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FITT Toolbox: Entrepreneurship in Residence Program
 

FITT Toolbox: Entrepreneurship in Residence Program

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The idea of an Entrepreneur-In-Residence originally comes from the venture capital industry. It is a position or title typically held by an experienced entrepreneur or business professional. As this ...

The idea of an Entrepreneur-In-Residence originally comes from the venture capital industry. It is a position or title typically held by an experienced entrepreneur or business professional. As this entrepreneur or business professional typically is very experienced in a particular area, his or her expertise is often very valuable to venture capital firms, universities or other organizations especially in the case these organizations would like to develop activities in that particular area. The Entrepreneur-In-Residence program helps a newly formed technology company to have access to the right person to manage it and take it forward.

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    FITT Toolbox: Entrepreneurship in Residence Program FITT Toolbox: Entrepreneurship in Residence Program Presentation Transcript

    • Entrepreneurship in Residence Program FITT – Fostering Interregional Exchange in ICT Technology Transfer – www.FITT-for-Innovation.eu Except where otherwise noted, this work is licensed under a Creative Commons Attribution 3.0 License.
    • Entrepreneurs-in-Residence: The essence Position or title typically held by an experienced entrepreneur or business professional Three primary functions: • Launch a new entrepreneurial venture • Assist in the evaluation of potential investments • Provide functional expertise to assist with an existing investment Ultimate goal: ensure a newly formed technology company that it has access to the right person to manage it and take it forward2 | 03.2011 Entrepreneurship in Residence Program
    • What is EiR’s Program about? The EIR Program is all about finding • the right people • and placing them at the right place • at the right time3 | 03.2011 Entrepreneurship in Residence Program
    • The right people ? WHO ? Domain specific experience in a particular sector, e.g. ICT Good strategic thinkers Corporate background and/or have start-up experience Extended network of industrial contacts Looking for a new challenge4 | 03.2011 Entrepreneurship in Residence Program
    • The right people ? WHERE ? Events: Imperial Innovations frequently attends targeted and/or themed events and choose conferences based on technical relevance and attendees list Networks: Interesting contacts via different networks External consultants: Services of professional headhunting agencies, when looking for specific experience, skills or knowledge in a domain unknown to TTO’s @ Imperial Innovations CV’s: Thanks to good reputation, spontaneous CV’s come in on a daily basis5 | 03.2011 Entrepreneurship in Residence Program
    • The right place ? Spend +/- 1 year on consulting various start-up companies in the Innovations Incubator In general, two options after that: • Continue to add value across the portfolio, for instance by giving advice to different spin-offs • Take on a full time placement in one of the newly formed ventures6 | 03.2011 Entrepreneurship in Residence Program
    • The right time ? Needs start-up team: • Early stage ‘before the company has attracted any external funding’ • Technical risk is still very high. • No real need for executive staff • Research & Development costs run up, no money left to pay executive • ‘Entrepreneurial Chair’: central task is to refine the business plan; a temporary substitute or an affordable alternative for an official CEO • Only once external funding is needed • Invest in an experienced CEO and appoint him to approach potential investors7 | 03.2011 Entrepreneurship in Residence Program
    • When is it organized ? The program is organized on a continuous basis First 3 EiR’s < 20068 | 03.2011 Entrepreneurship in Residence Program
    • Who’s involved in the program? The researchers: Learn commercial skills throug interaction with EiR’s, EiR’s as coach; Industrial partners: EiR’s come from industry; Market led approach ICBS Technology Transfer Officers: Passive & active approach to look for new EiR’s Commercial Services: cfr Technology Transfer Officers New Ventures Team: cfr Technology Transfer Officers External Consultants: Find specific skills (<David Collingham & Chris Reichhelm) EiR’s: core of the program9 | 03.2011 Entrepreneurship in Residence Program
    • Resources? Quest for EiR’s is time, money and energy consuming 15 people in total: • TTO’s : 7 people • Commercial Services: 3 people • New Ventures: 5 people Networking is part of their day-to-day job; no clear time restrictions If they meet a potentially interesting EiR, they make a proposal for the board of Imperial Innovations Susan Searle – chief executive of Imperial Innovations – makes the final decision Once a new EiR joins the team, work can be divided10 | 03.2011 Entrepreneurship in Residence Program
    • Where is the program ? Organized internally, but EiR’s come from outside Imperial Innovations The underlying rationale of the program is embedded in all departments Most EiR’s are from UK London is an attractive and vibrant place to work & live11 | 03.2011 Entrepreneurship in Residence Program
    • Pro’s & Cons Pro’s • Using existing resources – connections/relations – to improve business • Address a common problem within TTO: Finding the right people to take a business forward • spin-off companies can consult very experienced people at a very low cost Con’s • Time, money & energy consuming to build network • Interaction business world & universities is normal in UK, not in continental Europe12 | 03.2011 Entrepreneurship in Residence Program
    • Why ? Rationale EiR’s Specific requirements start-up team: - Investors need to be convinced of the business idea - Technology needs to be translated into market needs; - Customer base needs to be developed … Someone with commercial skills & market insight; someone with the right connections & rich experience inventor himself seldom has good management capabilities13 | 03.2011 Entrepreneurship in Residence Program
    • Why ? Impact EiR’s The performance of the new ventures with EIR’s as CEO can serve as proxy for the success of the program Example: EiR Daniel Green Susan Searle – chief executive of Imperial Innovations – asked Mr. Green to look around and see whether he could find anything that could make a particularly good start-up. He selected technology from a veteran professor, Robert Hill, and a younger researcher, Molly Stevens, that together could form the basis of a company specialising in “smart materials that help the body repair itself”. BioCeramic Therapeutics Ltd was founded as a small laboratory and office in the Imperial bio-incubator unit. Within 9 months of the formation the company already successfully raised £1.04 million. Daniel Green also succeeded in attracting highly qualified people to the Board, like Sir Richard Sykes who was former Chairman of pharmaceuticals company GlaxoSmithKline EiR’s themselves are pleased with the program as well14 | 03.2011 Entrepreneurship in Residence Program
    • Outcome of EiR: plans for the future ‘The program reinforces the program’: The more Entrepreneurs- in-Residence Imperial Innovations can attract, the more successful it will be, the more widely the program will be known in industrial society and the larger Imperial Innovations’ network will become Imperial Innovations declares in its annual report to continue the Entrepreneur-in-Residence Program15 | 03.2011 Entrepreneurship in Residence Program
    • Lessons Learned Looking back now, what would you … • … do different/improve? Start sooner ! • … recommend to others? Build up a network & stay close to the industry16 | 03.2011 Entrepreneurship in Residence Program
    • Suggested Readings Link to bibliography Link to code book Entrepreneur Knowledge relationships Team & Network Link to related websites http://www.imperialinnovations.co.uk/eceo http://www.bioceramictherapeutics.com/people.html17 | 03.2011 Entrepreneurship in Residence Program
    • Entrepreneurship in Residence Program by IBBT Pilot Set-up - Integrated within the IBBT iBootcamp, an entrepreneurship program for researchers or external people with an ICT business idea - Within the Bootcamp there was a real need for mentoring and feedback for the market research - On the other side the entrepreneurial community in Flanders for mentoring is quite small, what made an “in residence” program very difficult to establish - Therefore IBBT established a “Board of Captains” during the iBootcamp - Bootcamp teams could address the board with specific questions on their market and get in virtual contact (mail, phone) with one or more captains on simple request18 | 03.2011 Entrepreneurship in Residence Program
    • Lessons Learned - Much appreciated formula by teams during bootcamp - Still some “hesitation” to contact captains of industry in this stage of business opportunity identification - Need for organizing a physical contact between teams and captains before bootcamp - Need of follow up between teams and captains after bootcamp - Further investigate possibility to engage captains in further development of bootcamp company19 | 03.2011 Entrepreneurship in Residence Program