Your SlideShare is downloading. ×
0
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea--Obermeyer

669

Published on

Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea …

Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea

Jon Obermeyer

Jon Obermeyer, Director of External Education and Outreach at Wake Forest University Institute for Regenerative Medicine, and former CEO of the Piedmont Triad Entrepreneurial Network (PTEN), will be our dynamic lunchtime speaker providing us with a toolkit for developing entrepreneurial ideas.

Entrepreneurs seeking venture capital follow a standard format for attracting outside investment, using six topic areas to describe concisely and compellingly the viability of a new product or service. This same process can be used for library professionals to articulate and promote their innovative concept to peers, administrators and strategic partners. Return-on-investment for this session will include an understanding of what makes a new idea compelling and more likely to be successful in execution, as well as a one-page template participants can use following the conference.

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

  • Be the first to like this

No Downloads
Views
Total Views
669
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
11
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea Inspiration, Innovation, Celebration Conference June 3, 2009 Jon Obermeyer, Director of External Education and Outreach
  • 2. About the Institute <ul><li>One of the largest institutes globally for regenerative medicine </li></ul><ul><li>www.wfirm.org </li></ul><ul><li>180 researchers (faculty, post-docs, graduate students) led by Dr. Atala </li></ul><ul><li>23 countries represented in 10 research cores - 60,000 s.f. facility </li></ul><ul><li>30 academic collaborations, with joint institute in Kyungpook, Korea </li></ul><ul><li>Co-lead with UPMC, Rutgers and Cleveland Clinic on $85 million, 39-member Armed Forces Institute for Regenerative Medicine (AFIRM) </li></ul><ul><li>22 different organs and tissues </li></ul><ul><li>First in the world to successfully implant a laboratory-grown organ into humans (bladder) </li></ul><ul><li>Discovered new type of stem cell in amniotic fluid and placenta </li></ul><ul><li>Biomaterial innovation (electrospun scaffolds for vasculature) </li></ul><ul><li>Enabling technologies (ink-jet printing of organs and tissues) </li></ul><ul><li>More than 100 projects in the translational pipeline to treat patients </li></ul><ul><li>Nine spin-off companies (MA and NC) </li></ul><ul><li>Regenerative Medicine Foundation and Regenerative Medicine Alliance </li></ul>
  • 3. Entrepreneurial CV <ul><li>MFA 1985 – Creative Writing </li></ul><ul><li>Banking: training manager, branch manager and commercial lender </li></ul><ul><li>Economic development: high-growth focus </li></ul><ul><li>Project manager for entrepreneur </li></ul><ul><li>Owner and GM of exhibition services company </li></ul><ul><li>Two investor-backed start-ups </li></ul><ul><li>Piedmont Triad Entrepreneurial Network </li></ul><ul><li>Portfolio of 32 ventures: $650k in grants leveraged to $8.8 million </li></ul><ul><li>PTEN Capital Connects! forum ventures: $35 million raised </li></ul><ul><li>Network of attorneys, “angel” investors and venture fund executives </li></ul><ul><li>Domains: medical devices, logistics technology, financial services, new media, nanotechnology/advanced materials, regenerative medicine </li></ul><ul><li>In-depth consultations and assistance to an average of 40 start-up companies annually since 1989 (data set = 800+) </li></ul>
  • 4. Defining Entrepreneurship
  • 5. Entrepreneurship
  • 6. Entrepreneurs Learn on the Fly Not exactly like the crosswind in the flight simulator….
  • 7. Entrepreneurs Without Borders “ There’s quite a bit we can learn from a company like Dell.” – Dr. Steven Nichtberger, CEO, Tengion CHILE BOLIVIA
  • 8. Elm Street Entrepreneur A Tale of Pneumonia, Blue Gum Eucalyptus, the 8 th Largest Company in the World, Greensboro’s Center for Creative Leadership, and Potential Cures for Diabetes, Cancer and CNS Disorders
  • 9. Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub ® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil ®
  • 10. Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub ® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil ® 1985 Vick Chemical Acquired by Procter & Gamble P&G 2 Greensboro plants 850 employees 5 th largest taxpayer Sure, Secret, Crest, Old Spice
  • 11. Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub ® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil ® 1985 Vick Chemical Acquired by Procter & Gamble P&G 2 Greensboro plants 850 employees 5 th largest taxpayer Sure, Secret, Crest, Old Spice 1970 Smith Richardson Foundation seeds Center for Creative Leadership VapoRub ® Multiplier - Vanguard Cellular (1999:$1.5B to AT&T) - TransTech Pharma - Buzz Off
  • 12. A Cast of Entrepreneurs <ul><li>Porter & Tate (retail drug store) </li></ul><ul><li>Lunsford Richardson (Inventor) </li></ul><ul><li>Smith Richardson (Marketing Genius) </li></ul><ul><li>Marketing Innovation: free samples, in-store displays, streetcar advertising, roadside signs </li></ul><ul><li>Edward Mabry (Vick Chemical growth through R&D) </li></ul><ul><li>Procter & Gamble (acquisition creates wealth) </li></ul><ul><li>Richardson family (Center for Creative Leadership) </li></ul><ul><li>Leeolou, Griffin, Preyer et. al. (Vanguard Cellular) </li></ul><ul><li>Vanguard executives at TransTech Pharma, Buzz Off </li></ul>
  • 13. Return on Innovation (ROI) Entrepreneurs Who Solve Large Problems Create: 1. New products and services 2. New business models 3. Entire industries 4. High-wage jobs 5. Jobs requiring minimum of an Associates degree 6. Transition for down-sized corporate executives 7. Sophisticated supplier networks 8. Corporate Headquarters 9. Churn, adaptive behaviors and a culture of risk 10. Wealth and philanthropy
  • 14. WIFM <ul><li>Well, that’s all very interesting Jon, but what does any of this have to do with me or my library? </li></ul>
  • 15. No Librarian Left Behind Entrepreneurial Fluency Means a Place on the Bus
  • 16. Gown Embraces Town <ul><li>Trustees are more than likely entrepreneurs or represent entrepreneurial interests </li></ul><ul><li>General Administration mandates (economic engines) </li></ul><ul><li>Bayh-Dole: Tech Transfer v. Tenure Track (profit or perish) </li></ul><ul><li>Chancellors, Provosts and Deans are creating entrepreneurial ecosystems on campus </li></ul><ul><li>Ph.D.s in Entrepreneurship are commanding the highest B-School salaries </li></ul><ul><li>With $ cutbacks, how else do you support enrollment growth, financial aid and development of new schools and programs? </li></ul><ul><li>= Ubiquitous entrepreneurship </li></ul><ul><li>= Comprehensive reach of libraries makes you ideal conveners of the disparate elements needed for innovation </li></ul>
  • 17. Cost and Time to Market <ul><li>Blockbuster Drug ($1.5 billion - 14.2 years) </li></ul><ul><li>Class III Medical Device ($20 million – 5 years) </li></ul><ul><li>Software Package ($7 million – 4 years) </li></ul><ul><li>Class II Medical Device ($3 million – 3 years) </li></ul><ul><li>Energy Drink ($1.2 million – 3 years) </li></ul><ul><li>Daycare Center ($250,000 – 6 months) </li></ul><ul><li>Hot Dog Stand ($15,000 – 60 days) </li></ul><ul><li>Sole Proprietorship/Services ($0 – 1 day) </li></ul>
  • 18. The Entrepreneurial Process Commercialization Idea Exit
  • 19. The Entrepreneurial Process Commercialization Idea Proof of Concept Exit Create Going Concern Remove Technical Risk Remove Market Risk
  • 20. The Entrepreneurial Process Commercialization ROI ROI Idea Proof of Concept Seed Funding Exit Initial Public Offering Acquisition Profits Debt and Venture Funding Remove Technical Risk Remove Market Risk Create Going Concern
  • 21. 80% Failure Rate for Start-Ups Commercialization alley of Death alley of Death Idea Proof of Concept Exit Remove Technical Risk Remove Market Risk Create Going Concern
  • 22. The Steepest Slope of All Commercialization alley of Death alley of Death Incline of Inexperience Idea Proof of Concept Exit Remove Technical Risk Remove Market Risk Create Going Concern
  • 23. Focus on the Footings
  • 24. Six Steps Problem “Exit” Team Solution “Product” Funding
  • 25. 1. Problem <ul><li>Elevator Pitch </li></ul><ul><li>Articulate “Pain Point” </li></ul><ul><li>Articulate Size of Problem Including Growth Trends </li></ul><ul><li>Cite Credible Sources </li></ul><ul><li>Clear </li></ul><ul><li>Concise </li></ul><ul><li>Compelling </li></ul><ul><li>Usually the weakest link </li></ul>Problem “Exit” Team Solution “Product” Funding
  • 26. 2. Solution <ul><li>Strategic versus tactical </li></ul><ul><li>Highlight benefits, not features </li></ul><ul><ul><li>Saves Time </li></ul></ul><ul><ul><li>Saves Money </li></ul></ul><ul><ul><li>Convenience </li></ul></ul><ul><ul><li>Peace of Mind </li></ul></ul><ul><li>Why is solution unique? </li></ul><ul><li>Why is it worth investigation? </li></ul><ul><li>Platform versus product </li></ul><ul><li>Sets stage for details </li></ul>Problem “Exit” Team Solution “Product” Funding
  • 27. 3. Product <ul><li>Easiest Part </li></ul><ul><li>Details </li></ul><ul><li>Technical Specs </li></ul><ul><li>The “What” </li></ul><ul><li>Scale and Scope </li></ul><ul><li>Numbers and Stats </li></ul><ul><li>Logical conclusion to problem-solution set-up </li></ul><ul><li>Voted “Most likely to be modified” </li></ul>Problem “Exit” Team Solution “Product” Funding
  • 28. 4. Team <ul><li>Build the Team </li></ul><ul><ul><li>Functional Experience </li></ul></ul><ul><ul><li>Domain Experience </li></ul></ul><ul><ul><li>Initiative and Value-Add </li></ul></ul><ul><ul><li>Political Considerations </li></ul></ul><ul><ul><li>Succession </li></ul></ul><ul><li>Conduct Gap Analysis </li></ul><ul><li>Add Outside Resources </li></ul><ul><ul><li>Advisory Board </li></ul></ul><ul><ul><li>Vendors </li></ul></ul>Problem “Exit” Team Solution “Product” Funding
  • 29. 5. Funding <ul><li>Entrepreneurs embrace risk </li></ul><ul><li>Investors reduce risk </li></ul><ul><li>Investors back solution-driven teams with vision and drive (jockeys versus horses) </li></ul><ul><li>Create Pro Forma budget for three to five year period </li></ul><ul><li>Ok to lose money (red numbers) if your exit is the payback </li></ul><ul><li>Rule of Thumb: 2-3x what you think </li></ul>Problem “Exit” Team Solution “Product” Funding
  • 30. 6. Exit <ul><li>Failure is a possible exit </li></ul><ul><li>Look for salvage value </li></ul><ul><li>Exits are a natural conclusion because problems are solved </li></ul><ul><li>Exits create new opportunities </li></ul><ul><li>Exits build credibility for future projects: </li></ul><ul><ul><li>Investors return funds upstream </li></ul></ul><ul><ul><li>Teams identify new problems </li></ul></ul><ul><ul><li>Teams disband or disperse and re-form </li></ul></ul><ul><ul><li>Successful team members become investors, philanthropists, advisors, teachers </li></ul></ul>Problem “Exit” Team Solution “Product” Funding
  • 31. Six Steps = Six Paragraphs <ul><li>Template for a one-page Executive Summary </li></ul>Problem “Exit” Team Solution “Product” Funding
  • 32. Thank you <ul><li>Create the Special Place </li></ul><ul><li>We are all born entrepreneurial </li></ul><ul><li>Innovation is innate </li></ul><ul><li>Create conditions for serendipity and spontaneous discovery </li></ul><ul><li>Celebrate connections </li></ul><ul><li>Inspire the next generation </li></ul>

×