lots of good ideas (and even more bad ideas) around, but very few become successful businesses; • It is believed that this is because the sort of person that generates innovative ideas rarely has the skills to turn the idea(s) into reality; • There are many great ideas out there; however turning a great idea into a product or service is a complex process that few ideas complete.
Turning Ideas into Commercial Realities cont’d • Identifying Business Opportunities • Requires both systematic analysis and unstructured creativity; • It is always less expensive to examine an idea thoroughly in advance than to incur the expenses of a business failure; • An idea is an opportunity only if it has some realistic chance for success.
Turning Ideas into Commercial Realities cont’d • Develop and evaluate new business ideas • Three ways of generating business ideas are: • Assessing your own personal skills and strengths; • Researching business publications(look for anomalies); • Understanding market trends and consumer needs.
Turning Ideas into Commercial Realities cont’d • Conduct market research • If properly done, market research will help you answer important questions such as: • What types of people will buy your product? • Where do they live and work relative to where they shop? • What benefits of your product or service are most important to them? • Why do they buy? • Where do they look when deciding what to buy (newspapers, radio, television, etc.)? • What prices can they afford and what do they expect to pay? • Use Potential Customers; Other Firms in similar field; Statistics
Turning Ideas into Commercial Realities cont’d • Know your goals • Financial Independence? • Make the World a better place? • Reduce Poverty? • Image? • Self Actualisation? • Be prepared to work many hours and assume risk
Turning Ideas into Commercial Realities cont’d • Project your cash flow • Cash flow is NOT Revenue; Profit; or Money in the Bank; • It’s cash that comes from Investors; Lenders; Business Operations; or Sale of Assets; • You need sufficient cash for start-up operations and to fund operations until the business becomes self-sustaining.
Turning Ideas into Commercial Realities cont’d • Beware of Sales • Sales do not necessarily produce positive cash flow; • Understand and establish each sale's minimum required cash contribution; • You will not be in business for long if you make it a habit to sell at below cost; • Your goods or services must be priced low enough to attract the most purchases possible, while being high enough to maximise cash contribution per sale.
Turning Ideas into Commercial Realities cont’d • Be ready for change • Your competitive environment will probably change; • Your business may not remain afloat with its current set of products, services, customers and prices; • You need to anticipate the changing needs of the market, the presence of competition and the price-competitiveness of your offerings.
Who Moved My Cheese? Spencer Johnson, M.D. An A-Mazing Way To Deal With Change In Your Work And In Your Life.
Money? Respect? What is Your Cheese? Love? Work? ? What is Your Cheese? Health? Family?
Change Happens They Keep Moving The Cheese
The More ImportantYour Cheese Is To You The More You Want To Hold On To It.
Anticipate Change Get Ready For The Cheese Cheese Cheese Cheese Cheese Cheese To Move Cheese Cheese Cheese Cheese Cheese Cheese
If You Do Not Change You Become Extinct. Extinct.
Are You Ready To Change? Are you Willing To Change?
Monitor Change Smell The Cheese Often So You Know When It Is Getting Old.
Noticing Small Changes Early Helps You Adapt To The Bigger Changes That Are To Come
Adapt To Change Quickly Movement In A New Direction Helps You Find New Cheese.
Change Move With The Cheese.
What Would You Do If You Weren’t Afraid?
Enjoy Change Savor the Adventure and Enjoy The Taste of New Cheese.
When You Move Beyond Your Fear You Feel Free.
Be Ready To Change Quickly And Enjoy It Again And Again. They Keep Moving The Cheese
Turning Ideas into Commercial Realities cont’d • Prepare a Business Plan • Once you have identified an opportunity as a possible basis for a new business venture, a thorough business plan must be prepared to uncover all the ramifications of your idea before you commit time and money; • Your business plan will: • Help you to be realistic about your selected business opportunity; • Help you to identify your customers, your market, your pricing strategies and the competitive conditions under which you must operate to succeed; • Improve your ability to manage your business; • Outline your short- and long-term business goals; • Identify the amount of financing required; • Make it easier for lender, investor, employees and suppliers to assess your business's potential.
Turning Ideas into Commercial Realities cont’d • CBET provides the enabling environment to turn your profitable ideas into commercial realities (www.cbet-inc.org).
It’s Break Time Please be back within 30 minutes
CBET and its Seven Business Drivers Section 3
An Innovative Initiative CARIBBEAN BUSINESS ENTERPRISE TRUST Inc. “A Caribbean Catalyst Turning Concepts Into Commercial Realities”
CBET MISSION • Facilitate : • The generation of business ideas; • The promotion of business success; • In order to stimulate and sustain rapid global niche market growth; • In Small State economies.
The CBET Group • CBET (Parent) - Caribbean Business Enterprise Trust Inc (A Charitable Trust) • CIPC (Subsidiary) - Caribbean Intellectual Property Corporation (A Custodian Corporation) • CVIS (Subsidiary) - Caribbean Venture & Integrated Services Inc. (A For-Profit Company)
CBET DIRECTORS (12) • SIR NEVILLE NICHOLLS (CHAIRMAN) • Three Central Banks • Three Commercial Banks • Five Regional Partner Organisations
Strategic Vision 1 of 5 • Linking • Caribbean Supply and Brand • with • Global Niche Market Demand
Strategic Vision 2 of 5 Collaborative Private Sector Business Gearing System Linking Macro- Mini- and Micro- Enterprises