2005 MBA Technology Transfer Challenge

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(No Transcript)
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Welcome
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Agenda

• About the Center
• Ideas Challenge Overview
• Finding an Idea
• Questions and Answers
• Wrap Up

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About CNVE

• Business Extension Service
• Providing encouragement, education, networking
  and assistance to students, faculty and Texas
  businesses.
• To help develop and support an entrepreneurial
  culture on our campus and in our state.

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CNVE Programs

• Student Focused
• Classroom speakers.
• Executive Interaction Perspectives and Conn
  Award.
• Projects.
• Competitions.
• Faculty
• Commercialization assistance.
• Texas Businesses
• Business Assistance.
• Networking.
• Information.

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IdeasChallengeOverview
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Ideas Challenge

• Campus-wide program asking
• Whats your big idea?
• New Product
• New Service
• New Company
• Ideas are judged by members of the business and
  academic communities.
• Cash prizes awarded.

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Why We Do This

• Students
• Encourage entrepreneurial thinking.
• Real world feedback on your idea.
• Skills development.
• Nice resume addition.
• Cash prizes and recognition.
• Texas AM
• Showcase our students.
• Develop entrepreneurial culture.
• Involve business community in AM activities.

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How it Works

• Student develops bright idea.
• Student completes two forms.
• Student submits forms.
• Judging panel selects top 40 ideas as finalists.
• Finalists present to judging panel.
• Judges vote on top 10 ideas.
• Awards and networking reception.

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Prizes

• First Place
• 3,000
• Pro bono provisional patent application.
• Second Place
• 2,000
• Pro bono provisional patent application.
• Third Place
• 8 prizes of 1,000

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Key Dates

• 1/28 Workshop 1
• 2/18 Workshop 2 Rudder 701, 630-8 PM
• 2/25 Workshop 3 Koldus 110, 630-8 PM
• 3/28 Submission deadline
• 4/14 Finalists notified
• 4/20 Finalist workshop
• 4/30 Presentation Day Awards

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Submitting Your Idea

• Ideas are submitted in writing.
• Complete an entry form and terms conditions
  form.
• www.cnve.org
• Limited to 1000 words. No more!
• Ideas must be submitted by
• March 28, 2008.
• 5 pm.
• Email to cnve_at_mays.tamu.edu

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Entry Form

• Word Document.
• Covers
• Identification.
• Idea title.
• 2-minute drill.
• Customers.
• Competition.
• Suppliers.
• Benefits.
• Goals.

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Terms Conditions Form

• Word document.
• Agreement between you and CNVE
• It is your idea.
• We will maintain confidence.
• Ability to publicize winners.

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Who is Eligible

• Any registered student on the College Station
  campus.
• Freshman to doctoral students!
• Agriculture to Zoology!
• Team or individual entries.

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Resources

• CNVE Website
• Overview and Guidelines
• Entry Form
• Terms Conditions Form
• Workshops

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Finding anIdea
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Finding and Developing a Business Idea

• I was seldom able to see an opportunity until it
  ceased to be one (Mark Twain)
• Developing a business idea is a fluid process of
  learning and adaptation
• Ideas never burst forth, ready to be implemented.
• Ideas tend to evolve in fits and starts, guided
  by the learning of the entrepreneur.

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Finding and Developing a Business Idea

• Be patient. Good ideas take time to develop.
• Good ideas have balance.
• They have attractive cost structures on the
  production and delivery side.
• They add or create significant value for the
  user.
• Question What does it mean to have the best
  product?

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Finding and Developing a Business Idea

• Best is always in the eye of the beholder.
• There are many, many criteria on which to
  conclude that one product is better than
  another.
• At a minimum, a good business idea is a product
  or service that can be sold (and will be in
  demand) at a price above cost.

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Finding and Developing a Business Idea

• The better mousetrap fallacy.
• The being there first fallacy.
• The need for secrecy fallacy
• If all you have is a good idea, you dont have
  much.
• It takes drive and perseverance to make it
  happen.
• Without the entrepreneurs drive and
  perseverance, most ideas arent worth stealing.

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Finding and Developing a Business Idea

• Good ideas usually start with a problem.
• Sources of problems
• Your own life, and those of your friends.
• Your work.
• Trade shows.
• News sources Television, magazines, trade
  publications (Oliver Murphy says CNN).
• Bug List Keep a list of things that bother you
  (or that you see bothering others), and review it
  often.

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Finding and Developing a Business Idea

• Sometimes, good ideas start with an opportunity,
  but be careful.
• Example Something is a nuisance for someone
  else, so you can get a lot of it at a low price.
• Opportunities often lose their attractiveness
  upon closer examination.
• Usually, the idea will also have to provide a
  solution to one or more end-user problems.

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Finding and Developing a Business Idea

• No business idea is good if it involves a
  product or service that cannot be delivered to
  users at an acceptable price or cost.
• Sometimes, advances in technology change
  previously infeasible products or services into
  feasible products or services.
• Keep a watch on changes in technology.

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Finding and Developing a Business Idea

• Ideas and secrecy
• In the Ideas Challenge, we pledge to keep your
  idea secret.
• We do that because it is important to you, not
  because we think someone will steal your idea.
• If your idea is to ever become a viable business,
  you will have to talk to others about it a lot
  of others!

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The 4 Anchors of a Good Idea

• The idea adds significant value to the user it
  solves an important problem, or meets a
  significant want or need, and the user is willing
  and able to pay for it.
• The idea is economically attractive it has high
  margins, low fixed costs, and good cash flows.
• The idea is competitively attractive it goes up
  against weak, disinterested, or disorganized
  competitors, and is hard to copy or imitate.
• The idea fits the entrepreneurs life goals,
  values, knowledge and skills.

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Questions
?
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Wrap Up

• Benefits of participation.
• Entry deadline March 28 at 5 PM.
• Must submit two forms from CNVE website.
• Must be able to articulate idea in 1000 words or
  less.
• Get going3,000 is waiting for you!

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Thank You
!
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Key Dates

• 1/28 Workshop 1
• 2/18 Workshop 2 Rudder 701, 630-8 PM
• 2/25 Workshop 3
• 3/28 Submission deadline
• 4/14 Finalists notified
• 4/20 Finalist workshop
• 4/30 Presentation Day Awards