Feb. 21, 2019 Prepared by: Mark D’Onofrio Dragons’ Nest Program Feb. 21, 2019 Prepared by: Mark D’Onofrio

IDEA: an entity (such as a thought, concept or image) What is an idea? IDEA: an entity (such as a thought, concept or image) actually or potentially present to consciousness

Which technique will you choose? Why? How do you come up with ideas? Brainstorming Problem Solving Value Innovation Positives Quick and collaborative Lots of ideas More focused brainstorming Potential for mass appeal Easier to explain and market Deliver products and services that meet customer needs Potential to create new market spaces Drawbacks Effort to group and narrow down ideas Lots of opinions could sway ideas Problem might be specific to a small group / audience Values you select may be specific to a small group / audience Which technique will you choose? Why?

#1 #2 #3 #4 #5 Brainstorming Get into a group Let the ideas flow Record ideas #4 Group ideas #5 Select idea

#1 #2 #3 #4 #5 Problem Solving Pick a problem Let the solutions flow Record solutions #4 Group solutions #5 Select solution

Do more of what the customer values and less of what they don’t Value Innovation Do more of what the customer values and less of what they don’t Pick a problem, product or service #1 #2 Interview customers Record their values, likes and dislikes #3 Create a new product or service offering #4 Develop the value statement #5

What are some key questions to help validate your ideas? Customer: Who would use your product or service? How many people would use it? Why would they use it? How would they use it? How much would they pay for it? Sales & Marketing: How will you spread the word about your product or service? How will you process orders? How will you service customers? How will you measure your success? How will you get them to buy again? Competitors: Who is selling similar products or services today? How many people purchase their services? Are their existing clients happy? Why is your product or service better? Plan: What activities do you have to complete to develop you product or service? When will you hire team members? What activities do you have to complete to launch? What do you have to keep doing? Team: What skills do you have? What skills do you need to succeed? Who has the skills you need? How will you attract the best talent? Budget: What are your sales targets? How much will all the activities cost? How will you fund your plan? How much will funding cost?

This is why I’m the best entrepreneur to execute the plan. How to pitch your idea? Explain the Idea #1 30 second elevator pitch This is what I do, this is why it works and this is why it’s a huge opportunity. Sell Yourself #2 This is why I’m the best entrepreneur to execute the plan. Know Your Numbers #3 This is what I need, this is what we will make, this is how investors get paid.