OnCourseInnovation Leadership Programme

Key Points

• Entrepreneurs draw their motivation from different sources.  In some cases the motivation is financial but in the case of Nicola and Tim their driver was and still is proving that their ideas work

• It is important to look for creativity and ideas in all areas of running the business – not just the product idea. Selling a "virtual product or commodity" requires imaginative marketing techniques and persistence.  Nicola rang a buyer every day for a week and then sent him a high quality "flick" cartoon book to explain how her product worked. He then agreed to meet her…….

• The media have seen their traditional advertising base greatly reduced due to the influence of online advertising.  Media outlets are keen to find online "white label" products they can brand as their own – Nutracheck has been able to tap in to this market

• The speakers had differing views on the importance of patenting ideas.  Nicola has a patent pending for her invention and felt it very important to protect her intellectual property.  Tim took the view that a first to market approach was more important as it was time consuming, difficult and expensive to protect IPR.  The knowledge and data the company holds and the difficulties others would have in replicating it gives you your competitive edge.  The only way others can acquire such knowledge is to buy you out

• Trade mark registration is key to protecting product name (and not infringing other brands)

• Raising finance is invariably difficult for new start up businesses.  Both spoke positively about the support received from the Connect Midland programme and the availability of business support

• Working at a location where other SME businesses are based can provide useful mutual support and help

• Ideas generation – Nicola felt that many of her ideas came from extensive reading of books and newspapers.  She has a note book with her at all times to record ideas. Tim felt that many of Nutracheck’s ideas were derived from customer feedback

• Tim felt that looking back he wished that he had someone to take care of the administration of running the business thereby freeing him to spend more of his time to work on developing and marketing the product

• It's easy to forget how far you have come in the business "journey".  When you need a morale boost its good to reflect on where you were a year ago / two years ago, the progress you have made and the skills you have developed.  Often the satisfaction comes from proving the validity of your ideas rather than the profits generated