MMM Cohort 16. The Entrepreneurial Journey

Transcription

1 MMM Cohort 16 The Entrepreneurial Journey This course provides an introduction and overview of the fundamentals of entrepreneurship and corporate entrepreneurship - the practice of employing entrepreneurial skills and approaches within an organization. The course is designed to bring together the disciplines of marketing, finance, product development, and management. It presents an integrative perspective into the process of starting a new business or making significant changes in your existing business through innovation or new product development. Whether you already have an idea and are eager to start your own business, or if you are in the discovery phase seeking to find a new idea, or if you simply want to learn more about what entrepreneurial thinking means and why it is important to your career, this course exposes you to the challenges of entrepreneurship and corporate entrepreneurship and will introduce you to the basic entrepreneur s toolkit. I hope to change the way you think. Initially we will examine what and who an entrepreneurship is. Is it a gift or a developed skill? Is it nature or nurture? Can it be taught? Is it applicable only to an individual or can entrepreneurship be part of a corporate culture? The course traces new venture creation from the first perception of an opportunity to the point of value realization. Along the way, we will look at testing/adapting the business concept, defining a marketing and distribution plan using the feasibility structure. We conclude with a determination of the resources needs in order to develop a business plan to attract those resources people, partners, and investors. Starting a new business from scratch is not the only way of pursuing an entrepreneurial career. We will also examine other routes including your skills and industry experience to join a team of entrepreneurs starting a new venture, acquiring an existing business, and starting a new venture within an established company corporate entrepreneurship. Understanding the structure of starting and growing a company is an all-encompassing format for understanding an entrepreneurial career. This course touches upon all the relevant bases. But there is more to entrepreneurship than passion, desire, and perseverance. Entrepreneurs have a unique mindset, a way of looking at things that is opportunity-focused and creative. It s about passion doing what you love. It s about creating value. It s about independence and responsibility. And it s about challenge, risk management, persistence, and the ability to innovate to improve on the old or invent the new. It is our hope that this course will not only provide you with the entrepreneur s toolkit but will also foster this entrepreneurial mindset within you. Entrepreneurship is not about a single person and it is not limited to creating an entity from scratch. Entrepreneurship extends its reach to all forms and type of individuals and companies who seek to create value regardless of whether it is a life style business or an international conglomerate. I recognize that the tight scheduling of classes, plus the demands already place upon you by family, work etc., does not leave large amounts of time in between our sessions. I have kept this in mind when designing the course. I strongly suggest that you plan ahead and review the readings for the first sub theme prior to the first class and that you consider the first two assignments one simple and one exciting and rewarding but one that will take time and advanced preparation. All assignment due dates are flexible. However, please be aware that the Program Office must submit grades timely, so please try to be prompt. MMM Entrepreneurship Theme Cohort to 2017 Page 1.

2 I am excited for the journey we are about to undertake. Steve Mednick Associate Professor of Clinical Entrepreneurship Associate Director, USC Marshall Center for Global Innovation [mobile] Reasons to take the course: How do you know if an idea is any good? In the normal course of business, thousands of new ideas will surface. Which of these are good and which are not? This course provides a structure for considering, defining and evaluating ideas known as the feasibility analysis. Students will learn how to go from an idea to a concept and then test that concept against the market place, distribution channels, and the benefits offered. The final feasibility filter is the funding needed to launch the company or product. Entrepreneurship is integrative. The disciplines of marketing, finance, product development, and management are all brought together in exploring and starting a company. An entrepreneur must know how these disciplines interact. In today s highly competitive world, having only one skill set is limiting. The company of the future is entrepreneurial. To be competitive, companies are moving away from the slow bureaucratic structures of a hierarchical system. In their place, they are assembling flat, mobile entrepreneurial teams. Knowing the structure and processes of entrepreneurial companies equips you for the future. This course is not limited to students who have an idea and wish to start a business immediately upon graduation. This is a course for the rest of your life. Most successful graduates spend the first several years learning an industry and gaining general experience. When an opportunity arises, they have the toolset to see, define, test, and then exploit an opportunity. Course outcomes: This course provides an introductory overview of the knowledge and skills needed for entrepreneurial activity in variety of circumstances and environments-including your current working environment. The course focuses on developing a proactive and effectual way for individuals to determine and pursue their goals. We train individuals to seek innovation rather than optimization. The course is integrative and multidisciplinary. We will investigate the characteristics, knowledge, skills, and abilities of entrepreneurs and corporate entrepreneurs. The course emphasizes the ways that entrepreneurs think about their situations, and how their mindset affects their ability to find opportunities. Entrepreneurs are optimistic, so students explore how optimism can be learned and applied. We study how entrepreneurs are embedded in a social structure of opportunity and students learn and apply networking skills as a way to find and pursue opportunities in their social networks. We will examine how entrepreneurs undertake the tasks necessary for developing entrepreneurial ventures. We explore how entrepreneurs find, screen, and evaluate ideas and new business opportunities. The process of determining the feasibility of an entrepreneurial venture is the cornerstone of the theme. A central theme of the course explores the entrepreneurs toolkit. Some sessions will study techniques for identifying customers; determining their needs, estimating future sales, and offer insights into entrepreneurial marketing strategies and tactics. MMM Entrepreneurship Theme Cohort to 2017 Page 2.

3 We will explore techniques for analyzing the financial requirements of various venture opportunities. Formal and informal sources of capital will be discussed. We will examine how financing deals are negotiated and structured, including the task of determining a valuation for a new venture. The process of creating the organization, selecting others for involvement, developing an entrepreneurial culture, and creating the ethics, values, and practices that lead to a sustainable organization is covered. Finally, we cover entrepreneurial alternatives to independent business creation, ways that entrepreneurs manage emerging firms, and strategies for creating personal value by harvesting the venture. Required Readings: There are no required readings. However, I strongly suggest you consider reading the books below under Suggested Readings. Suggested Readings: The Art of the Start Guy Kawasaki Penguin Books Ltd, 2004 (can be purchased and downloaded through Amazon) The Innovation Secrets of Steve Jobs: Insanely Different Principles for Breakthrough Success Carmine Gallo McGraw Hill October 12, 2010 (can be purchased and downloaded through Amazon) Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers by Alexander Osterwalder & Yves Pigneur February 1, 2013 (can be purchased and downloaded through Amazon) Class readings are in the class reader. The syllabus outlines when each will be discussed in class. Confidentiality Policy Throughout the Entrepreneur Program's classes and events, students will be exposed to proprietary information from other students, guest lecturers, and faculty. It is the policy of the Entrepreneur Program that all such information is to be treated as confidential. By enrolling in and taking part in the Entrepreneur Program's classes and activities, students agree not to disclose this information to any third parties without specific written permission from students, guest lecturers or faculty, as applicable. Students further agree not to utilize any such proprietary information for their own personal commercial advantage or for the commercial advantage of any third party. In addition, students agree that any legal or consulting advice provided without direct fee and in an academic setting will not be relied upon without the enlisted opinion of an outside attorney or consultant, without affiliation to the Program. Any breach of this policy may subject a student to academic integrity proceedings as described in the University of Southern California University Governance Policies and procedures as outlined in SCAMPUS, and to any remedies that may be available at law. The Entrepreneur program, the Marshall School of Business, and the University of Southern California disclaim any responsibility for the protection of intellectual property of students, guest lecturers or faculty MMM Entrepreneurship Theme Cohort to 2017 Page 3.

4 who are involved in Entrepreneur Program classes or events. Receipt of this policy and registration in our classes is evidence that you understand this policy and will abide by it. All classes are subject to change as the course proceeds and students or faculty learn of other topics that may be more appropriate. Session I A March 2016 The Entrepreneurial Mindset What defines an entrepreneur? Is it genetic? Is it environmental? Can it be taught? Can it be learned? The answer is yes to all of above based on whose research you accept. In our first session we explore the essence of entrepreneurship people. What makes entrepreneurs entrepreneurial? Saras Sarasvathy The article seeks to answer the question is there such a think as entrepreneurial thinking? If there is, is it applicable only to entrepreneurs? How is it different from the thinking process of managers? The conclusion is entrepreneurship is based on Effectual vs. Causal reasoning, but can it be learned? Who is an entrepreneur is the wrong question. William B. Gartner Is entrepreneurship defined by personal characteristics? Or is entrepreneurship really what one does versus who they are? This twenty-year challenge over definition parallels the same challenge of leadership is at a trait or a set of actions? The article contains an academic set of tables on the efforts to define entrepreneurship interesting but not important - scan. Session I B March 2016 Opportunity Recognition-Concept Development Opportunity Recognition How do entrepreneurs discover opportunities? How does creativity and innovation occur? Not being able to find the right idea is the number one reason cited by those who wish to start a new business but don t. Is opportunity recognition just luck? Chance? Scholars of entrepreneurship argue it is not. Research on the subject suggests it is the result of information and action. Concept Development In the second half of the session we explore concept development. Concept development is the process by which loosely defined ideas and opportunities are given a structure that is used to define and test then worthiness. Not being able to articulate their venture causes many startups to end before they begin. Our time in class will explore the structure and will lead to understanding the steps most common in a start up. MMM Entrepreneurship Theme Cohort to 2017 Page 4.

5 Prior Knowledge and the Discovery of Entrepreneurial Opportunities Scott Shane Shane shares the result of his research which suggests that entrepreneurial discovery is dependent on what the entrepreneur knows (referred to as industry knowledge) and that most opportunity recognition is by chance and not by a methodical search. The phrase used by entrepreneurs is who can spot a twentydollar bill? Usually it is someone who knows what it looks like and is looking for it. Why Wilbur and Orville Wright? Some thoughts on the Wright Brothers and the process of invention Tom Crouch How can two brothers who owned a bicycle shop in Ohio be responsible for the first flight of man at Kitty Hawk, North Carolina? Several major efforts by the best research universities and companies had failed to answer the riddle of man flight. The article contains a great deal about their home environment and early work experience both factors often found in successful entrepreneurs. Major Assignment Entrepreneurial Interview Entrepreneurship is network dependent. Without my network I would not be able to function. How do I build a network? How do I attract a mentor? For those with certain personalities, this comes easily. For others it does not. USC and this class give you the opportunity to build the skill set needed to create social and business networks. This exercise is one such example. Choosing someone to interview usually is not difficult. You re getting to see them maybe difficult. Getting past the gatekeeper could be a challenge but you are capable. Start the contact process by thinking not what this person can do for you but rather what benefit you may bring to them. You are a successful executive, practitioner by the very fact that you are in this class. You have tacit knowledge gained from years of experience. You are current and full of good ideas and challenging questions. Sharing them is your contribution to the network. Enjoy the experience. I suggest you read the initial two readings before you begin your interview. This assignment is done in two segments. The first step is to identify an entrepreneur that is meaningful to you. The second is to interview that person and share your experience and lessons learned with your classmates. Declaring your interviewee 50 points Due: May 1 Conduct an in-person interview with an entrepreneur whom you do not know. Make sure that this person or their team s venture meets the course requirements: it is innovative and growth oriented. It is preferred that you do not choose a small, lifestyle venture and business owner for this project. It is recommended that you choose someone in the industry in which you re interested. You should have your interviewee identified in the very near future. Post a short paper by May 1 with the name of the person you are interviewing and why he or she was chosen? How were you able to make contact? What challenges did you face? How did you get past those challenges? Please include some basics on the company (name, location, general size). Identify the industry they are in. Is it an industry you have knowledge of or, you want to learn about? MMM Entrepreneurship Theme Cohort to 2017 Page 5.

6 Interview of an Entrepreneur 450 points Due: June 12 Have a rich open discussion with the individual. Gain insight into the entrepreneur and address at a minimum: the individual s persona, how the opportunity was recognized and assessed, what struggles were encountered along the way and how they were resolved, and where did the entrepreneur turn to for help and guidance. Your written paper should not exceed 5 pages (1.5-spaced, one-inch margins, 12-point font). It should NOT contain a verbatim transcript of the interview. Use headings. If appropriate, use literature citations to enhance your interview analysis. All students should prepare six presentation slides with the key points from the interview. Attach a onepage handout format printout of the slides to your interview paper, and bring PowerPoint file to class. The presentation slides will be evaluated as part of the total grade for this project. PowerPoint slides are not included in page count. Several students will be asked to present their interviews (four to six volunteers). Please your desire to present by June 20. Volunteers to present receive 25 Bonus Points. Those volunteers chosen to present receive a total of 50 points. Preparation for Feasibility Analysis Assignments Part 1 Identify a pain 100 points Due: April 15 About You Paper Not Graded Due: April 25 Patterns of Change 100 points Due: May 1 Session II A July 2016 Feasibility What are the actions taken by entrepreneurs to explore opportunities? Are these actions different from those of managers? Most of the assigned readings suggest they are but don t often offer pragmatic examples that demonstrate exactly what entrepreneurs do in the execution stage. The model used at Marshall and now being adopted by many other institutions is termed a Feasibility Study. It was created for two major reasons. The first is that business plans are not a good paradigm to help entrepreneurs launch. This is because biz plans almost always are about raising money, which is not the appropriate first step, and biz plans always show the perfect outcome happening when in fact it is building on mistakes and repositioning the components of the concept that create the vast majority of successful startups. The second reason for us using feasibility is that feasibility shows all of the possible alternatives when starting a venture making them a perfect teaching paradigm. The business plan shows one alternative. Creativity and Innovation in Organizations Teresa M. Amiable According to conventional wisdom, creativity is something done by creative people. Even creativity researchers, for several decades, seemed to guide their work by this principle, focusing predominantly on MMM Entrepreneurship Theme Cohort to 2017 Page 6.

7 individual differences: What are creative people like, and how are they different from most people in the world? In contrast to the traditional approach, the contemporary approach to creativity research assumes that all humans with normal capacities are able to produce at least moderately creative work in some domain, some of the time and that the social environment can influence both the level and the frequency of creative behavior. Creativity is the production of novel and useful ideas in any domain. The Discipline of Innovation Peter F. Drucker Drucker advises that innovation is the result of a systematic process. New Venture Ideas: do not overlook experience factor Karl H. Vesper What are the best sources for new ideas? Vesper gives a checklist for all who are looking for the opportunity they can turn into a venture. Session II B Entrepreneurs Tool Kit Entrepreneurs create value. They most commonly do it with minimal or no resources. Most classical business tools sets are not relevant in today s market place, or they are too expensive for a start up. How then do entrepreneurs succeed? They use the classic tools in intuitive ways. The four P s of marketing are dead. May they rest in peace! What is the thing termed Entrepreneurial Marketing? How is it done, and what portion of entrepreneurial marketing is applicable to commerce in general? Why to so many highly effective, low cost sales and marketing tools work for an entrepreneur and do not work for a Fortune 500? Marketing Under Uncertainty: The Logic of an Effectual Approach Saras Sarasvathy How do people approach marketing in the face of uncertainty, when the product, the market, and the traditional details involved in market research are unknowable ex ante? The authors use protocol analysis to evaluate how 27 expert entrepreneurs approach such a problem compared with 37 managers with little entrepreneurial expertise (all 64 participants are asked to think aloud as they make marketing decisions in exactly the same unpredictable situation). The hypotheses are drawn from literature in cognitive science on (1) expertise in general and (2) entrepreneurial expertise in particular. The results show significant differences in heuristics used by the two groups. While those without entrepreneurial expertise rely primarily on predictive techniques, expert entrepreneurs tend to invert these. In particular, they use an effectual or nonproductive logic to tackle uncertain market elements and to co construct novel markets with committed stakeholders. A critical part of venture success in general and new venture creation in particular is the action of the person in front of the customer. What advantages does the entrepreneur have? What disadvantages must they endure? During this class we will briefly review personnel selling and strategic selling although each could be a course in themselves. MMM Entrepreneurship Theme Cohort to 2017 Page 7.

8 In the distribution and benefit segment, we will review the distribution channel. Distribution is defined as the means of reaching and educating the customer and delivering them the benefit. What do we need to know about channels? How does pricing come into play? Are certain channels more conducive to entrepreneurship? What is the virtual world done to channels? Finally, we will attack the very difficult questions of what do we really market. Most start-ups are highly focused on their new product and seek to differentiate by touting their features over other competitors. But do consumers buy features? In the long run benefits win. The Road Well Traveled (Condensed) Amar Bhide Bhide argues that given ambition and business skills, everyone can be an entrepreneur. The key is finding right fit between the opportunity and the entrepreneur. His Well Traveled Road is a series of guiding questions to assist the nascent entrepreneur reach the start line. Milestones for Successful Venture Planning Zenas Block and Ian Macmillan Block and Macmillan propose that even though business plans are part of the current jargon, entrepreneurs would be wise to take an alternative and less rigid approach. Pre-Start Analysis John R. VanSlyke & Howard Stevenson One of the most important activities in the start of a new business venture should take place in advance of any major commitment of resources and to action. This activity is often called pre-start analysis. It can be thought of as gauging the depth of the water before taking the plunge. Although built on a model of the business plan (we believe in feasibility), it is a valid preflight checklist before starting. Session II C The Entrepreneur and Money Money is the gas that fuels the engine. It is the blood that flows through the corporate body. Without money, there is no company. But how does the entrepreneur view money? And how is this different from the view of the manager? These are the theoretical questions we will explore. But like all things entrepreneurial, we need pragmatic tools and skills to go forward. Experience has shown that dealing with money is a very emotional topic. A good deal of the emotion derives from the fact that many professional lack formal training in money and most complain that they have little or no natural aptitude with numbers whether it be accounting or finance. In this session we answer two major challenges. First, how much money will my venture require? The fine balance between never having enough money and having to give up too much equity to get money will be explored. Secondly, once knowing how much you need, how do you present it? The source of the money has rule and they need to see their needs met your plan. As part of that presentation we will introduce the concepts of creating inflection points and measuring sensitivity. The result will be a pragmatic approach to money with a template that you can use for life. The final part of this module will be a review of money sources. All of the money sources needed over the life of a company will be explored but accent will be on those most impacting ventures that are at the level of startups and early emerging companies. MMM Entrepreneurship Theme Cohort to 2017 Page 8.

9 Session II Major Assignment Create a Feasibility Analysis 500 points Due: October 16 Your final feasibility analysis needs to be delivered in the following format; submit an electronic copy by posting to blackboard. It is best to submit as a PDF file so that when printed it will appear as you designed it. Your class required submission is a hard copy, color printed, with covers and bound in spiral format. All students will informally present their concept and a brief overview of their feasibility analysis to three of their cohorts and to two outside experts. Copies of your Feasibility Analysis for the experts are not necessary. Minor Assignments - Preparation for Feasibility Analysis In July we will begin to study feasibility. Feasibility seeks to identify under what conditions you, as either an entrepreneur or corporate entrepreneur, are prepared to go forward. It is therefore by definition a personal decision and not a document shared with potential clients, or investors. It is the architectural drawing upon which your venture will be built. Concept Slide 100 points In-class session II Review of a Feasibility Analysis 100 points Due: July 31 Working Customer Grid 100 points In-class session II Fender Bender Cash Flow Not Graded Due: July 31 Scope of Customer Definition 100 points Due: August 7 Status of the Industry Not Graded Due: August 21 Proof of Customer 100 points Due: Sept. 11 Financial Feasibility 100 points Due: Sept. 18 Delivery and Review of Feasibility Analysis Components The schedule below outlines the timetable for submission of your Feasibility Analysis. It is designed so that you can get feedback in advance of the delivery of the analysis to a panel of experts. First Draft of your Feasibility Analysis Due: Sept. 30 Conference calls to review analysis with Professor Mednick During September MMM Entrepreneurship Theme Cohort to 2017 Page 9.

10 Session III A November 2016 Day 1 An Entrepreneurial Journey/Presenting, Defending and Refining your Feasibility Analysis Session A In this session, Kenneth G. Jordan, MD, FACP, President and CEO, Jordan Neuroscience, Inc., will share his entrepreneurial journey with us. Prior to Ken s presentation, you will be asked to read the following vignette to introduce you to our topic: At a Crossroads. At a crossroads. Vignette No one said it would be easy. In fact, you went into this with open eyes over 15 years ago. The chance to start your own medical device company. The chance to develop a real-time EEG monitoring system that could really make a difference. With your background as a long-standing practicing neurologist, you should have an advantage in launching this venture and getting a new medical device into the market. The research began. Multiple prototypes were built, revised and built again. The FDA process commenced. Supplier relationships were forged and distribution channels were opened into the commercial markets. A team was formed to support the venture s operations, sales and marketing. You wrote papers on the new technology and presented such at prestigious conferences. You are off and running well, sort of. Along the way, stuff happened. On the one hand, your medical device was featured on TV shows. On the other hand, the business side of the venture had its ups and downs. Your medical training prepared you for the research but not the business curve balls thrown your way. After costly attempts to penetrate the commercial markets over the past number of years, you made a decision to largely curtail the pursuit of commercial sales. This decision resulted in a reduction of force down to the bare bones. A new chapter begun. This chapter featured positive cash flow and the opportunity for you to scale back your practice so that you could focus more time on technology development. Wow! Pre Guest Write-up In one page or less (bullet points are acceptable), discuss what business issues could arise when attempting to launch a medical device company. Why is it so hard to penetrate the commercial markets when you have game changing technology that can improve the lives of patients? Additionally, what alternative business model would potentially allow you to cease the pursuit of commercial markets, reduce force, become cash flow positive for the foreseeable future and set you up down the road for a re-entry into the commercial channels? MMM Entrepreneurship Theme Cohort to 2017 Page 10.

11 Session B Each of you will present your concept and the essence of your feasibility analysis to your colleagues and to a small group of outside experts who will give impartial feedback. You will present your feasibility analysis to two groups. In breakout groups The morning will start by breaking into groups of four for an hour to discuss your feasibility analysis with three of your colleagues. Each person will have 15 minutes to share his or her feasibility analysis. The groups should focus on: The concept statement The four whys (why you, why now, why important, what do you want from me-the audience Proof of customer and proof of concept, and Financial feasibility Session C In breakout groups Following our morning break, you will be placed into a second group of four for an hour to discuss your feasibility analysis with three of your colleagues. Each person will have 15 minutes to share his or her feasibility analysis. The groups should focus on: The concept statement The four whys (why you, why now, why important, what do you want from me-the audience Proof of customer and proof of concept, and Financial feasibility Session D Our final session will be an open session with our experts on the feasibility process. Day 2 Innovation and Growth for the Healthcare Industry/From Feasibility Analysis to Business Plan to Launch (Tentative) Session A Innovation is the specific tool of the entrepreneur. Innovation drives new businesses and new business models. In this session, we will bring in a guest from the healthcare industry to discuss innovation. [To be announced.] Session B The business plan is the icon of new venture planning. The marketplace offers several hundred software products, textbooks, and articles on how to write the winning business plan. How important is the MMM Entrepreneurship Theme Cohort to 2017 Page 11.

12 business plan? How might a business plan be used to make decisions? What do investors look for in a business plan? What stops investors from writing the check? Who else cares? We will first examine the business plan structure and key components. We will then explore the possible uses of a business plan. We will then cover your upcoming assignments. Finally, we will explore the entrepreneurial funding landscape-both debt and equity. Session III Assignments Major Assignment * All due dates subject to change. Please refer to due dates posted on Blackboard. Create a Business Plan 500 points Initial draft due February 12, 2017 Final plan due March 12, 2017 Final business plans are to be submitted electronically by posting to Blackboard. It is best if submitted as a PDF file so that when printed it will appear as you designed it. For our class, please submit in color hard copy, complete with covers and bound in a spiral format. Delivery and Review of Business Plan The schedule below outlines the timetable for submission of your business plan. It is designed so that you can get feedback in advance of the delivery of the final plan. First draft of your plan Due: February 12 Conference calls to review plan with Prof. Final draft due ASAP following conference Mid February ASAP Minor Assignments - Preparation for Business Plan Review of a Business Plan 150 points Due: December 18 Executive Summary 150 points Due: January 8 Sales Plan \ Pricing Model 200 points Due: January 22 Final Financials Not Graded Due: February 5 I am available at anytime of the year to discuss any and all aspects of your work. MMM Entrepreneurship Theme Cohort to 2017 Page 12.

13 Session IV A (double session) March 2017 Corporate Entrepreneurship - Presenting and Defending your Business Plan Launchpad To conclude your entrepreneurship theme in the MMM program, we will be together for the entire day Sunday. It will be a day of learning and feedback as each of you will get two separate opportunities to present your business plan to a small group of your cohorts and to a couple of industry experts. Additionally, as many of you may not launch your own venture, we will explore the corporate entrepreneurship tools used by existing entities for new growth initiatives. Finally, we will conclude our journey together with a session entitled Launchpad. In this session, along with our industry experts, we will discuss your thoughts about what you have learned over the past year relative to entrepreneurship in the medical industry. Session A Corporate entrepreneurship Corporate entrepreneurship is the practice of employing entrepreneurial skills and approaches by or within an organization. To achieve and sustain a true competitive advantage in today s global business environment, companies must be faster, more creative, nimble, flexible and innovative. Resource availability may be limited or non-existent to support new innovations and initiatives. In other words, organizations must be more entrepreneurial. This introductory session will explore how existing firms create a competitive advantage through innovations and new initiatives of products, services, business models, customer markets and processes. We will examine how these innovations and initiatives are introduced, tested and executed in mid-sized to large, complex global firms. Primary readings: Robert C. Wolcott and Michael Lippitz, The Four Models of Corporate Entrepreneurship, Sloan Management Review, Fall 2007 Clayton M. Christensen and Stephen P. Kaufman, Assessing Your Organizations Capabilities: Resources, Processes and Priorities, PDF-ENG, Harvard Business School, August 21, 2008 Suggested readings: Tim Brown, Design Thinking, Harvard Business Review, June 2008 Ramon Casadesus-Masanell and Joan E. Ricart, How to Design a Winning Business Model, Harvard Business Review, January February 2011 Jeanne Liedtka and Tim Ogilvie, Designing for Growth: A Tool Kit for Managers, Rotman Magazine, Fall 2011 MMM Entrepreneurship Theme Cohort to 2017 Page 13.

14 Session B Presenting and defending your business plan In breakout groups with industry experts Your road map to success or the writing of a great novel? All of your efforts throughout the past year will come together with the submission of your business plan. It contains the truth and value of your venture. Is it fact or fiction? Is it what you believe, or is it what you know, i.e., proof of product and proof of customer? For both Sessions B & C, you will be assigned to a breakout group with 4 5 others in your Cohort along with two industry experts. These sessions will operate identically to the breakout groups we ran in Session III with the feasibility studies. Each person will have 15 minutes to share his or her business plan followed by 15 minutes of questions and answers from your peers and industry experts. Session C Presenting and defending your business plan In breakout groups with industry experts Same as Session B but in new breakout groups. Session D Launchpad For our final session, along with our industry experts, we will discuss your thoughts about what you have learned over the past year relative to entrepreneurship in the medical industry. Some of the areas of discussion may include: What did you learn from the feasibility process? What new discoveries did you make between the feasibility study and the submission of your final business plan? Have you utilized the lessons learned in the entrepreneurship theme into your practice/business? What questions remain unanswered for you? How can we help you with your entrepreneurial journey? The new venture funding process debt and equity opportunities Open discussion MMM Entrepreneurship Theme Cohort to 2017 Page 14.