Innovation & Entrepreneurship
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1 Innovation & Entrepreneurship CSC4004 Dr. Barry McCollum
2 Innovation & Entrepreneurship CSC4004 Dr. Barry McCollum
3 Presentations Week 10 9:00-10:00 am M.Alexander, S.Curran, C.Grey, J.Hamill, R.Leonard, 10:15-11:30 am J.Lockhard, S.Madden, M.McCaigue, B.McCartey, D.McCullion, J.McMullan Topics - innovation and Good Business - Risk and Uncertainty - Markets
4 Presentations Marketing Model Financial Model Growth and Finance Barriers to setting up Graduate Business
5 Innovation & Entrepreneurship CSC4004 Marketing Model: Things to Consider
6 Marketing Model and Plan Summary/Overview Target Customers - Demographic profile of institutions/wants-needs Product USP - Concisely, what makes you absolutely unique Pricing and Positioning Strategy - inc. customer expectations, value added proposition Distribution Plan - Direct Web Sales or not
7 Marketing Model and Plan Offers - Promotions/trials Marketing Material - what/when Promotions Strategy - Advertising / trade shows/ events Online Marketing Strategy - SEO / Social Conversion Strategy
8 Marketing Model and Plan Partnering - Possible partners in colleges sector Referral Strategy - Possible referral deals Retention Strategies - Regular comms/updates Financial Projections - Sales
9 Innovation & Entrepreneurship CSC4004 Financial Model: Things to Consider
10 Financial Model It is a Model - How a business works The End Result - a set of financial statements, - key operational metrics, - and a set of key drivers and assumptions Scenarios - product, marketing, organisational and strategic decisions - helps determine key milestones, capital needs and types of potential investors. Focus - your process, assumptions and key drivers and build a detailed month-by-month model that you can modify and update over time.
11 Focus on Expenses Hiring Plan - How many, Salary, Benefits, Equity Key Expenditure - Office Rent, insurance, legal, accounting, taxes, equipment, and travel and entertainment costs. Operation Budget - sales staff, website and marketing plan and how your budget for translates to visitors, trials and sales.
12 Product Delivery Chain of events - Development, Implementation, Maintenance, Development Business Model - Are you B2B or B2C? - Are you pursuing a freemium model? - Do you have different levels of service at different price points? - Are sales one-time or subscription-based? - How long will the average customer keep using your product? - Consider pricing, discounts, sales, coupons and free trials, when customers pay, and how long it will take to collect invoices. Operational Considerations - consider your partners, commissions, affiliate fees, monthly and per-transaction costs. What kind of hosting and customer support do you need to support your estimated level of sales?
13 Analyse Assumptions The Market - How big is the addressable market for your product or service, and is it growing or declining? - Who are your major competitors and what portion of the market do they currently have? - What percentage of the market are you estimating you ll be capturing within 3 months, 6 months and a year? Is it reasonable? Analyse Key Metrics and Drivers? - Which assumptions have the most impact on your projections? - Will a small change in price have a big impact on profits? Iterate and Refine - testing, analyzing, benchmarking and running your model by people you trust.
14 Innovation & Entrepreneurship CSC4004 Growth and Finance
15 The Growth Headache Hard to grow fast and be profitable. As grow need to spend money on infrastructure and staff to support growth. This spending necessarily reduces profits. Can have cash flow problems as increase sales and work in progress but money not collected from customers
16 Venture Capital Finance Acceleration Requirements - Good management team (energetic, ambition, track record) - Need to be making a profit - Good business proposition
17 Venture Capital VC s can typically only invest over 500k. Meridian fund will do < 250K deals. If need smaller sums go to Angels who are just as demanding VC s need to invest large sums otherwise their business model does not work. Their management time is expensive. VC s must make money: risky, sell or die, team capable of executing their plan, VCs will aggressively manage their investment. In Grow Out in a fixed time period (usually 5 years). Make sure you understand their need to exit and are planning for this.
18 Case Study What Can go Wrong A Large Amount of Management Time Expensive money - Looking for 40% return per annum. - For each 1 looking for 3 to 7 in 5 years. - Bank money is much cheaper but need assets and cash flow to secure this. Reduce Flexibility Stressful Development of a Relationship
19 The Dating Game Cosy up to management and are encouraging. But use this opportunity to identify your vulnerabilities to exploit in the future. They make promises of the added value they can bring in terms of contacts and credibility. Present their best people at this time.
20 Engagement - shareholders subscription agreement Once in exclusivity use their knowledge of your vulnerabilities against you. Off / on interest to wear you down for a better deal. Delays and complexities arise; these are very stressful as you are burning cash while these negotiations are going on. The longer they can delay the more their power increases; so the better deal they get. VCs have done these negotiations lots of times, while you have only done them once. This gives them an advantage.
21 Marriage initial sponsor in the VC company may change Inherent cynicism is common; very undermining and negative. Promised added value seldom materialises. Just a job for a VC but the entrepreneur is more committed.
22 Divorce Trade sales forced by VC not management VC focus is to maximise what they can get VC will not give any warranties or guarantees in any form for the business they are selling. They will take on no long term liability. VC s need to sell out exit after a few years to get their cash regardless of business prospects.
23 Preparation Don t Say Our business plan projections are conservative. (they can sue if you don t meet / exceed projections) A key senior guy is just about to join; get talent first. Market research shows a 3 trillion $ market in 5 years. Talk about your specific niche. If we get 2% of a big market no use because they don t want a business with only a 2% share. Don t talk about a big deal until signed. We have no competition shows you have no idea. Our patents make our business model secure. Want to fund continuous innovation not litigation.
24 Preparation Do Say We will invest capital in X and Y, and Z is for contingency. We will be attractive for someone to buy because. Customers will buy our product / service because Our customers will be (describe a typical one) We think an investment of X warrants a Z% because Discount back from their need for a 40% pa return and connect to your business plan. Provide a logical rationale.
25 General Points You will need 2 or 3 funding stages. Allow 9 months for each funding round Each funding round will take at least 40% of senior management time. Seeking funding often left too late. VC needs to get to know company. Handling the fast pace of technology and market growth while doing funding negotiations is tough. If more complex deals with several investors who came in at different times on different terms, then more difficult to sell / restructure company. With each investment received your equity stake will be diluted. You may end up not making much money, even if the business is successful.
26 Starting a Company after Graduation? No money or savings. Have Student Loan debt and have no income to support them selves to start a business. How to survive? Fear of failure. If they fail (which is likely) will their career be damaged. There is a high perceived personal risk. Too much responsibility too soon. Working for someone else looks a much easier and safer option. They can get a well paid interesting job with Microsoft or Intel why take on the risk and worry? High opportunity cost. Currently are eligible for good graduate jobs and may have difficulty getting onto the career ladder later on, if don t take these now. Have made a big 4 year investment by doing the degree.
27 Starting a Company after Graduation? Lack of faith in their abilities and ideas. Little framework to know if what you are planning to do is realistic or sensible. Lack of security. Lack of business experience Not properly equipped to set up own company. Lack of relevant business knowledge. Feel need 5 years work experience. Would be taken advantage of by angels, customers, suppliers as lack experience. What would be a fair salary to pay themselves? No contacts to enable the building up of social and information capital.
28 Starting a Company after Graduation? Feel no credibility with experienced business people. Would they take them seriously as potential suppliers, customers or partners? They would not have the respect of others and would be patronised. Just seen as students. Do not know how to handle failure. In detail, how do you structure a new business so that you are not left with debt to pay off for years to come? Too close to their business plan. how good it actually is? Feel you are not entrepreneurs and given their personality this would not be a sensible career choice for them.
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