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www.FITT-for-Innovation.eu
FITT
Fostering Interregional Exchange in
ICT Technology Transfer
Entrepreneurial Bootcamp
2 | 12.02.2010 Entrepreneurial Bootcamp
iBootcamp: the essence
Set of focused workshops
• Goal: Create a team that can deliver a business presentation that can survive a professional investment board
Based on your own business idea
• No case studies here; we go for the real thing
Executed with a multidisciplinary team
• … that you need to recruit
Workshops are a combination of:
• Teaching
• Coaching
• Doing
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What is this New Innovation Process?
Ideas
People
Gate 1Dating
Event
Entrepreneurial
iBoot CampGate 2 Gate 3
Jan March June
Internal
Venture
External
Venture
New
Project
Venture
Launch
To IBBT
Innovation Board
Connecting
people and ideas
Building Business
Opportunity Plan
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Fit within the organisation
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Who is eligible to join iBootcamp?
Every collaborator from IBBT research projects with a great idea and with an entrepreneurial mindset
Idea owners are helped to form winning teams with multidisciplinary skills
iBoot Camp Teams are coached by industrial coaches, Board members and Business School Professors
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Dating Event: Connecting People and Idea
Talented people everywhere but ... they are not connected!
Lara Donners will tell you more about the way to build a strong business team
Research
Engineering
&
Development
FinanceMarketing
& Sales Operations
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When? iBoot timeline: once a year
Submit your idea by Mid January.
Selected teams are notified by End of January.
Deliver your team recruiting pitch beginning of February.
On a residential location
(to promote the bootcamp feeling)
On a residential location
(to promote the bootcamp feeling)
4 June
Grand jury
26/27 March 23/24 April12/13 March10 Feb
Dating WE 1 WE 2 WE 3
©◊©◊
4/5 March
Team building
24 Feb
Present team
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(Residential) iBootcamp Program
Weekend 1 (Friday + Saturday)
How to develop a successful business plan
Opportunity Development & Freedom to operate
Weekend 2 (Friday + Saturday)
Business Models in ICT
Entrepreneurial Marketing
Weekend 3 (Friday + Saturday)
Entrepreneurial Finance
Human Resources
Presenting and Selling the Business
Opportunity Plan to Venture Capitalists
Ela
pse
d t
ime
= 2
mo
nth
s
9 | 12.02.2010 Entrepreneurial Bootcamp
Where?
• All workshops occur on a residential location to promote the bootcamp atmosphere. The first edition was organized in a Monasterium (converted to a hotel), the second edition in a Castel.
• On the first edition (iBoot2008) there was a possibility for the teams to sleep over, to promote the team building. This facility was however not repeated in the next editions, but teams are left free.
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Software tool by Inceptum ®
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Pro’s & Cons
Pro’s
• Strength: create a winning team that is able to make a business idea happen.
• Innovation: coaching by doing by coaching
• Right to copy: Generic format applicable in all kinds of business environments (except Inceptum tool that is licensed)
Cons
• Problems: risk of rising expectations too high
• potential problems: ability to find the complementary skills to form a team
• Advice: take time to find the right team members around an idea
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Why ? Rationale iBootcamp
Context: mission of IBBT to create new business opportunities
‘problem’ solver: real life approach starting from the main assets = people and (good) ideas -> quickly identify hidden skills and expertise among iBootcamp participants in domains such as communication, presentation, entrepreneurship, innovation, leadership, business acumen, ...
The main bottleneck in a research organisation is not to find good ideas and competent (technological) people, but to find the lacking complementary skills available outside the organisation. With iBootcamp one creates the ideal platform to match those skills around a specific idea with great potential. Doing this you cover entrepreneurial awareness building, you identify business opportunities within the eco-system and you help to kick off new business.
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Why ? Impact iBootcamp
Evidence of success: most teams (8 of 10) convinced a professional venture board of their potential. Of the 10 teams so far (2008-2009) two have already started doing business, 5 have been accepted for further incubation, only 2 did not succeed.
Recommendation: strong format for quickly assessing real business opportunity and at the same time building a business team of skilled and motivated people
Impact on future performance: iBootcamp creates a lot of awareness of business opportunities lying within the eco-system of the organisation, it motivates skilled people to invest free time in developing ‘their’ idea and it creates a good deal flow of well prepared investment opportunities for internal or external VC money or at least for further incubation.
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Outcome of iBootcamp: today
Learning effect:
ideas and teams of second bootcamp were stronger and better
Steep learning curve within teams
Strong marketing effect on IBBT profile as an organisation able to support new business development, making the transition form idea generation to commercialisation
During second bootcamp there was a joined team that attended the Alcatel-Lucent bootcamp = open innovation extended to similar activities of business partners
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Outcome of iBootcamp: plans for the future
3th edition of iBootcamp (2010) will pay more attention to the team building, coaching for marketing of the business ideas and feedback to the teams (through dry runs) before the exposure to the final jury.
Feedback shortly after the final jury and follow up are also point of attention
Flemish feasibility study to establish a Flemish incubation center providing these kind of bootcamps for the Flemish industry
Find extra financial resources for follow-up of successful teams (through Proof of Concept funds, pre seed investment funds)
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Lessons Learned
Looking back now, what would you …
• … do different/improve? Pay more attention to the team building after the dating event and have the coaches better prepared before the start of the workshops
• … improve? Better use of software tool by teams
• … recommend to others? Just do it (learning by doing)
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Suggested Readings
Link to bibliography
Link to code book
Training
Entrepreneurship
Incubation
Link to related websites
http://www.ibbt.be/en/iboot-camp-0