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Inspirational class
Introduction to the many Innovation and
Commercialization activities at UCF
Henriette Schoen
MS in Eng. From DTU, DK & MS from IEMS, UCFCurrently PhD student at IEMS
Program Development Manager at UCFBIP
February 2011February 2011
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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
Goal for tonight
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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:
My background
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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
Worked with innovative ideas
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Org. chart UCF/ORC
Florida Economic Gardening Institute
5Impress Dr. O’Neal now –
he will remember you later in life and you never know!
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: 1,727 Staff: 8,425
UCF and the Central Florida Research Park influence 45,000+ jobs (2006-07) Combined economic impact $3.5B+
UCF
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Innovation development
Basic Science Discovery Recognition ofApplication
Feasibility Study
Development Decision toImplement
Innovation Goal: Diffusion
University Science and Engineering
Patent Protection Business Incubation
Capital
Education
K-12 (ed) University Research
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Research and more at UCF
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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Schumpeter’s (Austrian economist) view of Entrepreneurship has emphasis on innovation, such as:
New products
New production methods
New markets
New forms of organization
Entrepreneurship
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Great minds discuss ideas, “An invasion of armies can be
Average minds discuss happenings, resisted, but not an idea whose
Small minds discuss other people time has come”
- Unknown - Victor
Hugo
Inspiration
Kauffman Foundation: Carl Schramm, CEO of KF speech“2011 State of Entrepreneurship Address”
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Mention one entrepreneur you like and tell us why?
What do you think drives that entrepreneur?
Entrepreneurs that inspire you?
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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: 13
Feasibility Analysis
Role of feasibility analysis in developing successful business ideas
IDEA
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1-15
Helpful Library Resources
Innovation Support Infrastructure at UCF
Center for Entrepreneurship & Innovation (CEI)(CEI)
UCF Venture Lab (VL) (VL)
Small Business Development Center (SBDC)Small Business Development Center (SBDC)
UCF Business Incubation Program (UCFBIP)UCF Business Incubation Program (UCFBIP)
Technology Transfer office (TTO)(TTO)
UCF Office of Research & Commercialization (ORC) (ORC)
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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)
Center for Entrepreneurship & Innovation
, CEI
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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_events18
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
Venture Lab
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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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LocalGovernment
Programs and Partnerships
Center for Entrepreneurship
and Innovation (CEI)
IndustryLeaders
DisneyEntrepreneur
Center
Entrepreneurship in Central FloridaEntrepreneurship in Central Florida
Office ofResearch &
Commercialization
Business IncubationProgram
VentureLab
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Central Florida Entrepreneurial Ecosystem
Today
Corporate Community
Education•UCF, Rollins College•Valencia, Full Sail and others
Central Florida Research Park
Local Community Partners
New technology
Management talentNew Startups & Spinoffs
Partnerships
Students
Faculty
Large corporations, government agencies Center for
Entrepreneurship & Innovation
Sponsored research
UCF Venture Lab
University Economic Development
Investment funds (angel, seed, mezzanine)
Local Government
Economic Development organizations
Community colleges
Florida High Tech Corridor
Community-based startups
UCF spinouts
Disney Entrepreneur Center
SBDC
Technology transferService providers
Angel investors
Education, counseling
Entrepreneurs
Workforce
Incubator and Venture Lab Graduates
Center for Economic Competitiveness
GrowFL
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Case Study
Rini Technology
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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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 AdvisorsLevi Root's musical pitch for Reggae Reggae sauce
Elevator Speech
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Content for an Elevator Speech
Wendy Kennedy
Remember to start out with a hook - something that get the listener’s attention25
3-26
The 1 min. Elevator Speech Content
Step 1
Step 2
Step 3
Step 4
Total
15 seconds
15 seconds
10 seconds
10 seconds
60 seconds
Describe the opportunity or problem that needs to be solved.
Describe how your product meets the opportunity or solves the problem.
Describe your qualifications.
Describe your market.
Step 5 The “Ask” (More time, feedback, investment opportunity)
10 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 SummaryBusiness NameBusiness AddressIndustryWebsiteContact NameContact PhoneContact Email Overview of the Company - Provide a concise summary of your business venture including the date started and a description of the stage of the company's development. 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
Financial Items
Prior Year
Year 1 Year 2 Year 3 Year 4 Year 5
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:
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 CompanyFeatures
YourCompany’s
Name
Competitor 1
Competitor 2
Competitor 3
Competitor 4
Major Feature 1Fill 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:
Contact NCIIA
on
413-587-2172
or
The Rice UniversityBusiness Plan Competition2011 is already ongoing, but next year – look into this if you are having a good idea.
Big prices
36http://theentrepreneurequation.com/
New Book
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http://www.nevergetarealjob.com/
New Book
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
Advice from me
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Questions ?
Thank you for your making this
class so great!More information:More information:
Henriette Schoen
UCF Business Incubation Program
407-882-0107
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