Berthiaume The Vision

Transcription

1 Berthiaume Center for Entrepreneurship Inspiration. Connection. Realization. March 16th and 17th 2015 Berthiaume The Vision To inspire and connect student and faculty entrepreneurs with the skills and resources needed to transform creative ideas into realized business ventures. We do this through, Innovative Educational Programs Unique Learning Opportunities Connections with Business Leaders and Investors Campus Partners UMass Technology Transfer Office UMass Innovation Institute Institute for Applied Life Sciences Massachusetts Small Business Development Center VCRE s Office School of Engineering College of Natural Sciences Graduate School 1

2 Do I Need to Start a Company to Commercialize my Technology? What are the options? Obstacles? Some Options Licensing Collaborating with Existing Firms contract research SBIRs Consulting Start up Licensing versus Start- up Pros and Cons Licensing Fast Fewer resources Limited Risk Significantly Reduced Share of Profits Start-up Slow Significant Resources Risky Possibility for Higher Returns Licensing versus Start-up: Other Considerations? What technological/business factors might sway the decision one way or the other? 2

3 Licensing versus Start-up: Some questions to consider Is there inquiring, willing & competent interest (Opportunity Knocking?)? Is the technology ready to sell to customers? Would there be interest if we shopped it around? What kind of aceviees are needed to make the technology customer- ready? How much money will it take? Is there a start- up champion? What is patent status/emeframe? What are the risks? What are financial forecasts and Eme to market? What are the non- financial consideraeons? Ideal Start-up No Immediate Licensee Big PotenEal Return Start- up Champion(s) EffecEve, CommiTed, Start- up Team Entrepreneurial Support Network Strong IP & Other Barriers Pathway to Profitability Is a Start-up really Ideal? What personal considera9ons might impact the decision? 3

4 Personal and Business Considerations Personal Goals (what do you want personally from the business?) Experiment with the Technology Impact Real World Problems Flexible Lifestyle Excitement CreaEng a Legacy/Building an InsEtuEon Financial Returns What kind of Business will help me meet those goals? Size Sustainability What Risks and Sacrifices will it take? Can I accept these? Long- term ConEnued Investment? Delayed Payoff? Opportunity Costs? (what won t you be doing?) Developing a Strategy Where are we? Where do we want to be? How will we get there? Well defined strategies are simple, concise, and provide guidance what we won t do Integrate Founders personal goals Reflect a time-frame Multi-generational sustainability? Exit strategy? Resources and Rela9onships Entrepreneurial Team What role do I want to play? What roles do I have to play (at least inieally)? What other roles need to be filled? Can I atract the right talent? Sources of Capital Grants FFFs Crowd Funding Angels Venture Capital TransiEoning from a start- up to becoming an ongoing enterprise 4

5 How do I talk about my company without giving away the secret sauce? Evidence Based Entrepreneurship Startup manifesto elements Search for a Business Model Evidence based approach IteraEve and agile Entrepreneurship Bridges the Gap People Opportunity Entrepreneurship Tech Value Money 5

6 Startups Are Not Smaller Versions of Large Companies Startups Are Not Smaller Versions of Large Companies Large Companies Execute Known Business Models Startups Are Not Smaller Versions of Large Companies Startups Search for Unknown Business Models 6

7 What s A Startup? A temporary organizaeon designed to search for a repeatable and scalable business model A temporary organizaeon designed to search for a repeatable and scalable business model 7

8 New Venture Development The Lean Launchpad Approach Business Model Canvas Guess Discovery ExecuEon Test Customer Development Customer Development is how you search for the model Business Models 8

9 Teaching Point: Hypotheses Tes<ng 9

10 Thank You! March 16, 17,