Our Process
The Innovate Arkansas team works closely with its clients to help them through the steps involved in taking their businesses from idea to market. Below is a detailed look at that process.
- Define concept
- Confirm critical assumptions
- Survey uniqueness
- Evaluate applicability
- Technology assessment
- ID Focus of R&D plan
- List proprietary assets or patents
- Conduct market overview
- ID pricing structure
- ID market barriers
- ID risks to entry
- ID distribution channels
- ID trends & competitors
- Develop revenue assumptions
- ID management needs
- ID capital needs
- Write 10-page business plan
- ID key product features
- Production pricing feasibility
- Conduct manufacturing assessment
- ID market size & units
- ID addressable market
- ID target customers and their unmet needs
- ID channels to market
- Formulate financial assumptions
- ID seed capital
- Form advisory team
- Estimate profit potential
- Develop working model and test
- Conduct tests, develop manufacturing methods
- ID marketing team
- Select market channels
- Field test
- ID strategic relationships
- ID market tactics
- Decide venture or license, finalize intellectual property
- Select organization structure
- Finalize business plan
- Develop pre-production prototype and process
- Select manufacturing equipment
- Demo product features
- Conduct limited sales and analyze sales
- Survey customers
- Refine marketing plan
- Secure first-stage financing
- Hire staff
- Execute contracts for initial sales/beta sales
- Establish SWOT process
- Prepare commercial design
- Establish quality control
- Construct or lease facilities
- Conduct full production
- Finalize internal distribution system
- Expand distribution
- Analyze competitor satisfaction
- Assess customer satisfaction
- Assess distributor satisfaction
- Refine product features
- Determine market position & monitor movement
- Secure second-stage financing
- Establish vision, mission and management policies
- Maximize production
- Establish after-market support
- Warranty service
- Implement employee training program
- Develop market retention plan
- Establish market expansion
- ID new markets & products
- Invest profits in new segments
- Monitor product life cycle, business trends
- Monitor management needs
- Implement innovative product features
Latest News
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Movista: Bentonville A City On Fire
Innovate Arkansas client Movista was born in the MBA program at the University of Arkansas Walton Business College, but when it came time to put down permanent roots, co-founders April Seggebruch and Stan Zylowski chose a house just off the square in downtown Bentonville.
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Clete Brewer Stays Green, Stays in Business at BlueInGreen
While he supports enterprises and technologies that embrace sustainability and renewable energy as president and CEO of BlueInGreen LLC, Clete Brewer is first and foremost about the business side.
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Eight 40 Under 40 Honorees Who Became CEO
Arkansas Business is proud to have featured a number of 40 Under 40 honorees who have gone on to the corner offices of publicly traded companies. Let's count them.
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Jeff Stalnaker Moves From Data Collection to Privacy Protection
Jeff Stalnaker moved from high-tech data services firm Acxiom to lead a high-tech startup, First Orion, which with its PrivacyStar smartphone application seeks to give people their privacy back.
