The Innovation Agency transferable skills workshop 2

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Slides from part 2 of the transferable skills workshop held by The Innovation Agency at the University of Cambridge

Slides from part 2 of the transferable skills workshop held by The Innovation Agency at the University of Cambridge

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  • 1. Cambridge UniversityTransferable Skill Workshop Commercialising R&D
  • 2. Welcome & Content Recap of the first session Where are we trying to get to? Asking the right questions Business modelling – introducing the business model canvas  An example business model  The Workshop The Investment deck Marketing your business The Innovation Agency Cambridge University Transferable Skills
  • 3. Recap Push – Pull What - WHY Technology Push Market Pull Understanding the WHY of what you are doing Have you tested your pitch? Cambridge University Transferable Skills
  • 4. Where are we trying to get to? To develop an appreciation of the fundamentals of planning and communicating a business
  • 5. Building a believable story Communicating the story Cambridge University Transferable Skills
  • 6. Introducing the Business Model Canvas Developed as by Alex
  • 7. Business Model Canvas Cambridge University Transferable Skills
  • 8. Intro VideoCambridge University Transferable Skills
  • 9. Cambridge University Transferable Skills
  • 10. Cambridge University Transferable Skills
  • 11. Guesstimates / Assumptions Users/Customers  Resources  Number of monthly  Number of employees: 2k active FB users: 500M (source: FB factsheet) (source: FB factsheet)  Number of servers: ???  Number of daily active  Costs FB users: 250M (source:  Average salary FB factsheet) (guesstimate): 150k  Average time users (source: spend on FB per FB salaries) month: 1′400 minutes  HR costs: 300M -> 46 min/day (deduction) (guesstimate source:  IT costs (guess):???? FB factsheet) Cambridge University Transferable Skills
  • 12. Guesstimates / Assumptions Revenue Streams  How could its advertising  Advertising – Average revenues (e.g. banners and CPM: $0.625 (source: text advertising breakdown) Blogpost) really be?  Annual page views: 3.12  What budgets are Fortune Trillion (source: Blogpost) 500 companies putting into  Facebook Credits: 30% Facebook advertising? revenue cut (source:  How many SMEs and micro- TechCrunch) enterprises are using OPEN QUESTIONS Facebook for advertising? How high could Facebook’s  How much could Facebook costs for its IT infrastructure already be earning from (capital expenditure and Facebook Credits, even if operating costs be? this virtual currency is still in BETA? Cambridge University Transferable Skills
  • 13. The WorkshopDevelop a canvas.....
  • 14. Get ready to pivot Key insights come from talking to people 15 minutes with a customer beats 10 hours hypothesising Be flexible and willing to be wrong Encourage criticism and use the feedback Be aware of the limits of theoretical models Talk to people – all the time Be Humble Cambridge University Transferable Skills
  • 15. The ways the canvas gets used... Different levels of mastery
  • 16. Levels of Mastery Level 0 Strategy – The Oblivious: Focus on products/value propositions alone rather than the value proposition AND the business model. Level 1 Strategy – The Beginners: Use the Business Model Canvas as a checklist. Level 2 Strategy – The Masters: Outcompete others with a superior business model where every one of the business model building blocks reinforce each other (e.g. Nintendo Wii, Nespresso, Dell). Level 3 Strategy – The Invincible: Continuously disrupt themselves while their business models are still successful (e.g. Apple, Cambridge University Transferable Skills
  • 17. The Investment DeckGetting the message across in an engaging way
  • 18. Hockey Sticks!Cambridge University Transferable Skills
  • 19. Why, How, What Engagement is best gained when the WHY is explained first........ if you nail the WHY, the How and What is straightforward Investors are no different  Why – what is the motivation, societal need, benefit that your business brings  How are you going to deliver the Why?  What, in detail, are you going to do? Cambridge University Transferable Skills
  • 20. What the Investors say they want to see in an investment deck
  • 21. The Investment Deck The Perfect Pitch using x7 slides:Bindi Karia, VC Emerging Business lead for Microsoft
  • 22. The Investment Deck1) Your Value Proposition2) The Problem3) Your Solution4) The Marketplace5) Your Team6) Business Execution7) Business Model Cambridge University Transferable Skills
  • 23. The Investment Deck The Perfect Pitch using X10 slides:Guy Kawasaki, former chief evangelist Apple Inc
  • 24. The Investment Deck1) Problem2) Your Solution3) Business Model4) Underlying magic technology5) Marketing and Sales6) Competition7) Team8) Projections and milestones9) Status and timeline10)Summary and call to action Cambridge University Transferable Skills
  • 25. The Investment Deck The Perfect Pitch using X13 Slides:Mark Suster, Entreprenuer turned VC
  • 26. The Investment Deck1) Team Bio2) 100 Meter view of your company3) Problem definition4) How do you solve the problem: Demo?5) Market Sizing6) Warning: Market sizing pitfalls7) Competition8) Customer Adoption – Traction9) Team10) Financial Projections11) Use of Proceeds12) Fundraising process – next steps13) Appenix Slides: Back up slides Cambridge University Transferable Skills
  • 27. The Investment Deck Top ten lies of Entreprenuers
  • 28. The Investment Deck Top ten lies of Entreprenuers1) “Our projections are conservative.”2) “Jupiter says our market will be 50 billion in ten years.”3) “Several Fortune 500 companies are set to do business with us.”4) “No one else can do what we are doing.”5) “Hurry up because other investors are about to do a deal.”6) “The large companies in our market are too slow and too dumb to compete.”7) “Our management team is proven.”8) “We filed patents so our intellectual property is protected.”9) “Our product will go viral.”10)“All we have to do is get 1% of the market.” Cambridge University Transferable Skills
  • 29. The Investment Deck Top ten lies of Investors
  • 30. The Investment Deck Top ten lies of Investors1) “I liked your company, but my partners didnt.”2) “We are patient investors who want to help you build a great company.”3) “If you get a lead, well invest too.”4) “There are no companies in our portfolio that conflict with what youre doing.”5) “Show us some traction, and well invest.”6) “We love to co-invest with other firms.”7) “Were investing in your team.”8) “We have lots of bandwidth to dedicate to your company.”9) “This is a plain, vanilla termsheet.”10)“We will get other companies in our portfolio to work with you.” Cambridge University Transferable Skills
  • 31. The Investment Deck Question:Do you know the difference between the lies of entrepreneurs and the lies of investors ?
  • 32. The Investment Desk Answer: The Investors have money
  • 33. Marketing your Business#1 – know who you are marketing to
  • 34. Marketing Your Business Creating a burning platform:Three essential elements Why buy anything? Avoid building a feature not a company (FNAC) Why buy Mine? Understand what your customer pain point solves and why your business is more cost effective than others Why buy now? This question kills most sales cycles including raising venture capital Cambridge University Transferable Skills
  • 35. The Innovation Agency......taking Research to Market
  • 36. Individual follow ups Contact us if you would like toinvestigate how to take your research to market
  • 37. Thank youTalk to us about commercialising your research