Transcript Intro to Entrepreneurship at UCF Jan 27

Inspirational class
Introduction to the many
Innovation and Commercialization
activities at UCF
Henriette Schoen
MS in Eng. From DTU, DK & MS from IEMS, UCF
Currently PhD student at IEMS
Program Development Manager at UCFBIP
February 2011
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Goal for tonight
1.
I have Dr. O’Neal’s permission to do something totally different
2.
Learn a lot, interactive class – you please speak up
3.
Introduce you to the various programs/centers that can help you
here at UCF and in Orlando
4.
Introduce you to the UCFBIP – ask for your rating on presentation
5.
Comment on your elevator speeches
6.
Talk about teams & creation of those
7.
Give you all my advice
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My background
 MS in Eng. from Denmark, 1998
 MS in Industrial from UCF, Fall 2006
 PhD student in Business Incubation (currently)
 Danish heritage – cultural difference
 Have worked with Electric Vehicles for 4 years in DK, S
 Currently
work for:
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Worked with innovative ideas
 Have worked with Electric Vehicles for 4 years in DK, S
from 1999-2003
Citroen, AX and Citroen Berlingo
 Have testified at the Californian Air Resource Board, 2000. When they
had a Zero emission Act in effect there, where 10% of the cars the big car
producers sold were going to be zero emission vehicles.
 Have visited the Fuel Cell Partnership in Sacramento
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Org. chart UCF/ORC
Florida Economic
Gardening Institute
Impress Dr. O’Neal now –
he will remember you later in life and you never know!
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UCF
 About UCF – This is UCF
 2nd-largest university in the nation (Our Time)
 > 56,200 students (Fall 2010)
 $ 133M in Research Funding (2009-10)
 Operating budget $ 1.3 billion
 Employees: > 10,000
 Faculty:
 Staff:
1,727
8,425
 UCF and the Central Florida Research Park influence 45,000+ jobs (2006-07)
 Combined economic impact $3.5B+
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Innovation development
Basic Science
Discovery
K-12 (ed)
University
Research
Recognition of
Application
University
Science and
Engineering
Feasibility
Study
Development
Patent Protection
Decision to
Implement
Innovation
Business
Incubation
Capital
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Goal:
Diffusion
Research and more at UCF
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The beginning – Burnett School of Biomedical Sciences
Biomedical Research
UCF Med School Tour
UCF College of Nursing
UCF Opportunity Minutes – Patient Simulator
UCF Opportunity Minutes – Solar Car
 Love Awkwardly (UCF 2010)
 UCF College of Business Administration
 UCF LIFE
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Entrepreneurship
Schumpeter’s (Austrian economist) view of
Entrepreneurship has emphasis on
innovation, such as:
 New products
 New production methods
 New markets
 New forms of organization
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Inspiration
Great minds discuss ideas,
Average minds discuss happenings,
Small minds discuss other people
“An invasion of armies can be
resisted, but not an idea whose
time has come”
- Unknown
- Victor Hugo
Kauffman Foundation: Carl Schramm, CEO of KF speech
“2011 State of Entrepreneurship Address”
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Entrepreneurs that inspire you?
 Mention one entrepreneur you like and tell us why?
 What do you think drives that entrepreneur?
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How do you look at life?
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An Idea and its generation
Ali G - Donald Trump, and other VC's
Scot's parachuteskimmer story:
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Feasibility Analysis
Role of feasibility analysis in developing successful business ideas
IDEA
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Helpful Library Resources
1-15
Innovation Support Infrastructure at UCF
 Center for Entrepreneurship & Innovation (CEI)
 UCF Venture Lab (VL)
 Small Business Development Center (SBDC)
 UCF Business Incubation Program (UCFBIP)
 Technology Transfer office (TTO)
 UCF Office of Research & Commercialization (ORC)
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Center for Entrepreneurship &
Innovation, CEI
 Coach you to do your 3 min. elevator speech
 Coach/advice you to do your 15. min presentation
 Help you with Feasibility Plan
 Business plan
 Additional:
 CEO Knights (chapter of Collegiate Entrepreneurs Organization)
 Innovation Club (supported by NCIIA)
 Global Business Brigade (international social entrepreneurship adventures)
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Competitions
 $3,000 Elevator Pitch – “King of the Court”
 $25,000 Business Plan – “UCF Joust Tournament” - April
 Sunshine State Venture Challenge
 Innovation Competition – “Inventing Entrepreneurs” under
development with support from NCIIA
 MegaWatt competition
 Open Minds competition NCIIA
 CEI competions_events
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Venture Lab
The Venture Lab provides expertise and resources
to technology entrepreneurs in a variety of areas
including:
• business plan & financial statement creation
• market research assistance
• company, investor and product pitches
• product validation & competitive analysis
• financing guidance & intros to investors
• business strategy mentorship
• SBIR and Kauffman educational workshops
• Coaching for investor pitches, and presentations
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UCF Business Incubation Program - UCFBIP
 The UCF Incubation Program opened in December, 1999, with
the Technology Incubator. The Program now consists of 9
sites in the Greater Orlando, 5 counties
 More on other slides
 The Program is a partnership between UCF and the local
governments / communities.
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Programs and Partnerships
Industry
Leaders
Local
Government
Disney
Entrepreneur
Center
Business
Incubation
Program
Entrepreneurship
in Central Florida
Venture
Lab
Center for
Entrepreneurship
and Innovation (CEI)
Office of
Research &
Commercialization
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Central Florida Entrepreneurial Ecosystem
Today
Disney Entrepreneur
Center
Education, counseling
SBDC
Large corporations,
government agencies
Central Florida
Research Park
Incubator and
Venture Lab
Graduates
New
technology
Management talent
Workforce
Center for
Entrepreneurship
& Innovation
Students Center for Economic
Faculty Competitiveness
Local Community Partners
Economic Development
organizations
Florida High Tech Corridor
University Economic
Local Government
Entrepreneurs
Development
Education
•UCF, Rollins College
•Valencia, Full Sail
and others
Investment funds
Technology transfer
(angel, seed,
mezzanine)
UCF Venture Lab
Sponsored
research
Angel investors
GrowFL
UCF spinouts
New Startups &
Spinoffs
Partnerships
Corporate Community
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Community colleges
Service providers
Communitybased startups
Case Study
 Rini Technology
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PhD on Mechanical Engineering
Incubator graduate
SBDC, SCORE, GrowFL, CEO round tables
Joint research, hires UCF Graduates
Licenses UCF technology, UCF has equity
Built new facility, continues to grow
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Elevator Speech
 Who is your Target audience? Define that first
 Concise Statement Describing Your Company.
 Contents:
 Introduction
 Interest Generating Idea
 Two Key Points
 Probe For Need or Opportunity
 Like a Business Card.
 Change the speech Periodically to Keep it Fresh,
 tailor it that audience in front of you – have several versions to choose from
 Rehearse * 100 until it Sounds Natural.
 “Communication and Negotiation”
Stan Christensen, Arbor Advisors
Levi Root's musical pitch for Reggae Reggae sauce
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Content for an Elevator Speech
Wendy Kennedy
Remember to start out with a hook - something that get the listener’s attention
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The 1 min. Elevator Speech Content
Step 1
Describe the opportunity or
problem that needs to be solved.
15 seconds
Step 2
Describe how your product meets the
opportunity or solves the problem.
15 seconds
Step 3
Describe your qualifications.
10 seconds
Step 4
Describe your market.
10 seconds
Step 5
The “Ask” (More time, feedback,
investment opportunity)
10 seconds
Total
60 seconds
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Coaches (on YouTube)
1.
Dragons' Den: Evan Davies ‘Golden Rules for Success (FINANCIALS)
http://www.youtube.com/watch?v=DikUNwTdT8k&feature=related
2.
Dragons' Den - Peter Jones’ Golden Rules for Success
(VISION – PASSION- TAKE ACTION-RESEARCH-FEASIBILITY)
http://www.youtube.com/watch?v=sWhwFT6ONPE&feature=related
3. Dragon's Den - Duncan Bannatyne's Rules for Success (PEOPLE, PRODUCT, STRUCTURE, SUPPLIERS CARE)
http://www.youtube.com/watch?v=-l24GJmrZTg&feature=related
4.
Dragons' Den: James Caan's Golden Rules for Success
(OBSERVE YOUR MARKET, PRESENTATION & PREPARATION, LEARN FROM FAILURE, TRY & TRY AGAIN, PEOPLE makes a difference, strong
believe in yourself)
http://www.youtube.com/watch?v=7Mof4Q9-YM4&feature=related
5.
Dragons Den: Deborah Meaden's Golden Rules for Success
(Business Plan, don’t crumble over pressure, evaluate the idea in a serious manner, do not be passionate too early, understand your market,
therefore minimizing risk, know your numbers)
http://www.youtube.com/watch?v=ocrXDSc4kPE&feature=related
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Ideas for building your Teams
Tina Seelig, Stanford Technology Ventures Program
• Working in Teams
• http://ecorner.stanford.edu/authorMaterialInfo.html?mid=1473
Vinod Khosla, Khosla Ventures
• Strength of a Team
• http://ecorner.stanford.edu/authorMaterialInfo.html?mid=31
Elisabeth Holmes, Theranos
• The Essentials of Team Building ( Stanford’s Ecorner)
– http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2198
John Doerr, Kleiner Perkins Caufield & Byers
• Helping Teams Work Together
• http://ecorner.stanford.edu/authorMaterialInfo.html?mid=1276
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Team Skill Gap Analysis/
Management Team Skills Grid
Skills
(primary focus)
John
Peter
Lisa
Janice
Gap 1
Gap 2
Gap 3
Team Leadership
Report Writing
IT – Spreadsheets
IT – Word processing
IT – Databases
Widget Making
Design tools expertise
Knowledge about
specific industry
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SWOT Analysis
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Executive Summary Template
Executive Summary Template
(This entire document must be no more than two pages in length!!)
(Company Logo)
Executive Summary
Business Name
Business Address
Industry
Website
Contact Name
Contact Phone
Contact Email
Overview of the Company - Provide a concise summary of your business venture including the date
development.
started and a description of the stage of the company's
Products/ Services - Provide a brief description of your product or service (avoid technical terms and abbreviations unfamiliar to the general public).
Target Market - Describe and quantify (size, growth rate) the addressable market segment that you intend to target. This must clearly identify your market
niche. (Do not use the top down approach)
Sales / Market Strategy - Describe the strategy you intend to implement to reach your target market including key relationships, strategic alliances,
marketing partners and channels to your addressable market.
Competition - Identify the primary competitors in your target market and describe their level of market penetration.
Competitive Advantage - Describe the unique aspects of your company's products and services that provide you with a sustainable competitive advantage.
Specifically address intellectual property protection and your company's plans to establish other barriers to entry by your competition.
Management Summary - Describe the background and experience of the founders and top management of your business. Key Advisory Board members can
be included in this section.
Financial Plan – In thousands (X, 000). Please note: Operating Income must equal total Revenue minus Expenses.
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Financial Projections Template
Financial Projections
Years
Prior Year
Year 1
Year 2
Year 3
Year 4
Year 5
Financial Items
Sales Revenue
COGS –
Cost of Goods Sold
Gross Margin
SG& A –
Selling, General &
Adm. Expenses
Gross Profit
Head Count
Investment Opportunity / Use of Funds – In thousands (X, 000)
Current Investment Being Sought (to cover the next 12-18 months)
Amount:
Use of Funds:
Future Capital Investment:
Future Capital Needs:
Date Needed:
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Competitive Grid Analysis
Competitive Grid
Competitors
Your
Company’s
Name
Competitor 1
Competitor 2 Competitor 3 Competitor 4
Company
Features
Major Feature 1
Fill out here
below:
Major Feature 2
Major Feature 3
Major Feature 4
Major Feature 5
Major Feature 6
Major Feature 7
Major Feature 8
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For more info:
The Rice University
Business Plan
Competition
2011 is already
ongoing, but next year
– look into this if you
are having a good idea.
Contact NCIIA
on
413-587-2172
or
Big prices
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[email protected]
New Book
http://theentrepreneurequation.com/
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New Book
http://www.nevergetarealjob.com/
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Advice from me
 Treat everyone you meet with respect, and as you
would like to be treated yourself
 You never know where you will meet them again later in life.
 Realize where your strength and weaknesses are, then
it is easier to find the future business partners and team
mates, so you can supplement each other
 Seek out having friends from other countries – it is the
best way to learn about other cultures, and very
rewarding.
 Learn the business vocabulary that are used in this field
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Questions ?
Thank you for your making this
class so great!
More information:
Henriette Schoen
UCF Business Incubation Program
407-882-0107
[email protected]
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