Commercialising Your Business Idea
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How do you take an idea and make it a commercial success from it? Presented at Startnest, Sydney, February, 2015. Copyright Fiona Anson 2014.
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Commercialising Your Business Idea
- 1. Fiona Anson - Co-Founder - Workible HOW TO COMMERCIALISE GREAT IDEAS
- 2. IT'S ABOUT MAKING IDEAS HAPPEN IDEAS IT’S NOT ABOUT
- 3. IT’S GOING TO BE HARD!
- 4. GREAT IDEA? SO, WHAT’S YOUR • What’s the market problem you’re solving • What are their REAL pain points? • How do you know? • Is there a niche you can fill?
- 5. HOMEWORK DOING YOUR • Is there really a market? • Who else is currently solving this problem? • Why are you different - and better? • Why will customers change?
- 6. INNOVATION
- 7. MARKET RESEARCH COMPREHENSIVE • More than the people who know and love you • Validate with potential customers • What’s the size of the market? Local? Global? • Why are you different - and better? • Why will customers change?
- 8. PRODUCT/MARKET FIT YOUR SUCCESS WILL DEPEND ON
- 9. PRODUCT
- 10. THE TEAM? WHAT ABOUT • Business experience • Industry experience • Management mix of skills - strategy • Vision • Ability to adapt
- 12. PAY MAKING IT • Your revenue model - Business or Consumer, Freemium, pay-per-use, Subscription, Enterprise • Number of customers, transaction rate, sale value, expenses, profit • Users
- 13. PROOF CONCEPT IDEA MARKET VALIDATION COMMERCIALISATION MINIMUM VIABLE PRODUCT
- 14. OF YOUR IDEA THE FEASIBILITY • Not every good idea will lead to commercial success • Need a balance between innovation skills and your ability to assess the feasibility of your idea • Need to focus on the end goal • Decide if you stop before it costs you significantly
- 15. FAIL FAST THE LEAN START-UP
- 16. OR BREAKING IT MAKING IT • Funding is often the most limiting factor • Have an open mind to the alternatives • Give yourself a huge lead time • Sales are everything
- 17. IDEA FUNDING YOUR • Bootstrapping / FFF Money • Angel investors • Grant money • ASSOB • Venture Funds/VCs/Series A, B and beyond
- 19. QUESTIONS?