- Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
- Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?).
- Remember, not ALL resources will measure up well. That's OK. You just need one.
- After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.
1) My first resource is my programming talent. I have not done VR before but I could learn more quickly than most other people.
-This is a valuable resource since pretty much everything involves computers now
-It is not that rare especially at a University
-It is very imitable, anyone can start learning with some googling
-The key to this resource is building the VR engine which will be unsubstituable and inimitable (hopefully).
2) A project as big as this VR would not be possible without a whole team of engineers behind it. So a resource is many of the computer science students I am friends with. Many CS students are extremely entrepreneurial and dream of being the next Jobs or Gates. I could probably get a team together around a good idea.
-This is a valuable resource, cheap engineers aren't that easy to come by
- It is actually pretty rare. The fact that we are at a University means there are plenty of programmers I could recruit. In another town that may not be the case.
- It is imitable, obviously anyone can assemble a team, it might be harder and more expensive else where however
- There is no other resource that can replace a team of engineers
3) I am familiar with start up organization. Many start ups especially tech ones use the Agile framework as a way to organize there business. I have worked at businesses with this framework before and would implement it in mine to maximize efficiency.
-This is an extremely valuable resource. Many people have a great idea but don't know the business side.
-If you have worked with tech startups you have likely seen this, or you can read about it. Therefor it is common.
-Anyone can read about an imitate this.
-You could use other frameworks but this is a tried and trued method.
4) I have connections in the tech startup world. I know members of various venture firms who once I developed an alpha product I could approach. Venture firms fund companies the large amount of money it often takes to develop software. In exchange they receive a percentage of the company and usually board seats as well.
-This is a valuable resource, many companies die simply because they can not be funded
-It is pretty rare, especially for someone my age.
-It is not imitable.
-VC firms are actively looking for investment opportunities. So if your idea is good you can hopefully get in the door without to much trouble.
5) My next big resource is the University. There is a gator VR club I can use to learn more about VR. There are also opportunities to get funding from the University if I wanted.
-This Is a valuable resource, having someone teach me will significantly speed up the time I can learn to build VR apps in.
-This is a kinda rare kinda common resource. It might be common for college students but rare for most people.
-You could hire someone to help you.
-You could use online resource as a substitute but I believe it is best to be in person.
6) Another resource is the time. Im early on this idea its not possible yet. I will be ready when the time is right though.
-It is a valuable resource, 10 years ago it would be impossible to VR, 10 years from now it may be to late. It should become possible within the next 5 years I believe.
-Everyone has this resource
7) Another resource I have is the competitiveness of the VR device market. There are currently only a couple companies all vying for power. This makes the possibilities of getting deals with various manufacturers easier since they are all looking to out do their competition.
-This is a valuable resource, some markets are harder to enter than others.
-It is not a rare resource
-Much of the tech market shares the trait of having a low barrier to entry if you have the skills to create what you want.
-There really isn't a substitute. If you have a great product but enter a saturated established market it will be much harder to break in.
8) I am familiar with start up organization. Many start ups especially tech ones use the Agile framework as a way to organize there business. I have worked at businesses with this framework before and would implement it in mine to maximize efficiency.
-This is an extremely valuable resource. Many people have a great idea but don't know the business side.
-If you have worked with tech startups you have likely seen this, or you can read about it. Therefor it is common.
-Anyone can read about an imitate this.
-You could use other frameworks but this is a tried and trued method.
9) My third resource is distribution, I only have to target certain historic sites when having people use it as a supplement when visiting a site. If people want a completely virtual experience I would distribute it through an online store such as steam or a company website.
-This is valuable since it is much easier to get into an online store and distribution is not an issue.
-It is common among software companies
-No it is not imitable
-The substitute is having a physical product that requires distribution and contracts with stores
10) My final resource is the cheapness it takes to enter the first stages of a tech startup. Above I mentioned the cost and how it was expensive often requiring funding. It is expensive to reach a final product but to begin development is extremely cheap. Often the only cost to begin is the time you spend.
-This is a valuable resource because it means minimal investment is needed to get started
-It is common among software startups
-It is not imitable
-There is no substitute
The real resource and the only one that would matter for this company to exist is the tech to make realistic renderings of VR anchored to points in a video stream. This is what we would have to develop.
I think your 10 resources put you in a great position for your idea. I think your connections will assist you in making your opportunity successful. I think your idea could possibly be tremendously funded especially if these VC firms are looking for investment opportunities. Especially, that there isn't a large amount of competition, also that your idea can fit the needs of a good amount of people.
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