Venture Assessment

Definition: The process of determining whether the business opportunity demonstrates profit potential.

Objective: The objective of the venture assessment is to determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research.

Product: The product of this step is a brief description of the business model.

Business Activities: The research activities common to this step are those necessary to demonstrate the concept will generate a profit and the organization is capable of taking the product to market.

During the conceptual phase at least the following business activities must be completed:

• Identify financial, physical, and human resources required for commercialization

• Identify the status of intellectual property requirements

• Establish a positive profit potential

Business Information: Completion of the conceptual venture assessment usually will result in an estimate of the revenues and costs of product sales, identification of source and use of capital for the development phase.

Do you have experience in launching a business enterprise?
Does this venture appear to have profit potential?
Are you the right person to commercialize the product?
Is your enterprise the right one to commercialize the product?
Have you estimated the resources (capital and service providers) required to launch your venture?
Have you researched the intellectual property considerations?

Return to The Goldsmith Commercialization Model

The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. UALR is committed to the policy of providing equal opportunity for all persons and does not discriminate in employment, admissions, programs, or any other educational functions and services on the basis of sex, age, disability, race, and national origin, color or religion.