"Turning Innovation into Ingenuity & Profits"

Pat AdamsonMay 12, 2008

CCQH Leadership Club Webinar

 You have a DREAM!

• You have passion for this innovation

• You recognize that YOU will make this happen!

This innovation may be:

• A marketing company• A sales company• A restaurant• An invention by you or someone

else• A service • Or a myriad of opportunities

Refine this innovation:

• What exactly is my intention?• Is my product market-driven

(i.e. others demand it)• Is it invention-driven?

(I had a great idea)

Refine this innovation:

• What resources do I need to get this done?

• Knowledge• Intellectual Property• Team

Refine this Innovation

• What is my timetable?• Clearly understand how long

before you can sell!• Develop the concept / product /

service• Capital• Alliances

Create a short, concise and clear business plan

• Determine the viability of this concept

Determine the Viability of this Concept

• Research the markets• If market-driven, determine market size,

distribution • If invention-driven, do others understand?• What will people pay?• What ratio can I garner 2X or 5X my REAL

COST• How will I gather my resources?• Is it ATTRACTIVE TO OTHERS?

Can I make money??????

The ANSWER IS NO

• GOOD – wait until you have an attractive proposition

The ANSWER IS GO!

• ASK YOURSELF if you have the perseverance to succeed!

 WELCOME to the

Entrepreneurs world.

• The real work begins!

Assemble the Needed Resources:

If this company is market- driven, determine what

skills are needed to create the product or service the

public is demanding.

If this company is invention-driven,

investigate the proper intellectual protection you need and determine how to sell your idea to the

public.

Assemble the Team //

• Determine your real skills / do not lie to yourself

• Identify the skills you don’t have but need NOW!

Assemble the Team

• Determine how you will engage these additional people

• Equity• Cash• Combination of Cash & Equity

Assemble the Team

• Consider alliances with existing businesses

• Above all, BE CREATIVE and FAIR

• Agree in writing with signed contracts before they start

Create the Product/Service

• Sell value! Not Price!

• Integrity always brings return customers

Create the Product/Service

• Never stop improving the product or service based upon the market

• Determine the optimum distribution channels

Don’t Delay Change

• To the product/service• To the distribution channels• To your employees

• Always take problems to the source!!

 EXECUTE

• Take your short business plan and try it• With your team, carefully change the

plan as you get smarter• AS appropriate, create a more detailed

plan• Try it / Iterate as the market dictates. • AS appropriate, create a more detailed

plan, etc.

Although not always true, success is 90%

perspiration and 10% inspiration.

To succeed, you must persevere with market

savvy attitudes.

Thanks for your time!

Return to Club Home PageReturn to Work & Productivity Home Page

Return to Pat Adamson Leadership Profile Home Page