Technological Entrepreneurship Milestone 1: Business Ideas Page 1. Brainstorm two initial business ideas that are based on new technologies. For the assignment, briefly describe each idea using

Technological Entrepreneurship

Milestone 1: Business Ideas Page 

1.     Brainstorm two initial business ideas that are based on new technologies. For the assignment, briefly describe each idea using the following format. 

2.     My idea is based on the _____________________________ [i.e., new technology]. Specifically, it is a _________________________________________________________ [e.g., product/service/etc.] that tackles the problem of [OR need in the marketplace] _______________________________________________________________________ [i.e., the issue being addressed] by ___________________________________________ [i.e., what your idea looks like in practice; your solution].

3.     Be sure that you have some ideas for how your business will make money. If you feel more detail is needed to convey your idea, in addition to the above sentence, write a brief paragraph that better describes your business’ product or service, the intended customer(s) and the problem it solves.

Milestone 2: Business Idea Final Draft 

In particular, this assignment asks you to: 

o   Pick your favourite idea (just one) from Milestone 1.

o   Conduct research on the new technology on which your idea is based. 

The paper should include the following:

1.   Cover page: Title and student name/number

2.   Technology background

Focus on the technology on which your business idea is based.

1)    Name and describe the technology

2)    Explain why this technology excites you

3.   Current application of the technology

1)    Identify (at least two) successful products/services that have applied the technology

2)    For each product/service,

a.     describe the product/service

b.     explain how essential the technology is to the product/service

4.   Your business idea

1)    State your business idea

2)    Explain how essential the technology is to your idea

Evaluation criteria:  

§  The novelty of the business idea.

§  The quality of the research on the new technology.

§  The clarity, specificity, and completeness of the assignment.