your pathway to ENTREPRENEURSHIP Version 0.1
table of CONTENTS 01 Start Here 02 The Next Step 04 Stage 1 06 Stage 2 08 Stage 3 10 Accelerate
pathways to ENTREPRE
NEURSHIP START HERE Your Journey Starts Here There are fundamentals that are important for entrepreneurs to master. No two paths are the same, all begin in the same way with an idea. The Spirit of Entrepreneurship A gamified entrepreneurship course app Get started by playing this app! ehub has the licensing so stop by 9007 HUB to play and see if entrepreneurship is right for you. The App: Students buy and sell lemonade stand inventory to the citizens of a fictional town. Mini-games and awards encourage students to move through 12 modules of comprehensive content. As students progress, they are able to run their stands more effectively and, hopefully, more profitably. Students are required to assess their business environment, make financial decisions, and apply marketing strategies within the game itself. They are also able to review slide notes and interact with each other, in real-time, right from the app. 01
NEXT STEP THE ehub BADGES ehub Badges represent an earned skill in fundamental concepts of entrepreneurship. They are a way of verifying skills, achievements and performance milestones. Based on an open standard with different issuers and validating agents from all over Alberta, ehub Badges knit together to give investors, potential co-founders and influencers the full picture of your achievements. There is no requirement to earn Badges in a specific order for membership at ehub. However, funding support and partnering opportunities are tied to ehub Badges. ehub s Pathways to Entrepreneurship are suggested routes to putting legs on your idea or to accelerating the progress of your project, initiative or venture. The Pathways correspond to commonly accepted stages of entrepreneurial development. You will find that the speed at which you earn individual Badges will vary: You ll achieve some quickly while others will take you a bit longer to earn. You can find the full menu of ehub Badges here!
HOW TO EARN ehub BADGES 1. Use ehub s Resource Centre, conduct research using the University of Alberta Libraries databases and consult experts to obtain the knowledge and skill required for Badges 2. Submit deliverables required to designated issuers to obtain Badges 3. Maintain your record of achievement with ehub staff 03
exploring entrepreneurship I STAGE 1 SIX BADGES Market Research: In what industry category or categories would your project, initiative or venture operate? What are the trends in this industry? Complete a SWOT analysis of your top 3-5 competitors/substitute products and your company/product. Designated issuers: The Business Link, Olds College Business Model - Customer Focus: The Lean Canvas is a one-page tool that enables you to have a quick snap shot of the problem you are trying to solve in relation to other key elements of a business model. This provides insights on whether or not you are on the right direction. This badge requires taking Startup Edmonton s Preflight Beta workshop and presenting a completed lean canvas. Designated issuer: Startup Edmonton Business Model - Positioning: Clearly articulate the vision, mission, and branding statements. To earn this badge entrepreneurs may wish to attend ehub s Vision, Mission & Branding lunchtime workshop series. Designated issuer: ehub
Product Design Thinking: The process of launching a product requires understanding how to keep your customer at the centre of your product. The concept of Design Thinking is about being able to effectively empathize, define, ideate, prototype and test. This badge requires taking Startup Edmonton s Design Thinking workshop, completing a paper prototype and speaking to five (5) potential customers so they can provide feedback on the concept. Designated issuer: Startup Edmonton Business Identity: Legitimize your project, initiative or venture by identifying a novel, company name that follows trademark rules. With ehub s support create your logo and website landing page. Participation in ehub SPARK and/or three (3) Lunch & Learn pitch events is required. Designated issuer: ehub Business Setup: Demonstrate a clear understanding of the potential steps that are required to ensure your business is legal and properly registered before you begin operations and/or incorporate. Consider the three levels of government and anticipate the necessary licensing and regulatory requirements that apply to your industry or location. The deliverable for earning this badge is a written document that communicates these requirements. Designated issuer: The Business Link **After completing this set of Badges individual/teams of entrepreneurs may qualify entrepreneurs may qualify for $1,000 of funding support. ** 05
exploring entrepreneurship II STAGE 2 FIVE BADGES Competitive Analysis Product: Demonstrate knowledge of competing products solving the same problem. The deliverable for earning this badge is a narrative (less than 300 words) on the similarities/differences between the most relevant features of competing products and the proposed product; a graphical representation of the feature comparison; and, a competitive map of all competing products. Designated issuer: TEC Edmonton, ehub Competitive Analysis Company: Demonstrate knowledge of competing companies. The deliverable for earning this badge is a narrative (less than 300 words) on the similarities/differences between the most relevant operating features as they relate to the value chain; a graphical representation of the feature comparison; and, a competitive map of key competing companies. Designated issuer: TEC Edmonton, ehub
Team - Charter: Complete a founder charter document with a full description of roles and expectations of each individual on the founding team signed by all co-founders. Identify goals for the following: To increase the size/quality of network, and to engage in a minimum of three (3) new networking activities. Designated issuer: ehub Product Technical Validation: A description of the product features accompanied by the following: Validation of the feasibility of product features from approved technical experts. Designated issuer: ehub, Olds College Incorporation: Teams are required to incorporate in order to receive the next level of funding. A 30-60-90 day action plan is required along with written peer endorsement from eclub and/or egrad. Participation in ehub SPARK and/or three (3) Lunch & Learn pitch events is required. Designated issuers: The Business Link, TEC Edmonton, ehub **After completing this set of Badges individual/teams of entrepreneurs qualify for ehub s Accelerate Program** 07
evolving your idea STAGE 3 SIX BADGES Intellectual Property (IP) Strategy: Demonstrate a clear understanding of intellectual property and whether or not your venture has protectable IP. Submit a summary of your company s IP strategy and if applicable include a discussion on your company s freedom to operate (less than 300 words). Designated issuer: TEC Edmonton Minimum Viable Product: Teams must have a sell-able product/service and at least one (1) customer (verified by a letter of intent or a sales invoice). Validation from a credible technical reviewer may be required. Designated issuers: TEC Edmonton, ehub Marketing and Sales: Articulate your company s go-tomarket strategy. If you are targeting a B2B segment, demonstrate an understanding of relevant value chains (in less than 300 words). Demonstrate knowledge of the sales cycle and customer acquisition costs. Designated issuers: TEC Edmonton, ehub
Financials: Determine initial pricing with a rationale (less than 300 words) and compile a list of costs associated with the launch of the venture. Submit a profit and loss pro forma (0-5 years) with assumptions and a cash flow diagram and accompanying discussion. Designated issuer: ehub Team - Collaboration and Advisory: Complete and submit your company s version of the Seedhack Founders Collaboration Agreement signed by all founders. Submit an advisory board recruitment plan OR a complete roster of an established advisory board. Participation in ehub SPARK and/or three (3) Lunch & Learn pitch events is required. Designated issuer: ehub Strategic Planning: Identify performance objectives and goals for your company. Submit a growth strategy document commensurate with company objectives and pro forma financials. Designated issuer: TEC Edmonton, ehub **After completing this set of Badges student-founded companies qualify for ehub s Summer Accelerate Program, mentorship and funding for internships** 09
launch your business ACCELERATE Prepare to launch your business into the real world. ehub serves as the launchpad for your team to transition from ehub to an operating businesses. ehub s Accelerate program is designed for ehub teams with high potential for success in the marketplace. Through Accelerate, ehub invests a greater amount of time and resources in your team to reduce the time it takes to launch your venture. ehub s top UAlberta student ventures may receive larger funding support, support for internships and referrals into prestigious national and international business competitions, conferences and incubators. ehub will support your co-founding team to launch successfully from ehub by raising your team s profile to attract customers, influencers and investment from the Edmonton region and beyond.
Version 1.0 Badge Program Partners
ehub 9007 HUB Mall 116 St & 85 Ave Edmonton AB, Canada T6G 2G3 ehub.ualberta.ca ehub@ualberta.ca