How does the Office of Venture Development help you transform your technology ideas into reality? The process begins with a meeting to discuss your ideas and learn about your needs. We get to know you and ask various questions in order to determine the potential of your ideas; what work has already been completed and what goals need to be achieved next to assure your success. Topics reviewed include:
Compelling Business Concepts - Is your technology a compelling solution that meets unmet needs in the market?
Starting a business can be an exciting venture offering many rewards. However, you must be prepared and you must understand the basics - http://www.sba.gov/starting_business/index.html
Free Business Plan samples - http://www.bplans.com/contentkit/?affiliate=wsj
Michigan Economic Development corporation has a free guide - http://www.cis.state.mi.us/bcsc/forms/corp/pub/8011.pdf
Market Potential - What is its revenue potential? how much market share is possible?
To conduct marketing research you must gather facts and opinions in an orderly, objective way to find out what people want to buy -http://www.sba.gov/starting_business/marketing/research.html
Marketing is what makes your business grow - http://www.businessownersideacafe.com/business/marketing.php
Competition - do you have any competition in the marketplace? Do you stand to take a leadership position once your technology is brought to market?
Business takes place in a highly competitive, volatile environment, so it is important to understand the competition - http://www.sba.gov/starting_business/marketing/analysis.html
Technology Advantage - does your technology present a formidable advantage for your potential customers? What are the barriers for future competitors to enter the same market space as your technology?
Test your assumptions – http://www.miniplan.com/wsjminiplan/index.cfm?affiliate=wsj
Capable Management Team - Do you or your team possess the management and technical skills to bring the technology to market successfully and sustain growth into the future?
Assess your skills at -http://startup.wsj.com/howto/soundadvice/20030317-mancuso.html
High Growth Potential - Does your technology concept have the potential of an Initial Public Offering (IPO) within three to five years? What are other viable exit strategies for your company?
Business Plan Competition Resources
E2 Challenge is a competitively awarded summer entrepreneurial program for WSU students. Learn more and apply here: http://research.wayne.edu/e2challenge/