University:
Boston University
Course:
QST BA 305 | Business Decision-Making with Data
Academic year:

2023
Views:

89

Pages:

16
Author:

Lafuentedqri

WRITING BUSINESS PROPOSALS Business Proposal vs Business Plan ■ Business Plan covers the whole company strategy – Funding – Competitive and market analysis – Complete product development, manufacturing and sales plans – Follow-on products – IP – Full financials – 30-35 pages + appendices ■ Business Proposal is a specific response to an open solicitation or request for a proposal – Some overlap in relevant background info, market and technology – Targeted info to the request received and the customers/funders requirements Purpose of the Ignition Awards ■ Identify interesting inventions that have commercial potential ■ Support the commercial exploration of those inventions ■ Fund development work that is not traditionally funded by Federal agencies Purpose of the Ignition Awards ■ What will the outcome be? Proceed with commercialization or go back to the lab ■ How will the results help get the funding and resources to take the project to the next stage ■ What work will be required after this project is finished for the technology to be commercialized ■ This is not a research grant What do we mean by commercialization? ■ Initial Research ■ Working Prototype (proof of concept) ■ Alpha Product (Initial regulatory work) ■ Beta Product (complete regulatory work) ■ Initial (strategic) sales ■ Full Commercialization – large number of sales, product is mass produced, repeatable, Quality control etc… ■ For a new drug – 10+ years and $2.5 billion ■ For a new App – 1 to 6 months and $10,000 - $250,000 Proposal Sections: Cover Sheet ■ Use the cover sheet provided ■ Keep to one page ■ List only most recent/relevant publications ■ If you have more publications you want to list you can include in appendix – but recognize that it might not be read Ignition Award Summary ■ Briefly talk about the market problem you are solving ■ What your technology/invention does to solve the market problem ■ What you will accomplish with the award ■ Remember - This may also be used to showcase your project in public announcements or on the BU website if you are given an award Proposal Summary ■ Think of this as your elevator pitch or blurb ■ This is your opportunity to: – Give your reader a quick introduction to the proposal – Get your reader interested in your proposal – Enable others to quickly promote your proposal What is an Elevator Pitch? ■ Succinct statement that explains your business ■ Short (30-60 seconds) – could be done in an elevator ride ■ Key goal: Inspire the listener to want to learn more Delivering an elevator pitch should be automatic What are the key elements of the elevator pitch ■ What do you do? ■ What problem does the technology address? ■ What are the unique benefits of the technology/product? ■ What are you looking for – partnerships, collaborators, market knowledge, funding? Elevator Pitch Dos and Don’ts Do’s Don’ts ■ Engage the listener ■ Give a sales pitch, oversell ■ Use accessible language ■ Use jargon ■ Focus on benefits not features ■ Use acronyms (NDA) ■ Have a call to action (I am here to…) ■ Overwhelm the listener with data ■ PRACTICE What’s a Blurb? ■ Written counterpart to elevator pitch ■ Should serve two functions: – Tool for written introductions – Positioning/summary statement for use in company documents (e.g. first paragraph of an executive summary – or your summary in the proposal) ■ Should be three to five sentences Sample Blurb SPECTER SPORTS aims to revolutionize hockey tape used by professional and amateur hockey players. SPECTER’s patented tape allows for better puck control, lasts longer and is easier to apply than conventional tape, and is fully customizable to players’ needs. The tape also creates a new platform for branding and advertising. SPECTER SPORTS developed the tape with Boston Bruins captain, Zdeno Chara, who is a user and passionate supporter. Startup ValueaProposition How HBS writes blurb…. For [target customer segments] who must [problem to be solved], our product is a new [category name] that provides [solution to the problem]. Unlike [current solutions], we offer [key differentiating factor]. © Jodi Gernon, Arthur Rock Center for Entrepreneurship, Harvard Business School Impact ■ If your technology is completely commercialized what will be the impact of the idea ■ How will it benefit BU, your customers, and the world ■ Benefits may be: – Curing/treating a disease – Improvement of public health – Environmental progress – Economic development – new company or growth of an existing company

Writing Business Proposals Pt 1

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