Accel Letter



Welcome to the Accel Letter - a monthly newsletter brought to you by the Waterloo Accelerator Centre and Accelerator Program, providing you with the latest buzz, news and success stories from our start-up community.

The Accelerator Centre, located within Waterloo's David Johnston Research and Technology Park, is a world-renowned, award-winning facility dedicated to developing and commercializing technology start-ups. Visit us on the web at www.acceleratorcentre.com.

Stay in touch with us and follow the paths of some of the most innovative companies in the world.
 
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In This Issue
Feature Story
Accelerator Buzz
Client Corner
Alumni News
Stay Connected



  
Feature Story
Kevin Hood           
New Entrepreneurs and the Shift to Market Focus

By Kevin Hood 

 

 

If there is one simple but extremely important message that I could provide to new entrepreneurs, it is to focus on the market from the beginning of your venture. I have seen so many new ventures spend almost all of their initial time and effort focused on the creation of the product or service with little attention paid to a true understanding of the end user and the actual market potential.

 

There is no better source of information about the potential of your new products and services than from the customers themselves. Interview and survey as many potential end users as possible to determine if there is demand for your products and services, what the "pain" is that you are solving or the "gain" is that you can help them achieve. Use this knowledge to guide your business strategy going forward.

 

So much of marketing is about finding the right words to convey your value proposition. Customers need to know what the benefits, results and ROI are from your product or service before they will spend any time finding out more about it. In other words, if they see no upside in using your product or service, chances are low that they will investigate further and ultimately buy. Understanding and communicating the benefits of your products/services to end users is a major step in ensuring long-term success.

 

That is just the beginning of the shift in focus to the market. Many businesses need to engage directly with customer prospects to get a sale done, but if you are like most entrepreneurs, you are uncomfortable with the idea of selling. You probably don't realize you've been selling all your life. Trying to get your way with others (often family members!), get a job, keep a job, and convince a group that your approach is the best one - all of these required you to sell yourself and your ideas. The difference in business is that you get paid for what you sell!

 

There are many factors that influence customers' buying decisions, but one critical element should not be underestimated - who they are buying from. Customers will only buy from you when they trust that you can deliver the results they want. If you are not confident in a sales role, it will be very difficult to demonstrate the thorough professional approach needed to help customer prospects make that buying decision. Your attention to their needs, your ability to fix a "pain" or help them make a "gain" will create the basis for a long-term customer relationship. Your goal should be to have "repeat" and "referral" customers as the vast majority of your business which is a direct result from the sales relationships that you develop. The value of your business increases with the strength and retention of your customer base.

 

If you focus on the market as well as the marketing and sales requirements of your business from the very beginning, you will get an important understanding of your marketplace, the words you will need to get your customer's attention and then the trust building sales relationship that will close the deal to secure them as a long-term customer.

 

At the Accelerator Centre, and through the Accelerator Program, we are dedicated to ensuring that new entrepreneurs have this focus and make the best decisions possible on their path to market.
 

 

 
Accelerator Buzz

Are you ready for JumpStart's third cohort?

By Ignacio Mongrell

 

FedDev and the Accelerator Centre are now accepting applications for JumpStart's third and final cohort. JumpStart is a mentorship and business acceleration program designed to assist STEM entrepreneurs with the commercialization of new products and the development of new businesses. The program provides selected companies with mentorship and matching seed financing up to $25k.

 

The deadline for sending us your application is July 31, 2013. You are invited to come to the Accelerator Centre and see our finalists pitch in front of an audience and judges on Wednesday, August 14th from 3:00 to 5:00pm.

   

During its first two cohorts earlier this year, JumpStart funded and mentored 23 companies in the KW Region and contributed to the creation of over 60 jobs. These companies have been receiving mentorship in marketing & sales, PR & communications, HR, technology, and finance, as well as legal and accounting advice.

 

If you wish to find out more about the application process, selection criteria or have any other inquiries regarding JumpStart, please contact Ignacio Mongrell at imongrell@acceleratorcentre.com

 

 

 

 

Client Corner
Cineclick      

CineClick Brings Gaming to Movie Theatres

By Krzysztof Pietroszek

 

Have you been to the movies recently? If so, and if you arrived early, you were likely forced to watch 30 minutes of pre-show commercials, even though you had just paid for admission. That's one of the reasons why movie-going has stagnated in recent years.

 

CineClick solves the problem of the plateauing attendance that is showing signs of advertising fatigue. Instead of watching pre-show commercials, moviegoers can actively participate with a theatre display by playing interactive games during the pre-show period using their mobile devices as game controllers. As an added bonus, winners receive awards, such as free admission or popcorn. CineClick is a new form of in-cinema entertainment and a disruptive technology that has potential to create a new market sector.

 

During the fall of 2012, CineClick raised 850k from the Canada Media Fund, JumpStart and private funders. CineClick successfully built a Cinema Interactive Cinema Server and demoed its first interactive Game - Little Red Riding Hood - to an extremely enthusiastic audience at Waterloo's Princess Cinemas during its annual March Break Film Festival.

 

CineClick has implemented a number of interactive games that it is demoing for interested cinemas (see more at http://www.cineclick.ca), and dozens of content producers are developing content for the CineClick Interactive Cinema Server. CineClick is on track to be in over 100 screens by early 2014, providing theatre owners, developers and content creators with a new platform for earning revenue.

 

Besides the unique availability of first-run, high-production-value movies, movie theatres can provide a social experience unavailable anywhere else. A pre-show that incorporates this unique social component will, instead of alienating paying customers, provide added value while accomplishing cinema owners' marketing objectives.

 

CineClick is a unique, patent pending technology that emerged from interdisciplinary research conducted at KPicture Productions Inc. and the University of Waterloo in the areas of mass gaming and mass interaction. CineClick is a game-changing solution.

 

 

 

 

Alumni News

Client Outlook
 
 



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