Buckle up for the Tech Roadmap Initiative!

We are excited to announce the launch of two new entrepreneur initiatives to support inventors & innovators.  New Vision, the Yakima County Development Association, announced today that it is initiating two new initiatives to support emerging businesses in the Yakima Valley.  We are partnering with Impact Washington, and poised to start the Technology Roadmap initiative over the next month.  Later this year in September, we will start the Enterprise Challenge, our inaugural business plan competition.

The Technology Roadmap Initiative (TRI) is designed to help inventors, entrepreneurs and established businesses get their ideas, new product lines and inventions in the ‘fast lane’ to commercialization.  We are working with Impact Washington to help people evaluate and commercialize their bright ideas.  The first part of this initiative is for everyone that is interested in launching their inventions or product ideas – Yakima County inventors and entrepreneurs with innovative new products or inventions that are close to market-ready or past the ‘idea’ stage and existing businesses that want to expand or diversify products or areas.  We will then take applications from interested parties and a panel of judges will select up to five individuals or teams for in-depth assistance.

Impact Washington, formerly Washington Manufacturing Services, will help us with the Technology Roadmap initiative.  They will provide general orientations on product development and then provide higher level support during the project’s second phase.  According to Linda Adams, marketing manager for Impact Washington, “We are excited about helping New Vision on this new initiative.  Impact Washington has helped several companies bring new products to market, so we are a natural partner on this project.”

New Vision and Impact Washington will use Eureka Ranch’s Winning Ways Program and Merwyn assessment to evaluate ideas for market viability.  Merwyn has evaluated over 20,000 innovations ranging from industrial products to consumer products and services over the past 10 years with a success rate of over 70% in predicting market success.  Individuals or teams selected for the second round will receive a free Merwyn assessment, which costs $2000.

Two initial orientation meetings will be held at Perry Technical Institute (2011 W Washington Avenue in Yakima) for people that are interested in the TRI and will give inventors, entrepreneurs, and established businesses a clear sense of how this project will unfold:

• April 6, 2010 from 7:00 – 8:00 p.m.
• April 7, 2010 from noon – 1:00 p.m.

In September, New Vision’s business plan competition, the Enterprise Challenge, will commence.  The EC is an interactive business plan competition to identify the best & brightest new innovative business ideas and solid business plans.  It will run until December when winners are announced and cash prizes – top prize is $10,000! – are awarded.

Our goal through these initiatives is to help emerging companies take root and grow in our Valley.  New Vision established a five-year goal to support the formation, survival, and growth of 20 high value business ventures (companies or business expansions less than three years old).  We are still working to define the high value part but we are confident that these new initiatives will help local businesses and jump start some valuable economic activities for our region.

Contact me, Tammy Everts, Business Development Director, 509-575-1140 or tammy@ycda.comfor more information!

Are you really an entrepreneur?

I’ve heard the definition of an entrepreneur is someone that sees a need or problem and designs something to fix said problem.  Sounds easy enough, right?  I see problems every day – I could do this!  You’re thinking, piece of cake, I could too! Just how do you know if you’re an entrepreneur? Take Dan Isenberg’s Two Minute Entrepreneur Test to see if you’re destined to be an entrepreneur or if you may want to do some more soul searching.  Love #15, Can you start without gobs of money?

Then, if you want a second opinion, you can also answer 20 questions by Seth Kravitz, SecondCityCEO, that delve further into the realities and sacrifices many entrepreneurs face.   Warning – this test really goes for the ‘gut check’, for example are you willing to miss your kids’ baseball games and dance recitals?  Put personal relationships at risk? Live without a vacation for years?  I love his question #2, I embrace Failure.  I’ll admit, I failed this test with flying colors.

Many people consider themselves entrepreneurs or as ‘having the entrepreneurial spirit’.  One thing I’ve learned in working with this population is that many entrepreneurs have a distinct and unique personality, yet there are some common traits and characteristics (definitely a topic for a future blog).

I would also surmise that there are entrepreneurs out there that have been turned down for financing, scored low on assessments and driven their friends and families crazy, yet ended up with a successful idea or invention.  I recently read that Apple, eBay and Google (among many others) were initially turned down for venture financing.  It takes perseverance, passion, drive and common sense to keep pushing your idea.

In response to the two tests, what other considerations are important for entrepreneurs?