Akadēmiskais centrsI. Description
The rational:
Most of entrepreneurship-related competitions among students are focused on business planning (e.g. BrainHunt, Garage48, Kļūsti par uzņēmēju piecās dienās”), and have to result in a product prototype or new start-up. This approach does not allow participants to work deeper on the opportunity recognition and idea development phase (in line with the process logics by Baron & Shane 2000). Subsequently they cannot invest substantial efforts into formulating consumer wishes and desires the new product or service satisfies/creates or problems it solves. Idea Lab is aimed at developing the initial phase of entrepreneurship process.
Teams and participants:
During Global Entrepreneurship Week 2012, the Idea Lab event plans to gather in Riga 10-12 teams from Tartu, Tallinn, Riga, (?) and Vilnius. Each team should consist of 3-4 people, preferably with BA degrees, in education or employment.
The starting point:
The majority of participants are supposed to be familiar with the business plan competition format, while half of the teams are part of Tartu Idea Lab already. Thus, not all participants come equally prepared, i.e. having agreed on ideas to work on during the lab – introductory orienteering is required.
II. Stages & Timing (13.11.12)
1) Preparation (60 minutes) – “Opportunity recognition & Idea generation”:
On the first stage, a moderator (Kalev) introduces the Idea Lab concept and provides the participants with general instructions about this procedure (15-20 minutes).
Once the teams agree on their ideas (30 minutes), the moderator liaises with potential coaches and assigns one coach per team depending on his/her area of expertise/interest (15-10 minutes). In total, 10-12 coaches have to be involved. The coaches are assumed to be entrepreneurship educators and/or entrepreneurs themselves.
2) Coaching & training (162 minutes, or 2 hours, 42 minutes + e.) – “Refining the ideas”:
Every team will have to deliver 2 test presentations to a coach before pitching to a panel of experts. The role of coaches is to give suggestions to the assigned teams how to improve their final pitch. The presentations have a time limit of 6 minutes each.
a. Test presentation No. 1 (6 minutes) + First round of suggestions (15 minutes)
b. Time for improvement – 60 minutes
c. Test presentation No. 2 (6 minutes) + Second round of suggestions (15 minutes)
d. Time for improvement – 60 minutes
After the test pitches, speed dating is to take place. During this activity, team representatives introduce their ready ideas (4 minutes) to 11 remaining coaches, one by one, but simultaneously. The task of coaches is to give a brief (3-minute) feedback on the information delivered. Thus, one coach listens and gives comments to 11 team representatives other than his/her assigned team.
e. “Entrepreneurial speed dating” (44 minutes + 33 minutes)
3) Pitching (72 minutes of presentations) (14.11.12) – “Testing the ideas”:
A 6-minute pitch has to address the following questions:
a. Essence of an idea – what is new, unique and innovative?
b. What particular problems (needs, desires and wishes) of customers will it solve (address), why and how?
c. What has been done in the market already with regard to this problem/desire/wish?
d. Which geographical region will you focus on and how many customers do you expect to attract within the 1st year of operations?
e. Why can your team succeed and why?
III. Evaluation and feedback (20 minutes + 36 minutes) (14.11.12)
An international panel of N experts should assess and communicate their feedback, meaningful suggestions, alternative solutions and own views to the teams.
Evaluations are made using 10-scale system per every component of the pitch: 1. uniqueness and innovativeness of the idea, 2. its viability, 3. value for customers and potential demand, 4. competition, 5. team competence.
2 runners-up and 1 winner are to be selected. The winner can be granted an opportunity to collaborate with an experienced mentor to execute the presented idea as a reward.
Draft schedule
Tuesday, 13 November
10.00 – 10.20 Opening of International Idea Lab. Introduction by Kalev and Krists
10.20 – 10.50 Teams agree on ideas
10.50 – 11.05 Assignment of coaches for the teams
11.05 – 11.20 “How to pitch?” instruction by the moderator
11.20 – 12.00 Preparation I
12.00 – 13.00 Lunch
13.00 – 13.30 Preparation II
13.30 – 16.15 Test presentations, work with coaches
16.15 – 16.30 Break
16.30 – 17.45 Speed dating
18.00 – 19.00 Dinner
Wednesday, 14 November
10.00 – 10.10 Opening
10.10 – 11.25 Pitching
11.25 – 11.45 Assessment 12.00 – 13.00 Lunch 13.00 – 13.45 Feedback and announcement of winners 13.45 – 14.15 Coffee and networking