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"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!
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