Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Idea generation and pitching 20.01.2014

177 views

Published on

Royal Holloway Enterprise Academy Introduction Presentation

Published in: Business
  • Be the first to comment

  • Be the first to like this

Idea generation and pitching 20.01.2014

  1. 1. ROYAL HOLLOWAY ENTERPRISE ACADEMY Idea Generation & Pitching 21.01.2014
  2. 2. ROYAL HOLLOWAY ENTERPRISE ACADEMY Introductions Callum Porter-Harris Ernest Choi Jack Smale Elizabeth Wilkinson
  3. 3. ROYAL HOLLOWAY ENTERPRISE ACADEMY The Programme • 21/01/2014  • 28/01/2014 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 • • • • • • • • • Launch Event: Idea Generation and Pitching Workshop Royal Holloway Entrepreneurs’ Night Market Practical
  4. 4. ROYAL HOLLOWAY ENTERPRISE ACADEMY ICEBREAKER
  5. 5. ROYAL HOLLOWAY ENTERPRISE ACADEMY What makes a good first business?
  6. 6. ROYAL HOLLOWAY ENTERPRISE ACADEMY • Profitable • Quick to implement • Requires minimal capital investment
  7. 7. ROYAL HOLLOWAY ENTERPRISE ACADEMY Five ingredients for success 1. A substantial market 2. Existing technology 3. An acceptable retail price point 4. Ease of explanation 5. User-friendliness
  8. 8. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  9. 9. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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 costprohibitive • Take on expert advice to see if your idea is feasible
  10. 10. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  11. 11. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  12. 12. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  13. 13. ROYAL HOLLOWAY ENTERPRISE ACADEMY Ideas “...the ones who are crazy enough to think that they can change the world, are the ones who do”
  14. 14. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  15. 15. ROYAL HOLLOWAY ENTERPRISE ACADEMY Snapshot: Google Interview with Tom Uglow
  16. 16. ROYAL HOLLOWAY ENTERPRISE ACADEMY Mix & Match
  17. 17. ROYAL HOLLOWAY ENTERPRISE ACADEMY Good idea 1: the mobile phone + =
  18. 18. ROYAL HOLLOWAY ENTERPRISE ACADEMY Good idea 2: the smartphone + =
  19. 19. ROYAL HOLLOWAY ENTERPRISE ACADEMY Solve it
  20. 20. ROYAL HOLLOWAY ENTERPRISE ACADEMY Good idea 3: cable ties
  21. 21. ROYAL HOLLOWAY ENTERPRISE ACADEMY Good idea 4: blu tack
  22. 22. ROYAL HOLLOWAY ENTERPRISE ACADEMY Good idea 5: pour spout
  23. 23. ROYAL HOLLOWAY ENTERPRISE ACADEMY What if?
  24. 24. ROYAL HOLLOWAY ENTERPRISE ACADEMY • 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?
  25. 25. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  26. 26. ROYAL HOLLOWAY ENTERPRISE ACADEMY PITCHING
  27. 27. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  28. 28. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  29. 29. ROYAL HOLLOWAY ENTERPRISE ACADEMY Pitching Style • • • • • Make an impression Rehearse Don’t offend your audience Be passionate Be honest and credible
  30. 30. ROYAL HOLLOWAY ENTERPRISE ACADEMY 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
  31. 31. ROYAL HOLLOWAY ENTERPRISE ACADEMY NIGHT MARKET

×