Yesterday the 1st “workshop” or more of a lecture was held in the course I am taking, called “Business Planning for Company Growth” (or similar) as of competing in Venture Cup.

There were two persons from Know IT Technology Management consultant firm holding the seminar or lecture, Tomas Sandén and Marly Nilsson.

They went through what is important in a start up of a new company and what to do in which order and what to focus on. Talked about Red Ocean (modifying something existing and/or bringing something to an existing market) and Blue Ocean (creating something completely new and thereby creating a new market that did not exist earlier).

Example Blue Ocean:
Post-Its (discovered from “bad glue”), Nintendo WII (new experience even though games have existed earlier)…

Very few products are Blue Ocean, where something new is commercialized for the first time, creating a new market.

There are different strategies for the two, as of creating a new market without competitors versus creating a product that should compete with other solutions on an existing market.

The lecture was very interesting, even though they talked some about project models which I have experience in, as it differs some from creating a completely new product from developing a new product version from an older version as it is mostly about in a automotive company. Seldom a completely new product from scratch. Either from earlier product version or acquiring a company or part of company including a specific product that they don’t have in their product portfolio.

There’s no other lecture/workshop before the deadline November 1st, so I will have to start creating the Business Idea documentation and decide which ideas I should compete with. Don’t think I want to bring too many into this competition since it will take a lot of time for each, investigating customer segmentation, prices, sales cycles a.s.o. to be able to build a business case.

Some information is really hard for me to dig up, since I can’t really go to the competitors (I think) and ask about their business model and prices and since the customers for one of my ideas could be any mid-size to large companies, it is hard to go and ask them about what kind of system they use and how much they pay for it. Guess I will ask for some consultation in this matter.