Challenge Summary & Scenario
The world is filled with amazing inventions that could help a lot of people. There are flashlights powered by body heat and soccer balls that generate electricity. There are sensors that can detect lead in drinking water and solar-powered bikes that can help bring clean water to remote villages. But just because an idea is great, doesn’t mean it will be a successful product. Great products need great business plans to succeed.
The best entrepreneurs are able to take a great idea and create a plan for turning it into a business. This includes recognizing when an idea has potential and finding the best business model for getting it to customers. The plan includes defining a key business proposition that convinces investors that there are customers who will want to pay for the idea. The financial business plan includes analyzing revenue and expenses to show investors that the business can make a profit.
In this challenge, you will review the List of Innovations and select one (or research and choose another) to develop into a business. Your challenge is to build a plan and pitch that will convince investors to fund your business for your chosen product. Your plan and pitch must:
- Explain what the product does and how it works.
- Describe your target customers and why they will want to buy your product, using Key Business Proposition.
- Include a financial business plan that accounts for financial factors. Review Key Business Proposition and Business Models.
- Describe for investors when your business will begin to make a profit.