Jing B. Feng, PhD & Natalie Walsh Business Management fengj@farmingdale.edu
Introduction
What are we looking for? Market Opportunity Competitive Advantage Clear market need and a plan to take advantage of the need. Competitive Advantage The product or service is something unique that has a protectable competitive advantage in the proposed market. Investment Potential The business is a real investment opportunity in which an investor would consider investing.
Goals Incubate your ideas into real business plan Participate in the NYS Business Plan Competition in Spring, 2018 https://www.youtube.com/watch?v=jZXO3NAVrQE&feature=youtu.be NYSBPC Industry Categories - Social Entrepreneurship/Non-Profit - IT/Software - Clean Tech - Advanced Tech - Products - Services
Important Dates for NYSBPC Dec 15th, 2017 Deadline to submit Application https://www.farmingdale.edu/business/business-plan.shtml Feb 2nd, 9th, & 16th, 2018 Bootcamps for competition February 19th, 2018- Farmingdale campus Finals March 7th, 2018 - Long Island Regional Finals April 27th, 2018 - New York State Finals, Albany, NY
E-Fest 2018 The 25 student teams who submit the best business pitches (up to a 7-minute video and 15 presentation slides) in the preliminary competition will be invited to the national event, which will feature two Pitch Competitions, an Innovation Challenge, professional development workshops, and the e-Fest® competition finals. Student Team Submission Feb 1-23, 2018 Finalist Annouced Mar 16, 2018 E-fest 2018 Nationals Apr. 12-14, 2018
Interactive Exercise
Questions to ask What is your product or service? What is the current problem or opportunity? How does your product/service address to the problem or opportunity? Who will buy your product/service? How are you going to offer the product or service? How are you going to grow the business?
Generating a Business Idea Write down one problem or opportunity that you are aware of What product/service can address the problem?
An Example LVL – The First Wearable Hydration Monitor
Sources For Inspiration…and Information https://www.kickstarter.com/ https://www.entrepreneur.com/ https://www.inc.com https://www.growthink.com/blog