1. ENTREPRENEURIAL FRIDAYS SERIES
Facilitator:
Erick Mueller
Workshop #1: Identifying, Validating and Developing Good Ideas
October 6, 2006
Entrepreneur in Residence

2. OVERVIEW Who is this Erick Mueller bloke? Sources of ideas
Examples of good/bad ideas
Ideation – let’s do it!
Generate and validate
Erick’s take on it
Wrap-up
October 6, 2006
Entrepreneur in Residence

3. WHO IS ERICK MUELLER? 1 of 12 children Founded 5 companies
3 successful, one current, and one flaming failure
Bootstrap
Adjunct Professor, University of Colorado
October 6, 2006
Entrepreneur in Residence

4. IDEATION: SOURCES OF IDEAS
Passions
What do you LOVE to do?
Pain points
What frustrates you?
Experience
Worked in telecom for 20yrs? Use this…
Same idea, different country, industry or application
Works really well in Australia? Perhaps in USA…
October 6, 2006
Entrepreneur in Residence

5. GOOD IDEAS A defined market need Profit potential Unique
Invokes passion for owner
Sustainable
October 6, 2006
Entrepreneur in Residence

6. IDEAS: EXAMPLES GOOD OR BAD?
Bright-colored, light-weight, plastic/foam boat shoes
------CROCS,Inc - $300 million IPO
High-end car wash in new neighborhood
------Clean Wash, Inc. – sold for $5.2 million
Sturdier, high-tech surfboard
------Bankrupt, 2005
Jewelry distribution network in crowded mkt.
------Bankrupt + $200K in debt, 1996
October 6, 2006
Entrepreneur in Residence

7. IDEAS: ONE, SMALL PART OF SUCCESSFUL BUSINESS
Other key factors:
Passion!
Identified need
Talented management / good decision-making
Timing
Well-funded
Sustainable
October 6, 2006
Entrepreneur in Residence

8. IDEATION: LET’S DO IT! Review / complete Strategy #1 in handout
October 6, 2006
Entrepreneur in Residence

9. HAVE IDEA – NOW WHAT? Run it through the “Feasibility Meat Grinder”
Big enough market?
Produce-able?
Fundable?
Competition?
Sustainable?
October 6, 2006
Entrepreneur in Residence

10. ERICK’S TAKE ON IT…
PASSION. Be passionate about your idea/business. This will sustain you through the hard times
Find the pain points and see how you can alleviate them
Find amazing people and figure-out how to work with them
October 6, 2006
Entrepreneur in Residence

11. WRAP-UP Who is this Erick Mueller bloke? Sources of ideas
Examples of good/bad ideas
Ideation – let’s do it!
Generate and validate
Erick’s take on it
Wrap-up
October 6, 2006
Entrepreneur in Residence

12. MOVING FORWARD… Next Friday: Sales & Marketing Contact me to meet:
Mobile: (04)
Office: (03) , office
Presentation & website: leeds.colorado.edu/faculty/muellee
October 6, 2006
Entrepreneur in Residence

13. RESOURCES
Ideation exercise: (
Feasibility analysis: (
Bootstrap website: (
October 6, 2006
Entrepreneur in Residence

14. “The best way to predict the future is to create it”
--Unknown
October 6, 2006
Entrepreneur in Residence