The business plan, as a tool to lure potential investors, secure early customers, and guide the direction of your business, is a dying construct. Smart entrepreneurs realize that a prototype is worth a thousand business plans. This panel will focus on prototypes as a tool to accelerate the success of your business, and will have a particular emphasis on the role of prototyping in business modeling, fund raising, product development, and sales. We'll talk specifically about how prototyping can allow you to more efficiently allocate resources (both talent, time and money), discover customers’ unmet needs, outsmart the competition, and move potential investors from interested to infatuated.
Former entrepreneur, current investor and innovation community leader Charlie O'Donnell will discuss five different patterns of failure often seen in startups that don't make it. It will cover how entrepreneurs can derisk their ideas, maintain momentum, and take advantage of opportunities early on in a company's life cycle. Patterns of failure include: 1) Failure to zero in on a sector's most pressing pain point. 2) Not leaving enough time or financing to iterate on an idea. 3) Failure to create short term milestones that create value. 4) Failure to capture industry attention and mindshare. - 5) Failure to build a realistic customer acquisition engine.
11th–15th March 2011