Untitled Quiz

Introduction to Innovation and Business Creation in Bioengineering

• The presentation focuses on innovation and business creation within the field of bioengineering.
• It details a program called IGNILAB, designed to support entrepreneurs in transforming ideas into social impact businesses.
• The target audience for this program includes students, graduates, faculty, and researchers at the University of Minho.

Program IGNILAB

• The program IGNILAB aims to aid entrepreneurs in developing social impact business models from their ideas.
• It helps participants in the initial steps of business development, specifically focusing on product and/or service opportunities.
• Teams of up to five people are encouraged to apply.

Program Schedule and Modules

• A detailed weekly schedule outlines both theoretical and practical coursework for the program.
• Includes introduction to bioengineering and entrepreneurship concepts .
• Several modules cover market and intellectual property research, business models, funding, and customer feedback.
• Includes a practical class, a creativity challenge, and project distribution.
• A final project presentation is planned.

Starting a New Venture

• Having an idea, technology, or passion are three ways to initiate a new venture.
• Individuals with a passion can identify personal strengths and weaknesses to determine suitable venture opportunities.
• Those with an existing idea can refine it to ensure market viability and customer demand.
• Those with technology can assess the urgency of a problem and develop a solution.
• These various starting points should also account for competitor analysis.
• Identifying a market need and potential market size are important factors when developing ideas and technologies.
• Researching and analyzing the competitive landscape to pinpoint a competitive advantage to differentiate from competitors is critical.

Identifying Market Gaps

• A market gap exists when a need is not met, either by a product, service, or an innovative approach.
• Researching existing solutions is recommended to understand customer satisfaction levels, which, if inadequate, signifies a market opportunity (or gap).
• Identify product or service aspects that can be improved, leading to the development of something new or better in the market.
• Thoroughly research, assess, and be flexible in finding suitable market gaps, being ready to adapt ideas for market success.

Market Pull and Technology Push

• "Market pull" focuses on identifying an unmet need and developing a solution to address it, driven by customer demand.
• A "technology push" approach involves leveraging a new technology or a concept to discover a market for it.

Market Segmentation

• Market segmentation divides the target market into homogenous sub-groups based on needs, wants, and behaviour traits.
• Factors to segment the market include geography, demographics, psychographics, and behavior/usage and should provide insight about customer groups.
• A good market strategy should overcome geographical challenges to tap into various market segments and provide appropriate product/service delivery mechanisms across different regions.

B2B and B2C Marketings

• Business-to-business (B2B) marketing involves fewer, larger purchasers.
• Business-to-consumer (B2C) marketing targets many individual purchasers or customers.
• The presentation describes a value chain for both business models.

Types of Business Customer

• Customer segmentation is useful for companies to target different types of customer groups.
• D - Customers who don't have a problem.
• C - Customers who know they have a problem, but don't know what to do about it.
• B - Customers who like the product, but need to do more research.
• A - Customers who want a proposal and can sign.

Consumer Needs Assessment

• Know your customer, have a good product, communicate the product offer, ensure easy product purchase, ensure you get paid.
• Understand who the consumers are - demographics, psychographics, behaviour, usage (age, sex, income, lifestyles, buying habits, preferences) and understanding their needs.
• Segmentation divides a population into homogeneous groups.

Market Positioning

• Positioning means communicating how the product fits into the minds of consumers and how customers perceive the product.
• Differentiate from competitors and recognize your product as different.
• Position the product to address the customer's needs, wants, issues, and values, rather than generic features.

Marketing Tools

• Consider market outlook, potential market analysis and segmentation, consumer need identification.
• Assess factors such as price, performance, duration, versatility, deadlines, precision, ease of use, maintenance and repair.
• Ease of installation, low installation costs, product dimensions, design, and appearance, and the degree of innovation are also important aspects.
• External and internal factors of the organization should be investigated during the SWOT analyses to identify possible opportunities or threats.

Business Intelligence

• Datamonitor, The Economist Intelligence Unit (EIU), Nielsen Media Research, and InformaDB (D&B) are some data analysis providers.
• They provide business solutions leveraging their statistical and analytical expertise.

Competitive Analysis Frameworks

• SWOT analyses: Strength, Weakness, Opportunities, and Threats.
• Porter's Five Forces analysis: Examine the competitive and industrial environment.
• Strategic Group Analysis: Evaluate competitive positions within an industry.
• Benchmarking and Blue Ocean strategy: Evaluate competitors and develop a unique market approach.
• Customer Analysis: Investigate consumer attributes.

Market Research Methods

• Focus groups, surveys, questionnaires, and interviews are methods for collecting and analyzing data on customers.
• Sample selection is a crucial aspect ensuring representative data from the target customers.
• Interviews often work effectively for smaller, specific consumer markets (B2B).
• Questionnaires are valuable for reaching out to extensive consumer markets (B2C).
• The presentation provides examples of question types, such as open-ended and closed-ended questions as well as attitude scales.

Market Pull and Push for New Product Development

• The strategies of market pull and technology push are both important considerations in the development of a new product.
• Market pull focuses on satisfying a need in a market that already exists.
• Technology push focuses on developing new methodologies to create a new market.

Market Types

• Open markets have no restrictions on entry or pricing.
• Closed markets have restrictions to limit competition and protect local producers.

Market Segmentation

• Important factors to segment your customer base (customers’ profile, their needs, their behavior). 
• Effective market segmentation helps in understanding the target market better by classifying their characteristics

Additional Information (Summarized):

• The program emphasizes finding a market need and crafting the right product or service to satisfy that need.
• The presentations include visual aids and graphics that summarize specific concepts covered in the presentation, including market segmentation schemes and competitive analyses.
• Examples of product categories are mentioned, including analgesics, TV channels (and associated services), razors, and perfumes.