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On Ideas

On Ideas. MGT 709 New Venture Creation. Agenda. Readings Elevator Pitches IceDelights EastWind. Adams On Ideas. Think you idea has to be unique? You’re deluded Good ideas are not scarce, what is rare is a team that can execute = execution intelligence

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On Ideas

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  1. On Ideas MGT 709 New Venture Creation

  2. Agenda • Readings • Elevator Pitches • IceDelights • EastWind

  3. Adams On Ideas • Think you idea has to be unique? You’re deluded • Good ideas are not scarce, what is rare is a team that can execute = execution intelligence • Want me to sign a nondisclosure? Instead, say “I’m clueless” • The 1:8:20 rule • Ideas are commodities • Getting to market first? Big deal. • Execute to dominate, not define, a market space • Think there’s no competition? You’re naïve. • I want to keep my money, laziness, and DIYers if nothing else • The existence of competition suggests that the idea itself is competitive

  4. What is a solid business concept? • A new approach to existing business processes (perhaps using new technology) • Same problem, different solution • Alternative solutions (corollaries) already exist • The garage sale as alternative to eBay • Proves there is a pain in the market • A market size of at least $1 billion (for hi tech) • You need ancillary markets • Vertical or horizontal of $1 billion each • Execution intelligence • Domain knowledge, fast-growth scar tissue, experience in hyper-competitive markets, risk management (anticipate customer pain) balanced team, leadership know-how • Not many teams have all six attributes

  5. Questions every entrepreneur must answer • Are my goals well defined? • Do I have the right strategy? • Clear definition • Profit and growth potential • Sustainable • Can I execute the strategy? • Right resources & relationships • Necessary infrastructure • Founder’s role

  6. Drivers of growth • Economies of scale, scope, or customer network • Need to lock in customers or scarce resources • Competitors’ growth • Resource constraints • Internal financing capability • Tolerant customers • Personal temperament and goals

  7. Creativity & the Business Idea • Sources of new ideas • Consumers, improving existing products/services, feedback from distribution channels, government, R&D • Methods • Focus groups, brainstorming (incl. reverse and brain writing), problem inventory analysis, free association, checklist, forced relationships… • Innovation • Breakthrough innovation is rare

  8. Other issues • Opportunity recognition analysis • Idea and competition • Market and opportunity • Entrepreneur & team • Product planning & development • Staged model • E-Commerce

  9. ELEVATOR PITCHES

  10. IceDelights • What do you think of the different paths to having your own business? • Sentry position, industry focus, do it now • What are your plans? • What do you think of their search strategy? • Was the specification sheet effective? • Is the opportunity a good one? • The market? The rewards? Career wise? • The option? The price? The support package? • What are the key success factors (and risks)? • Did they do a good job raising capital and a team?

  11. EastWind • Are Martha and Gail’s goals well defined? • Is this an attractive opportunity? • Do they have the right strategy? • Can they execute? • How should they finance the business? • How should Martha and Gail split the equity? • How should the business be organized and managed? • Aftermath?

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