The Hive: A Free Way to help Research, Plan, Test & Validate a New Business Idea

January 10, 2014 6:06 pm

Hive

At the November Mansfield 2020 meeting Daniel Hayes of Trent Rock talked about alternative funding sources for business and highlighted the importance of validating your business development plans by providing the evidence that they will work.

Daniel identified Dr Michael Huxley who runs The Hive@Mansfield Proof of Concept programme as a local resource to help you research, plan, test and validate your new business idea for new products, services or processes, to provide the evidence that they have the potential of commercial success.  It is this evidence that is crucial for the decision-making of the investor so being properly prepared will maximise your chances of successfully attracting funding.

The Hive@Mansfield has, over the past 8 years, helped over 206 individuals and businesses prove that their ideas are commercially viable; or highlighted weaknesses and areas of development. Approximately 40% of ideas are not as good as first thought and are therefore not progressed.  Moreover the course provides the skills to undertake this due diligence, validation process and therefore it can be applied to future ideas.

In reality, the commercial success of new business ideas that have been approved by Boards who have made a specific decision to invest, is extremely low. Typically less than 0.5% achieve the Return on Investment (RoI) that they used to justify the investment. Or, put another way, more than 99.5% of all ideas are likely to be rubbish, commercially speaking!

To prevent you making the same mistakes, the next Proof of Concept programme starts on the 8th January 2014 and you can find out more at their website or by emailing Michael.huxley@ntu.ac.uk  to confirm that you/your business is eligible for this FREE programme. The Hive@Mansfield is partially funded by the European Regional Development Fund.

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