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Application Workshop January 22, 2010

Sabin Environmental Prize. Application Workshop January 22, 2010. Sabin Application Info. Application due March 31 Today: Researching your idea Feb 26 th – Financial issues March 26 th – Writing & Presentations. Sabin Questions. Idea (what is it – why is it appealing)

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Application Workshop January 22, 2010

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  1. Sabin Environmental Prize Application Workshop January 22, 2010

  2. Sabin Application Info Application due March 31 • Today: Researching your idea • Feb 26th – Financial issues • March 26th – Writing & Presentations

  3. Sabin Questions • Idea (what is it – why is it appealing) • What is original (unique advantage) • What have you done so far (stage) • Next steps – what do you need to do? • What is the environmental benefit? • Who is on your team? • How much $ do you need? Use of prize?

  4. Judges (Not 100% set) • Andrew Sabin, Investor, funder • Rosemary Ripley – NGEN – investor • Konstantine Drakonakis – Launch Capital - investor • Anastasia O’Rourke – entrepreneur, dissertation on investors • Ralph Earle, Assabet, consultant to investors, investor

  5. Judges are Investors by Day They want to: • Hit a homerun (big upside) • Avoid known losers (high failure rates) • Minimize risks (pick the surest thing) • Back winners (proven track records)

  6. Ideal Investor Characteristics Exciting company • Unique Product / Service • Large potential market • Rapid growth prospects

  7. Unattractive Sectors • Restaurants -- one location > Too many cooks > 80% bankruptcy rate • Retailing -- one location > Too easy to enter > 80% bankruptcy rate

  8. More Unattractive Choices • Consulting > Not scalable > No need to raise $ from others • Some International Businesses > Depends on your access > Also, perspective of the judges

  9. Avoid Ideas with Large Capital Requirements Need to buy an island?

  10. If not, your application is just creative writing Consider... Do you have: • The skills to make the venture happen? • Or, an “in” to acquire those skills?

  11. Most Important Question • If the idea is so great... • Why hasn’t anyone done it before? • Might be – Technology didn’t exist before • Might be – it just won’t work!

  12. The Best Ideas Come from your own experiences • School, jobs • Hobbies, family • A problem you’ve faced

  13. To Win Contests (or Raise $) Theme of the Day You want to communicate an idea that: • Addresses a big, exciting opportunity • In a new, unique, innovative way • That is feasible and believable • With great people on your team

  14. Sabin Questions • Idea (what is it – why is it appealing) • What is original (unique advantage) • What have you done so far (stage) • Next steps – what do you need to do? • What is the environmental benefit? • Who is on your team? • How much $ do you need? Use of prize?

  15. Idea: Big, Exciting Opportunity

  16. The Need or Opportunity What is it? How large is it ? Is it growing ? By how much ? 16

  17. Caution: Use Data, Sources! Your opinion about a need has little value You want to win contests…. Do research! Industry reports, articles, interviews, etc. 17

  18. Caution: Look at the Right Market! GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website. Cleaning product sales in the US were $28 billion in 2008.

  19. GreenCleaning’s Market • Green cleaning products • Say, 5% of all cleaning products • $1.4 billion • Sell them (not make them) • Say, for a 10% commission $140 million - not $28 billion!

  20. Non-profit Need / Opportunity • People who suffer from problem • Costs incurred • Lives lost • Resources wasted, etc. Use data, numbers!

  21. Research the Interest • Who are the customers? • How many are there? • What do they want? • What can you do for them? Find out!

  22. Caution: Don’t Assume! Your ideas about customer have little value You want to win contests…. Do research! Do interviews & surveys! Get someone to sign up! 22

  23. Testing Customer Interest Develop a one page product description • What does it do ? • How does it work ? • List the main features • List main benefits -- to customers

  24. Use the Product Description to: • Conduct interviews • Do surveys • Ask customers if they want your product !

  25. Find Out: > Do they like your product ? > Will they buy/use it when it is ready ? > What price will they pay ? > Do they have any issues / concerns ?

  26. Surveys • Survey Monkey = online survey product • Easy, nice looking • Includes analysis tools • Free for short, simple surveys • Keep your survey short, simple • Test your survey before sending!

  27. For Your Application • Describe your venture (what will it do) • Also, the need / opportunity • And the customer (who will use it) • Include secondary research data • Quote yourinterviews • Present your survey data

  28. Unique: Innovative, Competitive Advantage

  29. What is Innovative? How is your idea – unique? Different from the competition? Different – from alternatives? 29

  30. The Competition Who are the competitors ? How do they compete ? How are you different ? 30

  31. What is Innovative? Always more competition - than you think Compare major features of your product > To all competitors’ products > To doing things “the old way” 31

  32. Construct a Competitor Grid

  33. Caution: Be Objective! • You saying you are better = little value • You want to win contests...! • Why, objectively, are you better? • Did customers say you were better?

  34. If your Grid Looks like this…. X X X X X X X X Buyer has no reason to switch -- probably won’t 34

  35. Beware the Status Quo People hate to change Or to pay -- for what was free 35

  36. Key Avenues For Investigation • Why has no one done this before ? • Technology didn’t exist? • New regulations or incentives? • It won’t work for some reason….?

  37. Unique, Big Idea: Example

  38. The Product • Fresh farmed tilapia fillets • “Seafood Safe” and Organic • 100% organic feed • Purified and filtered re-circulated water

  39. Evidence of Opportunity - over 3 years: • US seafood consumption up 12% - $12 billion • US tilapia consumption up 110% - $400 million • Demand for organic meat & fish up 120% Over 70% of Americans would by organic seafood if available; 60% ‘strongly prefer’ domestic

  40. Customers • Suppliers of restaurants, grocery & fish stores • Also, Trader Joe’s, Whole Foods

  41. Talking to customers: • 450 chefs and 150 retailers • Most prefer environmentally friendly fish • Local restaurant owner: “customers care” • Distributor: “Not enough good farms” • EcoFish: I will buy all you have to sell

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