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GLOSSARY

• Executive Summary

  Considering that people in “executive” positions do not have time to read long reports, they need to see documents that have summarised the key points one wishes to communicate. In this case, the Executive Summary refers to a document which is no more than 5-pages long, and it should touch upon the issues suggested in the synopsis. It is up to you how you structure your proposal or what font size you use. You can be creative but generally speaking it makes sense to also take a professional approach to your writing.

• “Pain-Point”

  “Pain-point” is widely used business jargon, and a word that many investors like to use. They may ask you “so what is the pain-point you are trying to solve with this idea?” If you can identify a pain-point which many people (globally even) can relate to, but no-one has resolved previously, you are probably on to something big. So, in other words, you can find opportunities in the market by solving, what a sizable group of people would describe as a “pain”. For example, since the battery in your laptop dies fast and people tend to find this a “pain”, many companies are currently working on alternative ways to charge PCs and keep batteries running longer. These companies are effectively trying to resolve a well-known pain-point.

• Industry

  It is important that you know your industry well. Do some background research, and read about potential competitors, their strengths and weaknesses, etc. Be aware of general opportunities and threats that exist. You need to be able to speak about your industry with your “eyes closed” or having just woken up! It is hard to impress customers or judges if you do not know basic numbers, market shares, competitors etc.

• Target Market

  This is similar to the industry issue: you should identify who or which groups form your customers? Why? Why not target other groups? How do you intend to reach them? Marketing naturally place a role here, and also your general strategic plan!

• Business Model

  How do you intend to generate revenue & profit? What model do you intend to use: will you be an Amazon.com without a physical store and just operate through an online platform? Will you generate revenue based on advertising? Or will you be a traditional “brick-and-mortar” company with a physical store, etc. Do you have an international customer base straight away, or do you perhaps target niche markets? There are many considerations here for you to think about.

• Strategy

  Strategy is a military metaphor, which has been widely used in the business world for many years now. Strategy in this case refers to an early plan of some kind (including methods or certain actions) which you think will help your team in reaching its goals. It is good to remember that strategies tend to change along the way; it is very difficult to predict things in advance completely accurately. However, in order to secure funding you have to convince the judges that you have done the relevant “homework” and given your best in thinking about the future. For example, you can give a roadmap that shows how you plan to reach your goals.

• A Sustainable Enterprise

  Sustainability means different things to different people. Here we want to consider all the meanings of the word. As a new entrepreneur you must be able to sustain the growth of your venture so that you can remain competitive in the long run. The bills and salaries need to be paid! Sustainability is also widely used to describe environmental considerations; global warming for example. Organisations operating in certain industries will probably not be sustainable in the long run. Sustainability-related considerations are increasingly important in the future, and there are many innovations that need to be made in this area. We hope YOU will make some of these!

• Financial Information

  Your executive summary does not have to include extensive income projections. It is sufficient to have a projection based on a short period (e.g. 3-years). Be realistic. This projection should maybe highlight your projected expenses and potential income. Far more important, though, is your team’s ability to show how you intend to use the idea development funds during the development stage of your idea.

• Idea Development Funds

  This refers to funding up to a maximum of $15,000, which your team receives when you make it past the first round. Your executive summary will need to clearly point out how you intend to use these funds, and why. You do not need to ask for the maximum; $10,000 might for example be sufficient. The purpose of these funds is for you to develop your idea to a more concrete one. If you have a product idea, it is common to build prototypes for example. Services, on the other hand, may look into conducting large scale feasibility studies. Ask for more advice from organisers at NTU and your Executive Summary instructor for examples.

• Team Members

  Some teams function brilliantly while others do not. Generally this forms a link to firm performance also. You need to be able to show that your team consists of the right types of people, who have the right types of personalities, expertise, competence, etc. You often hear successful entrepreneurs talking about “passion” – try to see if you can get the passion to “come through” in your writing. Naturally, when you make it to the semi-final round and are able to pitch your ideas in front of investors you can connect (and show your passion) to the judges a lot better.

• Intellectual Property (IP)

  Your idea, whether it is a product or service, is and should be yours. As part of your background work you need to see what similar products and services are out there already. If your idea has already been executed by someone else, you might not be able to build a business around it. However, if an existing company is already doing it, but for example in South-America, it might still be possible for you to start-up in Singapore. You can also pay royalties for IP that someone else owns.
  IP refers to all “creations of the mind”: ideas, inventions, literary and artistic works, symbols, names, images, designs, etc. Patents, trademarks and copyrights are common types of IP. It is important to note that IP does not refer only to “protecting” your idea. IP is much more, and therefore we often talk about IP-management. Having IP secured is generally an advantage to you and your team, but it is not necessary.
  
  To learn more, attend our workshops and ask questions! You can also check out the Intellectual Property Office of Singapore (IPOS - who is one of our partners) website which contains a database of IP’s listed in Singapore (see www.ipos.gov.sg or www.surfip.gov.sg).

• “Pitch”

  In organisations it is common to pitch ideas to others and see what type of feedback you receive. During ideas.inc. Business Challenge you have to “pitch” your idea in front of investors, who either believe in your idea or don’t! Your pitch might include an explanation of the “pain-point” you will be solving. You will have about 5 to 10 minutes to do so. Sometimes the pitch is also called an “elevator pitch”. This refers to a situation where you have to convince someone of your idea within the duration of the elevator ride. So, say you enter the elevator on the 23rd floor and happen to run into a person who might invest in your idea (or someone who might help to take it further), you need to convince him or her about your idea before the elevator reaches the ground floor! In other words, if your idea is around PC operating software, you need to be able to convince Bill Gates fast if you happen to run into him in an elevator somewhere! Executives rarely have the time to listen to long presentations. Exactly like in the case of the written executive summary, the elevator pitch is about saying the right things, quickly. It is an art-form in some ways. Practice, practice, practice…

• Panel of Investors

  This refers to the panel of judges, ranging between 5-12 people, who will listen to teams pitch their ideas. This panel will comprise mainly of real investors and venture capitalists. They may interrupt you in the middle of your pitch and ask questions or clarifications so be prepared to be flexible.

• Venture Capitalists (VCs)

  Venture capitalists are effectively investors who provide capital to start-up ventures or who support small companies that wish to expand but do not have funds to do so. Venture capitalists are unlikely to fund small ideas as they tend to prefer investing in high-tech ventures and ventures generally that have lots of growth potential (and money making potential to the VC him/herself!) But as always, there are exceptions, so by all means think big and try to secure funding from VCs. Another type of investor (term), that you may come across is an “angel investor”. These investors tend to be fairly wealthy private individuals, or groups of people, who fund random projects in which they believe or in which they take a liking; they are called “angels” for a reason. Other types of funding support that entrepreneurs normally tap into are the so called 3 F’s: Friends, Fools and Family!

• Prototype

  In order to show more tangible evidence of your idea to investors, potential customers, etc., it is common to build a prototype. Prototypes do not have to be fully executed or “perfect”. They can be a “cheaper” version of the final product. They can help in determining whether the idea is truly functional. You can conduct feasibility tests with a prototype by showing it to customer and asking if they would use it (or how likely they were to purchase it?). Prototypes can be working models of a new product or a new version of an existing product.

• Commercial Feasibility

  You might think you have a great idea, but if no one will buy your product or service for a price that gives you a profit of some kind, it is not commercially feasible. So, you must give proof that your product or service has a ready market (or that there will be future demand fairly soon) and that it will bring in reasonable financial returns.

• Mentor

  Mentors are wise and trusted counselors or teacher figures. You may have a mentor figure in your life already, someone who advises you on career issues for example. We pair teams up with appropriate mentors, often entrepreneurs themselves who have considerable experience in the industry you are attempting to enter. Mentors give you constructive feedback and tips what to do and what not to do, etc. In some cases they may “open doors” that might not otherwise open to you.

• YES! Start-Up Funds

  A SPRING Singapore funding scheme which support youth entrepreneurship development. When you make it to the last stage of the competition, you are automatically eligible for these funds, which will help you commercialise your products / services further. Read more from SPRING’s website: www.spring.gov.sg/yesstartups/

• Commercialising (Stage)

  During this stage, you need to get real: it is time to start selling your product / service for the intended