OEN Main Community: OEN Blog : Tags : business

Contacts:

Caroline Cummings Nathan Lillegard

Smart-ups Co-founder (CEO, OsoEco.com) Smart-ups Co-founder (CEO, Floragenex.com)

541-968-2982 541-868-4947

carolinec@osoeco.com nathan@floragenex.com

August 20, 2008 – EUGENE, OR - One early stage company that delivers the most compelling business opportunity on October 14 at the Oregon Electric Station will be awarded entrance into the November 12 SEED Oregon competition – which is put on by the Oregon Entrepreneurs Network (OEN) in Portland. The SEED OREGON finalist will earn a coveted presenting opportunity at OEN's Angel Oregon 2009, the premier angel investing event in the Northwest taking place in March 2009. All companies from within the Willamette Valley are invited to submit their business plans to the Smart-up competition before September 8.

Three companies will be selected by the Smart-ups committee to pitch their business plan in less than twelve minutes. There will also be an opportunity for up to five companies to deliver one-minute pitches. The winner of the one-minute pitch will receive one month free rent at the Eugene IncuLator (a new start-up incubator/business accelerator located in the 8^th & Olive Building), and fifty percent off business consulting services offered by the Small Business Development Center in Eugene. Both winners are chosen the night of the event by the audience.

Companies seeking capital between $100,000 to $2 million are invited to apply before September 8 by visiting the Smart-ups Web site at www.smartups.org.Anyone wanting to be a part of the audience and cast their vote can register on the Eugene Chamber of Commerce’s Web site at www.eugenechamber.com. Early registration is $10 ($15 at the door) and includes one beverage and hors d'oeuvres.

The title sponsor of the event is Endeavor Law Group, and the supporting sponsors are Palo Alto Software and the newly formed IncuLator located in the 8^th & Olive building.

About Smart-ups

Smart-ups (www.smartups.org) is a new entrepreneurial support group in Oregon's Willamette Valley (founded in Eugene and currently partners with the Corvallis Entrepreneurs Forum). Smart-ups is a local chapter of the Oregon Entrepreneurs Network(OEN) based in Portland, OR. The goal is to improve the climate for Oregon-based emerging, and growth-oriented companies.

Smart-ups hosts "Pub-Talk" events throughout the year that focus on bringing start-ups together with community leaders, business leaders and people in the venture and angel community in the surrounding area. Smart-up events currently take place in Eugene and Corvallis.

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Market research...sounds thrilling, doesn't it? It is probably one of the most time consuming parts of creating a business plan,and also one of the most important. In this series of articles, we will define market research and talk about the various methods used to conduct the studies.Today, we will talk more broadly about market research and start to define it.

A quick definition of Market Research from About.com:

"Small business owners use market research to determine the feasibility of a new business, test interest in new products or services, improve aspects of their businesses, such as customer service or distribution channels, and develop competitive strategies."

Simply put, if you do not study the likelihood that your product is needed or wanted, your business is at high risk of failure. This information can be used to develop or modify new products, establish pricing, identify customers and create targeted marketing campaigns. It is the portion of the business planning process that helps you identify if there is actually a customer willing to buy your product or service. And sometimes, you find that you cannot provide what the consumer wants at a reasonable cost to you, and so you decide not to pursue that opportunity.

Market Research is also used in established businesses to adjust product specifications. When a new internet application is release in Beta, the creators are looking for people who have an interest to sign up and use their product for a period of time, while giving feedback about the usability. This is a great way to ensure you will have a customer base for sales, as the early adopters of the product feel very connected to its development and can become very loyal customers.

For me, market research reminds me of school...remember when you had to do the lit review for your research papers? You spent time looking up various sources, seeing what was already published, seeing what research hadn't been completed yet, looking for a niche that hadn't been filled by what others were doing...this is the place where you establish your baseline, an essential element to any good plan, and particularly helpful for measurement purposes.

Take a minute to think about your market...have you researched what's available? Have you asked for feedback about your offering to determine if you need to tweak the design a bit to make it more functional? Don't skip this important step of your planning process because you are anxious to get going on "the fun stuff". It is a foundational building block that is an integral part of being successful.

Jean Ann Van Krevelen is the Development Director of OEN, as well as an entrepreneur. See more information on her blog, the Edgy Entrepreneur.

0 Comments Permalink Tags: market_research, business_plan, marketing, entrepreneur