2014 01-29 commercializing your idea iact jan 2014
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2014 01-29 commercializing your idea iact jan 2014

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John Seiffer will provide burning insights to the commercialization process and why that line about a better mousetrap is completely wrong. He¹ll describe why some ideas make it out of the lab and ...

John Seiffer will provide burning insights to the commercialization process and why that line about a better mousetrap is completely wrong. He¹ll describe why some ideas make it out of the lab and some don't. He'll cover the different parts of a business model and how to use that information in your work.

Bio:

John Seiffer currently serves as Entrepreneur in Residence for CT Next. He has been an entrepreneur since 1979, and a consultant helping growing companies since 1994. He¹s also an angel investor. In 1998 he was president of the International Coach Federation and in 2012 became President of the Angel Investor Forum. His blog is at www.CEOBootCamp.com.

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  • The myth of the mousetrap perpetuates the idea that business is primarily about the product. Invention may be but not business. <br /> Business, Commercializing your idea, is about SELLING, commerce. <br /> Obviously you have to sell a product, and maybe less obviously you have to sell it to someone. That’s why … <br />
  • Here’s a “traditional” timeline for most companies <br />
  • Let’s look at someone who followed this pattern. <br />
  • What do we mean by a customer? <br />
  • What do we mean by a customer? <br />
  • Where do each of you fit on this graph? <br />
  • If you face both risks, don’t focus on technology first! <br />
  • Most Startups fail – they run out of money at this point <br />
  • Enter Peter Drucker <br />
  • Jos A Banks <br /> Costco <br /> WalMart <br /> Dollar Store <br /> Backscratcher <br />
  • Pains Gains Jobs <br /> Pains Gains Customer Jobs <br />
  • Growth <br /> Investing money to get more capacity <br /> More Customers etc. <br />
  • Growth <br /> Investing money to get more capacity <br /> More Customers etc. <br />

2014 01-29 commercializing your idea iact jan 2014 2014 01-29 commercializing your idea iact jan 2014 Presentation Transcript

  • Commercializing Your Idea January 29, 2014 © 2014 John Seiffer
  • The purpose of a business is to create _____________________
  • The Cruelest words ever written: View slide
  • Build a better mousetrap, and … View slide
  • The purpose of a business is to create _____________________
  • There is only one valid definition of business purpose: To create a CUSTOMER. - Peter Drucker
  • Definition of a CUSTOMER?
  • WHY?
  • The Hard Part is… Selling, not Creating Value
  • Market Risk Market Risk Market Risk Risk Technology
  • Market Risk Market Risk Market Risk Risk Technology
  • Market Risk Market Risk Market Risk Risk Technology
  • Market Risk Market Risk Market Risk Risk Technology
  • Market Risk Market Risk Market Risk Risk Technology
  • Eric Ries tried the “Build First” approach.
  • 6 months 40,000 lines of code
  • 6 months 40,000 lines of code
  • 6 months 40,000 lines of code Nobody Cared
  • Did I waste 6 months? Should I have Did I provide any
  • 6 months 40,000 lines of code 3 months? 20,000 lines of code?
  • 6 months 40,000 lines of code 3 months? 20,000 lines of code? 1 month? 0 lines of code?
  • Lean = No Waste
  • Lean = No Waste Waste = Making Something People Don’t Want to Buy
  • A startup is a temporary organization designed to search for a repeatable and scalable business model.” - Steve Blank
  • • The purpose of a startup is to DISCOVER. • Progress is measured by LEARNING – not sales.
  • Learning requires •Falsifiable Hypothesis •Experiment •Data •Defined level of success or failure
  • Hypothesis about what?
  • Who your customers are. And what they want to pay for.
  • Who Decides what value is?
  • Pains Gains & Jobs
  • Pains, Gains & Jobs http://www.businessmodelgeneration.com/downloads/value_proposition_canvas.pdf
  • Search for a repeatable and scalable business model.” - Steve Blank
  • Search For:
  • Search For: Someone
  • Search For: Someone Who has a problem
  • Search For: Someone Who has a problem That they care enough to pay for
  • Search For: Someone Who has a problem That they care enough to pay for That you can solve
  • Search For: Someone Who has a problem That they care enough to pay for That you can solve Profitably
  • The Business Model Formula (LTV – CA) *N = $$
  • (LTV – CA) *N = $$ Where are investors?
  • Funding is not the answer if the business model is not sound! Real money comes from customers.
  • Vendor Funding Sell your Rights License Joint Venture SBIR Customer Funding Sikorsky Challenge Crowd Funding DECD www.ctinnovations.com/funding/sbir www.sikorsky.com/EChallenge http://www.ct.gov/ecd/cwp/view.asp?a=3931&q=462616 http://www.ct.gov/ecd/cwp/view.asp?a=1097&Q=253518 http://angelinvestorforum.com/submit_business_plan.html
  • John@CEOBootCamp.com 203-775-6676 John Seiffer