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Ways to TMDI

by Francesca Baldacchino and Matthew Vella
8th March 2017

 Just to say hello
This year’s The Million Dollar Idea (TMDI) will be held between the long weekend of 31st March and 2nd April, organized by the ICT Students’ Association (ICTSA). The event is open to everyone who has an aim to open their own startup.
TMDI aims to bring together students from any academic institution to generate innovative business ideas.

Let’s Meet the Judges!
Teams will have to impress a panel of judges, comprised of Dr. Nathaniel Massa, Mr. Marcel Cutajar, Dr. Adrian Francalanza, Mr. Carmel Cachia, and Prof. Russel Smith. The team will be judged on a number of criteria - including Product, Industry, Market and Financial Feasibility, together with the overall presentation of the idea. 

Aim High
After you have targeted your audience you need to design your product and present your business Model. You need to ask who are the buyers and who are your competitors. One of the advantages of participating in this event is not only you can you win money to introduce us to your business idea but you also get recognition by various clients and customers. Even more so if it is an idea of a product which has the ability to attract people’s attention more than existing products. How cool is that! (just try not to do the Samsung one note flop and you’ll be fine...)

Address

Level -1, Block B, Room 10b,
Faculty of ICT, University of Malta,
L-Imsida MSD2080
Malta

Contacts

Email: info@ictsamalta.org        
Phone: +356 2340 3597                     

Mobirise
Don’t be late! (or early)
Timing is everything! Imagine if Apple had launched their iPhone as it is now, after technology had progressed even further - it wouldn’t have this much hype for sure! Also, if a product is launched earlier than it should be, chances are that it would be finished without much planning and imperfectly. You don’t want that now do you? If you launch your product with incorrect timing, be it one of the most innovative products ever thought of, competitors might take away your customers by copying your idea but implementing it in a better way, so if you’re never right on time, you should consider being on point for this once!
Making your product appealing
Of course, the product must attract customers to actually be able to start selling. Attractiveness design could be what makes or breaks a new product. Before launching your product, you will also need to see how much potential profit the market can offer - this usually depends on the level of competition in the market by judging the bargaining power of suppliers and buyers, the threat of substitute products and the level of rivalry among competing firms. Considering all of these will allow you to see if an industry is even worth taking part in.

New is Always Better
When designing your product, keep in mind that it has to be innovative. Meaning, you need to make your creation a bit more unique than that of the competition. If you sell a product identical to theirs, you won’t go very far since customers will simply ignore you and stick to their preferences. So it’s better if you try to add some unique feature in your product in order to make it different, and as a result, attract more customers. The moral of the story is that you cannot have a good product without being a tad creative. You should also keep in mind that your product has to provide the opportunity for growth. This means that it needs to give your company the opportunity to increase its output, without losing profit or productivity.

This might sound like a lot to chug in (not beers, that comes later), but don’t worry, you’ll definitely have fun in the process!