INTRODUCTION TO: BR Incubator September 1, 2004

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INTRODUCTION TO: BR Incubator September 1, 2004

  1. 1. INTRODUCTION TO: BR Incubator September 1, 2004 p r e p a r e d.
  2. 2. Agenda 2 BR Incubator 3 5 1 Project Pipeline Introduction Project Example: QVIX Sightspeed Recruiting Process & Schedule 4
  3. 3. Introduction – BRI & BRV <ul><li>BR Incubator : A virtual incubator that provides business consulting services to start-ups at Cornell and in the community </li></ul><ul><li>BR Ventures : An early stage seed fund that seeks to invest in high growth businesses </li></ul><ul><li>Both organizations: </li></ul><ul><li>Are fully student-run and provide an unique hands-on educational experience </li></ul><ul><li>Are professional organizations, legally independent from Cornell </li></ul><ul><li>Share a common mission to foster entrepreneurship at Cornell and within the community </li></ul>
  4. 4. <ul><li>BR Incubator & BR Ventures work together to foster entrepreneurship by turning great ideas into strong businesses </li></ul>School Benefactors Donate $ BR Ventures Invests Funds and Continues to Aid Development BR Incubator Provides Development and Planning Services, Helping Establish the Company Company Executes Business Plan Company Funded, and Built by Cornellians has Liquidity Event. Returns Invested Capital and Gains to School. Process Begins Again. Cornell Ideas & Technology
  5. 5. BR Incubator <ul><li>Established in 2002 by two Johnson School Students and BR Ventures </li></ul><ul><li>Further developed and managed by five Johnson MBAs in 2004 </li></ul><ul><li>Supported by seven member advisory board consisting of key Cornell faculty and staff </li></ul><ul><li>Professors Zach Shulman and Yael Hochberg advisors </li></ul><ul><ul><li>To Connect the resources and expertise at Cornell with local entrepreneurs </li></ul></ul><ul><ul><li>Addressing the needs of students and recent alumni </li></ul></ul>Vision A full-service incubator that fully supports a center of entrepreneurship within JGSM and the Ithaca community
  6. 6. BR Incubator <ul><li>Potential ventures for incubation will be found by marketing the Incubator within Cornell and the greater community </li></ul><ul><li>Projects will be screened to find the ones with potential to succeed and have needs that our resources can fulfill </li></ul><ul><li>Approved projects will be matched with consultants </li></ul><ul><ul><li>Primarily from JGSM </li></ul></ul><ul><ul><li>Expanding to include other graduate schools (e.g., ILR & Engineering) </li></ul></ul><ul><li>One of the Incubator’s directors will be appointed to manage each project and provide guidance, as needed </li></ul>The mission of the BR Incubator is to foster entrepreneurship within our community while providing students with hands-on experience in new business development
  7. 7. BR Incubator Structure <ul><li>BRI Consultants </li></ul><ul><ul><li>Share a common interest in entrepreneurship, start-ups, business development, and/or consulting </li></ul></ul><ul><ul><li>Varied and diverse skill set and expertise </li></ul></ul><ul><ul><li>Are analytical, like ambiguous environments, and have good interpersonal skills </li></ul></ul><ul><ul><li>Combination of first and second year MBA students, as well as students from across Cornell </li></ul></ul><ul><li>Five directors work together as a team to fill the following roles: </li></ul><ul><ul><li>Operations </li></ul></ul><ul><ul><li>Marketing </li></ul></ul><ul><ul><li>Fundraising & Alumni Relations </li></ul></ul><ul><ul><li>Project Management </li></ul></ul><ul><ul><li>Technology & Infrastructure </li></ul></ul><ul><ul><li>BRV-BRI Cooperation </li></ul></ul><ul><ul><li>Human Capital </li></ul></ul>
  8. 8. BR Incubator Projects <ul><li>Potential project types include: </li></ul><ul><ul><li>Business Strategy Formulation </li></ul></ul><ul><ul><li>Business and Marketing Plans </li></ul></ul><ul><ul><li>Financial Management </li></ul></ul><ul><ul><li>Development of Projection Models </li></ul></ul><ul><ul><li>Customer Development / Sales </li></ul></ul><ul><ul><li>Operations / Manufacturing </li></ul></ul><ul><ul><li>Other </li></ul></ul>
  9. 9. What the BRI has achieved so far: <ul><li>Established infrastructure for the operation of the BR Incubator </li></ul><ul><li>Infrastructure: </li></ul><ul><ul><li>Potential ventures for incubation are found by marketing the BR Incubator within Cornell and the greater community </li></ul></ul><ul><ul><li>Ventures are screened to find the ones with potential to succeed and that have needs that our resources can fulfill </li></ul></ul><ul><ul><li>Approved ventures are matched with consultants (primarily from JGSM) in our database </li></ul></ul><ul><ul><li>One of the BR Incubator’s directors is appointed to oversee each project </li></ul></ul><ul><li>Established on-line registration process for consultants </li></ul><ul><ul><li>http://www.bri.cornell.edu </li></ul></ul><ul><li>Office hours for the BR Ventures’ Business Idea Competition </li></ul><ul><ul><li>Offered 16 hours of free consultation to potential entrants </li></ul></ul>
  10. 10. What the BRI has achieved so far: <ul><li>Investigated over 50 ventures </li></ul><ul><li>Consulted on 12 projects in 2003 - 2004; over 15 to date </li></ul><ul><li>Examples of projects </li></ul><ul><ul><li>Tetragenetics </li></ul></ul><ul><ul><ul><li>Professor Ted Clark from the vet school working with three consultants to better define available market opportunities </li></ul></ul></ul><ul><ul><li>Sound Readings Solutions </li></ul></ul><ul><ul><ul><li>Greg Hubell (MBA ‘02) working with two consultants to better define market sizing and opportunities in the educational software space </li></ul></ul></ul><ul><ul><li>Gendyne Theraputics </li></ul></ul><ul><ul><ul><li>Rob Collins (MBA ’05) worked with the entrepreneurs last year and is now the acting CFO </li></ul></ul></ul>
  11. 11. QVIX Sightspeed – An example <ul><li>Graduate student in engineering approached BRV in 2001 after hearing about the Business Idea Competition </li></ul><ul><li>Along with his advisor, he had developed an algorithm and software for video conferencing over the internet w/ low bandwidth </li></ul><ul><li>BRV introduced him to MBA students interested in working with start-ups (now formally BRI). Brad Treat (MBA ’02) took the lead </li></ul><ul><li>From 2001-2002 the business model and plan was developed </li></ul><ul><li>Fall 2002 the BRV provides 2 consultants for assistance with developing sales model </li></ul><ul><li>BRV co-invested in QVIX in fall of 2002 </li></ul><ul><li>BRI continued to provide incubation services through spring 2003 </li></ul>
  12. 12. Project Pipeline: Potential Clients for 2004-2005 <ul><li>BRI uses multiple marketing opportunities within the Cornell and Ithaca community to bring entrepreneurs and their businesses to the BRI. These are a few companies/projects we are currently looking at: </li></ul><ul><li>Ariadne’s Thread </li></ul><ul><li>Ariel Technologies </li></ul><ul><li>Liberty International Nurse Services </li></ul><ul><li>Ophios </li></ul><ul><li>Linqua </li></ul><ul><li>Finger Lakes Engineering </li></ul>
  13. 13. BRI Consultant Opportunity <ul><li>Consultant Requirements </li></ul><ul><li>It is a time commitment, but very rewarding </li></ul><ul><ul><li>Can range from 3 – 10 hours per week, depending on project </li></ul></ul><ul><ul><li>Projects usually last a semester </li></ul></ul><ul><li>Consultants generally work in teams of 2 </li></ul><ul><li>Benefits: </li></ul><ul><li>An opportunity for a unique hands-on educational experience </li></ul><ul><li>Build skills in consulting and entrepreneurship </li></ul><ul><li>See different industries and functional areas </li></ul><ul><li>Good resume experience </li></ul><ul><li>Exposure to Cornell alumni, entrepreneurs, ideas and technology </li></ul><ul><li>The opportunity to have an impact </li></ul>
  14. 14. <ul><li>Consultants will have 15 minute informational interviews with Directors </li></ul><ul><ul><li>Only meant to provide Directors with an understanding of the Consultants backgrounds, skills, and directions </li></ul></ul><ul><li>September 1 st BRI Info session </li></ul><ul><li>September 12 th Application deadline (http://www.bri.cornell.edu) </li></ul><ul><li>Week of September 13 Interviews </li></ul>Recruiting Process & Schedule
  15. 15. <ul><li>Questions? </li></ul><ul><li>Visit www.bri.cornell.edu </li></ul>

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