FastTrac® TechVenture™ Deliverables

The following list summarizes the action steps following each FastTrac module. 

1. Exploring Entrepreneurship

Outcomes

  • Consider issues specific to entreprneurship
  • Consider your own criteria for success
  • Identify the features/benefits/uniqueness of your business
  • Quickly express the essence of you concept

    • Actions

  • Complete the Entrepreneurial Readiness Assessment
  • Compose your Personal Vision Statement
  • Draft your Business Concept Statement
  • Draft your Elevator Pitch
  • Review the Sample Business Plan
  • Read Module 2

2. Defining the Target Market

    Outcomes
    • Market analysis and segmentation
    • Market sizing
    • Identified target market
    • Industry profile
    • Customer profile
    • SWOT of one major competitor
    • Market research resources identified

    Actions

    • Perform SWOT analysis of a competitor
    • Draft the Marketing Plan
    • Refine Module 1 deliverables

3. Conducting Market Research

    Outcomes
    • Strategy and questions for market research
    • Begin primary research
    • Preliminary sales projections
    • Draft of value proposition

    Actions

    • Prepare and conduct a survey of 3 prospective customers
    • Draft Sales Projections and Value Proposition sections of your business plan
    • Update your Marketing Plan as needed
    • Continue refining Module 1 deliverables
    • Read Module 4
    • Complete the Business and Technology feasibility assessments

4. Testing your Business Concept

    Outcomes
    • Test your concept for product/market/financial/technolgy feasibility
    • Decide on next step (go /  no-go  decision)
    • Learn about the Executive Summary

    Actions

    • Decide on next steps for your business concept
    • Continue primary market research
    • Draft the Executive Summary section of your business plan
    • Continue to refine your Elevator Pitch
    • Read Module 5

5. Entering and Capturing the Market

    Outcomes
    • Identify customers on an adoption curve
    • Consider the image you want for your business
    • Formulate a market penetration plan with financial assumptions
    • Select appropriate sales channels and marketing methods
    • Evaluate pricing strategies

    Actions

    • Draft the Market Penetration and Sales Plan section of your Business Plan
    • Refine the Exec Summary
    • Continue with your primary research
    • Continue to refine your elevator pitch
    • Read Module 6

6. Planning for Financial Success

    Outcomes
    • Understand balance sheet, income statement, cash flow statement
    • Project the financial condition of your business
    • Analyze and interpret financial statements

    Actions

    • Choose a financial projection template
    • Review "Sample Financial Statements and Ratios"
    • Determine how much funding is needed to launch and grow your business
    • Draft the Financial Plan section of your Business Plan
    • Refine the Exec Summary
    • Continue to refine your Elevator Pitch
    • Read Module 7

7. Building and Compensating Your Organizational Team

    Outcomes
    • Evaluate the founding team's ability to fulfill management roles
    • Plan to build a management team that meets business needs
    • Create an equity compensation plan
    • Determine ways to recruit and hire motivated employees
    • Identify ways to create a positive working environment

    Actions

    • Draft the Management and Organization Plan section of your Business Plan
    • Outline a compensation and stock option plan and an org chart
    • Refine the financial assumptions in your financial projections
    • Have your financial projections reviewed by an OTBC coach
    • Refine the Exec Summary
    • Continue to refine your Elevator Pitch
    • Read Module 8

8. Protecting the Business and Your Intellectual Property

    Outcomes
    • Compare different business entities
    • Understand why and how you should protect your intellectual property
    • Consider the possible need for licenses, patents, trademarks, and copyrights
    • Identify governmental regulations that affect your business

    Actions

    • Draft "The Company" section of our business plan
    • Draft the "Intellectual Property, Disclosure, Barriers to Re-Engineering and Government Approvals" sections of the Product/Service Plan in your Business Plan
    • Refine the Exec Summary
    • Continue to update and refine your financial projections
    • Continue to refine your Elevator Pitch
    • Read Module 9

9. Identifying Funding and Working with Investors 

    Outcomes
    • Identify sources of non-equity funding
    • Learn about equity funding sources
    • Recognize pitfalls to avoid in raising money
    • Examine specifics of presenting to potential investors

    Actions

    • Calculate dilution using the Dilution Calculator
    • Draft the Investor Highlights section fo your Business Plan
    • Draft your Investor Presentation
    • Refine the Exec Summary
    • Contineut to update and refine your financial projections
    • Continue to refine your Elevator Pitch
    • Read Module 10

10. Managing Cash and Operating Your Business

    Outcomes
    • Understand the importance of managing cash and burn rate
    • Identify administrative policies to control the operation of your business

    Actions

    • Draft an Operating and Control Systems section of your Business Plan
    • Draft the Growth Plan section of your Business Plan
    • Refine the other sections of your plan
    • REfine and rehearse your Investor Presentation
    • Read Appendix 1 and Appendix 2 and implement the actions they suggest