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FITT Toolbox: Master Class in Entrepreneurial Skills

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iStep is a 3 day inhouse master class training in enterprenuerial skills aimed at researchers and staff member of business partners of IBBT. iStep provides participants with practical insights and ...

iStep is a 3 day inhouse master class training in enterprenuerial skills aimed at researchers and staff member of business partners of IBBT. iStep provides participants with practical insights and tools into the making of a technology-based start up: from R&D to business idea, IPR, human resources, market assessment and approach, financial plan and valuation, sources of finance and launch of the company.

www.FITT-for-Innovation.eu

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    FITT Toolbox: Master Class in Entrepreneurial Skills FITT Toolbox: Master Class in Entrepreneurial Skills Presentation Transcript

    • Master Class in Entrepreneurial Skills 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.
    • Process in general iSTEP is a entrepreneurial training program on master class level to give researchers and business partners an introduction into entrepreneurial skills iSTEP supports IBBT in creating more awareness amongst the IBBT- community about the need for complementary skills to create business from an idea2 | 03/2011 Master Class in Entrepreneurial Skills
    • 3 | 03/2011 Module 1 • From R&D to Business idea Module 2 • Market assessment and determining market approach Module 3 • Drawing up a Business model Module 4 Process in Practice • Entrepreneurs: individual and team compositionMaster Class in Entrepreneurial Skills Module 5 • Drawing a financial plan  iSTEP is a 3-day master class of 6 teaching modules and valuation Timing: total number of days = 3 Module 6 • Sources of financing and ways to launch a company  Free of entry for IBBT-researchers; payable for IBBT-business partners
    • Parts of the Process Module 1: Van R&D tot business idee Teacher: Prof. Dr. Bart Clarysse, Imperial College Business School en Vlerick Leuven Gent Management School Content: to commercialise a research project different steps are necessary. First of all a feasability study, the move from a alpha to an beta prototype and the construction of a business case. This needs a commercial mindset covering different aspects: the trade off between licensing or a start up, the value of the core IP and the technology. Also timing to market is a key aspect to evaluate.4 | 03/2011 Master Class in Entrepreneurial Skills
    • Parts of the Process Module 2: Entrepreneurs: individual and team composition Teacher: Prof. Hans Crijns, Vlerick Leuven Gent Management School Content: The person of the entrepreneur or team of entrepreneurs is a key asset for the success of a startup. Growth ambition, openess for people with different perspectives, search for partners. Team management is crucial in all these challenging situations.5 | 03/2011 Master Class in Entrepreneurial Skills
    • Parts of the Process Module 3: Market potential and market approach assessment Teacher: Kristien De Wolf, Design London & Inceptum Content: Different ways to assess and quantify the market: bottom up or top down, analysis of the value chain and partners within the value chain. ICT companies play in a very complex environment. The insight in the value chain is crucial to build a proper product/market matrix as basis for a market segmentation. Further qualitative and quantitative market research helps to define market potential and further growth. Multiple parties needs to be addressed and a lot of desk top research is needed. .6 | 03/2011 Master Class in Entrepreneurial Skills
    • Parts of the Process Module 4: Create the Business Model Teacher: Prof. Simon Mosey, Nottingham University Business School Content: To identify the most effective business model specific attention is needed for the way how value can be created with the technology and who is prepared to pay for it. Through specific ICT examples participants are triggerd to generate new ideas about potential business models.7 | 03/2011 Master Class in Entrepreneurial Skills
    • Parts of the Process Module 5: Financial planning and valuation Teacher: Prof. Dr. Ir. Sophie Manigart, Vlerick Leuven Gent Management School Content: On the basis of a template participants must analyse the reality of the assumptions made in the template. A concrete case is followed to make a financial plan. Attention is drawn towards the consequences of different finance methods on the assessement of net company capital, the activation of know how, etc. Classical ways of valuation on basis of NPV and newer forms of valuation such as P/S, P/E and multiple valuation with backward calculation methods are looked into.8 | 03/2011 Master Class in Entrepreneurial Skills
    • Parts of the Process Module 6: Sources of finance of a start up Teacher: Prof. Dr. Ir. Sophie Manigart, Vlerick Leuven Gent Management School Content: different sources of finance and implications for the choosen valuation method. In a high tech environment the valuation of technology needs alternative approaches. VC funds follow other principles than a banker. P/S, P/E multiples are refined in this module. Specific expectations of VC, Business angels and public financing bodies are treated. An agreement of association is discussed through a concrete ICT case9 | 03/2011 Master Class in Entrepreneurial Skills
    • When? Timing • iSTEP is organized once a year during the months november – december, before the launch of the Bootcamp • Normally about 25 to 30 participants are admitted to iSTEP10 | 03/2011 Master Class in Entrepreneurial Skills
    • Who? Stakeholders • IBBT-community: researchers and business partners • Teachers from a Business school • Include Facts & Figures - 25-30 participants - 6 teachers - Coordination by Business School: 1 person - Coordination at IBBT: 1 person - Budget cost: 25K11 | 03/2011 Master Class in Entrepreneurial Skills
    • Where? Location • At the premises of the Business School or at IBBT premises12 | 03/2011 Master Class in Entrepreneurial Skills
    • Pro’s & Cons Pro’s • Awareness building an basis entrepreneurial skill set • Interactive master class formula on high level (business school) Cons • Relative expensive formula: about 1000 euro cost per participant (if no participation of business partners staff) • Once a year is not enough13 | 03/2011 Master Class in Entrepreneurial Skills
    • Why ? Rationale: Why was it established? • iSTEP supports IBBT in creating more awareness amongst the IBBT- community about the need for complementary skills to create business from an idea • Building awareness of the need of more entrepreneurial skills amongst researchers and business partners • Researchers are not aware of the complexity of building a business case starting from a (technological) idea.14 | 03/2011 Master Class in Entrepreneurial Skills
    • Why ? Impact: What is your experience with this practice? • iSTEP proves to be succesful because of the interest of researchers to follow this program. Some of them also submit a business idea for the iBootcamp afterwards. • iSTEP is a quick way to assess the entrepreneurial skills of the researchers interested in the further development of business ideas • iSTEP is a good preparation for the development of a business idea (e.g. through a Bootcamp or through an incubation program)15 | 03/2011 Master Class in Entrepreneurial Skills
    • Outcome What happened after the implementation • Excellent for awareness building • Good throughput for entrepreneurial bootcamps or incubation program • No unexpected side effects16 | 03/2011 Master Class in Entrepreneurial Skills
    • Outcome Plans for the future? • Possibility of having more iSTEP programs per year • Better marketing of training in netwerk of business partners17 | 03/2011 Master Class in Entrepreneurial Skills
    • Lessons Learned Looking back now, what would you … • … do different? Nothing really • … improve? Higher frequency at lower cost (or have more paying business partners) • … recommend to others? Just do it.18 | 03/2011 Master Class in Entrepreneurial Skills
    • Suggested Readings Link to bibliography Link to code book  Training  Entrepreneurship Link to relevant websites  http://www.ibbt.be/istep-training-sessies19 | 03/2011 Master Class in Entrepreneurial Skills