| Danial Norjidi |
BUDDING entrepreneurs of the IGNITE Entrepreneurship Challenge 2014 began the first of a two-day boot camp on idea, product and market validation yesterday at the iCentre.
With submissions totalling 150 executive summaries for the annual business plan challenge, the iCentre has organised a series of boot camps for shortlisted participants of the challenge’s ‘Institutes of Higher Learning’ and ‘Open’ categories.
Yesterday’s boot camp and the series as a whole carry the aim of providing participants knowledge and insights into how they can validate their ideas.
As the iCentre Manager Jeremy Chua said, the boot camp will equip participants with the necessary skills to enhance their business ideas and create innovative business plans for the final submissions on November 9.
He highlighted that the boot camp series will be interactive and will engage involvement through idea pitching and sharing sessions.
“It is a great opportunity for the students to validate their ideas and to turn their ideas into businesses,” he said, adding that Open category participants will undergo a similar boot camp next week.
Conducting the boot camp yesterday were highly experienced facilitators from the National University of Singapore (NUS) Enterprise, who covered the areas of problem/solution validation and market.
Speaking to the Bulletin at the iCentre, the Manager of the NUS Entrepreneurship Centre, Teo Shen Wei said, “Validation is important, because for a lot of early-stage start-ups, when you first start with an idea, you have your own set of assumptions. Whether those assumptions are right, bad or incorrect, we don’t know. Nobody knows. It’s a matter of finding out if your assumptions are in fact true.”
“You could say, for example, that you want to create a mobile app for students who want to do certain things, but at the end of the day, students may not pay money to use it, or may not even need it because it may just be your own personal need. You assume that everyone needs it because you have the same problem, which in fact may not be true.”
“It’s all about finding out and reiterating the start-up process,” he added.“You have an idea, you learn from the idea, build a little part of that solution, test it, go back and do the iteration process. It’s a cycle, it’s always a cycle.”
This year’s edition of the IGNITE Entrepreneurship Challenge, for which the boot camp series is part of, was launched on August 26 and serves as a platform for identifying, nurturing and showcasing emerging entrepreneurs.