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What is a startup?A temporary organisation designed to search for a repeatable and scalable
business model- Eric Ries
Product Story• Compelling pitch to attract
investors, partners• A viable narrative (product
market fit)• Competitive differentiation
By the End of the Program…
Market Traction• Validated assumptions that
inform an MVP• Go-to-market strategy• Initial partners (or targets)• IP
Business Model• A viable revenue model and
pricing plan• Clearly identified beachhead
customer• Validated assumptions that
inform business model
Funding Plan• A funding target and plan on
how to use the funds• Target investors• A capitalization plan• 12 month finances and
milestones
By the End of the Program…
Team Development• The right blend of skills on
leadership team• Outsourcing strategy (where
appropriate)• Board of Directors, Advisory
Board assembled/planned• Legal agreements in place
whenacompanyditchesitsoriginalproductofferingandchangesdirection
What is a pivot?
Givetimeforself-reflection
Honestlyassessthegood,thebad,theugly
I’llaskyoueachreviewtojustifytheanswer:pivotorproceed?
Pivot or Proceed?
How Can I spend my money?STEP1IfyouhaveanABN…
LetusknowyourABNASAPYouwillbeassignedaPO#- includethisonallinvoices
IfyoudonothaveanABN…
STEP2SubmitabudgettoGENERATORforapproval
A heads up…• Awardfundsmustbespentontheprojectaspitched,orareasonablepivotofthatproject• Youmustdrawdownyourcompleteawardfundswithin3monthsofcompletingtheACCELERATOR(ie 2March2017)orthefundswillnolongerbeavailabletoyou• Youareresponsiblefortheexpensesyouincur– clearallexpenseswiththeGENERATORpriortoincurringthemtoavoidissues• PaymentsfromMonashcantakeawhile – pleasegiveupto2months
$5,000 POF FreedomtoOperateSearch$12,700 MiniFAB PrototypeDevelopment$3,300 LauraFaulconer Staff$1,000 Mrs. Smith RegulatoryConsulting
Budgetjustification:InordertoconfirmourIPposition,weneedtoundertakearobustfreedomtooperatesearch.POFhasprovidedaquoteof$5,000,adiscountedratefromthemarketrateof$12,000.AmajormilestoneforSTCistogenerateaprototype.Aswehavealreadycompletedasignificantamountofprototypedevelopmentwork,MiniFABhaveprovidedacost-effectivequotefor$12,700tocompletex,yandzthatwillallowustohaveafunctionalprototypefortestingandfundraising.LauraFaulconer,co-founder,hasalreadyprovidedsignificantprobonotimetowardthiseffort.Inordertosupportafulltimecommitmentintheprogram,$3,300willallowfulltimeeffortoverthe1.5monthwindow.Finally,weneedtobetterunderstandourregulatorypathwayandbegincollatingourregulatoryfilings.Todothis,weintendtoworkwithMrs. Smith,anexpertwith15yearsexperienceinClass2medicaldevicefilingswiththeFDA.Herquoteiscompetitivewithmarketrates.
Example Budget
Mentoring: What to ExpectWeekly In-personmeetings
Progressreviews
Meet the Mentors
MarkFinkBusinessMentor
LauraMcKenzieInvestorMentor
Investor Boardroom PitchUpto6early-stageinvestors
Selectingtheoverallmostinvestableteam
1hourmax:
• 10-15minutepitch
• 30-40minuteQ&Aandfeedback
• 5-20minutes- youexit– theyscoreanddiscuss
Heads Up…ThisisCLOSEDDOOR– oneteamatatime,noaudience
BEEARLYo Wewillnotchangeyourscheduledtimeslotifyouare
lateorcannotmakeito Ifwearerunningaheadofschedulewewouldliketo
moveahead,sotrytobe30minutesearlyataminimum
Heads Up…Dressisbusinessprofessional
Onlybringkeyteammembers/advisors(recommend3,ormaxof5total)
PitchDeckpreferredinPowerpoint formatIfyouareusinganotherformat,youareresponsibleforbringingyourownlaptopANDtestingthatitworkswithourdisplay
Investor pitch Schedule10:30am Resthera11:30 Bellum1:30pm DoctorCrop2:30 Itunda3:30 MoodMission
Winner Announced?Allteamswillbenotifiedviaemailofthefinalresultsalongwithnotesfrominvestorcommentswithin3businessdaysofthepitchevent
Aproblemwillgrowincomplexityindirectproportiontotheamountoftimeyouhavetosolveit
Parkinson Principle:
“We did not have enough time,” is never an acceptable excuse in this program
What Now?ReviewthecurriculumPutalldatesintoyourcalendarStartthinkingaboutwhatyouneedtoachievetobecomeseedinvestmentready…thenletmeandyourmentorsknowifanythingonyourlistwon’tbesupportedintheACCELERATORprogramsowecantrytohelpyouinotherways,oradjustthecurriculumasappropriate.
Upcoming Training15Oct GettingtheMessageRight22Oct Finances29Oct Law&IP19Nov Prototyping23Nov DoingaDeal26Nov TheRealWorld30Nov TheRoadAhead
HomeworkABN(ifhaveone)toGENERATORBudgetsubmittedPrepforpracticeinvestorpitch
Bringallbrandcollateraltonextworkshop
WANT TO KNOW MORE?GET IN TOUCH!
www.monash.edu/[email protected]/monashGENERATOR
7InnovationWalkAG01-04(ClaytonCampus)[email protected]
