This week, the 4th year students completed their third feasibility study. Last week, 10 external idea owners presented their business ideas to the class. Some of these were selected by the teams, and put under scrutiny through five days of hard work. The students did research on the product, competitors, markets and possible business models, to mention some aspects of their feasibility studies. After gathering tons of information, the students have to process and communicate their findings in a short hand-in. On Friday all the groups presented their findings to the class and a panel of experts.
The feasibility tests include a lot of hard work, but is also a good way to get to know your classmates. In December the students will form teams, which will go on to create start-ups in January. As Paul Graham, co-founder of Y Combinator put it:
You need three things to create a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible.
We have done it again! Startups from the NTNU School of Entrepreneurship are really good at communicating what they do and the value it brings. This makes them great at getting soft-funding. The last couple of weeks this has paid off for several NSE startups.
We look forward to seeing more from our alumni and co-students’ startups!
A month has passed by and the new students have already gotten their hands dirty. They have completed two feasibility studies, consisting of intensive work where they test business ideas to see if they have potential.
Some of the business ideas that have been tested are internal, while others have external idea owners. Last week the 4th year students searched in every nook and corner to find good ideas here at NTNU. Being part of Norway’s largest university proved fruitful as many professors had ideas they wanted our students to look into.
The work is documented in a short report and presented for the staff, classmates and some externals. What a great way to kick off the NTNU School of Entrepreneurship!
Up next? This Tuesday the 4th year students will be visiting TrønderEnergi to see what exciting possibilities exist within the energy and power domain.