Welcome 8th Annual Ideas Challenge Richard Lester, Ph.D. 03

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Welcome8th AnnualIdeas ChallengeRichard
Lester, Ph.D. 03
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Agenda

• About the Center
• Ideas Challenge Overview
• Linking Idea and Opportunity
• Questions and Answers
• Wrap Up

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About CNVE

• Providing encouragement, education, networking
  and assistance to students, faculty and Texas
  businesses.
• To help develop and support an entrepreneurial
  culture on our campus.

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Mays Business School Graduate Programs PPA
Track- Entrepreneurial Leadership PPA M.S.-
Entrepreneurial Leadership Certificate in
Entrepreneurship Undergraduate Certificate in
Entrepreneurial Leadership Students approx
410 Entrepreneurship Faculty 8 Distinguished
Professor to Lecturer
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IdeasChallengeOverview
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Ideas Challenge

• Campus-wide program asking
• Whats your big idea?
• New Product
• New Service
• New Company
• Ideas are judged by members of the business and
  academic communities.
• Cash prizes awarded.

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Why We Do This

• Students
• Encourage entrepreneurial thinking.
• Real world feedback on your idea.
• Skills development.
• Nice resume addition.
• Cash prizes and recognition.
• Texas AM
• Showcase our students.
• Develop entrepreneurial culture.
• Involve business community in AM activities.

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How it Works

• Student develops bright idea.
• Student completes two forms.
• Student submits forms.
• Judging panel selects top 40 ideas as finalists.
• Finalists present to judging panel.
• Judges vote on top 10 ideas.
• Awards and networking reception.

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Prizes

• First Place
• 3,000
• Pro bono provisional patent application.
• Second Place
• 2,000
• Pro bono provisional patent application.
• Third Place
• 8 prizes of 1,000

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Key Dates

• 2/09 Workshop 1
• 3/02 Workshop 2MSC 292, 645-815 PM
• 3/09 Workshop 3-Rudder 701 645-815 PM
• 4/03 Submission deadline- 5PM
• 4/14 Finalists notified
• 4/27 Finalist workshop
• 5/06 Presentation Day Awards

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Submitting Your Idea

• Ideas are submitted in writing.
• Complete an entry form and terms conditions
  form.
• www.cnve.org
• Limited to 1000 words. No more!
• Ideas must be submitted by
• April 03, 2009.
• 5 pm.
• Email to cnve_at_mays.tamu.edu

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Entry Form

• Word Document.
• Covers
• Identification.
• Idea title.
• 2-minute drill.
• The Idea
• Customers.
• Competition.
• Suppliers.
• Benefits.
• Goals.

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Terms Conditions Form

• Word document.
• Agreement between you and CNVE
• It is your idea.
• We will maintain confidence.
• Ability to publicize winners.

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Who is Eligible

• Any registered student on the College Station
  campus.
• Freshman to doctoral students!
• Agriculture to Zoology!
• Team or individual entries.

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Resources

• CNVE Website
• Overview and Guidelines
• Entry Form
• Terms Conditions Form
• Workshops

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Finding anIdea Linked to an Opportunity
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Idea Generation

• Identify the worst business idea you can think
  of
• e.g. Chewing gum service
• Idea
• Thought, Impression, Notion
• Good idea is not necessarily a good opportunity

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Finding and Developing a Business Idea

• I was seldom able to see an opportunity until it
  ceased to be one (Mark Twain)
• Developing a business idea is a fluid process of
  learning and adaptation
• Ideas never burst forth, ready to be implemented.
• Ideas tend to evolve in fits and starts, guided
  by the learning of the entrepreneur.

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Finding and Developing a Business Idea

• Opportunity Recognition
• For me the defining act of entrepreneurship.
• Need to create an environment where you can
  encourage and generate ideas...
• ...then, the challenge becomes how to screen
  ideas to find the best opportunities.

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What is An Opportunity?Favorable set of
circumstances that creates a need for a new
product/service/business
Finding and Developing a Business Idea
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How to Identify an Opportunity

• Observing Trends
• Solve a problem
• Find a Gap

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Observing Trends
Aging Population Stimulus package Health care
costs Going Green
Threat of terrorism Water supply Unemployment
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Solve a ProblemJava Jacket
Every problem is a brilliantly disguised
opportunity Gardner
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Solve a Problem

• Bug Report
• Name _____________________________________________
  ___________________________
• Some of the most successful products are
  responses to problems or needs that someone has.
  Many entrepreneurs get ideas for new products
  from needs that they have themselves, or that
  they identify when speaking with someone.
• 1_________________________________________________
  __________________________________________
• 2_________________________________________________
  __________________________________________

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Gaps in the Marketplace
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Gaps in the Marketplace Strategic Groups
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The 4 Anchors of a Good Idea

• The idea adds significant value to the user it
  solves an important problem, or meets a
  significant want or need, and the user is willing
  and able to pay for it.
• The idea is economically attractive it has high
  margins, low fixed costs, and good cash flows.
• The idea is competitively attractive it goes up
  against weak, disinterested, or disorganized
  competitors, and is hard to copy or imitate.
• The idea fits the entrepreneurs life goals,
  values, knowledge and skills.

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Finding and Developing a Business Idea

• Be patient. Good ideas take time to develop.
  Brainstorm, research, think.
• Good ideas have balance.

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Finding and Developing a Business Idea

• The better mousetrap fallacy.
• The being there first fallacy.
• The need for secrecy fallacy
• If all you have is a good idea, you dont have
  much.
• It takes drive and perseverance to make it
  happen.
• Without the entrepreneurs drive and
  perseverance, most ideas arent worth stealing.

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Finding and Developing a Business Idea

• Ideas and secrecy
• In the Ideas Challenge, we pledge to keep your
  idea secret.
• We do that because it is important to you, not
  because we think someone will steal your idea.
• If your idea is to ever become a viable business,
  you will have to talk to others about it a lot
  of others!

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Questions
?
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Wrap Up

• Benefits of participation.
• Entry deadline April 3 at 5 PM.
• Must submit two forms from CNVE website.
• Must be able to articulate idea in 1000 words or
  less.
• Get going13,000 is waiting to get spent!

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Key Dates

• 2/09 Workshop 1
• 3/02 Workshop 2MSC 292, 645-815 PM
• 3/09 Workshop 3-Rudder 801 645-815 PM
• 4/03 Submission deadline- 5PM
• 4/14 Finalists notified
• 4/27 Finalist workshop
• 5/06 Presentation Day Awards

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Thank You
!