Turning an Idea into a Business

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TO USE OR PRINT this presentation click : ==============================================================Turning an Idea into a Business ,WELCOME Participants! TOP DAWG Business Plan Competition Sponsored by : ABESE Outline of Presentation: Intro---CEnIT What is a Business Plan? Sources of information Brainstorming for Value ,What does CEnIT do? we want what you want—more business! Mission: Conduct research and develop new technologies that will advance IT capabilities in the nation. Conduct research on entrepreneurship development in technologically under-developed communities. Provide an infrastructure to stimulate an entrepreneurial culture. Vision: To create an entrepreneurial culture for expanding education, research, intellectual property, and economic development opportunities in IT. ,What is a Business Plan? Its as much for you as it is for anyone else—maybe more… The SBA says:: A business plan precisely defines your business, identifies your goals and serves as your firm's resume. Its basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals. ,B.P. is NOT Just Financial Numbers and NOT just for Loans Bootstraping—your own money (including loans), friends & family Angels—seed money and “hands on” advice-----Competition presentations to VC’s—La. SBIC being formed Suppliers & customers— innovation in financing Mix of various above—you have to plan which/when ,Business Plan Info Inc Magazine’s Business Plan Guidance American Express Outline SBA ,B. P. Info. continued Two Books used around here lately: The Art of Innovation-Tom Kelly-Innovative Product Design Class-IDEO- High Tech Start-up-John Nesheim-Entrepreneurship for Scientists & Engrs ,Which comes first:The idea or the plan? Question: The idea comes first. Right? Answer: YES… and… NO The first patent Thomas Edison was ever granted (of 1087), at the age of 22, was for a ballot machine designed to instantly record votes made by members of Congress. It was a flop. The machine worked very well, and Edison had found a financial backer willing to invest $100 in it. Yet when he demonstrated his new device in Washington, he was told that it would only destroy the time-honored congressional device of filibustering, for example, stalling for time. "Young man, that is just what we do not want," a committee chairman told the future Wizard of Menlo Park. "Your invention would destroy the only hope that the minority would have of influencing legislation." Crushed - and nearly flat broke - the young Edison left the nation's capital determined from then on to invent only things that would be in "commercial demand.“ source: Machine Politics, By Kevin Baker, Issue Date: Nov 20 2000 ,Who gives a hoot? Ford’s Edsel Coke’s formula fiasco “Examples of costly failures are legion. In today's dollars, Federal Express lost $294 million on Zap Mail. NeXt lost $250 million on its computer workstation. GM lost $420 million on the Wankel Rotary Engine. DuPont lost over $1 billion on Corfam. Ford lost over $2 billion on the Edsel. Polaroid wrote off $197 million in inventory alone for Polarvision instant movies. Xerox invented the personal computer ahead of Apple but failed to commercialize it. Motorola invested over a decade and more than $360 million in its cellular telephone project before taking a