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National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 1
NationalLabsEntrepreneurshipAcademy
DAY3
Goodmorning!
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 2
Today
ElevatorPitchesTheTeam,Milestones,andResourcesGuestEntrepreneurGuestSpeaker[Lunch]ChoosingYourPathLegalMistakestoAvoidLocal+RegionalResourcesLab-CorpsExperienceandResourcesMentoringSessionDinner+NextSteps
ElevatorPitches
Let’spractice!
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 3
TheTeam,Milestones,andResources
ClevelandJustisExecutiveDirector
Day2 Day3Day1
TheProblem(and Solution)
TechnologyHypotheses
MarketHypotheses
BusinessHypotheses
TheDeliverables
TheTeam
TheMilestones
TheInvestment
TheSummary&NextSteps
TheIdea(asapitch)
TheExperiments
AcademyScheduleMeetsCurriculum
Your(bestguess)
vision
Whatyouneedtodonexttovalidate
yourvision
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 4
Day2 Day3Day1
TheProblem(and Solution)
TechnologyHypotheses
MarketHypotheses
BusinessHypotheses
TheDeliverables
TheTeam
TheMilestones
TheInvestment
TheSummary&NextSteps
TheIdea(asapitch)
TheExperiments
AcademyScheduleMeetsCurriculum
Your(bestguess)
vision
Whatyouneedtodonexttovalidate
yourvision
LearningObjectives
Understandhowto:
• Thinkaboutthebestpathforbringingyourresearchtothemarket
• Determineyournextstepsandmajormilestones
• Buildyourteamandtheresourcesyouwouldneed
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 5
Overview
RefertotheTeam,Milestones,andResources
portionofyourcoursebook.
your next steps…
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 6
Alice:Iwasjustwonderingifyoucouldhelpmefindmyway...
CheshireCat:Wellthatdependsonwhereyouwanttogetto.
Alice:Oh,itreallydoesn'tmatter,aslongas...
CheshireCat:Thenitreallydoesn'tmatterwhichwayyougo.
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 7
QuotefromJamesWatt
"1st.FromMr.Boulton's owncharacterasaningenious,honest,andrichman.2dly.Fromthedifficultyandexpensetherewouldbeofprocuringaccurateandhonestworkmenandprovidingthemwithproperutensils,andgettingaproperoverseeroroverseers...3dly.Thesuccessoftheengineisfarfrombeingverified.IfMr.Boultontakeshischance...itlessensyourrisk,andinagreaterproportionthanIthinkitwilllessenyourprofits.4thly.TheassistanceofMr.Boulton'sandDr.Small'singenuity(ifthelatterengageinit)inimprovingandperfectingthemachinemaybeveryconsiderable,andmayenableustogetthebetterofthedifficultiesthatmightotherwisedamnit.Lastly,considermyuncertainhealth,myirresoluteandinactivedisposition,myinabilitytobargainandstruggleformyownwithmankind:allofwhichdisqualifymeforanygreatundertaking.”
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 8
PathwaysforBringingResearchtoMarket
1.Publish...
2.Getajob!
3.Consult
4.Licensetoanexistingcompany
5.Startanewventure
6.Pursuemoreappliedresearch
8.LetGoandMoveOn(LGMO)
7.Shapepolicy
Whenyoucometoaforkintheroad,takeit!
— YogiBerra
SomeFactorstoConsiderinChoosingaPath
Technology• Howcloseisthetechnologytouse?• Isitaproductoraprocesssolution?• Isitafeature,product,productline,orplatform?
Market• Isitimprovinganestablishedofferingorcreatinganewone?• Doyouhaveanice-to-havevsneed-to-havesolution?• Howdefensibleisitvisincumbentsandnewentrants?
Business• Howmuchmoneydoyouneed?• Howmuchmoneywoulditgenerate(andwhen)?• Whatareyouraspirationsandabilities?
FoundingTeam• Isthissomethingyouwanttodo?• Doyouhaveco-founders?• Doyouhavetherightmixofskills?
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 9
Some(other)FactorstoConsider…
PLATFORMS
INFRASTRUCTURE
PRODUCTS
FEATURES
MarketIsitdesirable?
BusinessIsitviable?
TechnologyIsitfeasible?
YourVenture
WhatAreTheUncertainties?
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 10
ManagingtheProcess
Identifyandresolvethecriticaluncertaintiesquicklyandcheaply.
$5,$50,$500,$5,000…
20
LifecycleofaNewVenture
DevelopmentGrants
(e.g.SBIR)
Friends,Family,&Founders($5-$50k)
AngelInvestors
($50-$500k)
EarlyStageVentureCapital
($500k-$2M+)
VentureCapital
($2M-$50M)
PrivateEquity,ProjectFinancing
($2M-$50M)
AppliedResearch
ProofofConcept
TargetMarket
BusinessPlan
WorkingPrototypes
FoundingTeam
EngineeringPrototypes
SupplierContracts
ProductionPrototypes
DistributionContracts
ProductIntroduction
BasicResearch
IPO,Merger,orAcquisition($2M-$50M)
RevenueGrowth
NetCashFlow
ValleyofDeath
#ofNewVentures Funding
ResearchGrants
Gen11st3-9Months
Gen2(startup)
Gen3(transition)
Gen4(business)
Manageforuncertaintyandcommitment
Manageforbuildingthecompany
Manageformarket,product
&processdevelopment
Manageforgrowing
thebusiness
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 11
Assumption/Hypothesis $5 $50 $500 $5,000
SettingEarlyStageDeliverables
Assumption/Hypothesis $5 $50 $500 $5,000
Gen11st3-9Months
Gen2(startup)
SomeNextSteps
• Findingmentors
• Buildingafoundingteam
• Meetingwithpotentialcustomers
• Connectingwithcorporateresearchers
• FilingforIP
• Startingacompany
• Meetingwith(more)customers,suppliers,distributors,andotherpotentialpartners
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 12
ForMakingtheLeap(Gen1)
Whatdoyouneedtodo? Milestones
Whodoyouneedtodoit? Team
Whatdoyouneedtodoit? Resources
Assumption/Hypothesis $5 $50 $500 $5,000
SettingEarlyStageDeliverables
Assumption/Hypothesis $5 $50 $500 $5,000
Gen11st3-9Months
Gen2(startup)
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 13
ListOutYourMajor(andminor)Milestones
Ideally,you’vebeenkeeping alonglistofyourmajorassumptions/uncertaintiesinthebackofyourdeck,aswellaspossibleexperimentstotestthem.
Thoseexperimentsareyourmilestones.Summarizethecritical*onesonyourpresentationslide
*Howdoyoumakesurethesearetherightmilestones?
BuildingtheTeam
What’sthebestcombinationofteamattributesforGen1?
1. Maximizeyourabilitytocycle (theteamthatplansknowledgeablyandexperimentseasily)
2. Minimizeyourcommitment (theteamthatlearnsquickly&adjustspainlessly)
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 14
SirAlmrothWright
St.Mary’sHospital
RossHarrison(USNRC)
NationalLabs
USPharmaIndustry
ErnstDuschene
AlexanderFleming
Oxford
NormanHeatley
ErnstChain
Mellanby(MRC)
JohnFulton
(Rhodes)
AlfredRichards(USCMR)
HowardFlorey
ThreeKeyNetworks
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 15
BuildingtheTeam
• Whatkindsofpeopledoyouneedtoachieveyourmilestones?
– Advisors&Mentors(an“Advisoryboard”)– Foundingteam– Projectteam+keycontributors– Criticalpartners
• What’sthebestcombinationforyournextsteps?
First,First,First!!BuildanAdvisoryBoard
• Thesepeoplehelpyouunderstandwhatyouneedtodo,whocandoit,andwheretofindthem.
• Advisorsentaillesscommitment(fromyouandfromthem)andtheirvaluechangesasyoulearnmoreaboutyourventure.
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 16
ThenBuildtheFoundingTeam
Definewhatyouneed– Whatareyourmilestonesforthefirst1,3,or9months?
– Whatskills/experiences/connectionsdoyouneedtoaccomplishthem?
– Figureouttitlesandroleslater
RefertotheDefiningTheTeamExerciseinyourcoursebook.
WriteaJobDescription
Whatistheopportunity?– Whyisyourprojectexcitingandworththerisk?
Whataretheresponsibilities?– Whatwillthepersondo everyday?
Whatcharacteristicsareyouseeking?– Whatskillsandpersonalitytraitswillleadtosuccess?
RefertotheWritingaJobDescriptionexercisesinyourcoursebook.
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 17
...thenWriteaPerformanceReview
Whataretheresponsibilities?– Whatwillthepersondo everyday?
Whatdoyouneedaccomplished?– Beexplicit.
Howwillyoumeasurethoseaccomplishments?– Bespecific.
Whatresourcesdotheyhave(orneed)toachieve?– You’renothiringafriend(thoughyoushouldhireasiftheywillbecomeone)
ThenBuildtheFoundingTeam
Definewhatyouneed– Whatareyourmilestonesforyear1?– Whatskills/experiences/connectionsdoyouneedtoaccomplishthem?
– Figureouttitlesandroleslater
Definewhatyouwant– Getrichquick?Makeanimpact?Havefun?Work?
Definewhatyouown– Whogetshowmuchofthecompany?
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 18
BuildingtheFoundingTeam
• Howcanyoufindtherightpeople?• Whereshouldyoulook?• Whatdoyouwant?
Howdoyougoaboutfindingtherightpeople?
FindingtheRightOutsidePartners
Youdon’tneedto(andcan’t)doitall.– Incorporation– IntellectualProperty– Accounting– EngineeringDesign– Webdesign– Etc.
Howdoyougoaboutfindingtherightexternalpartners?
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 19
WhatDoYouNeed?
• Foreachmilestone,notewhatmajorresourcesyouwillneed(money,labspace,equipment).
• Addupthoseresourceneeds,findouthowmuchtheycostorwhereyoucanfindthem(beresourceful!).
• Noteonyourdeckthesummaryofwhatyouneed(in$orotherspecificneeds).
Notsurewhatyouneedorhowmuchitwillcost?
Day2 Day3Day1
TheProblem(and Solution)
TechnologyHypotheses
MarketHypotheses
BusinessHypotheses
TheDeliverables
TheTeam
TheMilestones
TheInvestment
TheSummary&NextSteps
TheIdea(asapitch)
TheExperiments
AcademyScheduleMeetsCurriculum
Your(bestguess)
vision
Whatyouneedtodonexttovalidate
yourvision
National Labs Entrepreneurship Academy
3/11/17
(c) UC Davis Institute for Innovation and Entrepreneurship 20
WeAreNowAPartofYourNetwork
Waystoconnectwithus• Reachouttoinstituteprogrammanager,
Niki Peterson- [email protected]
• Emailourgeneralemailaddress:[email protected](foundatthetopofeachofourwebpages)
• Checkourwebsiteforupcomingeventsentrepreneurship.ucdavis.edu
