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Thursday, May 23, 2013
The Transition from Graduation to a Career in Industry
Ms. Anne DeMasi, Hazard Communications Manager, ChemturaDr. Michael Abrams, Principal Scientist, ArkemaMs. Dawn Mason, HR Manager, Eastman Chemical Company
Thursday, May 30, 2013
How to Catch a Poisoner – The Sequel
Ms. Deborah Blum, Pulitzer-Prize Winning Science AuthorDr. Darren Griffin, University of Kent
Contact ACS Webinars™ at acswebinars@acs.org 10
Upcoming ACS Webinars™www.acswebinars.org
“Everyone today must think like an entrepreneur whether it’s in your own business, a large corporation or a nonprofit organization.”
Continues Thursday, June 20, 2013 @ 2PM EST
Learning how to develop the next big start-up has never been so entertaining!
ACS members who attend 7 out of 9 sessions get a Certificate of Completion.
Contact ACS Webinars™ at acswebinars@acs.org 11
Acknowledgement:
The 2013 Chemical Entrepreneurship Series is co-produced by UC San Diego von Liebig Entrepreneurism Center.
12Contact ACS Webinars™at acswebinars@acs.org
http://www.jacobsschool.ucsd.edu/vonliebig
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“Success, failure, joy, pain and rejection. Neil Senturia shares the ups and downs of his entrepreneurial life and the lessons-rules-that he’s learned and how they apply to all of our lives. The book reads like Neil talks (with the occasional four letter word!). Be prepared for a humorous and insightful read.”
Find I’m There For You, Baby on http://www.imthereforyoubaby.com
Business Model Analysis: How will your company make money?
Download the presentation ONE WEEK after webinar: http://acswebinars.org/chemical-entrepreneurship-2013
ACS WEBINARS™May 16, 2013
Neil SenturiaCEO, Blackbird Ventures
Barbara BryCOO, Blackbird Ventures
14Co-produced with UC San Diego’s von Liebig Center
Developing a Viable Business Model
How will my company make money?
American Chemical SocietyMay 16, 2013
Barbara Bry and Neil Senturia
Definition of a Business Model
Summation of the core business decisions and trade-offs employed by a company to earn a profit (HBS Note on Business Model Analysis)
1. Revenue sources2. Key expenses3. Investment size4. Critical success factors
Question
Which is more important early on in your company?1. Getting revenue early2. Developing a complete product
Lean Business Model
• Build a minimally viable product defined by Eris Reis as “that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
• Get customer feedback quickly• Pivot based on feedback
Eric
Rei
s by
Mar
got D
uane
201
2
Revenue Sources• Customer: Who are you selling to? What are
their problems/needs?
• Value Proposition: What value do we deliver that is better than other solutions?
Why Althea?
• Experience
• Flexibility
• Scalability
• Customized Solutions
• Reliability
20
Proflowers.com
• A large market and the convenience of shopping online won’t cut it
• What is the problem you’re trying to solve?– Flowers aren’t fresh: 7-9 days in transit– Flowers are expensive: Inefficient middlemen– Florists lack quality incentive– What you see is not always what you get
If the supply chain’s broke – fix it
Grower
Importer/Distributor
Wholesaler
Retailer’s andInternet Order Takers
Consumer
Grower
2 days
2 days
2-3 days
2-5 days
1-2 days
Brick & MortarProflowers.com
INTERNET
Elapsed Time: 9-12 Days 2-3 Days
Consumer
Today’s ECG/EEG sensors, however:-Require adhesives and skin-irritating gels-Number one patient complaint against mobile ECG/EEG devices-Need for new, patient-friendly, sensor technologies-Large usability barrier outside of laboratory environments
ECG/EEG:-Simple to build-Inexpensive to use-Non-invasive for the subject-Widely used in clinical and research settings-Diagnostically useful information
Motivation
Question
Is it better to develop a quicker smaller idea or a bigger idea that requires more time/$ ?
1. Work on a smaller idea– a feature– that you can develop quickly and cheaply
2. A bigger idea– complete product– that requires more time and money
Revenue Models
1. Subscription – SalesForce.com, NetflixYou can make it free for basic service, charge for premium– LinkedIn
2. Volume or unit based – customers pay a fixed price per unit– scientific products, restaurant, Proflowers– Razer/Razer blade model is common for some scientific products and medical devices
3. Advertising based – Google, Yahoo, TV, radio
Revenue Models continued
4. Licensing and Syndication – Big pharma pays licensing fees for your technology
5. Transaction Fee – Charles Schwab
BIG
PHARMA
Phot
o by
Sym
ode0
9
Expenses
1. Fixed – rent, management team, core scientists
2. Variable —materials, lab equipment, sales commissions
3. Non-recurring – buying a building, new computers
Think about your core competencies– What do I need to do in-house? What can I outsource?*Photo Top Right -Experimenters taking an X-ray with an early Crookes tube apparatus, from the late 1800s. The upper man is examining the bones of his hand with a fluoroscope screen. The lower man is taking a radiograph of his hand with a photographic plate.
Major Costs1. People – at what points in your growth curve do you need to add more scientists, customer service reps, administrative overhead?
2. Inventory —more important in manufacturing, what supplies do you need to keep on hand?
3. Rent
Major Costs4. Marketing-Advertising – How much is it going to cost you to acquire and retain a customer? How long is your sales cycle? How long before you get paid?
Customer Acquisition and Retention
How are you going to reach your customer?- Your own sales force- Someone else’s sales force- Distributors- Internet- Combination
How are you going to manage the long-term relationship with your customer so that they continue buying from you?
Cost Analysis
1. Is business model based on fixed, semi-variable or non-recurring?
2. How much volume can we do with our starting fixed base?
3. What primary drivers could change over time?
4. What are the major costs?
Investment Size
• How much money do we need to raise until we reach break even?
• How long and how much money will it take to develop my product?
• How quickly can I sell the product to the customer? When will I get paid?
• What milestones can we achieve with X $$?
Critical Success Factors
1. Timing and cash flows
2. Select 3-4 of the most important parameters– sales growth, new customer acquisition rate (and costs)
3. Look at what happens to your cash needs when you change the parameter, both up and down.
Keyword for today!
“Falafel”
Receive a Certificate of Completion! For more info visit:
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Phot
o by
Jane
k M
ann
Resources
Why the Lean Start-Up Changes Everythingby Steve Blank, Harvard Business Review, May 2013
Note on Business Model AnalysisHarvard Business School
And now your chance to win!
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To be a successful entrepreneurial scientist you need ___________ ?
Questions & AnswersWe want to hear what’s on your mind?
Phot
o co
urte
sy o
f Bre
vin
Blac
h
Business Model Analysis: How will your company make money?
Download the presentation ONE WEEK after webinar: http://acswebinars.org/chemical-entrepreneurship-2013
ACS WEBINARS™May 16, 2013
Neil SenturiaCEO, Blackbird Ventures
Barbara BryCOO, Blackbird Ventures
38Co-produced with UC San Diego’s von Liebig Center
Acknowledgement:
The 2013 Chemical Entrepreneurship Series is co-produced by UC San Diego von Liebig Entrepreneurism Center.
39Contact ACS Webinars™at acswebinars@acs.org
http://www.jacobsschool.ucsd.edu/vonliebig
How has ACS Webinars benefited you?
Be a featured fan on an upcoming webinar! Write to us @ acswebinars@acs.org
Fan of the Week
40
“Your speakers are the best!! They are subject matter experts, and these webinars enrich my knowledge of a subject so much in just one hour. The convenience of the webinars is fantastic!"
Donna Bush, Ph.D.Forensic Toxicologist, HHS
TM
Stay Connected…
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Contact ACS Webinars™at acswebinars@acs.org 41
Upcoming ACS Webinars™www.acswebinars.org
Thursday, May 23, 2013
The Transition from Graduation to a Career in Industry
Ms. Anne DeMasi, Hazard Communications Manager, ChemturaDr. Michael Abrams, Principal Scientist, ArkemaMs. Dawn Mason, HR Manager, Eastman Chemical Company
Thursday, May 30, 2013
How to Catch a Poisoner – The Sequel
Ms. Deborah Blum, Pulitzer-Prize Winning Science AuthorDr. Darren Griffin, University of Kent
Contact ACS Webinars™ at acswebinars@acs.org 42
Upcoming ACS Webinars™www.acswebinars.org
“Everyone today must think like an entrepreneur whether it’s in your own business, a large corporation or a nonprofit organization.”
Continues Thursday, June 20, 2013 @ 2PM EST
Learning how to develop the next big start-up has never been so entertaining!
ACS members who attend 7 out of 9 sessions get a Certificate of Completion.
Contact ACS Webinars™ at acswebinars@acs.org 43
44
International Center Webinar SeriesFree Webinar - May 22, 2013 at 2:00PM EST
Working abroad has many benefits…
• Work alongside scientists from across the globe• Grow professionally and personally• Gain a global perspective• Brush up on your foreign language skills• Experience a different culture• Enhance your resume!
You will find more international opportunities at the International Center
www.acs.org/ic
And now your chance to win!
45
Facebook.com/acswebinarsor
acswebinars@acs.org
To be a successful entrepreneurial scientist you need ___________ ?
If you enjoyed this ACS Webinar today…please support the program!
Find the many benefits of ACS membership!
www.join.acs.org
ACS Network (search for group acswebinars) www.communities.acs.org
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ACS Webinars™ does not endorse any products or services. The views expressed in this presentation are those of the presenter and do not necessarily reflect the views or policies of the American Chemical Society.
47Contact ACS Webinars™at acswebinars@acs.org
Upcoming ACS Webinars™www.acswebinars.org
Thursday, May 23, 2013
The Transition from Graduation to a Career in Industry
Ms. Anne DeMasi, Hazard Communications Manager, ChemturaDr. Michael Abrams, Principal Scientist, ArkemaMs. Dawn Mason, HR Manager, Eastman Chemical Company
Thursday, May 30, 2013
How to Catch a Poisoner – The Sequel
Ms. Deborah Blum, Pulitzer-Prize Winning Science AuthorDr. Darren Griffin, University of Kent
Contact ACS Webinars™ at acswebinars@acs.org 48
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