Nycrin I-Corps course syllabus Sept 2014

NYCRIN I-Corps Course Syllabus, September-November 2014 1

NYCRIN I-Corps Course Syllabus Instructors: John Blaho, Lindsey Gray, Ivy Schultz Adjuncts: Gwen Effgen, Michael Ehrlich, Sandra V. Furnbach, Micah Kotch, Roman

Lubynsky, Chris Reim, Frank Rimalovski, Mike Shimazu, Boris Shor Course Manager: Christina Pellicane TAs: Risa Cohn, Amali Nasserddine Days and Times Kick-off workshop: September 29 – October 1 (with a reception on September 28), 2014 5 online classes: Thursdays, 1-4 PM Eastern – October 9, 16, 23, 30, November 6 Storytelling session: Thursday, 1-4 PM Eastern - October 13 Final workshop: November 17-18 Texts: The Startup Owner’s Manual, Steve Blank and Bob Dorf Business Model Generation, Alexander Osterwalder and Yves Pigneur This course requires in-depth preparation and significant effort outside of the lab. Requirements for Enrollment in NYC Regional Innovation Node (NYCRIN) I-Corps

1. Attend as a NYCRIN-selected team consisting of a Principal Investigator, Entrepreneurial Lead, and Mentor. The NYCRIN I-Corps course is open to pre-approved NYCRIN I-Corps teams only.

2. Each team member must commit to class time plus at least 15 additional hours per week for Customer Discovery.

Pre-class Assignments x Read pages 14–51 of Business Model Generation x Read pages 22–84 and 195–199 of The Startup Owner’s Manual x Read Talking to Humans booklet by Giff Constable with Frank Rimalovski and Steve Blank x You are also encouraged to review and reference presentations from previous I-Corps

teams to assist you in your own preparation: https://drive.google.com/folderview?id=0B7m9q7DhigbZenJhb08yTV9iZTQ&usp=sharing (note also the number of customer contacts each team made over the course)

x See also http://steveblank.com/category/lean-launchpad/ for background and blog posts on the Lean LaunchPad method and classes.

https://drive.google.com/folderview?id=0B7m9q7DhigbZenJhb08yTV9iZTQ&usp=sharing

http://steveblank.com/category/lean-launchpad/


Come prepared for the 1st day of class with: 1. A 2-slide presentation to present your team to the class (3 minutes). See below for the

template. a. Slide 1: Team name, University logo, Product picture/product description (one

sentence), Pictures/names of your team members. b. Slide 2: Populated Business Model Canvas

2. 15 or more customer/industry contacts at the institution and surrounding area. Set up local (NYC-area) meetings in advance for the “Get out of the Building” sessions during the kick-off workshop (see enclosed schedule). Be sure you have a substantial number of your meetings on the first day. We strongly recommended you involve at least 2 team members in each customer contact.

Slide 1: Title Slide x Team name x University logo x Product picture/product

description (1 sentence) x Pictures/names of your team

members � Save your presentations to Google

Drive using this naming convention: TeamNumber_TeamName_Date e.g., 195_DataComm_MMDDYYY

Slide 2: Populated Business Model Canvas

Who are our Key Partners?

Which one of our customer’s

problems are we helping to solve?

Or, Which customer needs are we

satisfying?

What is the specific product/service?

What are the

features that match customer needs?

For who are we solving a problem or fulfilling a need?

Who are the customers?

Does the value

proposition match their needs?

Is this a single-sided or multi-sided market?

Through which Channels do our Customer

Segments want to be reached?

How will we Keep and Grow

customers?

What Key Resources

(suppliers, etc.) do our Value Propositions

require?

What is the revenue model? What are the pricing tactics? For what vale are

our customers willing to pay? What are the most important costs in

our business model?

What Key Activities do our

Value Propositions

require?

Team 26


Course Goals 1. Give the NYCRIN I-Corps team an experiential learning opportunity to help determine

the commercial readiness of their technology. 2. Enable the team to develop a clear go/no go decision regarding commercial viability of

the effort. 3. Develop a transition plan to move the technology forward to market, if the team decides

to do so. Course Description This course will provide NYCRIN I-Corps teams with real-world, hands-on learning experience with how to successfully transfer knowledge into products and processes that benefit society. The entire team will engage with industry. You and your team will learn from talking to customers, partners and competitors, and from encountering the chaos and uncertainty of commercializing innovations and creating ventures. This course is not about how to write a research paper, business plan or grant. It is not an exercise on how smart you are in a lab or a classroom or how well you use the research library. The end result is not a paper to be published. This course is about getting out of the building. It is not about the lectures. You will be spending a significant amount of time in between each of the lectures, outside the building, talking to customers and testing your hypotheses. If you cannot commit the time to talk to customers, the NYCRIN I-Corps program is not for you. Teams This is a team-based class. You will work in teams to turn your research and technology idea into a product, service or process that benefits society. You will learn how to use a business model to brainstorm each part of an enterprise and customer development. You will get out of the building to see whether anyone other than you would want/use your product. All three members of the team—Principal Investigator, Entrepreneurial Lead and Mentor—must participate in all out of the building customer discovery activities. Each week will be a new adventure as you design experiments and test hypotheses on each part of your business model and customers. Finally, you will see how agile development can help you rapidly iterate your product to build something potential customers will use and buy. As part of this process, you will encounter issues on how to build and work with a team. We will help you understand how to successfully build and manage your startup team. We encourage teams to recruit any and all resources. Others, including students and non-students may serve as extra members of the teams. Mentors have additional duties as described in the Mentor Guide. Mentors, please read and review the document which will be sent to you separately.


Class Culture The startup culture is dramatically different from the university culture most of you are familiar with. Startups communicate much differently than inside a university and lab. The class culture can feel brusque and impersonal, but it is intentionally oriented to simulate the time- and cash-constrained environments in which startups operate. We have limited time and we push, challenge, and question you in the hope you will quickly learn. We will be direct, open, and tough – just like the real world. We hope you can recognize that these comments aren’t personal, but part of the process. We also expect you to question us, challenge our point of view if you disagree, and engage in a real dialogue with the teaching team. This approach may seem harsh or abrupt, but it is all part of our wanting you to learn to challenge yourselves quickly and objectively, and to appreciate that as entrepreneurs, you need to learn and evolve faster than you ever imagined possible. Attendance and Participation

1. All team members must attend the kick-off workshop, 6 online classes, and final workshop. 2. If you anticipate missing more than one online class, we recommend that you reapply to

the NYCRIN I-Corps Program when you can commit the time to the course. 3. Getting out of the building is what the class is about. If you cannot commit 15 hours a

week to talk with customers, don’t enroll in the course. Class Roadmap Each class is organized around:

1. A lecture on one of the 9 building blocks of a business model as described in Business Model Generation.

2. Team presentations on your “Lessons Learned” from getting out of the building and iterating or pivoting your business model.

3. Using LaunchPad Central to log your Customer Discovery process. Deliverables

1. A record of your customer discovery progress using LaunchPad Central to capture the narrative, contact information, learning and insight. This is also how progress is monitored.

2. A weekly, 10-minute presentation on your progress. Your weekly and final slide decks should not contain any proprietary information. They should focus on your business model and customer discovery. You will learn from looking at the presentations from past classes, and future teams will learn from yours (final videos will be posted to YouTube).

3. Minimum Viable Product (MVP): An MVP is a prototype that captures the minimum functionality. The Customer Discovery Process, a central element of the Lean LaunchPad approach to technology commercialization, requires development of a MVP so the team can clearly communicate the product capability and value proposition. This process also helps focus the team on what is and is not essential. For physical products, developing an MVP may be challenging and various approaches will be discussed during the first class sessions. For a web based services, or other software applications, it is best to having a working demo or even a working site. In either case, the team should think through what it will cost for product development and for physical products, on a per unit basis. This last point is essential to understand the gross margin profitability and therefore the business viability of the product. This will require thinking through a product bill-of-materials.


COURSE OVERVIEW Kick-off Workshop Your entire NYCRIN I-Corps team (Principal Investigator, Entrepreneurial Lead, Mentor) will attend the kick-off workshop. During this three-day workshop, your team will be introduced to the Lean LaunchPad approach, the teaching team and your peers. You will learn the business model development and customer development process, and you will get out of the building to meet with customers. You will present what you learn to the class and record your progress on LaunchPad Central. During each team’s presentation, the teaching team will offer observations and guidance. When not presenting, you will be offering input to your peers using a real-time, interactive peer review window on LaunchPad Central. 5 Online classes Five, weekly online classes will convene on WebEx. During this 7-week period, your team is also required to get out of the building and test your business model assumptions, meeting with about 15 customer contacts each week (with the objective of conducting at least 100 total contacts). Record your progress on LaunchPad Central. Update your first slide each week to include the total number of customers you talked to.

Each WebEx class will have two parts: 1.5 hours: Team presentations - Each team will present a 10-minute weekly progress

report to members of the teaching team and your peers. This is how we monitor your progress and give you guidance. When not presenting, you will be offering input to your peers using an interactive peer review sheet.

1 hour: Class discussion of the weekly lecture - You are expected to watch the online weekly lecture in advance of this discussion.

Final Workshop The entire NYCRIN I-Corps team will attend the final workshop. At that event, the teams will present to lessons learned in their exploration of commercial feasibility to the teaching team. Office Hours The teaching team is available for regular office hours. Your team is strongly encouraged to make use of this knowledge resource. Meet with teaching team members during office hours to receive individualized responses to your questions and comments. You may sign up for office hours through the Office Hours Google doc, which can be accessed through LaunchPad Central.


Detailed Course Schedule

Monday, September 29 – Class 1 Time Session 8:45 - 9:15 am Introduction

x Teaching Team Introductions x Class Goals x Teaching Philosophy x Expectations of You

9:15 – 9:45 am Lecture 1, Part 1: Business Model/Customer Development

What’s a business model? What are the 9 parts of a business model? What are hypotheses? What is the Minimum Feature Set? What experiments are needed to run to test business model hypotheses? What’s “getting out of the building?” What is market size? How to determine whether a business model is worth doing?

9:45 – 10:45 am Team Introductions

Teams present their business model canvas to the entire classroom. Each team is allotted 5 minutes total, to include 3 minutes presentation and 2 minutes for teaching team comment.

10:45 - 11:15 am Lecture 1, Part 2: Business Model/Customer Development

11:15 - 11:45 pm LaunchPad Central Training: A Tool for Customer Discovery

11:45 - 12:45 pm Presentation: Best Practices for Customer Discovery How to call on people you don’t know. How to get the most out of people you do. Expectations, speed, tempo, logistics, commitments. How do I protect my IP when I speak to partners? Does Lean work for non-software efforts? How do I interview? How is an interview different than a sales call?

12:45 - 6:00 pm Get out of the building!

Meet with potential customers in the area. Schedule these meetings prior to coming to the kick-off workshop. You will be presenting your results tomorrow morning in your updated business model canvas.

5:00 - 6:00 pm Office Hours

6:00 - 7:30 pm Panel: How to Succeed in the Innovation Corps A panel discussion with prior participants in the I-Corps program

7:30 - 8:00 pm Mentor Workshop (Mentors only)

The role of Mentors in the Lean Launchpad process

A schedule of Office Hours throughout course will be made available. You are strongly encouraged to use these opportunities to seek teaching team support.


Assignment for Tuesday, September 30

READ: x Business Model Generation, pp. 86–111, 135–145 x The Startup Owner’s Manual review pages 53–84 x Steve Blank, “What’s a Startup? First Principles,”

http://steveblank.com/2010/01/25/whats-a-startup-first-principles/ x Steve Blank, “Make No Little Plans – Defining the Scalable Startup,”

http://steveblank.com/2010/01/04/make-no-little-plans-–-defining-the-scalable-startup/ x Steve Blank, “A Startup is Not a Smaller Version of a Large Company”,

http://steveblank.com/2010/01/14/a-startup-is-not-a-smaller-version-of-a-large-company/ PRESENTATION FORMAT:

Slide 1: Cover slide (team member names, team name, 1 to 2 sentence description of your product and the number of customer contacts you’ve made)

Slide 2: Current business model canvas with any changes marked Slide 3: Tell us about your Market size (TAM/SAM/Target) Slide 4: What type of business are you building?: startup, unknown, etc. Slide 5: What are your proposed experiments to test customer segment, value proposition,

channel and revenue model of the hypotheses: What constitutes a pass/fail signal for each test (e.g. at what point would you say that your hypotheses wasn’t even close to correct)?

Upload your presentation to Google Drive by 7:00 am EST ASSIGNMENT:

x If you haven’t completed 5 customer interviews, get out of the building some more x Start to identify your market size x Identify your type of Business (startup/unknown/etc.) x Propose experiments to test your customer segment, value proposition, channel and

revenue model of the hypothesis x What constitutes a pass/fail signal for each test? x Talk to potential customers

http://steveblank.com/2010/01/25/whats-a-startup-first-principles/

http://steveblank.com/2010/01/14/a-startup-is-not-a-smaller-version-of-a-large-company/


Tuesday, September 30 – Class 2 Time Session 8:45 – 9:00 am Day 2 Introduction

A brief introduction by the NYCRIN Teaching Team

9:00 – 10:00 am Lecture 2: Value Proposition Lecture: What is your product or service? How does it differ from an idea? Why will people want it? Who’s the competition and how does your customer view these competitive offerings? Where’s the market? What’s the minimum feature set? What’s the Market Type? What was your inspiration or impetus? What assumptions drove you to this? What unique insight do you have into the market dynamics or into a technological shift that makes this a fresh opportunity?

10:15 – 11:30 am Team Presentations

Teams present their business model canvas in two concurrent tracks. Each team is allotted 12 minutes total to include 10 minutes for presentation, 2 minutes for teaching team comments.

11:30 – 12:00 pm EL Workshop (EL’s only)

12:00 – 12:30 pm PI Workshop (PI’s only)

12:30 pm - ongoing

Get out of the building! Meet with potential customers in the area. Schedule these meetings prior to coming to the kick-off workshop. You will be presenting your results tomorrow morning in your updated business model canvas.


Assignment for Wednesday, October 1

READ: x Business Model Generation, pages. 146–150, 161–168 and 200–211 x The Startup Owner’s Manual, pages 85–97

PRESENTATION FORMAT:

Slide 1: Cover slide (team member names, team name, 1 to 2 sentence description of your product, number of total customer contacts AND number of customer contacts since yesterday)

Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about your value proposition from talking to your first

customers? Hypothesis: Here’s What We Thought Experiments: So Here’s What We Did Results: So Here’s What We Found Iterate: So Here’s What We Are Going to Do Next

Upload your presentation to Google Drive by 7:00 am ASSIGNMENT:

x Get out of the building and talk to as many people as you can x Generate a value proposition hypothesis x Ask potential customers what they think about your value proposition. You may consider

online survey tools* as a secondary means by which to generate more data. x Update your business model canvas based on your findings x Start to populate customer discovery tool (your blog on LaunchPad Central) Identify your

type of business (startup/unknown/etc.) * Survey tools are not means to conduct customer interviews, and survey responses may not be counted

as unique customer contacts. Surveys are most useful for collecting quantitative data on subjects for which responses are finite and follow-up minimal. Surveys cannot, however, compare with live interviews, wherein respondents’ answers to open-ended questions can drive follow up that digs deeper and ascertains a deeper understanding of respondent pain-points, needs, priorities, etc.


Wednesday, October 1 - Class 3 Time Session 8:45 – 9:00 am Day 3 Introduction

A brief introduction by NYCRIN Teaching Team

9:00 – 10:45 am Team Presentations Teams present their business model canvas in two concurrent tracks. Each team is allotted 15 minutes total to include 10 minutes for presentation, 5 minutes for teaching team comments.

10:45 – 11:45 am Lecture 3: Customers/Users/Payers

Who’s the customer? User? Payer? How are they different? Why do they buy? How can you reach them? How is a business customer different from a consumer? What’s a multi-sided market? What’s segmentation? What’s an archetype?

11:45 – 12:15 pm Presenting Insights Learned using WebEx and Send off

Learn the expectations and protocol for the 5 online classes. Preflight and checkout of your computer and headset for use in remote lectures. Configuration support for hardware and software.


Assignment for Thursday, October 9

READ: x Business Model Generation, pages 127–133 x The Startup Owner’s Manual, pages 98–111, and 189–255, 406–412

WATCH:

x Sign in and watch Lecture 4 – Distribution Channels (Use the link under Resource Hub to access the video on LaunchPad Central)

PRESENTATION FORMAT: Slide 1: Cover slide (team member names, team name, 1 to 2 sentence description of

your product, number of total customer contacts AND number of customer contacts since you last presented)

Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about your customer segments from talking to your

customers? Hypothesis: Here’s What We Thought Experiments: So Here’s What We Did Results: So Here’s What We Found Iterate: So Here’s What We Are Going to Do Next


x Talk to ~15 customers face to face. Draw a customer diagram x Describe your customer archetypes. What were your hypotheses about who your users

and customers were? Did you learn anything different? x Did anything change about your Value Proposition? x What do customers say their problems/needs are? How do they solve this problem(s)

today? Does your value proposition solve it? How? x What was it about your product that made customers interested? Excited? x If your customer is part of a company, who is the decision maker, how large is their

budget, what are they spending it on today, and how are they individually evaluated within that organization, and how will this buying decision be made?

x Update your blog and canvas


Thursday, October 9- Class 4 Location: WebEx

Time Session 12:30 – 1:00 pm Eastern Standard Time

Test WebEx The online classrooms will be open for a half hour prior to Team Presentation time begins. Log on during this time to test video, sound and troubleshoot technical issues.

1:00 – 2:30 pm EST Team Presentations


2:30 – 3:30 pm EST Lecture Discussion: Distribution Channels Teams will join a single WebEx classroom for lecture discussion. What’s a channel? Physical versus virtual channels. Direct channels, indirect channels, OEM. Multi-sided markets. B-to-B versus B-to-C channels and sales (business to business versus business to consumer).



READ: x The Startup Owner’s Manual pages 227–256, 332–342 x For web teams: The Startup Owner’s Manual page 211–217

WATCH:

x Sign in and watch Lecture 5 – Customer Relationships: (Use the link under Resource Hub to access the video on LaunchPad Central)

FOR WEB TEAMS:

x Get a low-fidelity web site up and running. (Relevant reading: See The Startup Owner’s Manual page 211–217)

PRESENTATION FORMAT: Slide 1: Cover slide (team member names, team name, 1 to 2 sentence description of

your product, number of total customer contacts AND number of customer contacts since you last presented)

Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about your channel from talking to potential channel

partners? Hypothesis: Here’s What We Thought Experiments: So Here’s What We Did Results: So Here’s What We Found Iterate: So Here’s What We Are Going to Do Next


x Talk to ~15 channel partners and/or customers. Draw channel diagrams x Draw distribution complexity x Get out of the building and talk to ~15 potential channel partners face-to-face (Salesmen,

OEM’s distributors, etc.) x What were your hypotheses about who/what your channel would be? Did you learn

anything different? x Did anything change about Value Proposition? x Update your blog and canvas







2:30 – 3:30 pm EST Lecture Discussion: Customer Relationships: Get/Keep/Grow How do you create end user demand? How does it differ on the web versus other channels? Evangelism vs. existing need or category? General Marketing, Sales Funnel, etc. How does demand creation differ in a multi-sided market?



READ: x The Startup Owner’s Manual, pages 277–331

WATCH:

x Watch: Mark Pincus, “Quick and Frequent Product Testing and Assessment”, http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2313

x Sign in and watch Lecture 6 – Revenue Models (Use the link under Resource Hub to access the video on LaunchPad Central)

PRESENTATION FORMAT: Slide 1: Cover slide Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about how to Get, Keep and Grow your customers?

Hypothesis: Here’s What We Thought Experiments: So Here’s What We Did Results: So Here’s What We Found Iterate: So Here’s What We Are Going to Do Next


x Talk to customers x Build demand creation budget and forecast. x What is your customer acquisition cost? x Did anything change about Value Proposition or Customers/Users? x What is your customer lifetime value? Channel incentives – does your product or

proposition extend or replace existing revenue for the channel? x What is the “cost” of your channel, and its efficiency vs. your selling price? x Update your blog and canvas.

http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2313







2:30 – 3:00 pm EST Lecture Discussion: Revenue Model What’s a revenue model? What types of revenue streams are there? How does it differ on the web versus other channels? How does this differ in a multi-sided market?

3:00 – 3:30 pm EST Mentor Meeting (Mentors only)

This is an opportunity for mentors and the teaching team to check in. How is your team progressing? How can we support one another?



READ: x The Startup Owner’s Manual, pages 257–270 and 429–459 x Business Model Generation, pages 212–225

WATCH:

x Sign in and watch Lecture 7 – Partners (Use the link under Resource Hub to access the video on LaunchPad Central)


Slide 1: Cover slide Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about your revenue model?



x Talk to customers x What’s the revenue model strategy? x What are the pricing tactics? x Draw the diagram of payment flows x What are the metrics that matter for your business model? x Test pricing in front of 100 customers on the web, 10–15 customers non-web x Update your blog and canvas

http://steveblank.files.wordpress.com/2011/05/payment-flow.jpg







2:30 – 3:30 pm EST Lecture Discussion: Partners Who are partners? Strategic alliances, competition, joint ventures, buyer supplier, licensees.


Assignment for Thursday, November 6

READ: x Business Model Generation pages 200–211 x The Startup Owner’s Manual pages 406–412

WATCH:

Sign in and watch Lecture 8 – Key Resources (Use the link under Resource Hub to access the video on LaunchPad Central)


Slide 1: Cover slide Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about partners?



x What partners will you need? x Why do you need them? What are risks? x Why will they partner with you? x What’s the cost of the partnership? x Talk to actual partners/potential partners. x What are the benefits for an exclusive partnership? x Did anything change about Value Proposition or Customers/Users, Channel, Demand

Creation? x What are the incentives and impediments for the partners? x Update your blog and canvas.


Thursday, November 6- Class 8 Location: WebEx





2:30 – 3:30 pm EST Lecture Discussion: Key Resources & Costs What resources do you need to build this business? How many people? What kind? Any hardware or software you need to buy? Any IP you need to license? How much money do you need to raise? When? Why? Importance of cash flows? When do you get paid vs. when do you pay others?


Assignment for Thursday, November 13

READ: x Business Model Generation pages 200–211 x The Startup Owner’s Manual pages 406–412

WATCH:

x Watch videos on Storytelling: “Getting your story straight” David Riemer on Storytelling Story Narrative and Product Narrative (10:24) Story & Storytelling (4:35) The Power of Story (10:24) Story Structure (10:24) The Main Character (9:27) The Main Conflict (6:13) Story Challenges & Solutions (2:03) Telling a Great Story (13:16)


Slide 1: Cover slide Slide 2: Current business model canvas with any changes marked Slide 3 - n: What did you learn about Key Resources?



x What types of Key Resources will you need? x What will be your Key Activities? x What will be your Costs? What type of Costs? x What are the metrics that matter for you? x Do you need Intellectual Property protection? x Did anything change about Value Proposition or Customers/Users, Channel, Demand

Creation? x Update your blog and canvas.

https://vimeo.com/groups/213077/videos/85420963









Thursday, November 13 - Class 9 Location: NYU School of Continuing and Professional Studies


Test WebEx For remote teams: The online classrooms will be open for a half hour prior to Team Presentation time begins. Log on during this time to test video, sound and troubleshoot technical issues.



2:30 – 3:30 pm EST Storytelling Presentation

Lecture: How do you tell a compelling story about your product and process? How do you effectively convey who you are and what you are about?

3:30 – 4:00 pm EST Q& A

Teams have an opportunity to ask what’s expected of them at the finale and any other questions they may have before the Lessons Learned presentation.


Assignment for Monday, November 17

READ: x The Startup Owner’s Manual pages 169–175

PRESENTATIONS: A 10-minute Lessons Learned Presentation A 2-minute Lessons Learned Video A 1-minute Technical Video (PI to complete this)

See next page for presentation & video specifications Sharing: 1. Final videos should be < 50 MB each (sizes can be reduced in editing software) 2. Upload your presentation and videos to Google Drive 3. As back-up, please also A) upload your videos to YouTube and include links to the

videos in your PDF, and B) e-mail links to Course Manager and TA at [email protected]; [email protected]

ASSIGNMENT: x Talk to customers x Assemble a resources assumptions spreadsheet: people, hardware, software,

prototypes, financing, etc. x When will you need these resources? x Where is your cash flow break-even point? x What are the key financials metrics for costs in your business model? x Costs vs. ramp vs. product iteration? x Roll up all the costs from partners, resources and activities in a spreadsheet by time

* Load video editing software to your laptop so your team can make edits to your Lessons Learned videos during our video editing workshop


10-minute Lessons Learned Presentation Slide 1: Team Name & a few lines of what your initial idea was and the size of the

opportunity Slide 2: Team members – name, background, expertise and your role for the team Slide 3: Business Model Canvas, Version 1. Here was our original idea. Slide 4: So here’s what we did (explain how you got out of the building) Slide 5: So here’s what we found (what was reality) so then, … Slide 6: Business Model Canvas, Version 2. We iterated or pivoted… explain why and

what you found. Slide 7: So here’s what we did (explain how you got out of the building) Slide 8: So here’s what we found (what was reality) so then… Slide 9: Business Model Canvas Version 3. We iterated or pivoted… explain why and what

you found. Slide 10: Etc., etc., etc. Penultimate slides should be all the canvas slides, repeated one after another Final Slide: Should clearly convey your “Go” or “No Go” decision and should include links to

your Story and Technology videos on YouTube. For the purpose of this course, these are the definitions to be utilized:

GO: We’re ready to form a company and seek outside investment, which may include SBIR funding.

NO-GO: At this time, we are not prepared to form an entity and seek funding. Somewhere in your slide deck, you need to touch on the following:

x Market Size diagram x Customer Archetypes diagram x Customer Workflow diagram x Distribution Channel diagram x Competitive Players x Revenue Model diagram

Your presentation should also contain links to your videos (Lessons Learned and Technical) on YouTube. Sample presentations from previous cohorts are available for your reference at https://www.youtube.com/playlist?list=PLRX3wcBZeQRtaYkkFC-yHe6gx6gsr5AV9

https://www.youtube.com/playlist?list=PLRX3wcBZeQRtaYkkFC-yHe6gx6gsr5AV9


2-Minute Lessons Learned / Story Video

Create a two-minute video that tells a story. This is not a demonstration of scientific prowess. We want to hear about your journey through the NYCRIN I-Corps as it relates to your business. The more specific you can make it, the more specific details you can include, the more specifically you can describe answers to the question below, the better. Here's a quick outline that should aim you in the right direction:

x What are your names and what is your teams' name? Introduce yourselves. Pan the camera around your office so we can see where you work.

x What scientific discipline are you working in? x When you started the class, what was the most important thing you thought you would

have to do to successfully launch a scalable startup? How do you feel about that now? x Thinking back across the class, who was the most interesting customer you met and

where did you meet them? What happened? x Now that the class is over, what was the most surprising thing you learned in the class?

Please do not spend any time thanking the teaching team. This video is about your company and about you. Time limit is 2 minutes, so keep it short and to the point. And no need to get high tech. Grab an iPhone and shoot with the camera. Note that everyone should have video editing software on their laptops so that we can make edits and adjustments to your video during our time together, and so you can work on this in the evening too. Sample videos from previous cohorts are available for your reference at https://www.youtube.com/playlist?list=PLRX3wcBZeQRtaYkkFC-yHe6gx6gsr5AV9 1-Minute Technical Video

The NYCRIN I-Corps teaching team would also like the team’s PI produce a short, technically focused video appropriate for a technically educated audience. This assignment challenges you to use what you have learned to concisely describe the technical aspects of your project with the value proposition and customer archetype in mind. The ability to do this effectively will be critical when applying for SBIR or making future pitches. This will not be part of your final presentation, but you will make them publicly available for viewing. NYCRIN will also retain this video as a record of where the technology stands today. Consider the audience for this video to be people who are technically well versed enough to understand your project, your process, your lab, your equipment, and your approach at a general level; perhaps like someone you might meet at a technical conference focused on your general area of expertise. This video is a great place to include hero shots of your testing apparatus, your lab filled with bubbling chemistry experiments, or awesome computer graphics simulations of your experiments running on the International Space Station in zero gravity. Sample videos from previous cohorts are available for your reference at nciia.org/i-corps.

https://www.youtube.com/playlist?list=PLRX3wcBZeQRtaYkkFC-yHe6gx6gsr5AV9

http://nciia.org/i-corps


Basic Video Production Tips: Your videos do not require high production value. You need not purchase fancy recording equipment or expensive editing software. You DO need to adequately convey your message. Here are a few things you can do – for free – to improve the quality of your video. Audio:

x Find a quiet space or reduce competing noise before recording (listen for ventilation systems, machinery humming, wind, background activity)

x Get the microphone as close to your subject as possible x Have subjects speak toward the camera as much as possible x If you add background music, make sure that it complements, not distracts from, your

presentation (and if it’s too loud, it will definitely distract!) Lighting:

x Make sure there is adequate light where you are recording. When in doubt, go brighter. x For interview subjects, alter the lighting, or identify an interview location, where the

subject will be lighted equally on both sides (otherwise one side of the subject will be in shadow and the contrast enhances the perception of darkness)

x If you shoot outdoors, make sure that the sun doesn’t shine directly in your subject’s eyes or directly into the camera

Presentation:

x Smile and show your enthusiasm for your subject x Before you start talking, take a deep breath, pause and smile – this not only will prepare

you for recording but will provide a natural spot to trim off any excess video during editing

x Speak slowly and clearly. x Use hand gestures if you like, but not too wildly.

Other production tips:

x Use a tripod, or rest the camera on a stable platform to ensure that the video is steady and not crooked

x Consider recording some segments twice – once close up and once farther away, so in the “editing room” later, you may cut together the shots to provide some variety, or you can select the version for which picture and audio turned out best

Looking to use free editing software?

x iMovie comes free with Apple hardware x PC users can download a free, 30-day trial of Camtasia: www.camtasiasoftware.com

http://www.camtasiasoftware.com/


Monday, November 17- Class 10 Time Session 9:15 – 9:30 am Welcome back

9:30 – 10:00 am NYCRIN Presentation

Teams will learn how they can utilize the NYC Regional Innovation Node (NYCRIN) resources and how they can stay connected.

10:00 – 12:00 pm Video workshop

Workshop your 2-minute Lessons Learned/Story video with feedback from the experts.

12:00 – 1:30 pm SBIR 101 / Lunch The basics of the SBIR program and how the funding process works.

1:30 – 4:00 pm Practice Presentation Teams will workshop their Lessons Learned PowerPoint presentation (10 minutes), receive comments, and learn from other teams’ presentations. You will learn what you are missing, what you should take out, and what you should do more of to get ready for your final presentation.

4:00 – 5:00 pm What's Next? How does venture capital funding work? How to raise money from a VC?

Tuesday, November 18 – Final Presentations Time Session 8:45 – 9:00 am Welcome

9:00 – 12:00 am Team Presentations Teams present to the entire class. Each team is allotted 15 minutes total, to include their 2-minute Lessons Learned Video, 10-minute Lesson Learned Presentation and 3 minutes of teaching team comments.

12:00 – 12:30 pm Closing session


Teaching Team

John Blaho – Director for Industrial-Academic Research, CUNY [email protected] 646.758.7921

John Blaho is the CUNY Director for Industrial-Academic Research. He has been responsible for creating/maintaining productive Sponsored Research Projects between Industrial entities and CUNY research faculty and is currently working to increase the amount of faculty entrepreneurial activities. Dr. Blaho was trained as a chemical engineer, received his Ph.D. in biochemistry, and was the PI of an academic research lab for over 25 years. Subsequently, he served a CSO function at a biotech company in Princeton, NJ. Since joining CUNY, he has led the creation of two new NSF IUCRC centers at the City College of CUNY and has served as the Industrial Mentor for 3 CUNY NSF I-Corps teams. All three of these teams have gone on to form companies and are all currently supported by NSF SBIR/STTR grants.

Lindsey Marshall Gray – Program Director, NYU Entrepreneurial Institute [email protected] Lindsey Marshall Gray is the Programs Director of the NYU Entrepreneurial Institute, where she develops

educational programs and events to inspire, educate, connect, and accelerate entrepreneurs across NYU. Prior to joining NYU, Lindsey worked for Innosight, an innovation firm founded by Clayton Christensen where she worked with Fortune 100 companies to help them identify strategic growth opportunities and build and invest in new businesses. She has worked with companies across a wide range of industries, and has helped clients establish a number of new high growth ventures. Before joining Innosight, Lindsey was a Director for the marketing analytics consulting firm, Kantar Retail, where she helped develop and sell new technology solutions for the consumer packaged goods industry. Lindsey received a Master of Business Administration from Harvard Business School and a Bachelor of Arts magna cum laude from Connecticut College.

mailto:[email protected]


Teaching Team, Continued

Ivy Schultz – Associate Director, Entrepreneurship Programs, Columbia Engineering [email protected]

Ivy Schultz is the Associate Director of Entrepreneurship Programs at Columbia’s School of Engineering, where she works on initiatives to foster entrepreneurship in Columbia engineers, linking them to the ecosystem of the university, the city, and beyond. This includes preparation for pitch and venture competitions, including the NYC Next Idea Competition, a global venture competition managed in partnership with the New York City Economic Development Corporation. She also helped develop and deliver an innovation course in partnership with Microsoft that provided consulting services for startups focused on social entrepreneurship. Ivy has actively consulted with startups and larger organizations since 2009, helping them communicate technical ideas and describe their brands to customers, partners, and investors. Ivy is also interested in technology policy and law as it relates to startups. As the Research Manager at the Columbia Institute for Tele-Information, she co-authored several reports, including one used by the FCC for the development of the National Broadband Plan. Ivy continues to take on new projects in the areas of communication technologies, business models, and market structure, most recently presenting at the State of Telecom conference at Columbia Business School (September, 2013). She has a MA degree in Communications (Georgetown), focused on technology and international business and a BA in International Relations (Reed College). Adjunct Faculty

Gwen Effgen – Programs Manager, Harlem Biospace [email protected]

Gwen Effgen is Programs Manager at Harlem Biospace, where she develops and executes special programming for member companies related to investment, legal, regulatory affairs, and business development as well as the New York City-wide discussion on life science entrepreneurship in NYC, Riverside Chats. She has worked on research commercialization and marketing strategy as a Fellow for Columbia Technology Ventures and Associate at the Harlem Biospace. As a founding member of the Entrepreneurial Scientists Advisory Panel for NYC Tech Connect, Gwen has represented Columbia University for the Partnership Fund, advising scientists and entrepreneurs on small business development and NYC-based resources for start-ups. Gwen’s doctoral studies at Columbia University investigate repetitive mild traumatic brain injury and blast-induced neurotrauma. Her work informs understanding of the pathobiology as well as treatment strategies for those who suffer concussion. Previously, Gwen studied physics at Barnard College and completed a master’s in biomedical engineering at Columbia.




Adjunct Faculty, Continued

Michael Ehrlich – Co-director, New Jersey Innovation Acceleration Center, New Jersey Institute of Technology [email protected]

Michael Ehrlich, PhD, had an international business career before joining NJIT’s School of Management as assistant professor of finance. He spent his last Wall Street years at Bear Stearns as Senior Managing Director of the Emerging Markets Fixed Income Business. Earlier stints included positions of increasing responsibility at Lehman Brothers Kuhn Loeb and Salomon Brothers, where he worked in the Government Arbitrage Group with John Meriwether. Today, along with teaching and research, Ehrlich uses his experience in business and as an entrepreneur to work with NJIT’s small business incubator program, the Enterprise Development Center which is home to over 90 small companies. Ehrlich, who belongs to the NY Angels, enjoys working with start-up companies and is a board member of some startups. At NJIT, Ehrlich founded and co-directs the New Jersey Innovation Acceleration Center which is dedicated to helping innovators and entrepreneurs throughout New Jersey accelerate their time to market and revenue. With grant support from the US Economic Development Agency, he led a training program for entrepreneurs throughout Northern New Jersey. He established and is the advisor to the Innovation Acceleration Club, a student club at NJIT. Ehrlich received his doctorate from Princeton University in economics with a specialty in finance. His bachelor’s degree is from Yale University.

Sandra Furnbach - Program Manager, Office of Innovation & Entrepreneurship, Stevens Institute of Technology [email protected]

Sandra Furnbach is the program manager for the Office of Innovation & Entrepreneurship at Stevens Institute of Technology. Sandra’s in charge of the planning, steering and executing of major events and programs such as the Innovation Expo, which includes the Elevator Pitch Olympics for Seniors, the Senior Projects Expo, the I&E Summer Undergraduate Research Program, and the I&E Doctoral Fellowship Program. Sandra regularly works with the Senior Design Program participants and is involved with the effort to incorporate entrepreneurship and innovation into the senior design program workshops. Additionally, Sandra mentors faculty and students in their entrepreneurial pursuits. Before coming to Stevens, Sandra worked as a consulting engineer with Stantec and T&M Associates specializing in Urban Land Redevelopment and Municipal Engineering. Sandra is currently working on her first entrepreneurial endeavor, she is the co-founder and CEO of Periodyc Designs, LLP which specializes in merchandise imprinted with unique designs based on chemical symbols. Sandra holds a B.S. Degree in Civil & Environmental Engineering, an A. B. degree in Art History, and a Master of Engineering degree in Engineering Management from Stevens Institute of Technology. She also holds a Professional Engineering license in NJ.





Micah Kotch – Director, NY Prize and Strategic Advisor for Innovation, NYSERDA [email protected]

Micah Kotch is the Director of NY Prize and Strategic Advisor for Innovation, New York State Energy Research and Development Authority (NYSERDA). NY Prize is a first-in-the-nation $40 million competition to engage communities in advancing plans for local power infrastructure to reduce costs, promote clean energy, reliability and resiliency. Previously, Micah was Director of incubator initiatives at NYU-Poly and Director of the New York City Accelerator for a Clean and Renewable Economy (NYC ACRE) initiative, where he helped develop New York City's emerging Cleantech sector. His work assisting startup tech ventures has been profiled in the Wall Street Journal, the New York Times, Scientific American, and NPR Marketplace. A Chinese major at Colgate University, Micah graduated with distinction and wrote his first business plan while working in Ningbo, China. He has developed new business for wireless telecom carriers and device manufacturers, brokering licensing deals with large media companies and game publishers. Micah was the first green initiatives coordinator for Pratt Institute, helping grow the Pratt Design Incubator for Sustainable Innovation at the Brooklyn Navy Yard and establishing The Center for Sustainable Design Studies and Research (funded by the Rockefeller Brothers Fund and the Federal DOE). An internationally sought-out speaker on Cleantech innovation and economic development, he was named by GE Ecomagination as one of their Top 11 Sustainability Innovators of 2011.

Roman Lubynsky – Principal, Venture Mentoring Service, Massachusetts Institute of Technology [email protected]

Dr. Lubynsky has been a member of the leadership team at the MIT Venture Mentoring Service (VMS) since 2002. In addition to leading the creation of many new programs and initiatives at VMS, he has worked with hundreds of faculty, students and alumni to help advance their ideas. His key interests concern students who seek to commercialize discoveries and inventions from MIT and he has mentored dozens that have launched new companies reaching successful outcomes. He holds an MS in management of technology from MIT and a doctoral degree in management from the University of Maryland University College. Roman has over 30 years of experience in startups and with growing technology companies.





Christopher Reim – Managing Director, Community Development Venture Capital Alliance; Managing General Partner, Innovate NY Fund, L.P. [email protected] 212.594.6747 ext. 15

Christopher Reim brings a blend of venture capital and public policy thought leadership to the commercialization of research. His approach to economic growth derives from his work in managing venture capital investments for family office and a private equity funds. Within these funds, Mr. Reim has also launched and managed several technology businesses. He is currently the Managing Director of Community Development Venture Capital Alliance, a national association of developmental venture funds, where he addresses structural issues for the formation of for-profit funds that invest into distressed communities. On behalf of CDVCA, he is also the Managing General Partner of New York State’s Innovate NY Fund, L.P. His policy analysis focuses on the intersection of innovation and job creation. He holds an MPA in Economic Policy from Columbia University, an MBA in Finance from the University of Colorado at Boulder, and a BS in Economics from The Pennsylvania State University.

Frank Rimalovski – Executive Director, NYU Entrepreneurial Institute [email protected] Frank Rimalovski has over 20 years of experience in technology commercialization, startups and early-stage

venture capital. He is executive director of the NYU Entrepreneurial Institute, managing director of the NYU Innovation Venture Fund and an Instructor in the NSF’s I-Corps program, having trained over a hundred entrepreneurs in customer development and lean startup methodologies. Previously, he was a founding partner of New Venture Partners, a director and entrepreneur-in-residence at Lucent’s Bell Labs, and has held positions in product management and marketing at Sun Microsystems, Apple and NeXT. Earlier in his career, he was an M&A banker at Bear Stearns and Rodman & Renshaw. He lives outside of New York City with his wife, two daughters and his increasingly mellow mutt.





Michael Shimazu - Associate Vice President, Business Partnerships and Economic Development, University at Albany, SUNY [email protected] 518.956.8177

Michael Shimazu is Associate VP for Business Partnerships at the University at Albany with responsibility for the university’s Emerging Technology and Entrepreneurship Cluster. Prior to joining UAlbany, he initiated and managed several programs in the Innovation and Business Development group at NYSERDA to increase the opportunities for clean technology companies to commercialize new products and grow their business. These include the nationally recognized and award-winning Clean Energy Business Incubator program, an Entrepreneur-in-Residence program, several investor outreach initiatives, and direct funding to innovative companies with promising plans for growth and manufacturing in New York. He has 30 years of experience in technology commercialization in startup companies, universities and government. He was a co-founder and VP of Business Development of MOEC, a venture-backed optical components company, where he led product strategy and customer development. He has also advised several technology startups as an independent consultant and Business Development Director at Rensselaer Polytechnic Institute. He holds the S.B. from MIT and M.S. from Rensselaer.

Boris Shor - Group Leader, Oncology Research Unit, Pfizer [email protected]

Dr. Shor has over 15-years of experience in basic and applied scientific research, including extensive background in both biologics and small molecule drug discovery across oncology and immunology. He is currently a group leader at the Oncology Research Unit of Pfizer in New York. His team focuses on the discovery and early development of new antibody-drug conjugates and supports translational research efforts for the late stage ADC programs. From 2003 to 2008, he was a Senior Scientist at the department of Oncology Discovery at Wyeth Pharmaceuticals, where he was responsible for the kinase inhibitor programs. Before joining Wyeth, Boris performed a postdoctoral fellowship in the Inflammation Research team at Johnson & Johnson Pharmaceutical R&D. He received an M.S. in Genetics from the St. Petersburg State University in 1995 and a Ph.D. in Molecular and Cell Biology at the SUNY Downstate Medical Center in 2001.




Course Manager Christina Pellicane – Manager, NYC Regional Innovation Node Office of Vice Chancellor for Research, CUNY [email protected]

Christina Pellicane serves as the Manager of the NYC Regional Innovation Node (NYCRIN), a $3.74M consortium of CUNY, NYU, & Columbia funded by the National Science Foundation Innovation Corps (I-Corps). In this position, she manages the daily operations of NYCRIN and its other collaborative programs including helping form startup teams and increasing the impact of I-Corps Innovation Ecosystem through regional trainings and interacting with key partners in industry, government and academia. She is the key strategic relationship manager between the three core universities, as well as between the Node and its 25+ network schools in New York, New Jersey, Pennsylvania and Connecticut. Since May 2013, she has helped form over a dozen I-Corps teams, brought in over $1M of commercialization grants to the region, coached several life science startups, and participated in multiple NSF I-Corps cohorts as a Teaching Assistant, Adjunct Faculty, and National Teaching Team Faculty trainee. Prior to joining NYCRIN, Ms. Pellicane served as the Clinical Business Administrator and Study Monitor at AlcheraBio, a veterinary CRO. As a Research Associate at the biotech startup Venenum Biodesign, she worked with scientists to identify novel biomarkers and therapeutics. Ms. Pellicane is an experienced biotechnologist and is listed as co-inventor on industrial patents. She holds a Bachelor of Science in Biology with a minor in Animal Science from the University of Georgia as well as a Master of Business and Science with a concentration in Biotechnology and Genomics from Rutgers University. Teaching Assistant

Risa Cohn - Program Coordinator, NYU Entrepreneurial Institute [email protected] Risa Cohn is a Program Coordinator at the NYU Entrepreneurial Institute. She graduated with her BS in the

Material World of Architecture and Dress from the University of Delaware and shortly after pursued her MA from Hunter College in Adolescent Education-History. Risa Cohn worked at New Visions for Public Schools, a school support organization designing, planning and hosting professional development workshops for teachers, librarians, principals and mentors for schools across New York City. During her time at the Frances Hesselbein Leadership Institute, she worked on relaunching a program that worked with social, public and private sector organizations guiding them through an organizational self-assessment process known as, "Peter Drucker's, The Five Most Important Questions," in order to reevaluate their mission and goals according to their customer base. Most recently, she consulted on a start-up venture for an education management professional seeking to establish their own personal tutoring agency, focusing on Social Studies content for adolescents as well as the NYS Regents.

