![Page 1: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/1.jpg)
1
Sabin & Thorne Deadlines
Sabin Prize Thorne Prize
Letter of Interest
Jan 31* Feb 23*
Application Due
March 24 March 30
Finalists Present
April 16 April 26
*if you want a mentor
![Page 2: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/2.jpg)
2
My Training Workshops
• Today: Researching your Business
• Next Fri, Jan 31st : Financial projections
• Feb 21st : Writing & Presentations
![Page 3: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/3.jpg)
3
Researching Your Business Idea
January 24, 2014
Sabin & Thorne Prizes
![Page 4: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/4.jpg)
About Me
• Teach Entrepreneurship – SOM & FES
• Used to work on Wall Street• Attended SOM, then consulted• Joined a Yale-funded
“incubator” • Also, do consulting to start-ups
4
![Page 5: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/5.jpg)
5
Past Sabin Judges
• Andrew Sabin, prize funder & investor
• Rosemary Ripley – NGEN – investor
• Konstantine Drakonakis – Launch Capital - investor
• Ralph Earle – Assabet, consultant to investors, investor
![Page 6: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/6.jpg)
6
Judges are Investors by Day
And Investors Want to:• Hit a homerun (big financial
upside)• Avoid known losers (high
failure rates)• Minimize risks (pick the surest
thing)• Back winners (proven track
records)
![Page 7: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/7.jpg)
7
Ideal Investor Characteristics
• Unique Product / Service • Large potential market• Rapid growth prospects
![Page 8: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/8.jpg)
8
Unattractive Sectors
• Restaurants -- one location
> Too many cooks
> 80% bankruptcy rate
• Retailing -- one location
> Too easy to enter
> 80% bankruptcy
rate
![Page 9: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/9.jpg)
9
More Unattractive Choices
• Consulting
> No economies of scale
> No need to raise $ from
others
• Some International Businesses
> Depends on the judges /
investors
![Page 10: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/10.jpg)
10
Avoid
• Competing with “love” or “ego”
projects
> Artists
> Farmers
> Moviemaking
> Sports teams
![Page 11: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/11.jpg)
11
Most Important Question
• If the idea is so great...• Why hasn’t anyone done it
before?
• Might be – Technology didn’t exist before
• Or – your unique combination of skills
• Might be – it just won’t work• Or – it can’t make $
![Page 12: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/12.jpg)
12
The Best Ideas
Come from your own experiences…
A problem you’ve faced…• School, jobs• Hobbies, family
![Page 13: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/13.jpg)
13
Application Issues to Address
• Idea (what is it – why is it appealing)
• What is the Market? Customer interest?
• What is original (unique advantage)
• What is your strategy – to execute?
• What environmental or social benefit?
• Who is on your team?• How much $ do you need? Use
of prize?
![Page 14: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/14.jpg)
14
Themes of the Day
You want to communicate an idea that:
• Addresses a big, exciting opportunity
• In a new, unique, innovative way
• That is feasible and believable• With great people on your
team
To Win Contests (or Raise $)
![Page 15: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/15.jpg)
15
Idea: Big, ExcitingOpportunity
![Page 16: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/16.jpg)
1616
The Opportunity
• What are the annual sales $s?
• Are they increasing? • Important trends?• Problems that need fixing?
![Page 17: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/17.jpg)
1717
Caution: You Need Data, Sources!
• Your opinion about a need has little value
• You want to win contests….• Do research! • Industry reports, articles,
interviews, etc.
![Page 18: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/18.jpg)
18
Caution: Look at the Right Market!
GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website.
Cleaning product sales in the US were $28 billion in 2013.
![Page 19: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/19.jpg)
19
GreenCleaning’s Market
• Green cleaning products Say, 5% of all cleaning products $1.4 billion
• Sell them (not make them) Say, for a 10% commission
$140 million - not $28 billion!
![Page 20: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/20.jpg)
20
Research Customer Interest
• Who are the customers?• How many are there?• What do they want?• What can you do for them?
![Page 21: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/21.jpg)
2121
Caution: Don’t Assume!
• Your ideas about customer have little value
• You want to win contests….• Do research! • Specifically, do interviews &
surveys
![Page 22: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/22.jpg)
22
Testing Customer Interest
Develop a one page product description
• What does it do ?• How does it work ?• List the main features• List main benefits -- to
customers
![Page 23: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/23.jpg)
23
Find Out:
> Do they like your product ?
> What do they like best? Least?
> Will they buy/use it when it is
ready ?
> Will they pay the price you’re
asking?
> Do they have any issues /
concerns ?
![Page 24: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/24.jpg)
24
Caution: Get the Customer Right!
GreenCleaning will sell its own brand of environmentally friendly cleaning products – in retail stores.
• Who is the customer?
![Page 25: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/25.jpg)
25
Caution: Get the Customer Right!
• The customer = stores• Stores’ customers = consumer
• You must appeal to the consumers
• But you also must understand all customer needs – and meet them
![Page 26: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/26.jpg)
26
Caution: Get the Customer Right
GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website – for a commission.
• Who is the customer?• Cleaning product companies
![Page 27: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/27.jpg)
27
For Your Application
• Describe your venture (what will it do)
• Also, the Market need / opportunity
• And the Customer (who will pay for it)
• Include your research data• Quote your interviews• Present your survey data
![Page 28: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/28.jpg)
28
Unique: Innovative,Competitive Advantage
![Page 29: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/29.jpg)
2929
What is Innovative?
• How is your idea – unique?• Different from the competition?• Different – from alternatives?
![Page 30: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/30.jpg)
3030
What is Innovative?
• Always more competition - than you think
• Compare major features of your product> To all competitors’ products
> To doing things “the old way”
![Page 31: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/31.jpg)
31
Construct a Competitor Grid
Reason Co. A Co. B Our Co.
Price X X
Reliability X X X
Env Benefit X X
![Page 32: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/32.jpg)
32
Caution: Be Objective!
• You saying you are better = little value
• You want to win contests...!• Why, objectively, are you
better?• Did customers say you were
better?• Admit where you are not better
![Page 33: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/33.jpg)
33
Don’t Cherry Pick!
Feature Co. A Co. B Our Co.
What we’re good at #1
X X
What we’re good at #2
X X
What we’re good at #3
X X
![Page 34: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/34.jpg)
34
Key Avenues For Investigation
• Why has no one done this
before ? Technology didn’t exist?
New regulations or incentives?
It won’t work for some reason….?
![Page 35: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/35.jpg)
35
Unique, Big Idea: Example
![Page 36: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/36.jpg)
36
![Page 37: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/37.jpg)
37
• Fresh farmed tilapia fillets• Purified and filtered re-
circulated water• “Seafood Safe” and Organic• 100% organic feed
![Page 38: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/38.jpg)
38
Evidence of Opportunity - over 3 years:• US seafood consumption up 12% - $12
billion• US tilapia consumption up 110% - $400
million• Demand for organic meat & fish up
120%
Over 70% of Americans would by organic seafood if available; 60% ‘strongly
prefer’ domestic
![Page 39: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/39.jpg)
39
Customers • Wholesale Suppliers of
restaurants, grocery & fish stores
• Also, Trader Joe’s, Whole Foods
![Page 40: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/40.jpg)
40
Talking to customers:• 450 chefs and 150 retailers
Most prefer environmentally friendly fish
• Local restaurant owner: “customers care”
• Wholesaler: “Not enough good farms”
• EcoFish: “I will buy all you have to sell”
![Page 41: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/41.jpg)
41
Competition• 96% of tilapia
– imported, mostly frozen, not organic
• Most US farm-raised – small, not organic
The Good Fish tilapia will be more expensive vs. competitors
![Page 42: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/42.jpg)
42
Feasibility: Making it Happen
![Page 43: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/43.jpg)
43
The Goal
• Show this isn’t “just an idea”
• You have a plan • You’ve made some moves
• You know what the next moves are
![Page 44: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/44.jpg)
44
Issues to Cover
1. How will you make your product?
2. How will you get customers to buy it?
3. How will you start – and expand?
4. Who will run your business?
![Page 45: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/45.jpg)
45
Make a List
• What are your product “inputs”?
• What kind of facilities do you need?
• How will you deliver to customers?
• How will you provide ongoing service?
Research the answers!
![Page 46: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/46.jpg)
46
Inputs: series of tanks (“Pod System”), organic vegetarian fish food, ice for packing fish
Staff: Monitor equipment, move, clean, fillet fish
Facilities: heated warehouse space Delivery: Customers pick up Other: Waste and offal disposal
![Page 47: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/47.jpg)
47
Sales (& Marketing)
How do you get customers’ attention
• Advertising• Sales force• “PR”• Partenerships
And Make the Sale?
![Page 48: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/48.jpg)
48
Sales Force
• In-store• Telesales• Professional
• In-store• Telesales• Professional
• Track record• Industry
contacts• Product
Expertise
• Track record• Industry
contacts• Product
Expertise
![Page 49: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/49.jpg)
49
Traditional Advertising
• Mailings• Yellow Pages• Email• Print Ads• Television
• Mailings• Yellow Pages• Email• Print Ads• Television
• Newspaper inserts
• Coupons• Flyers• Catalogs• Radio
• Newspaper inserts
• Coupons• Flyers• Catalogs• Radio
![Page 50: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/50.jpg)
50
Internet Advertising
• Web Sites• Key word search• Sponsored Links• Ads with online
trade journals• You Tube Ads
• Web Sites• Key word search• Sponsored Links• Ads with online
trade journals• You Tube Ads
• Banner, pop-up ads
• Blogs• Groupon• Pinterest• Facebook• Twitter
• Banner, pop-up ads
• Blogs• Groupon• Pinterest• Facebook• Twitter
![Page 51: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/51.jpg)
51
Web Sites
• Not a sales tool, on its own• Must drive people to it• Search engine
optimization?• Buying key words?
![Page 52: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/52.jpg)
52
Develop Partnerships
• Get schools – to help sell to students
• Get doctors – to recommend to patients
• Churches, libraries, non-profits, etc.
Keep in Mind:
They will only partner with you if there is something in it for them!
![Page 53: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/53.jpg)
53
Find Out:
• Will they partner with you? • What do they want?
A share of your Sales?
An exclusivedeal?
To do good?
Another servicefor their
customers?
![Page 54: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/54.jpg)
54
Green Brides
“Partnered” with the Wedding Institute
• Green Bride made an online course
• Wedding Institute sells it to students
Wedding Institute getsFree contentHalf the $ from the courses
Green Bride getsExposure to wedding plannersHalf the $ from the course
Wedding Wire agreed to the partnership
It’s clear what both sides get
![Page 55: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/55.jpg)
55
Selling Strategy Hire Sales Force Visit customers, explain the benefits List in organic seafood directories Advertise with trade associations Host events, tours, tastings
![Page 56: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/56.jpg)
56
How will you Start – and Expand?
Start in New Haven then go to Hartford?Start with one product, then add?
Sell in one store, then more?
![Page 57: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/57.jpg)
57
How will you Start – and Expand?
• Start small• Prove you can do it -- then
expand
CT
![Page 58: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/58.jpg)
58
What have you done so far?
• If you’ve done something – risk is lower
• Do you have a sample product?• A first customer?• A potential customer – in
writing?
![Page 59: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/59.jpg)
59
Your Team
![Page 60: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/60.jpg)
60
Investors will Say: Keys to Success
People People People !
People People People !
More important than everything else -- combined
![Page 61: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/61.jpg)
61
Your Team
• Who are the Yale members?• What roles will they play?• What skills, experience do they
have…• Directly relevant to your
business
![Page 62: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/62.jpg)
62
Admit gaps
• Who are you missing – but will hire?
• Advisory board or board of directors?
![Page 63: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/63.jpg)
63
Environmental or Social Benefit
![Page 64: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/64.jpg)
64
Same Rule Applies
Judges (investors) will want:• To hit a home run (big upside)
Key Question: How do you quantify theOpportunity/Benefit?
Key Question: How do you quantify theOpportunity/Benefit?
Answer: It depends on your Unique Business!
Answer: It depends on your Unique Business!
![Page 65: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/65.jpg)
65
Hit on the Same Themes
• Big, exciting opportunity• Unique, innovative• Feasibility – a plan of execution• The right team – with
knowledge, skills
![Page 66: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/66.jpg)
66
Key Challenge
Come up with a metric of benefit:…Lives saved – or water
conserved…test scores improved – or
energy saved…incomes raised – or emissions
reducedOr, where no metric exists:…explain why the business will
matter…what will be better – because of
it?
![Page 67: 1 Sabin & Thorne Deadlines Sabin Prize Thorne Prize Letter of Interest Jan 31* Feb 23* Application Due March 24 March 30 Finalists Present April 16 April](https://reader036.vdocuments.us/reader036/viewer/2022062417/551b11535503465e7d8b607d/html5/thumbnails/67.jpg)
67
Final Words of Advice
• Do your homework Use data, research – talk to
customers Not just your opinions
• Try to do something – now - to risk
• Think like an investor!