Services Provided
The BTC is focused on providing entrepreneurs and small businesses an understanding of and a base for quantifying their business opportunities. It will provide an initial review of a business concept at no cost to the client; and can perform an initial intellectual property assessment at minimal cost.
Typical in-depth BTC projects support the assessment of a business opportunity by providing:
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Market Research: the data needed to make an intelligent decision
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Market Opportunity Assessment: determine if there is an audience big enough and willing to pay enough to support a profitable business
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Competitive Analysis: know who else is trying to meet the same customer need
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Market Strategy Development: what is the most affordable and least combative way to enter the market
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Business Plan Development: determine the near-term plan for the business
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Financial Modeling and Pro-Forma Development: estimate of the finances needed to get to a profitable business base
The BTC receives support from Virginia Tech colleges and offices as well as local governments and economic development groups. It also uses Virginia Tech students in the data gathering and data reduction activities within its projects. As a result, client costs are a fraction of the value provided by BTC projects.
Project costs are determined once the project objectives have been agreed with the client.