1. The University of Dayton FLYER PITCH Competition
Defining the Problem and Framing it for the Judges

2. Entrepreneurs solve problems for people
They identify an opportunity
They figure out how to develop a business about that opportunity
They persuade other people to provide resources for the new business
The key thing about solving the problem is that it has to be worthwhile to everyone involved.
Ideally, you solve a problem at a price that is profitable to you and your employees, that people feel is a good value.

3. What is an Opportunity? An Opportunity has four elements
Newness (Product/Service/Process)
Potential for profit/benefit/advantage
Legitimized by society and stakeholders
Technical feasibility
DEF: An opportunity leads to the development of something new that society will accept, that has potential to be accomplished in a beneficial manner.
An Opportunity must have all four elements
Newness by itself is only a concept or idea.
Lacking profit or potential means it isn’t worth pursuing
If it isn’t technically feasible it is merely wishful thinking
(but solving that can lead to an opportunity)
Magic isn’t technically feasible, but would be very profitable—just ask J.K. Rowling

4. What do judges want to see in a problem?

5. What do Judges want to see?
An idea they “can get” quickly
--It will seem viable more easily.
A problem that needs solving. The bigger/more severe, the better.
A solution to the problem, that is profitable as well. This is the opportunity. What is the business model?
A solution that can be expanded, replicated, scaled, or otherwise rolled out.
This shows growth
What is the key insight to the idea?
It is what makes the idea really work—why it is clever, novel, useful
We’ll touch on all of these with our coaching sessions.

6. Identifying the problem

7. Start with the problem to be solved Three questions to be asked
Do people know they have a problem?
Do they need education, are they busy trying to solve it, do they seek out solutions, but are dissatisfied?
How important is it to them to be solved?
How many people does it directly affect? Indirectly?
How do people currently solve the problem?
(the answer could be “they live without it”)
List the current solutions, and describe their pros and cons
Don’t start with the solution, or you’ll waste a lot of time.
Once you have a list of how people currently solve their problem, ask one more question:
What are the 3-4 key parts of the decision-making process (hint: price is normally one of them)?
Those 3-4 key parts help frame the problem

8. Utility and problems
Many problems are really about the hassle of having to make trade-offs
The next slide categorizes three common trade-offs: time, space, money.

9. Time/space/cost: Going high and low
People with MORE
Time:
Will DIY
Will sell their place in line
Will wait for a bargain
Space
Will buy in bulk
Will not pay a premium
Money
Will pay for premium brand
Will not wait—want it now
Will pay for assembly
Will pay for customization
People with LESS
Time:
will seek shorter products
Will pay a premium
Will pay to jump the queue
Space
Will accept less features
Might pay a premium
Money
Will wait
Will DIY
Will accept more commodity

10. What constraints exist? What types are they?
Legal
Financial
Cultural
Technical
Tradition
Each of the above can drive the three trade-offs