42629 lecture 11 pt 1

351 views

Published on

Published in: Education, Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
351
On SlideShare
0
From Embeds
0
Number of Embeds
11
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

42629 lecture 11 pt 1

  1. 1. Innovation and Product DevelopmentStarting your own companyJakob A. Bejbro Andersenjaban@mek.dtu.dk Unless otherwise stated, this material is under a Creative Commons 3.0 Attribution–Share-Alike licence and can be freely modified, used and redistributed but only under the same licence and if including the following statement:“Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and ProductDevelopment Department of Mechanical Engineering, The Technical University of Denmark”
  2. 2. Why start a company?•A number of practical reasons: – De-couple personal and professional risk – Get investments – Avoid VATs (DK:MOMS)•However, more importantly: – Starting a company means being your own boss. – You get to change things and create value for others. – The relation between effort and payoff cannot be clearer.2 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  3. 3. A case we all know ”Citrix buys Podio for social collaboration” Cost: Rumoured to be a nine figure acquisition!!! http://www.youtube.com/watch?v=nTs3iLy3q3Y3 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  4. 4. Why start a company – some statistics•Every year the danish governement puts out its ”Iværksætterindeks” (Entrepreneur index).•The index shows that young companies create almost half of the new jobs (Indeks 2011).•In short: –You’ll be making a difference!4 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  5. 5. Common misconceptions about starting up• ”As an entrepreneur you are left to your own devices” – Wrong, there is a mass of different organisations out there looking to help entrepreneurs (Connect DK, Vaeksthus GC, Stardust DTU and many more)• ”Denmark is a bad place to start up” – Nope, Denmark has on several occations been rated as a top three country for entrepreneurs.• ”My idea is inferior – why should I bet on it” – Not true; if you have done your homework (market analysis etc.) you probably have a good starting point.5 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  6. 6. Some important things to remember• Collatoral – as a single person company or as board member, you can be held personally responsible and be asked to provide collatoral for• Unemployment – In Denmark, you are not eligible for ! unemployment benifits if you own more than 10% of a company. !• Tax report submission – If you are self-employed, !! you will have to fill in an extended tax report.• Wages – As an entrepreneur, you can expect to get paid according to what is ledt from the company’s operations.6 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  7. 7. Choosing your company type• Depending on a number of different factors, you may choose different types of companies. Personally I/S Aps A/S owned (Interessent- (Anparts- (Aktieselskab) company skab) selskab)Documentation None Contract between Several Severalon formation founders documents DocumentsHelp from No No Yes Yesauditor/lawyerFormation capital None None DKK 80.000 DKK 500.000 !Founders provideCollateral Yes Yes Limited Limited !Board required No No Yes YesReportingrequirements Personal tax report* Personal tax report* Extensive* Extensive* !British equivalent Sole trader Limited Liability Limited Company Public Limited Partnership (LLB) (LTD) Company (PLC) * Added reporting requirements if company has employees7 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  8. 8. Personally owned company or I/S• If your turnover is less than DKK 50.000, you need to do nothing.• You can set up a company in 15 minutes on www.virk.dk• You provide collateral if the company cannot pay creditors(!).• In an I/S the ownership is shared between several persons.• The owners in an I/S provide collateral on a solidary basis.8 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  9. 9. Aps or A/S• The share capital has to be provided before forming the company – Aps: 80.000 – A/S: 500.000• This money is put on a bank account created for the company.• Again, you can use www.virk.dk, but you need a number of additional documents.• Creditors can only make claims for the share capital.• Requirement for annual report (DKK 20-30.000).• Preferred company type for early stage investors.9 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  10. 10. Exercise 1:For each group: Discuss which type of company would be interesting for your group and idea. you have 5 minutes! Share conclusions with the class!10 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  11. 11. Resources• At the website www.virk.dk, you can find a number of relevant resources: – Info on different company types. – Overview of required documents. – Descriptions of what to do when you get employees. – ...11 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  12. 12. Other practicalities- Before setting up a company, you may want to: - Find a place to sit (Createch incubator?). - Buy the domain name for your company. - Set up e-mail - ”...@hotmail.com” does not look pro - Setup a phone system. - Get business cards.12 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark
  13. 13. 13 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark

×