Lafayette Journal & Courier

Venture Idol requires more than good ideas

By MAX SHOWALTER

August 26, 2007

Two years ago, Scott Shim, an assistant professor in industrial design at Purdue University, and industrial design students Ryan Lightbody and Matt Grossman presented a business plan that wowed the judges at the Venture Idol competition in Indianapolis.

Their plan for the Shift Bicycle -- judged to be the most innovative new product -- won a $1,000 prize.

The design took the top prize in other contests, including $15,000 in the 9th International Bicycle Design Competition in Taiwan, but the Indiana win was different.

"It wasn't first but it was the only competition we entered that we had to deal with the business aspect. We got a very good idea of how to approach getting a concept to the market," Shim said. "There were 340 entrepreneurs invited and we passed the first-round review and then had to make an 'elevator pitch' -- which lasts one minute -- to the juries and the crowd.

"It was a challenge. We had all these wonderful descriptions and we had to get it into a minute and convince the judges it was a worthy idea."

Created to help children learn how to balance themselves as they ride a bike, the Shift Bicycle looks like a tricycle but the two rear wheels move inward and merge into one wheel as the bike gains momentum.

Similar innovative ideas will be sought during a new round of Venture Idol Competition which will be held Nov. 8, during activities connected to Indiana Entrepreneurship Week.

"I encourage students, if they have interesting ideas to pursue, to participate," said Shim, who is working with Purdue Research Foundation to set up a venture company that will launch licensing for the Shift Bicycle. "They need to know how long it takes to get all the right approaches to a business. That was a lot longer than I expected."

Six weeks before the Venture Idol competition at Indianapolis, Purdue's New Venture Team will hold a daylong workshop for entrepreneurs and small business owners who want to grow their business.

Titled "Bigger Profits Through Targeted Sales," the Sept. 27 session combines academic content and practical application to individual businesses.

Participants will work in small groups and one-on-one with instructors. The workshop also will include presentation of a marketing action plan and sales strategy and a business networking session.

"To be successful in today's marketplace, small business owners must have clearly defined marketing and sales strategies," said Jane Anderson, an instructor and senior project manager of the New Venture Team.

Professors and professional staff members will serve as workshop instructors and New Venture Team members will assist each discussion group.

"The result," said Joy May, program manager of the New Ventures Team, "is a very high energy workshop that stimulates the best thinking of every participant and focuses their attention on improved marketing and sales for their own businesses."