The Inventor’s Conundrum

Oftentimes, the greatest of ideas are sacrificed to lengthy procrastinations as the inventor contemplates how to get their business started. To make matters worse, there is a confusing maze of support activities and consultants willing to contribute (for a fee), but the advice is often conflicting, time-consuming, uncertain, and just downright expensive!

THE HOOPS

So, you are an inventor and you have a great idea, and you’d like to turn that great idea into a profitable business. However, in order to get started, you are told you need Money, and to get Money you must have a Business Plan. In order to develop a Business Plan, you need a Product, but to define a Product, you need a Business Model. To generate a Business Model, you should identify Target Customers, which you get by conducting a Market Analysis. To conduct a Market Analysis, you need Resources. And, of course, to hire Resources you need Money.

After going around this circle several times, you head is spinning, you are overwhelmed and you are ready to give up trying to start your own company.

The LTU Collaboratory calls this the “Inventor’s Conundrum”.

THE REALIZATION

To help streamline the process of starting a business, the LTU Collaboratory examined the “Inventor’s Conundrum” and devised a smarter solution. You start a company by searching for a paying customer—somebody else so excited about your idea that they are willing to pay you to use it. But, in order to find someone who has a want or need for your product or service, you must first define the problem—why would anybody be interested in what you have to offer?

THE SOLUTION

That question was the thought that drove the creation of The LTU Collaboratory Customers to Cash (C2C) program. Our C2C program is designed to help you resolve your Inventor’s Conundrum by getting you started on defining the problem and searching for a market of people who experience this problem. The C2C program traces its origins to the National Science Foundation, Stanford University, and Design Thinking. This transformative program is unique to Southeast Michigan and offered twice a year, in the spring and fall. Each program is limited to 10 teams and best of all, the C2C program is offered at no charge for participants!

The learn more about the LTU Collaboratory and Customers to Cash Program, please contact: C2C@LTU.EDU

Don’t miss The Annual Collaboration for Entrepreneurship (ACE) event, January 26, 2016. The ACE event is the place where entrepreneurs from all over the Great Lakes region gather to network, learn and connect.