Writing the Business Abstract

The business abstract should include:

•  Results of assessing the feasibility of the idea with the First Screen

•  A response to the following questions:

New Product Idea

What is your technology, invention or idea?   

What is the product/service and what need is it filling?  At what stage of development is your product (initial design, rough prototype, working prototype, commercially ready)/service?  Who has been involved in developing the product/service to-date, and what has their involvement been?  What is the status of any intellectual property?  For your project plan, please indicate what milestones you plan to reach in 1, 3 and 6 months and the resources (money, expertise, personnel) you require to reach these milestones.

Who would purchase and use your technology, invention or idea: 

To whom you are selling the product/service?  How large of a market do they represent?  Who are your competitors?  What makes your product/service better than your competition?  What is your competitive advantage?  What is your revenue model/how do you expect to make money?  

What experience, skills and motivation do you have to implement this idea?   

What relevant experience do you have?  What skills do you have?  What skills you need to develop?  What skills you need to 'hire'?  Describe your motivation and passion to implement this idea.  Who do you know personally that is entrepreneurial and why are they entrepreneurial?  What makes you think you will be successful?  What are your goals with the business/where do you see the business in 3 years?