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42629 lecture 11 pt 1

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  • 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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 Original material by Jakob A. Bejbro Andersen for course 42629 – Innovation and Product 2012 Development Department of Mechanical Engineering, The Technical University of Denmark