1. Prof. Steve Tello Prof. Tom O’Donnell Workshop II: Assessing Opportunities

2. Tonight’s Agenda 6:00 – 6:15Welcome Back, Challenge Questions6:00 – 6:15Welcome Back, Challenge Questions 6:15 – 7:00Identifying/Assessing Opportunities6:15 – 7:00Identifying/Assessing Opportunities 7:00 – 7:30 Team Building7:00 – 7:30 Team Building http://www.uml.edu/differencemaker

3. $25K Idea Challenge Update! No. of Applications to dateNo. of Applications to date All Applications due online Feb. 24! Where do I submit my application? Can I change my application? Can I enter two different companies? Other questions?All Applications due online Feb. 24! Where do I submit my application? Can I change my application? Can I enter two different companies? Other questions? 6 weeks Preliminary Pitch off – April 4 6 weeks Preliminary Pitch off – April 4 http://www.uml.edu/differencemaker

4. Problem/Solution Model

5. Deliverable Prepare a 3-5 minute Rocket Pitch, Project Executive Summary and PosterPrepare a 3-5 minute Rocket Pitch, Project Executive Summary and Poster Rocket Pitch FormatRocket Pitch Format  Problem  Opportunity  Solution  Resources Build your online E-PortfolioBuild your online E-Portfolio http://www.uml.edu/differencemaker

6. Step I – Define the Problem Clearly state the problem you want to solve Define who is affected by the problem   Specifics count here!   Who? How many? What color are their eyes?   How are they affected? How important is it to solve this problem? Details are important Best way to find this information:   Research & Talking to People http://www.uml.edu/differencemaker

7. Step I – Define the Problem PROBLEM WHO? HOW? HOW MANY? WHY? Paper Marker Brains

8. Step I – Define the Problem

9. Answering the Questions Where did you find your answers?Where did you find your answers? Any surprises?Any surprises? Any challenges?Any challenges? Has this exercise improved your understanding of the opportunity?Has this exercise improved your understanding of the opportunity?

10. Assessing Opportunities What is the difference between an Idea and an Opportunity?What is the difference between an Idea and an Opportunity? IDEAIDEA  May be beautiful, but exists in your head  Unrealized, Untested

11. Step II: Assessing Opportunities Opportunity- a favorable set of circumstances that creates a need for a new product, service, or business.Opportunity- a favorable set of circumstances that creates a need for a new product, service, or business. Opportunity gap – identifying a missing piece, a need, and a new way to address the gap.Opportunity gap – identifying a missing piece, a need, and a new way to address the gap.  Not driven by a desire to make and sell. Not an IDEA.  Driven by your ability to fulfill a market need and the markets interest in your solution – A two-way street

12. Assessing Opportunities – Potential Users Numbers, Numbers who has numbers?Numbers, Numbers who has numbers? How many people are affected by the problem?How many people are affected by the problem? What are their ages? Sex? Income? Profession?What are their ages? Sex? Income? Profession? Where do they live? Work?Where do they live? Work? What is their education level?What is their education level? Do you have numbers yet?Do you have numbers yet? http://www.uml.edu/differencemaker

13. Numbers are helpful in order to estimate the size of the opportunity Numbers are helpful in order to estimate the size of the opportunity Help you to assess scale of your production and distribution effort Help you to assess scale of your production and distribution effort Also help to determine first customers or usersAlso help to determine first customers or users Numbers are best organized and reviewed in tables and graphs Numbers are best organized and reviewed in tables and graphs Assessing Opportunities – Potential Users

14. Numbers are best organized and reviewed in tables and graphsNumbers are best organized and reviewed in tables and graphs Assessing Opportunities – Potential Users

15. Who are your users or customers? Who are your users or customers? Use your paper and marker to develop a picture of your user groups Use your paper and marker to develop a picture of your user groups Use graphs and images to provide a sense of relative size Use graphs and images to provide a sense of relative size Assessing Opportunities – Potential Users Paper Marker Brains

16. Assessing Opportunities - Competition How is the problem currently addressed?How is the problem currently addressed? Who is currently addressing this problem? How big is their market share?Who is currently addressing this problem? How big is their market share? How effective is the current solution? Is there a GAP?How effective is the current solution? Is there a GAP? How can current solutions be improved upon?How can current solutions be improved upon? How could your solution be different?How could your solution be different? http://www.uml.edu/differencemaker

17. Assessing Opportunities - Competition Use your paper and marker to develop a picture of your competition, potential competition or substitute product Use your paper and marker to develop a picture of your competition, potential competition or substitute product Try to provide a sense of their relative size and how important this opportunity is to competitors Try to provide a sense of their relative size and how important this opportunity is to competitors

18. What’s Next? Feb. 24 th, Idea Challenge applications dueFeb. 24 th, Idea Challenge applications due Feb. 28 th, 6-7:30 PMFeb. 28 th, 6-7:30 PM Develop Solutions workshop will examine business models and solutions. Dr. Kijewski Develop Solutions workshop will examine business models and solutions. Dr. Kijewski http://www.uml.edu/differencemaker

19. Upcoming Events

20. Contact Us differencemaker@uml.edudifferencemaker@uml.edudifferencemaker@uml.edu www.uml.edu/differencemakerwww.uml.edu/differencemakerwww.uml.edu/differencemaker @difference_uml@difference_uml