Agenda – Validate Pricing (Final Wrap-up!)
Ten weeks and numerous Saturdays later we have finally reached the end of our workshops!
Worksheets completed today:
- IACT Toolkit 11 – Resources & Costs
- IACT Toolkit 12 – 5 Minute Pitch
Today we were tasked to quantify the costs of acquiring and operating resources for our ventures (determining the initial and ongoing costs). This will assist us in defining and specifying our ‘Ask’ from the judges on ‘Pitch Night’ (Wednesday 21 October).
When pitching to investors, they not only want to know how you can justify your financial figures and ‘Ask’ but they also want to know about the ‘Return’ (there are exceptions for ‘Social Ventures’). The accuracy of your numbers and costs helps validate/ ensure your credibility to delivering what you are proposing. Additionally, those same figures must be sought from legitimate sources.
I may not be a numbers person, however, today I learnt that numbers are also what helps seals the deal between your potential investors and your venture/s.
Throughout today’s session we were provided a quick revision of some key business terms and definitions. It is quite funny how sometimes the more you learn, the more you forget! We covered the following:
A ‘Business Model’ is:
- a holistic approach
- Dynamic (ever-changing)
- maps how your venture will operate; and,
- IT DESCRIBES VALUE
- Not features but benefits
- Not quantity but quality
- ‘Created’ specifically for your target market
- ‘Delivered’ accordingly to your target market; and
- ‘Captures’ your target market
- A narrative, explicated in a linear fashion; and
- The ‘Ask’ and The ‘Return’
Today we spent a lot of time with our teams streamlining our ‘Business Models’, so it was less on the presentation and more of inter-group discussions and exercises. This helped me with iterating some of my ideas with my peers and I can understand how important this process is. We did also focus quite intently on best ‘Pitching’ practices. Today, I finally took up the courage to pitch.
- Teams who did not have the opportunity to pitch today are able to do so on Thursday 15th October.
When I first attended ‘Innovation ACT’ workshops I didn’t put much thought into it. However, as the weeks progressed I realised how the concepts shared in the workshops were highly applicable to the real-world. We had great presenters and mentors that helped contextualised the theories for us which made it easier for us to understand. Although I am not joining the competition, I got a lot out of our sessions.
Now that the foundations have been laid I feel a little more comfortable with which direction I may potentially be heading down. The future is full of possibilities and right now my studies are my priority.
I wish all the teams best of luck because you have all come a very long way. I am looking forward to ‘Pitch Night’ and excited to watch everybody do their thing.
Information on Innovation ACT 2015, see links below:
© Tracy Ng (N-G). All rights reserved.