Team:Manchester/Entrepreneurship
Entrepreneurship
- Ensure that our project is commercially viable.
- Ensure that our project development incorporates consumer feedback.
- Ensure that we have a foundation to develop our project into a useful product.
- Increase the number of iGEM teams that have essential enterprise teams to increase number of iGEM projects that turn into useful products.
Main achievements
- Produced a comprehensive business report focusing on the sun care market
- Prepared a detailed business plan to guide the development of our product
- Created a learning resource on essential entrepreneurship for iGEM teams
Business Report
Business Report Rationale
- Studied sun care market to incorporate consumer feedback;
- Studied sun care market to understand whether sun care market is a good target market for our solution;
- Assessed whether our product can possibly survive a competition;
- Assessed whether there is likely to be a demand for our product;
- Assessed how to possibly increase a demand for our product;
- Identify possible risks.
Business Report Main Outcomes
- Sun care market is large,growing and easy to penetrate for new companies,thus sun care market is attractive for our product;
- We identified that not many competitors have developed novel UV filters with limited toxicity.
- Determined that a low toxicity with combined benefits is valued by consumers,thus our UV filter is likely to be in demand from at least a certain group of consumers;
- We identified numerous desirable by consumers qualities such as a low price that we should aim to achieve during our development process to increase a demand for our product;
- We also identified numerous strategies to make our product more demanded by consumers such as trying to make a pathway of producing our compound as efficient as possible to reduce the price of manufacturing product;
- We identified major risks risks for our product and developed initial strategies to mitigate them.
Business Plan
Business Plan Rationale
- Identify key milestones as well as resources for our possible enterprise;
- Identify what actions we might need to take to make our product successful;
- Identify key stakeholders and partners that we would need to approach;
- Create a foundation of a business model that can possibly generate revenue streams,thus has a potential to attract investments for our product development.
Business Plan Main Outcomes
- Proposed a foundation of business model that we can improve based on feedback from professionals;
- Identified main for our business development stakeholders such as current sun care producers;
- Identified key milestones to reach such as confirming that bacteria can produce our compound;
- Identified actions to take if our project to be developed further such as discussing our business plan with knowledge transfer department in our university if we can produce the proposed compound.
Enterprise Learning resource
Essential Entrepreneurship Learning Resource Rationale
- Contribute to the iGEM community;
- Maximise the number of iGEM projects that have a potential to develop into successful products, thus to make a positive impact on the whole world;
- Make it easier for other iGEM teams to integrate entrepreneurship into their projects.
Main outcomes of Essential Entrepreneurship Learning Resource
- Produced a comprehensive guide that covered essential for enterprise models and techniques such as PEST and SWOT analysis;
- The use of our resource would help iGEM teams to familiarise themselves with the techniques that would enable them to start integrating entrepreneurship into their project;
- Held a webinar during global meet-up to promote our resource and to obtain some initial feedback about our resource;
- Integrated feedback from Entrepreneurship Program Innovation Community(EPIC) to make our learning resource as useful for iGEM teams as possible.
