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Aggregated data from users of the Rapid Idea Evaluation - an app to help you test your business ideas in 5 minutes. The dashboard covers a number of themes including: Geography, Sector, Skills, …

Aggregated data from users of the Rapid Idea Evaluation - an app to help you test your business ideas in 5 minutes. The dashboard covers a number of themes including: Geography, Sector, Skills, Demographics, Team Development, Market Research, Marketing & Selling, Finance & Planning.

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  • 1. Sectors Skills Needed Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary Which key skills do you require to execute your business ideaIn which sector would you place your potential new business Business Idea Dashboard June 2014
  • 2. Education AgeGender How old are you? To what level is your education? What is your gender? Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary 33% 0%0% 8%13% 46% Postgraduate university degree University doctorate Didn't really go to school at any level High School Post high school vocational training Undergraduate university degree 49%51% 0% Female Male Other 0% 26% 44% 15% 10% 5% Up to 16 17 - 25 26 - 35 36 - 45 46 - 55 56 - 65 65+ Business Idea Dashboard June 2014
  • 3. Motivation Industry Experience CapabilitiesTrack Record What is the primary reason you are starting a business? How many experience do you have in the industry in which you are starting? Which of the following resources and capabilities do you or your team posess? Leadership, Sales, Marketing, Operations, General Management, Technical and/or specialist knowledge To what extent have you previously been involved in a startup business? 16% 39% 11% 13% 18% 3% I don't want to work for someone else I have always wanted my own company I have seen a gap in the market I want to build wealth I want to capitalise on an idea Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary 31% 18%26% 10% 15% None 0-2 years 2-5 years 6-10 years 10+ years 56% 20% 21% 3% 0% None I have worked for a start-up business I have run my own business I have run more than one business Don't know 3% 28% 38% 26% 5% 0% 1 or 2 of the capabilities 3 of the capabilities 4 of the capabilities 5 or more of the capabilities None of the above Don't know Business Idea Dashboard June 2014
  • 4. Customer Needs Customer Development Market SizeMarket Trend What would best describe the customers needs for you product or service? How will you gather and incorporate feedback from potential customers? What is the total annual size of your primary target market? To what extent is your primary market growing? Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary 61%13% 5% 3% 3% 15% Under £1M £1M - £10M £10M - £50M £50M - £250M £250M+ Don't know 13% 54% 18% 0% 5%10% Rapid growth Steady growth Intermittent growth Low/No growth In decline Don't know 31% 33% 10% 16% 5% 5% Customer has not yet recognised the need for your product or service Customer uses alternative solutions that are adequate but not perfect Customer has recognised the need but has not yet allocated a budget for it Customer has the need and the money for it and competition is limited Many similar solutions are already available to the customer Don't know or unsure 20% 26% 31% 13% 10% 0%0% 0% 0%0%0% Working directly with a real customer or a group of customers I do not have one Speaking to friends, family, colleagues and others close to me Carrying out online surveys Desk/web based research Business Idea Dashboard June 2014
  • 5. How frequently will your customers make repeat purchases of your product or service? How clear are you on who your next 3 customers will be? How do you intend to promote your product or service offering? How are you going to sell your product or service to potential customers Revenue Streams Selling Marketing Market Channels Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary 14% 6% 3%0% 0% 69% 8% 0% Word of mouth (e.g. face to face recommendations or social media) Advertising (e.g. Print ads, radio, television, billboard, Facebook, Google) Personal selling (e.g. sales appointments, online sales demo's, telesales) Public relations (e.g. Newspaper and magazine articles/reports, TV and radio presentations) 36% 0% 13% 43% 8% 0% Selling directly to customers Using intermediaries such as distributors and retailers Online via the Internet Combination of two of the previous options Combination of all channels Don't know or unsure 33% 33% 13% 0% 3% 18% I have some idea as who they could be I know who they are likely to be I know who they are and know the key decision makers I need to speak to I know who they are, who the key decision makers are and already have a relationship with them 13% 5% 36% 44% 2% One off purchase Rarely Sometimes Frequently Don't know Business Idea Dashboard June 2014
  • 6. Profitability Timescales FundingProtection What kind of profit margin will you make on the product or service you sell? By when do you expect your business to become profitable? How much financial investment, if any, is required to start your business? How will you protect yourself from competitors? Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary 28% 49% 18% 5% High Average Low Don't know 30% 9% 0%43% 12% 6% Cannot stop them Offer lower prices 4%0% 9% 30% 57% 0% More than £1 million £500,000 to £1 million £100,000 to £500,000 £10,000 to £100,000 Less than £10,000 Don't know 18% 2% 46% 18% 13% 3% More than 3 years Between 2 to 3 years Between 1 to 2 years 6 months to 1 year Less than 6 months Don't know Business Idea Dashboard June 2014
  • 7. What Stands Out? GROWTH SECTORS Health, Education, Retail JOBS OF THE FUTURE? Marketing in Health industry or Education sector? WOMEN MATCH MEN 51% Male, 49% Female users EDUCATED ENTREPRENEURS Almost 80% have at least an undergraduate degree MOTIVATED BY FREEDOM & CONTROL Over half either always wanted own company or NOT to work for someone else LIMITED EXPERIENCE Almost half have NO experience in sector AND in any kind of Startup environment MICRO AMBITIONS Over half the ideas have a TOTAL market size of $1m. Over half need less than $10k to fund their idea NOT ENOUGH CUSTOMER FOCUS 57% are gathering market feedback from friends/family or not at all. 66% are unclear on who their customers will be Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research Summary @therapideval therapidevaluation.com Blog.therapidevaluation.com contactus@therapidevaluation.com Get in touch Flashback by Joshua C. Harris from The Noun Project Earth by Thibault Geffroy from The Noun Project Graph by Mister Pixel from The Noun Project Team by Björn Andersson from The Noun Project Graph by DEADTYPE from The Noun Project Research by Brennan Novak from The Noun Project Credits under Creative Commons Data collected via the revised Rapid Idea Evaluation App Sample size: First 100 Users, Date: June 2014 Geographical analysis completed with ZIP codes and/or IP Address Methodology Business Idea Dashboard June 2014