July 21, 2008

How to conduct market research

Young Inventors has asked experts for their advice for innovators and first-time student entrepreneurs. Scott Gingold of Powerfeedback offers his tips for conducting market research:

You have a brilliant idea for a new product or service. All it takes is funding and you can produce this product, it will sell and then you are off to Tahiti with your fortune!

In many cases, the result is not so positive. For example, consider the case of the NeXT Computer introduced in 1988 by Steve Jobs. The machine was a marvel in offering the first CD-ROM drive and multimedia capabilities. However, it could not run standard applications, as a result, software vendors hesitated to rewrite their code for the NeXT machine. The unfortunate outcome was the demise of this machine.

What can we learn from this case? Technical wizardry is not enough to ensure success of an innovation. Buyers have their distinct evaluative criteria. Your new product will succeed, or not, according to how it fares when evaluated by potential buyers. As the NeXT machine lacked useful applications, buyers passed on it and purchased Windows based machines to run Excel, Word, etc. The awesome technology of the NeXT machine was not enough to compensate for the aforementioned deficiency.

The Role of Marketing Research

Marketing research is not a substitute for creativity, technical training or inspiration. What marketing research offers is a set of techniques which, when properly used, can supply information about the industry, competitors and consumers. This information is an aid to effective decision making and acts as a means to reduce the risk involved in developing and marketing new products.

Continue reading "How to conduct market research" »

Market Research

July 14, 2008

Making Your Small Business Look Big

Young Inventors has asked experts for their advice for innovators and first-time student entrepreneurs. The first post is by Janet Holian, President of VistaPrint Europe:

As a small business, your budget is tight and your time is even tighter. But you still have to compete with larger organizations that have big budgets and even bigger staff. Let’s face it image is everything and if you can’t look big, prospective customers will go elsewhere.

How can you make your small business look big without breaking the bank? Start with these five time and budget friendly ideas. In no time you’ll be competing head-to-head with the larger organizations in your market.

Continue reading "Making Your Small Business Look Big" »

Commercialization

June 30, 2008

We are moving our blog back here!

As some of you may know, Young Inventors maintains another blog at www.innovatorshub.com, which offers shorter updates about YII happenings.

In the coming weeks, we are planning to consolidate the two blogs to appear here and add more content from guest authors. As we make the transition between now and October, duplicate posts will appear on both blogs and, eventually, this blog will be posted at both URLs.

If you have any questions, please do not hesitate to get in touch!

Commercialization

September 24, 2006

Crucial Questions for Your Technology and Your Investors

Our September Business Planning 101 Webinar was led by Wendy Kennedy, author of So what? Who cares? Why you?(TM): The Inventor’s Commercialization Toolkit.

During the webinar, Wendy offered a series of questions to ask as you begin to think about your product or start-up:

So what?
- What’s your idea?
- What’s the problem?
- Where does the idea fit?

Who cares?
- Who is your customer?
- What’s your path-to-market?
- Where’s the money?

Why you?
- What’s your competitive edge?
- Do you have the right team?
- What’s your story?

Wendy then presented an overview of a series of tools and techniques that inventors and entrepreneurs can use to answer these crucial questions. Wendy’s book also offers a wealth of additional resources, templates, and toolkits to help inventors get their ideas across.

Wendy's book:
So what? Who cares? Why you?

Commercialization

Call for Entries from Modern Marvels Invent Now Challenge

Part of the mission of Young Inventors International is to inform our community about opportunities that might be of interest to you.

Accordingly, we would like to let you know that the Modern Marvels Invent Now Challenge is a national independent inventor’s competition presented by The History Channel® and the National Inventors Hall of Fame®. The Challenge is currently seeking applicants as per the announcement below.

Remember that you should not disclose any information which is to be treated as confidential or as a trade-secret, nor should you disclose details which may be patentable unless you have secured the patent or this is pending.

--
Enter the Modern Marvels Invent Now Challenge for the chance to win a $25,000 grant!

Do you have a breakthrough invention? Have you been crafting the next great Modern Marvel of the 21st century? You could win a $25,000 grant and a national showcase for your invention. Enter the Modern Marvels Invent Now Challenge by November 20, 2006 at History.com/invent.

WATCH Modern Marvels Wednesdays starting at 8pm/7c only on The History Channel.

The competition is open only to U.S. residents.

Commercialization