How does an aspiring entrepreneur know if they have a good idea? Sometimes it is standing on the train platform handing out surveys as Aaron Patzer did while at Princeton University to test his concept for Mint.com that was later bought by Intuit. Today, there are organizations such as Lean Startup Machine that run entrepreneurial programs and events focused on taking aspiring entrepreneurs through a methodology to validate their venture concept. This offers a path for entrepreneurs to refine their model before they spend too much time and money going down the wrong path.
NJIT recently hosted Lean Startup Machine Newark drawing in a broad range of venture ideas from the community. The event started with the presentation of venture ideas by entrepreneurs that are voted on by judges on Friday. Teams are formed around the top ideas selectedthose teams follow a methodology over the weekend to gain real world insight. As shared on Sunday afternoon in their final presentations to the panel of judges, the entrepreneurs described how they spent the weekend on the streets of Newark and on the Internet to probe prospective customers about their venture concept. The insight gained very often results in the teams altering their concept. And that’s ok because the purpose of the event is to encourage the entrepreneurs to be adaptable in their model based on how their prospective market responds to them. That is called “the pivot” when they have gained the information to refine their original concept and establish a new path that has emerged from their real world outreach.
The winner was Snack Builder offering “engaging snack kits” that keeps children occupied while eating their snacks. They presented the most detailed case for having engaged their prospective market and presenting how it impacted their venture idea. The other venture topics included an online service to book play dates, a web app for the college admissions process, a re-entry program for individuals who are incarcerated and others.
Rafael Balbi, Director of Operations of Lean Startup Machine, and Steve Royster, Senior Venture Officer at the New Jersey Economic Development Authority, co-moderated the event. Lean Startup Machine has now conducted over 96 workshops in 40 cities worldwide for over 7200 entrepreneurs. Presentation of this type of event in Newark coincides with the City’s growing cohesiveness around entrepreneurship and technology. The event was held on the NJIT campus which has the mission to support economic development and it drew in judges and audience from organizations such as Brick City Development, a not for profit with a mission to catalyze Newark, New Jersey by organizing, retaining, attracting and growing businesses to “enhance small and minority business capacity, and spur real estate development within the city.”
