Interactive Minds July 2009 No Notes

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Includes 5 tips for start-ups in tough times and resource list for entrepreneurs

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Interactive Minds July 2009 No Notes

  1. 1. What the i.lab Technology Incubator can do for your start-up company an initiative of From Big Ideas to Entrepreneurial Success 1 July 2009 Interactive Minds
  2. 2. Agenda <ul><li>Introduction </li></ul><ul><li>The current environment </li></ul><ul><ul><li>And why the principles of the past 10 years no longer apply </li></ul></ul><ul><li>Five business basics </li></ul><ul><ul><li>And examples </li></ul></ul><ul><li>Resource list </li></ul>
  3. 3. Agenda <ul><li>Introduction </li></ul><ul><li>The current environment </li></ul><ul><ul><li>And why the principles of the past 10 years no longer apply </li></ul></ul><ul><li>Five business basics </li></ul><ul><ul><li>And examples </li></ul></ul><ul><li>Resource list </li></ul>
  4. 4. What does i.lab do? <ul><li>We help young technology companies turn great ideas into great businesses </li></ul><ul><li>We offer a program designed to accelerate the successful development of entrepreneurial companies </li></ul><ul><ul><li>through an array of business support resources and services, </li></ul></ul><ul><ul><li>developed and orchestrated by incubator management, </li></ul></ul><ul><ul><li>and offered both in the incubator and through their network of contacts. </li></ul></ul><ul><li>We are an economic development tool focused on job creation and the development of sustainable businesses </li></ul>
  5. 5. SPACE OTHER STUFF BUSINESS BASICS NETWORKS MKTING AND MEDIA CAPITAL RAISING SUPPORT INTER’L SOFT LANDINGS STUDENT INTERN- SHIPS SKILLS DEV’T COACHING MENTORING i.lab
  6. 6. What type of clients do we service? <ul><li>Early stage, high growth potential companies </li></ul><ul><li>Not “lifestyle businesses” </li></ul><ul><li>Companies looking for support to grow their businesses </li></ul><ul><li>All types of technology companies: </li></ul><ul><ul><li>Software companies </li></ul></ul><ul><ul><li>Biotech companies </li></ul></ul><ul><ul><li>Nanotech companies </li></ul></ul><ul><ul><li>Cleantech companies </li></ul></ul><ul><ul><li>Electronic hardware companies </li></ul></ul><ul><ul><li>Almost any new technology-based business </li></ul></ul><ul><li>At an early stage of their development </li></ul>
  7. 7. Commercialisation stage of i.lab members Source: Australian Institute for Commercialisation
  8. 8. i.lab’s current members
  9. 9. Success stories <ul><li>17 graduate companies </li></ul><ul><ul><li>Corearth </li></ul></ul><ul><ul><li>Fusion Sport </li></ul></ul><ul><ul><li>Genetraks </li></ul></ul><ul><ul><li>Implicit Biosciences </li></ul></ul><ul><ul><li>Liquid Animation </li></ul></ul><ul><ul><li>Microwave and Materials Designs </li></ul></ul><ul><ul><li>Omnix </li></ul></ul><ul><ul><li>Slap Systems </li></ul></ul><ul><ul><li>Grabba International </li></ul></ul><ul><ul><li>Global Healthshare </li></ul></ul><ul><ul><li>Charm Health </li></ul></ul><ul><ul><li>Worksafe Management Systems </li></ul></ul><ul><ul><li>Xerocoat </li></ul></ul><ul><ul><li>Red Flow </li></ul></ul><ul><ul><li>Opengear (ceremony October 21 2008) </li></ul></ul><ul><ul><li>Cirrus (ceremony TBD 2008) </li></ul></ul><ul><ul><li>Microgenx (ceremony October 21 2008) </li></ul></ul><ul><li>16 out of 17 graduate companies still operate </li></ul><ul><li>Two IPOs </li></ul><ul><ul><li>QR x Pharma </li></ul></ul><ul><ul><li>Mooter Media </li></ul></ul><ul><li>Many globally successful companies </li></ul><ul><ul><li>Ephox </li></ul></ul><ul><ul><li>Liquid Animation </li></ul></ul><ul><ul><li>CVSDude </li></ul></ul><ul><ul><li>Open Gear </li></ul></ul><ul><ul><li>e-discovery </li></ul></ul><ul><ul><li>Grabba International </li></ul></ul><ul><ul><li>Fusion Sport </li></ul></ul>
  10. 10. Agenda <ul><li>Introduction </li></ul><ul><li>The current environment </li></ul><ul><ul><li>And why the principles of the past 10 years no longer apply </li></ul></ul><ul><li>Five business basics </li></ul><ul><ul><li>And examples </li></ul></ul><ul><li>Resource list </li></ul>
  11. 11. The world has changed in fundamental ways….. <ul><li>Once upon a time </li></ul><ul><ul><li>Well, actually, just the past 10 years </li></ul></ul><ul><li>Capital is scarce </li></ul><ul><ul><li>Lowest level of VC investment in 12 years, but this is not the end of the world! </li></ul></ul><ul><li>The paradigms of the previous decade no longer apply </li></ul><ul><ul><li>Venture funded entities, perfection in Beta, ample resources, time… </li></ul></ul><ul><li>Return to basic business concepts to ensure you build value </li></ul><ul><ul><li>ship early, build a great team, and know your customers well, even modest results establish credibility on the only issue that really matters: that your company is creating lasting value </li></ul></ul><ul><ul><li>and by the way this will help you raise capital </li></ul></ul>From US NVCA
  12. 12. Seth Godin’s* 7 tips for start-ups in a down economy <ul><li>1. Recognize that you’ll have less competition </li></ul><ul><li>2. Focus on building value </li></ul><ul><li>3. Expect your costs to go down </li></ul><ul><li>4. Don’t hire like it’s 1999 </li></ul><ul><li>5. Focus on the irreplaceable </li></ul><ul><li>6. Get lean to beat the behemoths </li></ul><ul><li>7. Be disciplined about what you’re building </li></ul><ul><li>* Author and Founder of Squidoo www.squidoo.com </li></ul>
  13. 13. Agenda <ul><li>Introduction </li></ul><ul><li>Why innovate? </li></ul><ul><li>The current environment </li></ul><ul><ul><li>And why the principles of the past 10 years no longer apply </li></ul></ul><ul><li>Five business basics </li></ul><ul><ul><li>And examples </li></ul></ul><ul><li>Resource list </li></ul>
  14. 14. Market knowledge <ul><li>You need to </li></ul><ul><ul><li>be a pain pill not a vitamin </li></ul></ul><ul><ul><li>solve a significant problem </li></ul></ul><ul><ul><li>know who your customers are and how many there are </li></ul></ul><ul><ul><li>how much they are prepared to pay to sooth their pain </li></ul></ul><ul><ul><li>speak to the customer in terms of benefits </li></ul></ul><ul><ul><li>know all your competitors </li></ul></ul><ul><ul><li>invest significant time and money in market research </li></ul></ul>
  15. 15. Leveraging relationships <ul><li>Get out of the chair and build networks </li></ul><ul><li>Partnerships can deliver the things that money buys </li></ul><ul><ul><li>And often more cost effectively </li></ul></ul><ul><li>Don’t be afraid to ask…for anything </li></ul><ul><li>Learn from the experiences of others </li></ul>
  16. 16. Cash flow management <ul><li>Turn over is vanity, profit is sanity, cash flow is reality (Mike Wallas) </li></ul><ul><li>CFM is not budgeting. It is not knowing your bank balance. </li></ul><ul><li>CFM is as important as breathing </li></ul><ul><li>CFMIMITYM (Ken Morse, MIT) </li></ul><ul><li>Avoid making capital raising your job </li></ul>
  17. 17. Focus on product development and release <ul><li>Many start-ups die birthing the perfect product </li></ul><ul><li>Launch a scaled-back version (Paul Buchheit, Founder of Gmail and FriendFeed) </li></ul><ul><li>Reid Hoffman (Founder of Linked In) “If you aren’t embarrassed by the first version of your product you’ve launched it too late” </li></ul><ul><li>Until your product is in the market you have no real idea of how the market will react </li></ul><ul><li>Early release allows you to tweak responsively </li></ul><ul><li>Utilise your inherent agility </li></ul>
  18. 18. Why every Founder must be able to sell <ul><li>Making a successful grant application is a selling exercise </li></ul><ul><li>Raising capital is a selling exercise </li></ul><ul><li>Securing beta test sites, manufacturing partnerships, channel partnerships….are selling exercises </li></ul><ul><li>Early sales must be made by the Founder </li></ul><ul><ul><li>Critical learning, market research, client feedback, your passion, reality check, understanding sales process, setting realistic expectations for future sales staff/outsourced sales partners </li></ul></ul>Selling stuff
  19. 19. Agenda <ul><li>Introduction </li></ul><ul><li>The current environment </li></ul><ul><ul><li>And why the principles of the past 10 years no longer apply </li></ul></ul><ul><li>Five business basics </li></ul><ul><ul><li>And examples </li></ul></ul><ul><li>Resource list </li></ul>
  20. 20. Further reading - books <ul><li>Geoffrey A. Moore, &quot;Crossing the Chasm“ </li></ul><ul><li>Geoffrey A. Moore “Inside the Tornado” </li></ul><ul><li>Jim Collins, &quot;Good to Great: Why Some Companies Make the Leap... and Others Don't&quot;. </li></ul><ul><li>Malcolm Gladwell, &quot;The Tipping Point: How Little Things Can Make A Big Difference&quot;. </li></ul><ul><li>Robert Cialdini, “Influence: The psychology of persuasion” </li></ul><ul><li>Guy Kawasaki “The Art of the Start” </li></ul><ul><li>Seth Godin “The Purple Cow” </li></ul><ul><li>Chin-Ning Chu “Thick Face, Black Heart” </li></ul><ul><li>Tony Ulwick “What Customers Want: Using Outcome Driven Innovation…..” </li></ul><ul><li>Thomas Friedman “The Earth is Flat” </li></ul>
  21. 21. Further reading - other <ul><li>Business Review Weekly </li></ul><ul><li>Australian Anthill </li></ul><ul><li>Lipper Current Weekly </li></ul><ul><li>[email_address] </li></ul><ul><li>e corner (Stanford University’s Entrepreneurship Corner) </li></ul><ul><li>Slattery’s Watch </li></ul><ul><li>Social networking sites </li></ul><ul><ul><li>Mashable </li></ul></ul><ul><ul><li>Linked in </li></ul></ul><ul><ul><li>Startup nation </li></ul></ul><ul><ul><li>Techcrunch </li></ul></ul><ul><ul><li>Biznic </li></ul></ul><ul><ul><li>Young entrepreneur </li></ul></ul><ul><ul><li>The Funded </li></ul></ul><ul><ul><li>Cofoundr </li></ul></ul><ul><ul><li>Perfect Business </li></ul></ul><ul><ul><li>StartupNation </li></ul></ul>

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