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Long before you consider joining an incubator, you must
have a clear, concise idea of your business and its value
proposition. Your objective in this stage should be to
unleash creativity and develop an idea with high potential.
What is it?
Here you must define your idea as a product, service or
innovative technology: What is your idea? Is it something
new or something that already exists? Does it improve
upon current products, services or technologies? Can it
be summarized in a sentence or two?
Who Needs It?
You must define your markets: Is your idea for businesses,
consumers or government? What types of businesses, consumers
or government organizations would use it? What characterizes
them?
Why do they need it?
You must define your value proposition: Why do your potential
markets need your idea? What will they gain by using it?
Is it imperative to their survival or is it more of a
luxury? On a scale of 1 - 10, how much do they need your
idea? Will they need your idea simply because it exists?
Where is your market located?
You must define your market region(s): Where are your
markets geographically? What are they located near? Are
they cities, suburbs, rural environments - or all of the
above? Does where you locate have any impact on where
your markets will be? Do you have to locate near your
markets? Are there any logistical issues involved with
where you locate, in terms of transportation of goods
and materials, or the type of labor force required to
make your idea work?
Why are you in a unique or advantageous position to
develop it?
What credentials do you have to develop this idea? What
kind of experience do you have that lends itself to this
idea? Are you an expert on the subject? Have you done
research? Do you already own or have access to important
resources to make this idea happen? Do you already have
key relationships in place to make this idea work?
Can this product or service really work?
Is your idea workable, from production and manufacturing
standpoints? Is it a deliverable product or service? Is
your technology fully developed or is it still very much
speculative? How far from reality is your idea? What expertise,
resources and conditions will make it possible? Will it
be easy to commercialize your idea?
Who else is offering this product or service?
What other companies are either currently developing or
marketing your idea? How commercialized is your idea thus
far? How long has it been in existence? What are your
competitors like? What resources and advantages do they
have that you don't? What advantages do you envision yourself
requiring to secure a competitive advantage in the marketplace?
Is it feasible for investment?
How feasible is your idea for investors? Is it more suitable
for private or public funding? In what ways does your
idea correspond to the goals of public and/or private
investors? Roughly how much funding will your idea require
to transform it into a viable business? How many years
will it take to realize such an investment? Does it serve
any economic development objectives? How can the investment
be realized in terms of jobs, tax revenues, economic diversity,
or community revitalization?
What other businesses would complement or supplement
it?
What other businesses or organizations would be helpful
to assist the launch of your idea? Are there suppliers
of inputs such as materials or products necessary to manufacture
your idea? Are there specialized services (i.e., consulting,
research, etc.) necessary to the manufacture of your idea?
Are there potential partners in the launch or marketing
of your product/service? |
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