I went to the IDEANATION Event last night in the city run by Ryan Trainor
of BSCHOOL at the coolest venue, 1000 Pound Bend.
This event gave the opportunities for 6 entrepreneurs with a business idea to come and share a 5 minute pitch and discuss what they are doing, how they are doing it, the business structure and so much more, then had a panel of Business Experts give feedback and ask questions then 1 idea was chosen at the end of the night and received $10,000 funding to go toward their idea. They were judged against the FAST 5 criteria which is from Peter Boyces 15 Factors to a Successful Business Idea, it teaches us how to determine the success of a business model and tells us how to apply them.
You can watch a video where Peter explains it ( SEE HERE )
The Panel included :
- Adrian Giles
- Peter Williams
- Richard Forbes
- Peter Boyce
- Yasmin Najjar
It was really eye opening to see the ideas that people come up with and their process of getting there and all the hard work that they have put in. Whilst I don’t necessarily have the focus of coming up with a ‘new idea’ (I am definitely open to it) I have some other ideas that I am playing around with in my head for down the track.
It was equally fascinating to me listening to the Panel and the questions they asked. Being experts in their fields they knew what questions to ask and could identify areas of strength and weakness from a short speel from the people sharing their ideas. You could see them being challenged by the questions the panel asked. With all their preparation and nearly all of them having already started their business idea were still stumped by some of the questions the panel asked, whether it was something that was outside the box or something they hadn’t even thought about yet. I was a fascinating process and something I would like to learn so much more about for the ideas that I have for the future! It’s fascinating to me how brilliant minds like that work!
I just need to find me a brilliant business mind now . . . 🙂