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Inventor Boot Camp   Lisa Calkins   10 17 2009
 

Inventor Boot Camp Lisa Calkins 10 17 2009

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Building a Business Model (around your invention, service, idea)

Building a Business Model (around your invention, service, idea)

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    Inventor Boot Camp   Lisa Calkins   10 17 2009 Inventor Boot Camp Lisa Calkins 10 17 2009 Presentation Transcript

    • Building a Business Model (around your invention, service, idea) By Lisa Calkins CEO Amadeus Consulting
    • Your Invention, Service, Idea
      • Why Now
        • Timing, SBA funding, Competition Weak
      • Why Not
        • Traditional Bank Financing
      • Why You
        • Passion and Vision for the Idea
      • No excuses, Own Your Choice
    • Amadeus Story
      • 15 years ago, I had a vision
      • Today I have Amadeus Consulting
      • What I did know
        • How to listen and talk to clients
        • How to share my vision and convince others of my ideas
        • How to manage teams, people, projects
      • What I didn’t know
        • Everything else
    • Business Plan – Yes and No
      • Do you need one only if seeking funding - NO
      • Strategic & Tactical Components (“1” pagers)
        • Overall Vision : What, Why, How
        • Marketing and Sales Strategy, includes competitive analysis and relevant market data, patents
        • 1-3 yr P&L, Balance Sheet Summary (supporting details), Excel is your best friend
        • Organization Chart (future roles) – Executive and Leadership Teams
        • Notice (The “Invention”) is not on this list
      • 20 page plan – Maybe, if this is what YOU need
    • Your Vision What, Why, How
      • Sell your idea
        • First have to “See” your vision (mind, eyes), then “Believe” in your vision (head and heart), then “Share” your vision (words and hands)
        • Passion, energy, AND facts
        • Clear, concise, professional
        • Must be one page: write, then edit, edit and edit – then seek outside opinions, write, edit, edit and edit, repeat.
    • See, Believe, Share
      • See your vision – Mind, Eyes
        • Describe in 1 or 2 sentences your invention, service, or idea
      • Believe in your vision – Head and Heart
        • Tell me why it will succeed, define success ($, lifestyle, etc)
      • Share your vision – Words and Hands
        • Show me the invention, service, idea
    • Marketing and Sales Strategy
      • In the end, what really matters is will your invention, service or idea sell
      • Most forget there are two equally important factors to the SELL answer both
        • the HOW : not just build a website and they will come,
          • how will you attract your customers, how will you close, how much will they pay, how will they pay, how will you retain, how will you service/support, how will (fill in the blank)
        • the WHO : 1 person, a team, wholesalers, reps
          • Who will lead: if not you, then who and why
    • Competitive Analysis
      • You (almost always) HAVE competitors now and in the future
      • You always have obstacles, how will you tackle the ones you know about
      • Market: how big, who owns, now and future
        • iPhones – what happens when Blackberry leads, etc.
        • No one will believe you will “own” the market out of the gate
        • Data, Data, Data : great place to hire an expert and pay for data BUT first, get your Vision and Framework built
    • Profit and Loss 1 to 3 year “Plans”
      • Profit and Loss Projections Summary
        • Income / Revenue (~ 5 line items)
          • Service lines
          • Product Categories
          • Subscriptions
          • Common Mistakes
            • Pricing model part of Sales and Marketing Strategy – better be believable otherwise all this work is “unbelievable”
        • Expenses (~ 5 line items)
          • Categories
            • Startup Costs
            • Sales and Marketing
            • Cost of Goods Sold
            • Operations
            • General Business
          • Common Mistakes
            • One time expenses are not one time
              • Product built, how will it be maintained, shelf life?
            • Sales and Marketing reasonable % of revenue, prior to sales, first 6 months, ongoing
            • Underestimating expenses (Legal, HR, marketing materials)
    • Case Studies
      • Outdoor ProLink
      • B-cycle
      • Specpan
      • CRUDE
      • Speedbag – iPhone App
    • Self Reflection
      • What are you good and not good at?
        • Not tasks but behavior
          • Strategic Thinker, Visionary, Customer Focused, Detailed, Decision Maker by gut or data, Process
          • STRONGLY recommend you figure this out – you don’t change these types of things
          • With that said…you will learn and do (legal, hr, accounting)
    • Everything is Possible
      • Amadeus Consulting Guiding Principle
      • So think of all the ways to make something happen…and then evaluate ROI
        • Funding
        • Partnering
        • Consultants
        • Hiring
        • ROI of not doing it