INSTRUCTIONS Use this template as your guide for submitting your idea and use the attached template to make your presentation and submit it to i3.jamaicabusinesslab.com.

INSTRUCTIONSINSTRUCTIONS

• Use this template as your guide for submitting your idea and use the attached template to make your presentation and submit it to i3.jamaicabusinesslab.com

BASIC INFORMATION:INSTRUCTIONSBASIC INFORMATION:INSTRUCTIONS

• Use this slide to formally introduce your school, team members and your category of choice.

SCHOOL NAME

TEAM MEMBERS

CATEGORY

BASIC INFORMATION

NAMING YOUR PRODUCT/SERVICE: INSTRUCTIONS

NAMING YOUR PRODUCT/SERVICE: INSTRUCTIONS

• Naming your product or service is very important so think of a name that describes what the product does and also creates a lasting impression in the mind of anyone who hears it.

e.g. The “Collapsi-Heel”- The name adequately describes what the product does and at the same time creates a fresh, funky name that people can identify with. You will notice that by shortening “Collapsible” into “Collapsi” and combining it with “Heels” we have created a catchy funky new word.

NAMING YOUR PRODUCT/ SERVICE: EXAMPLE

NAMING YOUR PRODUCT/ SERVICE: EXAMPLE

• “The Collapsi-Heel: Convenience with a Click”

PRODUCT NAME

TAGLINE

NAME

PRODUCT NAME AND TAGLINE

ABSTRACT: INSTRUCTIONSABSTRACT: INSTRUCTIONS• WRITE A DESCRIPTION OF YOUR PRODUCT THAT

MUST ANSWER THE FOLLOWING QUESTIONS: 1) What is its primary function and what need or

problem does it solve?2) How is it innovative?3) How is it different from other existing product? ( if

any )4) What are the key features?5) How will it change the life of its users

What is its primary function and what need or problem does it solve?

How is it innovative?

How is it different from other existing product?

What are the key features/How does it work?

How will it change the life of its users?

It solves the problem of women having to carry more than one pair of shoes to avoid discomfort.

It is innovative in that it allows the user to have two different functions in one product. Women being able to switch to flat shoes to walk up stairs and then back to high-heels to be fashionable

The “Collapsi-Heel” is completely different from existing products as there is no other shoe that provides such convenience with such ease.

The key features are the converter switch which allows the transformation to take place with the simple flick of a switch.

The “Collapsi-Heel” will finally allow women to have comfortable footwear in a any situation

ABSTRACT: EXAMPLEABSTRACT: EXAMPLE

What is its primary function and what need or problem does it solve?

How is it innovative?

How is it different from other existing product?

What are the key features/How does it work?

How will it change the life of its users?

ABSTRACT

ABSTRACT: EXAMPLEABSTRACT: EXAMPLE

• The “Collapsi-Heel” is a ladies’ shoe that can transform from a high-heeled dress shoe into a more comfortable flat shoe. It solves the problem of women having to carry more than one pair of shoes to face different situations.

It can be the fashionable high heeled shoe at the start of the party and then transforms into a comfortable option when its time to hit the dance floor. At the end of a day full of meetings, the professional woman can

flick the switch and have a comfy flat shoe to walk home in. No woman will ever have to worry about carrying two pairs of shoes anymore as the Collapsi-Heel is the perfect solution!

• WRITE YOUR ABSTRACT HERE

ABSTRACT

OPPORTUNITYOPPORTUNITY• An opportunity is a consumer need or want that can be

potentially met by a new business ( NFTE Entrepreneurship 11th Edition)

Not every idea is an opportunity. Here are 5 categories that will help you to recognize an opportunity.– Problems; A problem that needs to be solved by a service or

product– Changes; A change in trends, laws, customs, etc…; produces a

new need/want– New Discoveries; Creation of a totally new product or service– Existing Products or Services; Means that improve existing

products/services– Unique Knowledge; One-of-a-kind experiences or uncommon

knowledge

OPPORTUNITY: EXAMPLEOPPORTUNITY: EXAMPLE

• Sources of OpportunitiesProblems Changes New

DiscoveriesImproving existing Products and services

Unique Knowledge

Discomfort of high-heeled shoes in certain situationsIdea: Collapsible High heeled shoes

Modern day families having less time to make breakfastIdea: Instant porridge

Not having enough outlets to charge appliancesIdea: Charging mat (just lay devices on the mat and they charge)

People simply pressing the snooze button on alarm clocks and going back to sleepIdea: Clocky- the runaway alarm clock

Students at your school complaining about a lack of space for booksIdea: Lockers that rotate so there are more compartments

OPPORTUNITY

Problems Changes New Discoveries

Improving existing Products and services

Unique Knowledge

Use the table below to categorize your idea and explain the opportunity .

TARGET MARKET: INSTRUCTIONSTARGET MARKET: INSTRUCTIONS

• Target market: Your target market is the group of consumers to whom your marketing efforts are directed. These are the set of people who you think will be the most likely to use your product or service

TARGET MARKET

•Women between the ages of 15-55•Professional women•Young women who party

TARGET MARKET: EXAMPLETARGET MARKET: EXAMPLE

TARGET MARKET

TARGET MARKET

CUSTOMER PROFILE: INSTRUCTIONS CUSTOMER PROFILE: INSTRUCTIONS

Once you have a great product/service it is now important to identify who your customer will be.

• Location – Where are your customers?• Population – This is an estimate of how many

people make up your customer base.• Personality – What is the general personality of

you customer? • Income- What is the average income of your

customer ?

CUSTOMER PROFILE: EXAMPLE CUSTOMER PROFILE: EXAMPLE

LOCATION POPULATION PERSONALITY INCOME

Even though we are appealing to Jamaican women, Collapsi-Heel solves a problem that is found across the world. Using the internet we will be able to market to the women of the world

According to STATIN, there are over 300,000 employed women who fall within our desired age range

Collapsi-Heel will appeal to the woman who wants to be fashionable but also wants to be practical at the same time

Collapsi-Heel with appeal to the women with some amount of disposable income but are also looking for a bargain

LOCATION POPULATION PERSONALITY INCOME

CUSTOMER PROFILE

VALUE: INSTRUCTIONSVALUE: INSTRUCTIONS

• Value: These are the features of a product/service that attract a consumer to start and continue to use it.

• Competition: Two businesses operating in the same market, selling similar products.

What value will the product or service add to the life of the consumer?

Is there competition? If yes , what makes your product unique

The “Collapsi-Heel” adds great value to the consumer in the form of the convenience and comfort that a “two-in-one” shoe provide

There are no direct competitors but there are brands that produce disposable shoes geared towards providing convenience. Our product however removes the need for two pairs of shoes and it is this convenience that is our competitive advantage .

VALUE: EXAMPLEVALUE: EXAMPLE

What value will the product or service add to the life of the consumer?

Is there competition? If yes , what makes your product unique

VALUE

SKETCHES: INSTRUCTIONSSKETCHES: INSTRUCTIONS

• Make a sketch of the product or a diagram to show how the service works.

SKETCHES: EXAMPLESKETCHES: EXAMPLE

• INSERT SKETCH HERE

SKETCHES

• Feel free to add any additional information that you feel will better explain your idea, how it works etc.

ADDITIONAL NOTES

• TO SUBMIT YOUR IDEA, ATTACH THIS SUBMISSION TEMPLATE IN YOUR EMAIL AND SEND TO [email protected]

• IF YOU NEED ANY FURTHER INFORMATION OR HAVE ANY QUESTIONS, CALL US AT 908-4080

• OR 458-8532

YOU’RE DONE!!!