New business venture BUT im an engineer not a businessman!!

[smokingace]

Hey all,

I am new to this website so I am seeking some advice please

I came accross this website via my Universities' enterprise hub. In short I have had an idea relating to a social networking site aiming at the, exponentially growing, academia market. The problem I have is that I am an engineer and the ideas I have come up with haven't yet been translated into solid business plans.

Anyway long story short a senior member of my Universities' business school had a look over my project and said it is definately worth persuing. The setback I have is that after a brief business plan he outlined a startup cost of £25,000. He personally offered a sum of £5000 to be involved in the project because he was so excited about the idea which was encouraging. The startup cost would be to cover costs of a website but mainly mass database programming that makes the website unique.

As it stands I am now persuing the investment required but from my point of view I would prefer the investment to come from a business or person who has experience within this area of the market. I do not know who to talk to or where to start for this. Ideally I would find some webdesigners/programmers that would like to be part of the project and do the work in return for a business partner's position rather than seeking the startup costs in full. The question is where do I begin my search??

Any feedback would be appreciated.

Cheers

[mTech]

The main problem you have now got is actually, I would say, would be in the protection of your idea from the person offering £5000. If you know now that you definitely don't want this person involved, take actions to say that you came up with the idea first. This is not my speciality but I am willing to help you in the future. Maybe with a business proposition. I have close relations with some people who may be able to help including web designers and computer programmers (of ranging specialities). I'm going to send you a Private Message. please take a read.

[smokingace]

Thanks for the reply! Without sounding arrogant, the beauty of my idea is that it is aimed at students and being a student myself I know exactly how to implement the ideas into the website itself. I could tell anybody the features and description of the website but without the details and implementation it would be no different to existing websites. I may be being naive but I am fully confident that its the way the website will function is what will get regular users online

[smokingace]

Also detailed particulars were not discussed and the meeting we held was agreed to confidentiality and witnessed by somebody to this agreement

[bishop]

Hi smokingace,

I would be interested in finding out more about your business idea - perhaps a collaboration is possible.

Regarding keeping your ideas to yourself/ people stealing your idea, I believe that any business idea can be copied but it comes down to the person/ people behind the idea to make it a success. I see competition as a good thing - competitors provide more market data for me so that I can constantly improve and keep focussed.
If someone wants to compete, I say by all means - I will keep a close eye on them and learn from their failings.

Rich

www.studentfreelancing.co.uk

[smokingace]

You know what your exactly right Rich!! and the reason I am so confident that my idea is unique is that as a social networking site there are so many successful ones out there, each with their own flaws. Now by improving on their negatives and adding a specific usp I feel im on to a winner.

Rich I had a look at that link you posted is that your website?

Rob

[bishop]

Rob, yes that's my site - your constructive criticism will be appreciated, but know it's still under development!

[Richard.curran]

Hi there,

I think you're right about letting people know about your idea, at least a little. Sometimes you need to let the light shine onto an idea for it to grow.

I would question why you need £25,000 to start up your business.

Also, congratulations on getting started in business yet being from an engineering background.

The first bit of advice I'd give you is to get a solid business plan written out before rushing around worrying about raising finance. Well done for getting advice and you've done the right thing by joining in with the discussions in this forum as it's a very useful resource.

All the best,
Rich

[tin03gin]

Hey,

25k seems a lot? If the money is just for web development why don't you partner with a web developer, allocate shares etc rather than borrowing/obtaining the 25k? The site is going to need maintenance post go live so you'd be better placed to have someone on board who can fix and alter as appropriate.....

Sounds interesting.