FITT Toolbox: Entrepreneurial Bootcamp

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The iBootcamp is an intensive personal development program for entrepreneurial researchers. It is limited in time and the primary purpose is to guide researchers or business partners staff who want to found their own company starting from a concrete business idea. The program is a set of focused workshops in which an entrepreneurial multidisciplinary team is created and coached. The workshops are a balanced combination of teaching, coaching and doing with a strong exposure to business executives, industry and financial experts.

www.FITT-for-Innovation.eu

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FITT Toolbox: Entrepreneurial Bootcamp

  1. 1. Entrepreneurial Bootcamp FITT– Fostering Interregional Exchange in ICT Technology Transfer – www.FITT-for-Innovation.euExcept where otherwise noted, this work is licensed under a Creative Commons Attribution 3.0 License.
  2. 2. 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 • Doing2 | 03/2011 Entrepreneurial Bootcamp
  3. 3. What is this New Innovation Process? External Ideas Venture Dating Entrepreneurial Gate 1 Gate 2 Gate 3 Event iBoot Camp Internal To IBBT Venture Building Business Innovation Board Launch Venture People Opportunity Plan Connecting people and ideas New Project Jan March June3 | 03/2011 Entrepreneurial Bootcamp
  4. 4. Fit within the organisation4 | 03/2011 Entrepreneurial Bootcamp
  5. 5. 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 Professors5 | 03/2011 Entrepreneurial Bootcamp
  6. 6. Dating Event: Connecting People and Idea Talented people everywhere but ... they are not connected! Engineering Marketing Research & Finance Operations & Sales Development6 | 03/2011 Entrepreneurial Bootcamp
  7. 7. 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. ©◊©◊ 10 Feb 24 Feb 4/5 March 12/13 March 26/27 March 23/24 April 4 June Dating Present Team WE 1 WE 2 WE 3 Grand jury team building On a residential location (to promote the bootcamp feeling)7 | 03/2011 Entrepreneurial Bootcamp
  8. 8. (Residential) iBootcamp Program Weekend 1 (Friday + Saturday) How to develop a successful business plan Opportunity Development & Freedom to operate Elapsed time = 2 months 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 Capitalists8 | 03/2011 Entrepreneurial Bootcamp
  9. 9. 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.9 | 03/2011 Entrepreneurial Bootcamp
  10. 10. Software tool by Inceptum ®10 | 03/2011 Entrepreneurial Bootcamp
  11. 11. 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 idea11 | 03/2011 Entrepreneurial Bootcamp
  12. 12. 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 expertiseamong iBootcamp participants in domains such as communication,presentation, entrepreneurship, innovation, leadership, businessacumen, ... The main bottleneck in a research organisation is not to find goodideas and competent (technological) people, but to find the lackingcomplementary skills available outside the organisation. With iBootcampone creates the ideal platform to match those skills around a specificidea with great potential. Doing this you cover entrepreneurialawareness building, you identify business opportunities within the eco-system and you help to kick off new business.12 | 03/2011 Entrepreneurial Bootcamp
  13. 13. Why ? Impact iBootcamp Evidence of success: most teams (8 of 10) convinced a professionalventure board of their potential. Of the 10 teams so far (2008-2009) twohave already started doing business, 5 have been accepted for furtherincubation, only 2 did not succeed. Recommendation: strong format for quickly assessing real businessopportunity and at the same time building a business team of skilled andmotivated people Impact on future performance: iBootcamp creates a lot of awarenessof business opportunities lying within the eco-system of theorganisation, it motivates skilled people to invest free time in developing‘their’ idea and it creates a good deal flow of well prepared investmentopportunities for internal or external VC money or at least for furtherincubation.13 | 03/2011 Entrepreneurial Bootcamp
  14. 14. 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 partners14 | 03/2011 Entrepreneurial Bootcamp
  15. 15. 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)15 | 03/2011 Entrepreneurial Bootcamp
  16. 16. 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)16 | 03/2011 Entrepreneurial Bootcamp

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