{"id":8289,"date":"2015-07-16T15:34:38","date_gmt":"2015-07-16T13:34:38","guid":{"rendered":"http:\/\/futurefoodinstitute.org\/?p=249"},"modified":"2022-05-23T07:50:47","modified_gmt":"2022-05-23T05:50:47","slug":"turning-ideas-into-opportunities","status":"publish","type":"post","link":"https:\/\/futurefoodinstitute.org\/it\/2015\/07\/16\/turning-ideas-into-opportunities\/","title":{"rendered":"Turning Ideas Into Opportunities"},"content":{"rendered":"As part of the Entrepreneurial Track module, Food Innovation Program students were immersed in two full days of mentoring by entrepreneurship professors Antonio Paco Giuliani and Steven Gedeon, from the <a href=\"https:\/\/www.uic.edu\/uic\/\" target=\"_blank\" rel=\"noopener\">University of Illinois at Chicago<\/a> and Toronto\u2019s <a href=\"http:\/\/www.ryerson.ca\/index.html\" target=\"_blank\" rel=\"noopener\">Ryerson University<\/a> respectively.\nThe professors played key roles in helping students define and realise their business goals, pitch their ideas and develop their enterprise strategies.\n<a href=\"http:\/\/business.uic.edu\/home-uic-business\/faculty-departments-research\/department-of-managerial-studies\/faculty\/antonio-paco-giuliani\" target=\"_blank\" rel=\"noopener\">Antonio Paco Giuliani<\/a> lives and works in Chicago, but spends three times a year in Italy where he lectures at the <a href=\"http:\/\/www.bbs.unibo.it\/hp\/en\/\" target=\"_blank\" rel=\"noopener\">Bologna Business School<\/a> on entrepreneurship and strategy. Prior to his academic career he was a strategy consultant focused on luxury and private equity goods. He is interested in the psychological approach to entrepreneurship (why and how do people start businesses) and has conducted research in understanding business models behind restaurants, particularly across the fine dining realm.\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_8942.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-1755\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_8942-1024x682.jpg\" alt=\"IMG_8942\" width=\"700\" height=\"466\"><\/a>\nPaco\u2019s lecture focused on three main concepts. The first was the importance of having a <a href=\"http:\/\/www.entrepreneur.com\/article\/76140\" target=\"_blank\" rel=\"noopener\">business plan<\/a>. Although often believed to be a big-business procedure, it is becoming increasingly important for startups to go through this process. A business plan can help attract investors, evaluate the feasibility of the business concept, attract potential business partners and key employees as well as customers and suppliers.\nA business plan should include an <a href=\"http:\/\/articles.bplans.com\/writing-an-executive-summary\/\" target=\"_blank\" rel=\"noopener\">executive summary<\/a> of no more than two pages, which should always be written last. It includes the company profile and the nature of the service\/product offering, and should demonstrate a long-term commitment to developing the venture. Other important elements include a market analysis (research, competition, barriers to entry and sales\/distribution strategy), the company\u2019s organisational structure (the management team), and an <a href=\"http:\/\/www.entrepreneur.com\/article\/78512\" target=\"_blank\" rel=\"noopener\">exit strategy<\/a> (best to determine this upfront \u2013 going public, selling the business, a stock buy-back at the going rate, leveraged buy-out or second round of investment). &nbsp;Critical risks must be identified and evaluated, particularly from a financial standpoint as well as the valuation of the entire enterprise.\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_8954.jpg\"><img decoding=\"async\" class=\"alignnone size-large wp-image-1760\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_8954-1024x682.jpg\" alt=\"tarek-ideas-pitching-food-innovation-program\" width=\"700\" height=\"466\"><\/a>\nThe second concept was that ideas are worth nothing. Yep. That&#8217;s right. NOTHING.\nIdeas only become valuable when there is a market for them. That means either a large, scalable market or an underserved niche market.\nIt is only then, that an <a href=\"http:\/\/www.forbes.com\/sites\/glennllopis\/2013\/04\/01\/12-things-successfully-convert-a-great-idea-into-a-reality\/\" target=\"_blank\" rel=\"noopener\">idea becomes an opportunity<\/a>. &nbsp;The economics of the idea must make sense, the value appropriation of the idea must be clear to potential customers and the timing has to be right \u2013 especially with technology driven ideas (as you have to make sure there is the right network and infrastructure in place to handle the new technology). \u201cOpportunities rely on validation and execution. You need to validate the idea and then execute on your validated idea,\u201d stated Paco.\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_8925.jpg\"><img decoding=\"async\" class=\"alignnone size-large wp-image-1761\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_8925-1024x682.jpg\" alt=\"food-innovation-program-ideas-pitching-session\" width=\"700\" height=\"466\"><\/a>\nThe third concept was an introduction to <a href=\"http:\/\/theleanstartup.com\/\" target=\"_blank\" rel=\"noopener\">Lean Startup<\/a>, a business strategy for startups to build, measure and learn. Startups can no longer think about &#8220;Can this product be built?&#8221; Instead, the questions are &#8220;Should this product be built?&#8221; and &#8220;Can we build a sustainable business around this set of products and services?&#8221; Many startups have great ideas, but instead of sharing those ideas and seeking feedback, they lock themselves away until the product is ready and then release it.\nBut often when they fail to reach broad uptake from customers, it\u2019s because they never spoke to prospective buyers\/users&nbsp;and determined whether or not the product was interesting. Paco commented \u201cmore startups fail from a lack of customers than from a failure of product development.\u201d So, startups need to \u201c<a href=\"http:\/\/lean-startup.meetup.com\/\" target=\"_blank\" rel=\"noopener\">get out of the building and engage customers<\/a>\u201d.\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9008.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1756\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9008-1024x682.jpg\" alt=\"steven-gedeon-ideas-pitching-food-innovation-program\" width=\"700\" height=\"466\"><\/a>\nThis can be as simple as a series of conversations. Find out if your idea has a market, and then develop a <a href=\"http:\/\/scalemybusiness.com\/the-ultimate-guide-to-minimum-viable-products\/\" target=\"_blank\" rel=\"noopener\">minimum viable product<\/a> (MVP) to run experiments. Continually test the product and collect data to obtain actionable metrics. &nbsp;The fundamental activity of a startup is to turn ideas into products, measure how customers respond (who are they, and are you satisfying their needs?), and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate this feedback loop.\nThe following day Steven Gedeon, director of <a href=\"http:\/\/entrepreneurinstitute.ca\/\" target=\"_blank\" rel=\"noopener\">Ryerson Entrepreneur Institute<\/a> (Toronto, Canada) and professor of the &#8220;Entrepreneurship and Strategy&#8221; course assisted FIP students with their business project pitches. He listened to their raw ideas, provided feedback on their concepts and pitching technique, and then got students to refine their project strategies and re-pitch.\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9034.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1757\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9034-1024x682.jpg\" alt=\"steven-gedeon-pitch-officucina\" width=\"700\" height=\"466\"><\/a>\nThese were Steven\u2019s pitching 101 tips: <a href=\"https:\/\/www.winwithoutpitching.com\/positioning-mistakes\/\" target=\"_blank\" rel=\"noopener\">Concentrate on positioning<\/a>, and align your concept to something that already exists, yet at the same time demonstrate how your products\/service is a little different. For example \u201cI want to create a product called Tylenol, it\u2019s like Aspirin but it doesn\u2019t burn your stomach,\u201d noted Steven. &nbsp;If you can create an identifiable comparison, or re-purpose an already existing idea, you can relay your concept to investors a lot faster. &nbsp;&#8220;It should only take 30 seconds to explain what you&#8217;re doing&#8230; so&nbsp;describe your business in one sentence,&#8221; said Steven.\nIt\u2019s all about using <a href=\"http:\/\/ecorner.stanford.edu\/authorMaterialInfo.html?mid=2418\" target=\"_blank\" rel=\"noopener\">analogs and antilogs<\/a> to test a business concept and prioritize the risks that a business concept might have. An analog is proof that something has been tried and works well in the market (<a href=\"https:\/\/www.uber.com\/\" target=\"_blank\" rel=\"noopener\">Uber<\/a>, <a href=\"https:\/\/www.airbnb.com\/\" target=\"_blank\" rel=\"noopener\">Airbnb<\/a>). Antilogs are proof that something doesn&#8217;t work in the market (<a href=\"https:\/\/en.wikipedia.org\/wiki\/Webvan\" target=\"_blank\" rel=\"noopener\">Webvan<\/a>). My idea is like Uber but we do this instead\/better; or my idea is not like Webvan because&#8230;\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9020.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1762\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9020-1024x682.jpg\" alt=\"steven-gedeon-ideas-pitching-workshop\" width=\"700\" height=\"466\"><\/a>\nWhen you create a pitch, your presentation should be composed of the following slides:\n<strong>1.<\/strong> What is the problem\n<strong>2.<\/strong> What is the solution\n<strong>3.<\/strong> What is the magic \u2013 what is special about you? What makes you the ideal person to work on this project?\n<strong>4.<\/strong> Who is the customer \u2013 have you peered into the soul of the customer and do you know who they are? Is it a single or double sided model?\n<strong>&nbsp;5.<\/strong> The business model \u2013 how are you going to make money? This is the time to answer your investor\u2019s questions\n<strong>6.<\/strong> Mention something about your team and operations\n\u201cUltimately it is important to convey your content in a clear way. Every time you add a new word you make the other words less important,\u201d said Steven.\n<a href=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9211.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1759\" src=\"http:\/\/foodinnovationprogram.org\/wp-content\/uploads\/2015\/07\/IMG_9211-1024x682.jpg\" alt=\"antonio-pitching-steven-gedeon-michiel-bakker-officucina\" width=\"700\" height=\"466\"><\/a>\nAt the end of the training session, the students pitched their ideas with a renewed sense of confidence and tact. The pitching session was conducted in front of <a href=\"http:\/\/www.barillagroup.com\/\" target=\"_blank\" rel=\"noopener\">Barilla<\/a>, professors from the Food Innovation Program, <a href=\"http:\/\/it.seedsandchips.com\/speaker\/sara-roversi\/\" target=\"_blank\" rel=\"noopener\">Sara Rovers<\/a>i, Marco Lotti (C.E.O. and Founder at <a href=\"http:\/\/www.altroveinnovation.com\/\" target=\"_blank\" rel=\"noopener\">Altrove Innovation<\/a>) and <a href=\"http:\/\/www.foodtechconnect.com\/2014\/06\/10\/google-food-teams-big-vision-for-hacking-a-better-future-of-dining\/\" target=\"_blank\" rel=\"noopener\">Michiel Bakker<\/a>, Director&nbsp;of Google Food Services.","protected":false},"excerpt":{"rendered":"<p>As part of the Entrepreneurial Track module, Food Innovation Program students were immersed in two full days of mentoring by entrepreneurship professors Antonio Paco Giuliani and Steven Gedeon, from the University of Illinois at Chicago and Toronto\u2019s Ryerson University respectively. The professors played key roles in helping students define and realise their business goals, pitch [&#8230;]\n","protected":false},"author":3,"featured_media":721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[101],"class_list":["post-8289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-entrepreneurship"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Turning Ideas Into Opportunities - Future Food Institute<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/futurefoodinstitute.org\/it\/2015\/07\/16\/turning-ideas-into-opportunities\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turning Ideas Into Opportunities - Future Food Institute\" \/>\n<meta property=\"og:description\" content=\"As part of the Entrepreneurial Track module, Food Innovation Program students were immersed in two full days of mentoring by entrepreneurship professors Antonio Paco Giuliani and Steven Gedeon, from the University of Illinois at Chicago and Toronto\u2019s Ryerson University respectively. 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