mkting 181-4

mkting 181-4 - Carrot Capital business plan contest which...

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Nick Poggetti May 8, 2009 MKTG 181 Terracycle’s Product Delevopement First, the two Princeton students had a goal. Their goal was to create product that they could sell from fully recyclable goods. This was the idea generation stage. The next stage was the screening phase. They researched ways to get started and if it would work. They worked with the university to help get them started. Next comes the business analysis. Their concept testing through the university allowed them to expand and get accustomed to what and where they wanted to go with the product. The development phase came when one of the students took an extended leave of absence from Princeton in the spring of 2003. In May of 2003, he entered the
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Unformatted text preview: Carrot Capital business plan contest, which offered $1 million in seed capital to the winning team. Terracycle won this contest, but turned the prize money down because they were not fond of which direction this contest would lead them in. So they continued to fund themselves through prize money of other contests. Their test marketing phase is filled by the affiliations with Wild Oats and other organic based companies, and their commercialization was achieved when they were named one of the 100 most innovative companies by Red Herring magazine and been awarded the Environmental Stewardship Award from Home Depot Canada....
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