idea generation and pitching 20.01.2014

ROYAL HOLLOWAY ENTERPRISE ACADEMY

Idea Generation & Pitching21.01.2014


Introductions

Ernest Choi

Elizabeth Wilkinson

Jack Smale

Callum Porter-Harris


The Programme• 21/01/2014 Launch Event: Idea Generation and Pitching

Workshop• 28/01/2014 Royal Holloway Entrepreneurs’ Night Market Practical Task• 04/02/2014 Elevator Pitching Practical Task• 11/02/2014 Company Formation and Marketing Basics Workshop with

Practical Marketing Task• 18/02/2014 WordPress for Dummies Web Design Workshop• 25/02/2014 Business Operations Workshop• 04/03/2014 Accounting and Finance Workshop• 11/03/2014 Leadership Workshop and Motivational Thinking Talk• 13/03/2014 Event Management Practical Task• 18/03/2014 Wrap-up Session• TBC Awards Ceremony


ICEBREAKER


What makes a good first business?


• Profitable• Quick to implement• Requires minimal capital investment


Five ingredients for success

1. A substantial market2. Existing technology3. An acceptable retail price point4. Ease of explanation5. User-friendliness


1. Substantial Market• Product needs to appeal to a large enough

market• No customers = no sales = no business =

a waster of time• Who is going to buy your product and

where are the customers?• Other products similar to yours indicate a

substantial market


2. Existing Technologies

• Many people underestimate the realities of creating a brand new product

• Product that require new technologies are going to virtually always be cost-prohibitive

• Take on expert advice to see if your idea is feasible


3. Acceptable Retail Price• How much will your idea cost to product?• What margin are you looking to achieve?• Compare your retail price to

similar/existing products• Retailers will only stock products that fit

into an effective price point• Products usually retail for 5x cost of

manufacturing


4. Ease of explanation• You are looking to sell

benefits not ideas• Benefits are what

motivates consumers to buy your products

• You need to be able to describe your products benefits

Case of the iPad


5. User friendliness• Customers should be able to easily

figure out what your product does• If your idea is too new or too

complex it will cost you to explain how it works to consumers in the long-run

• Marketing is hard enough as it is – therefore keep things simple


Ideas

“...the ones who are crazy enough to think that they can change the world, are the ones who do”


Idea Generation• "I'm just not creative“• Creativity is a skill• Good ideas solve problems and

challenge assumptions• Some of the best ideas were once

considered “too out there”• The more creative and ludicrous the

better


Snapshot: GoogleInterview with Tom Uglow


Mix & Match


Good idea 1: the mobile phone

+ =


Good idea 2: the smartphone

+ =


Solveit


Good idea 3: cable ties


Good idea 4: blu tack


Good idea 5: pour spout


Whatif?


• A fridge could tell you what products are about to go out of date?

• You could order a bacon sandwich for when you’re hungover?

• What if you had a razor blade that moisturised your face at the same time?


Other considerations• Use expertise you already have• Identify future trends• Bounce ideas off friends• Don’t be afraid to look at other people’s

ideas• Know your limits• Come up with a goal and work backwards


PITCHING


TASK

We’d like you to prepare an “elevator pitch” for the session on 04/02/2014 (i.e. two week’s times).

You need to think about what business ideas you might like to pursue and convey these to us


Content• Start with a hook – a general statement which

makes your audience want to hear more• Ensure you pitch covers

– target customers– the current alternatives available– the opportunity you have spotted– description of proposed product/service– why your product is better than the competition– key product features and benefits


Pitching Style

• Make an impression• Rehearse• Don’t offend your audience• Be passionate• Be honest and credible


Elevator Pitching• An elevator pitch is a short

statement about your business• Lasts no more than two minutes• Clear and concise explanation of

your idea• Should be memorable


NIGHT MARKET

idea generation and pitching 20.01.2014

Business

idea generation

substantial

great idea

youre

creative

dont

people

good