Now that you have identified a problem, provided a business idea to solve the problem and also reflected on your own entrepreneurial characteristics and possible business risks, you are now going to interrogate whether your idea is indeed a business idea or a business opportunity, you will also analyse the environment to assess whether environmental conditions are favourable for you to enter into the business world. As with other tasks, you will need to conduct research beyond the textbook in order to complete this task. 1. Justify whether your proposed solution/idea meets the characteristics of a successful product or service idea. NB: Refer to characteristics of a successful product or service idea.

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Venture Development Process

To create a startup company around a licensed university technology is referred to as venture development. A venture development firm can assist entrepreneurs in identifying and developing a prospective commercialization strategy, be an incubator, test target market assumptions, recruit university and non-university innovative resources and talented team members, and obtain early-stage finance. Commercialization grants, internal and external small business owners, governmental and local finance systems, and private funds are all possible sources of funding. This activity, when combined with strong intellectual property resources, accelerates early commercialization efforts and better prepares university-affiliated business owners for other types of funding.