Dr. Ehrlich is a professor at NJIT School of Management. With more than 25 years of experience working as an investor, Dr. Ehrlich has developed a fine-tuned evaluation system for business proposals. Using the three-step acronym ‘NAVC,’ he discusses creating viable business ideas.
Ehrlich explores the value of a million dollar idea. He begins by discussing his formula with the first step of NAVC. In the first step of the entrepreneurial process, the acronym stands for the "need [of] a viable concept." One’s idea must always be relevant and necessary if it is to yield success.
The next steps are "application, value proposition and competence/competition." The innovative product or service must solve a problem or satisfy a need. Beyond that, it must be competitive. Why is it that your solution is better than your competitors?