Science, Technology and Entrepreneurship: Turn a great idea into a business!

Here’s how you do it: Idea generation Marketing your idea Selling your idea Protecting your idea

Along the way from idea to business, you’ve got to be: Creative Problem-Solver Decision-Maker Risk-taker Leader Now you’re thinking like an entrepreneur!

The Slinky® Story Slinky®’s success as a toy began as an accident. A naval engineer was trying to develop a special spring for submarines. His child knocked over a spring that happened to be at the top of the stairs and the spring ‘walked’ down the stairs. The naval engineer’s wife took the spring to toy stores to do an in-store demonstration. She sold 300 Slinkys® the first evening!

Take a chance – don’t be afraid of being wrong. Role-play – pretend you are someone or something other than who you are.

Relax, have fun, and kid around – humour and fun allow the mind to venture down new and untravelled paths. Practice thinking up new ideas – for every problem or challenge that you see, hear about, or come up against.

Day Dream – pretend you are someone or something other than who you are. Look at two things that are totally unrelated – try to link them together in a new, innovative way.

Ask lots of questions – and them listen to the answers. Tackle an existing problem – but from an entirely new perspective. Write down all of your ideas – don’t let them get away.

Know your market – find out who your market is and where they hang out. Match your market – create partnerships with businesses who have similar clients.

Use traditional advertising methods – like print, television, and radio. Network, network, network – never underestimate the power of meeting and talking to other entrepreneurs.

Giveaways – everybody loves free stuff! Use non-traditional forms of advertising, such as having a car painted with your logos – sometimes the crazier the idea, the more attention you’ll get.

Publicity stunts such that your company could get mentioned on the news – think of Sir Richard Branson, owner of Virgin Media. Create a logo that stands out and put it on everything – your website, your correspondence, your business cards.

Get it out there – your product won’t sell if it’s hidden in a drawer. Create a buzz with free publicity – send news releases to local media outlets.

Meet with your clients – sometimes the crazier the idea, the more attention you’ll get. Create a demand for your product – create a customer base by selling to smaller companies at the start.

Offer discounts – especially to clients purchasing large quantities, or if they are repeat clients. Consider offering companies exclusive rights – especially if your product or service is unique. Make your pitch informative and concise – buyers can be convinced in a short period of time.

If you are going to make money from your idea, intellectual property (IP) rights are essential. IP gives you the right to sell, license, or give your product away. IP also protects you if someone takes and develops your idea. The following are some ways IP can protect you.

Non-Disclosure Agreements A non-disclosure agreement means that the person you discuss your idea with agrees to keep the information confidential. Patents A patent is the ownership rights for new inventions or a new improvement to an existing invention.

Trademarks Trademarks are words, symbols or designs (or a combination of these) used to distinguish your invention from others in the marketplace. Copyright A copyright gives you the right to publish and reproduce your literary, musical or artistic work.

A great resource for Nova Scotian inventors: Canadian Intellectual Property Office (An Agency of Industry Canada) 1575 Brunswick Street Halifax, Nova Scotia, B3J 2G1 Toll Free: Internet: