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Turning Ideas Into Business – A Seminar
November 10 @ 6:00 pm - 7:00 pm
Innovation has something we have been good at for a long time: Sir Isaac Newton invented the first working reflecting telescope in 1668, The first navigable submarine was designed by William Bourne in 1620, and Edward Jenner invented the first vaccine in 1798 – something that is topical today.
Charles Babbage proposed the idea for a Difference Engine, an automatic mechanical calculator designed to tabulate polynomial functions in 1822. The jet engine was patented by Sir Frank Whittle in 1930. The cash machine and personal identification number system was patented by James Goodfellow in 1966, just to name a few particularly important landmark innovations that still impact our world today.
In today’s world if your business is, a Start-Up, a Stay-Up or Grown-Up creating the best possible version of your business idea does not happen by chance. It happens because you work through a thoughtful process, turning your idea into a practical and investible business opportunity.
It is difficult and the numbers speak for themselves.
Using any benchmark, the success rate for Innovation, which is turning an innovative idea into a profitable business are not good. According to CB insights, in the UK 42% of start-up businesses fail because there is no market need for their services or products.
To launch a start-up means to risk a high failure rate, 20% of businesses fail in their first year and around 60% will go bankrupt within their first three years.
The challenge for most innovators and entrepreneurs is that they lack the in-depth knowledge and skills to shape well-rounded business ideas. Neither do they have access to a rigorous, structured development process to formulate their business ideas which has a feedback and refinement system to perfect and confirm their ideas.
As an Innovator, Entrepreneur or Investor managing risk, improving productivity, creating competitive advantage, improving cashflow are all key elements for successful value generation and building a successful enterprise.
None of this is achievable without validated and verified business ideas.
The seminar will introduce you to the Design Works framework and Vuka Works and explore how they provide a structured approach building better business ideas.
The Design Works Framework is a collaborative, human-centred approach to shaping enterprise strategy, generating new ways to bring value to the market and designing the enterprise to support and accelerate sustained value creation.
Vuka Works is a scalable digital interactive platform that equips people with ideas to design and refine an investible, sustainable business project or venture. Vuka Works was designed to increase the odds of success for innovators and entrepreneurs. The aim is to contribute to the pipeline of value-creating projects and ventures, to improve the return on time, money, and energy for everyone in the value-creation process.
Book your place on this free seminar now via the Members’ Area or through reception.