This introductory lecture gives you a sense of the scope of the course and how it can help you build a business. Focused on why entrepreneurship matters so much in today's world, what makes entrepreneurs different (and successful), and how you can come up with your next big idea (or test the one you have).
3. Memory at Work
!
I. Why entrepreneurship matters!
II. Who we are: MaRS and MaRS Education!
III. What is entrepreneurship?!
IV. Do you have what it takes?!
V. Course Overview!
VI. Up-Start! Competition!
VII. Entrepreneurʼs Toolkit!
VIII. Finding and validating your idea!
IX. Stamp Cards!
MaRS is a member of!
Pg 3!
5. -Innovation and entrepreneurship drive
productivity and global competitiveness!
!
-The majority of new jobs in modern economies
are created by firms that are less than 5 years old!
!
-4-10% of startups become high growth firms –
they create most new jobs, and they create them
faster!
Pg 5
6. Young high growth firms create
the majority of new jobs in
modern economies.
7. Memory at Work
– MaRS is focused on building the next generation of Canadian
companies. !
– We help entrepreneurs start and grow successful new
companies, creating the jobs of tomorrow.!
!
– MaRS connects science, business and capital to improve
the efficiency and output of the commercialization process.!
!
– MaRS is connected to regional innovation centres that are
part of the Ontario Network of Excellence (ONE).!
MaRS is a member of!
Pg 7!
8.
9. MaRS: Urban innovation hub
Linking creative and business assets of Toronto!
Discovery District Financial District Creative & Arts District
Gardiner Museum of Ceramic Art
Royal Conservatory of Music
Royal Ontario Museum
Women’s College
University of Toronto
The MaRS Centre
UHN Toronto General
UHN Princess Margaret Hospital for Sick children
Mount Sinai
Ryerson
Toronto Rehab
University
Art Gallery of Ontario
TIFF & OCAD
Four Seasons Centre
Financial District
Entertainment District
Pg 9
13. Acceleration programs for high growth firms!
Netw
orks |
Talen
t | Cus
tome
rs |P
artne
rs
Entrepreneurship Market Business
Access to Capital
Education Research Advice & Mentorship
Par tners
tom ers |
nt | Cus
| Tale
orks
Netw High Growth Firms!
Pg 13!
14. MaRS Business Advisory Services!
Health | ICE | CleanTech | Social
Intellectual Property Strategic Partnerships Marketing & Sales
Financing Due Diligence Strategy and Business Planning
Market/Competitive Intelligence Human Resources and Talent Management
Product Development and Marketing Legal Corporate Governance
Operations and Process Customer Relationship Management
Financial Management, Accounting, Tax
MaRS Advisors | EIRs | Volunteers
Pg 14
15. Memory at Work
Clients by Sector!
! Information Technology,
Communication and Entertainment
46%!
Materials and
Advanced Manufacturing
5%! • 1,200+ active
clients receiving
Advisory Services
!
Life Sciences • ~65% in GTA!
and Healthcare
17%! Social Purpose
14%!
Cleantech
18%!
Pg 15!
16. Memory at Work
Objective: To develop a suite of integrated, high quality
educational programs to support Ontario entrepreneurs
through the different stages of growing their businesses.!
!
MaRS is a member of!
Pg 16!
17. Event Series!
139
Number of entrepreneurship educational
events programmed & delivered in 2011
10,429
Number of MaRS
entrepreneurship education
attendees in 2011
16,281
Hours of live education
provided to entrepreneurs
in 2011
Entrepreneurship 101 | MaRS Best Practices | MaRS Market Insights "
MaRS Global Leadership | MaRS Capital Series | Entrepreneur’s Toolkit Workshops !
Pg 17!
18. Entrepreneurʼs Toolkit!
410,000
Number of views of articles "
and workbooks
175,000
Number of videos viewed
www.marsdd.com/toolkit!
Since Launch in Q4, 2009
Articles | Videos | How-to Guides | Workbooks | Funding Database!
Pg 18!
19. Memory at Work
"
Entrepreneurship: individuals identify
opportunities, allocate resources, and
create value through the identification of
unmet needs or opportunities.!
Social entrepreneurship is identifying a
social problem and using entrepreneurial
principles to organize, create, and
manage a venture to make social
change. !
!
!"
“The purpose of a business is to find and serve customers profitably.”
" " " " " " "-Peter Drucker!
MaRS is a member of!
!
Pg 19!
20. Memory at Work
Entrepreneursʼ capabilities (Five Minds for the Entrepreneurial Future):!
!
1. Opportunity recognizing mind !
2. Designing mind !
3. Risk managing mind !
4. Resilient mind !
5. Effectuating mind!
MaRS is a member of!
Pg 20!
21. Memory at Work
Money
5%!
Impact Money is rarely the
68%! Experience chief motivator for
27%! tech entrepreneurs.!
Source: The Startup Genome Report, May 28th, 2011! Pg 21!
22. Memory at Work
!
!!
Most of what you hear about
entrepreneurship is all wrong.
Itʼs not magic; it is not
mysterious; and it has nothing
to do with genes. Itʼs a
discipline and, like any
discipline, it can be learned. !
! ! !!
! ! !-Peter Drucker!
!
MaRS is a member of!
Pg 22!
23. Memory at Work
!
! Those startups with a mentor raise significantly more money.!
$4,000,000!
Average Funding Raised by Stage!
$3,500,000!
$3,000,000!
$2,500,000!
$2,000,000! Have Helpful Mentors!
Don't Have Helpful Mentors!
$1,500,000!
$1,000,000!
$500,000!
$0!
Discovery" Validation" Efficiency" Scale"
Source: The Startup Genome Report, May 28th, 2011! Pg 23!
24. Memory at Work
– We canʼt create entrepreneurial drive – that desire has to
come from you!
!
– What we can do is help you accelerate your ideas and
build your company by providing you with tools, advice,
and networks to help!
!
MaRS is a member of!
Pg 24!
25. Memory at Work
– Course aimed at two groups:!
!1. science/engineering/medical researchers and !
!others building technology companies in a !
!university or hospital lab or in the private sector!
!2. social entrepreneurs"
!
– Business topics will also help others looking to start a
business in other sectors!
– The course will be of greater value if you have a
business/social innovation idea in mind!
MaRS is a member of!
Pg 25!
26. Memory at Work
Ent 101 is a 30-session weekly lecture series with:!
!
– 23 lectures on key topics related to starting and growing
a business!
– 2 ʻLived It Lecturesʼ with celebrated entrepreneurs!
– 4 ʻMeet the Entrepreneursʼ events: sector-specific panel
session with start-up entrepreneurs!
– the ʻUp-Start! Competitionʼ: business pitch competition
to recognize and reward promising participants!
!
MaRS is a member of!
Pg 26!
27.
28. Memory at Work
"
– The Journey Begins !
!
– Model: How youʼll make money"
!
– Market: Targeting your market!
– Management: Building your team!
– Money: Funding your business!
MaRS is a member of!
Pg 28!
29. Memory at Work
!
– Finding/validating your
idea!
– Different types of
entrepreneurship!
– Entrepreneurial
ecosystem and legal
fundamentals!
– Intro to entrepreneurial
management!
– Value proposition!
– Product development!
MaRS is a member of!
Pg 29!
30. Memory at Work
!
– IP management!
!
– Business model!
!
– Business plan and other
communication tools!
MaRS is a member of!
Pg 30!
31. Memory at Work
!
– Market analysis!
!
– Marketing communications!
!
– Go-to-market strategy!
!
– Sales!
!
– Negotiations!
!
– Distribution!
MaRS is a member of!
Pg 31!
32. Memory at Work
!
– Board/Governance!
!
– Financial planning!
!
– Recruiting!
– Building and
managing a team!
!
MaRS is a member of!
Pg 32!
33. Memory at Work
!
– Bootstrapping!
!
– Terms of investments!
!
– Raising money from VCs!
!
– The pitch!
MaRS is a member of!
Pg 33!
34. Memory at Work
1. Attend the live events (get stamps for certificate)!
!
2. Watch the live webcasts: www.marsdd.com/ent101-webcasts!
!
3. View past videos and other resources online:
www.marsdd.com/ent101-online!
!
4. Join the Entrepreneurship 101 LinkedIn Group for related
resources and conversations.!
!
5. Weekly e-newsletters are sent to registrants of the live
course.!
MaRS is a member of!
Pg 34!
35. Memory at Work
Business pitch competition open to Ent 101 participants:!
!
– Stage 1: Those interested in the competition will be invited to
attend three Entrepreneurʼs Toolkit Workshops to help
them prepare their application.!
– Stage 2: Apply for the competition in early February. Ten
individuals (or teams) will be selected by end of February !
!
– Stage 3: Selected participants work with MaRS Advisors on
their pitch in March and April!
!
– Stage 4: Competition in May (10-minute pitch to panel of
investors) for $10,000 first prize.!
MaRS is a member of!
Pg 35!
36. Memory at Work
-2012: LifeBike -lightweight electric bike!
!
-2011: Eve Medical (medical device to test for STDs at home) and The Hot
Plate (multimedia platform for quick, simple, affordable cooking)!
!
-2010: Shape Collage – automatic photo collage maker!
!
-2009: Dreamcube – working with Apple on developing the hardware portion
of their UiRemote (turns iPhone into universal remote)!
!
-2008 (2nd): CognoVision – Acquired by Intel in 2010, their interactive digital
signage changes screen content in real time based on face detection and
tracking technology!
!
MaRS is a member of!
! Pg 36!
37. Memory at Work
-Participants must be registered in Ent 101 and have attended at least
20 sessions (20 stamps or watched 20 live webcasts or combination
thereof)!
!
-Can be a business you wish to start or have already started!
!
-Since inception, entrants must have received no more than $100K
investment money and earned no more than $100K in cumulative
revenue!
!
-Eligible ventures must fall into one of four categories: ICT (ICE),
cleantech, social ventures, or life sciences and be located in the
Greater Toronto Area"
!
MaRS is a member of!
!
Pg 37!
38.
39.
40.
41.
42.
43.
44.
45.
46.
47. Memory at Work
Steven Johnsonʼs ʻWhere Good Ideas Come Fromʼ!
!
!
MaRS is a member of!
Pg 47!
48. Memory at Work
- Scratch your own itch: Use your own experience to identify and
solve problems; create products you would use"
!
- Iterate: Ideas are not always flashes of insight, they are often
developed and refined over time!
!
- Reassemble: Creativity is often the act of reassembling many known
elements in new ways!
!
- Collaborate: Talk and listen to those around you!
!
- Ask questions: Find the customer problem and then develop the
solution!
!
MaRS is a member of!
Pg 48!
49. Memory at Work
!
- Validation is testing your value proposition in your market.!
!
- “There is only one boss. The customer. And they can fire
everybody in the company from the chairman on down, simply
by spending their money somewhere else.” - Sam Walton!
!
- The number one reason start-ups die is because they didnʼt
have enough customers.!
MaRS is a member of!
Pg 49!
50. Memory at Work
Talk to your customer/s: !
!
- Are you solving a problem they have?!
- Is the problem a ʻbleeding neck woundʼ meaning a real
problem that they are they willing to pay to solve?!
- Can you build it economically?!
- Can you sell it profitably?!
"
The goal is to achieve product/market fit via trial and
error early on in the development of your product. !
!
MaRS is a member of!
! Pg 50!
51. Memory at Work
!
Pick up your attendance card on the way out. To register
it, send your name and card number to: !
entrepreneurship101@marsdd.com. "
"
Attendance to 20 out of 30 lectures (or watching live
webcasts) required for certificate and/or participation in!
Up-Start! Competition.
!
!
MaRS is a member of!
Pg 51!
52. Memory at Work
!
!
!
!
Contact us at!
entrepreneurship101@marsdd.com."
!
!
MaRS is a member of!
Pg 52!