Inventors Forum Speaker's Series 2017
Speakers: John Rau & Cynthia Kirkeby
Determining Your Market - (TAM, SAM, and SOM)
TAM = Total Available Market
SAM = Serviceable Available Market
SOM = Serviceable Obtainable Market
You have an Idea... How Do You Determine if There is a Market?
Determining whether or not you should create a product or service starts with determining what your market potential is. If you're looking to start a business it's essential to understand whether or not it will be profitable to enter and develop your product or service based on who you'll be servicing, how great the "pain" is, and what you can charge.
If you're looking to raise funds, it's critical that you have actual numbers behind your financial model. Investors are going to ask you how you came up with a number and you don't want to stand there and say that you pulled it out of your ear. There should be reasonable assumptions behind everything.
If you're looking to license a product, you'll have a much better chance if you can walk into a potential licensee and layout a market potential that looks enticing and makes sense. You need to do your homework.
Learn sources for your model and how to makes reasonable assumptions. I'll have tools and models that you can start with whether you're creating the next great product, app, or service.
This will be an interactive workshop. Bring your questions and I'll do my best to answer.
Open to non-members @ UCI's Applied Innovation (The Cove) in "the Beach" meeting room.
Inventors Forum holds 10 Speaker Series Meetings (February through November)
Come and Learn something new and discuss ideas with other inventors, startups, and product developers.
WHERE: UCI's Applied Innovation
Maps & Directions: See Venue
5141 California St, Irvine, CA 92626 Room 200
WHEN: These meetings are held on the 2nd Friday of the month and begin at sharp at 7:30 P.M. with registration starting at 7:00 PM. Come early (7PM to network with other inventors). The meeting usually lasts about 2 hours.
FEE: Our Speaker Series is Currently FREE (Winter Special)
For our Members Assistance Meetings: Door fees are $5 for members. Non-members can join at the door. Initial membership fees are $50 per year, and half price ($25) for seniors 65+, full time students and disabled. UCI Students are $12.50. We can take credit and debit card payments through Stripe at the meetings. If you're paying cash, please, no large denomination bills.
NOTES: We are a non-profit group with no paid positions and the success of the group is totally dependent on what YOU bring to the meetings. So please share any helpful information you have. The hard working volunteers who keep IF going appreciate any and all assistance.