Idea Napkin
1) You.
I am a self-starter and organized, but I feel that I would much more successful with my various endeavors if I had a foundation and support system to work with. I have started two small businesses and I am currently struggling a bit with the workload in addition to other life-stuff, like school. One of my strongest points is research. I also have a solid knowledge foundation when it comes to the financial side of running a business and basic money management (I worked in banking for seven years). I run my businesses from home, which personally is not effective for me. If I had an inexpensive office to go to in the morning, staffed with people to help me with my website, finances, or just to run ideas by, I think I would get a lot more done. If I were to start this business, I would personally be present at the incubator. I would ensure that clients were being provided the service they needed and make sure I am available for advice or directions. I am by no means an expert on any of the many facets to opening a business, but I know enough to provide direction to who is an expert.
2) What are you offering to customers?
My incubator would offer a co-working space for small start-ups, as well as a dedicated team of professionals who offer support and service that many small businesses need. Think a coder for app development, assistance with building a website, an expert in social media and SEO, an accountant, perhaps an on-call attorney that the incubator has a relationship with, etc. The only incubator in my area is at Embry Riddle University, and the clients are limited to tech start-ups. I would run a much more inclusive incubator that provides services for a myriad of start-up types.
3) Who are you offering it to?
I would be offering this service to entrepreneurs that have solid ideas, but don't have a space to follow through or a team to assist them. The typical customer may or may not have an investor or partner, but likely they will be working alone on their project. The demographic is probably young adults who maybe just graduated from college or financially getting to the point where they can see their concept to fruition. Of course, there are older entrepreneurs out there who also need assistance, but it's more likely to be a twenty-something. They are go-getters, generally tech-savvy, and open-minded. They would enjoy working with a team rather than alone, though how much of the support they utilize is up to them.
4) Why do they care?
I think my prototypical customer would be interested in paying for the incubator services because it would give them access to information, support, technology and space that they won't have trying to start-up by themselves at home. My rates would be reasonable because obviously a small business starting up does not have much money (in most cases). The purpose is not to take advantage of entrepreneurs, but to provide them with resources to help them get their concept off the ground and move forward to success.
5) What are your core competencies?
As I mentioned above, there is only one limited facility in my area (within 100 miles) that offers incubator services. That alone sets me apart. I want to offer very comprehensive services and provide my incubator clients with all the resources they need to be successful. There are several social media management companies, or services to help build a website, etc. But there is nowhere that offers a complete package: a space to work, people to talk to, and technology to use.
I do believe these elements all fit together. However, offering the use of technology (3D printer, for example) would mean a substantial investment on my part and that is not something I really considered until this portion of the assignment. I think it would be necessary, though, to make the incubator services desirable to all types of start-ups. However, all of the elements are very cohesive: co-working space, technology, and a support team to answer questions and offer advice.
I am a self-starter and organized, but I feel that I would much more successful with my various endeavors if I had a foundation and support system to work with. I have started two small businesses and I am currently struggling a bit with the workload in addition to other life-stuff, like school. One of my strongest points is research. I also have a solid knowledge foundation when it comes to the financial side of running a business and basic money management (I worked in banking for seven years). I run my businesses from home, which personally is not effective for me. If I had an inexpensive office to go to in the morning, staffed with people to help me with my website, finances, or just to run ideas by, I think I would get a lot more done. If I were to start this business, I would personally be present at the incubator. I would ensure that clients were being provided the service they needed and make sure I am available for advice or directions. I am by no means an expert on any of the many facets to opening a business, but I know enough to provide direction to who is an expert.
2) What are you offering to customers?
My incubator would offer a co-working space for small start-ups, as well as a dedicated team of professionals who offer support and service that many small businesses need. Think a coder for app development, assistance with building a website, an expert in social media and SEO, an accountant, perhaps an on-call attorney that the incubator has a relationship with, etc. The only incubator in my area is at Embry Riddle University, and the clients are limited to tech start-ups. I would run a much more inclusive incubator that provides services for a myriad of start-up types.
3) Who are you offering it to?
I would be offering this service to entrepreneurs that have solid ideas, but don't have a space to follow through or a team to assist them. The typical customer may or may not have an investor or partner, but likely they will be working alone on their project. The demographic is probably young adults who maybe just graduated from college or financially getting to the point where they can see their concept to fruition. Of course, there are older entrepreneurs out there who also need assistance, but it's more likely to be a twenty-something. They are go-getters, generally tech-savvy, and open-minded. They would enjoy working with a team rather than alone, though how much of the support they utilize is up to them.
4) Why do they care?
I think my prototypical customer would be interested in paying for the incubator services because it would give them access to information, support, technology and space that they won't have trying to start-up by themselves at home. My rates would be reasonable because obviously a small business starting up does not have much money (in most cases). The purpose is not to take advantage of entrepreneurs, but to provide them with resources to help them get their concept off the ground and move forward to success.
5) What are your core competencies?
As I mentioned above, there is only one limited facility in my area (within 100 miles) that offers incubator services. That alone sets me apart. I want to offer very comprehensive services and provide my incubator clients with all the resources they need to be successful. There are several social media management companies, or services to help build a website, etc. But there is nowhere that offers a complete package: a space to work, people to talk to, and technology to use.
I do believe these elements all fit together. However, offering the use of technology (3D printer, for example) would mean a substantial investment on my part and that is not something I really considered until this portion of the assignment. I think it would be necessary, though, to make the incubator services desirable to all types of start-ups. However, all of the elements are very cohesive: co-working space, technology, and a support team to answer questions and offer advice.
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