2. The 360° CUBE Pitch
Six Posters in a 6 minute Investor Pitch
SOCIAL MARKETING
PROBLEM & SALES
VISION & OPERATIONS TEAM
MISSION & KEY PARTNERS
BUSINESS FINANCIAL
MODEL MILESTONES
3. 360° Business CUBE
1. The Problem : How BIG is the problem?
2. The Solution : Our Social Enterprise’s
Vision & Mission
3. The Business Model : Getting the JOB done
for the Customer Segments
4. Marketing & Sales (and Fundraising)
5. The Team & Key Partners
6. The Financial Plan : Goals
and objectives, with a
timeline (Milestones)
4. CUBE : Preparing a Promo Video
Part 1 Describe the opportunity or problem 60 seconds
that needs to be solved.
Describe your mission and how your 60 seconds
Part 2
product meets the opportunity or
solves the problem.
Part 3 Ask your audience for their support. 60 seconds
Describe your organisation, 180
CUBE
qualifications and future plans seconds
Total 360
seconds
5. CUBE : Preparing An Elevator Speech
1 of 2
Purpose
• An elevator speech is a brief,
carefully constructed statement
Elevator that outlines the merits
of a
Speech business opportunity.
• There are many occasions when a
carefully constructed elevator
speech might come in handy.
• Most elevator speeches are 45
seconds to 2 minutes
long.
6. CUBE : Preparing an Elevator Speech
2 of 2
Step 1 Describe the opportunity or problem 20 seconds
that needs to be solved.
Describe how your product meets the 20 seconds
Step 2
opportunity or solves the problem.
Step 3 Describe your qualifications. 10 seconds
Describe your market.
Step 4 10 seconds
Total 60 seconds
7. Breakeven Analysis
Breakeven point - the level of operation
at which a business neither earns a
profit nor incurs a loss.
A useful planning tool because it shows
entrepreneurs minimum level of activity
required to stay in business.
With one change in the breakeven
calculation, an entrepreneur can also
determine the sales volume required to
reach a particular profit target.
8. Calculating the Breakeven Point
Step 1. Determine the expenses the business can expect to
incur.
Step 2. Categorize the expenses in step 1 into fixed expenses
and variable expenses.
Step 3. Calculate the ratio of variable expenses to net sales.
Then compute the contribution margin:
1 - Variable Expenses
Contribution Margin =
Net Sales Estimate
Step 4. Compute the breakeven point:
Total Fixed Costs
Breakeven Point ($) = Contribution Margin
9. Calculating the Breakeven Point:
The Magic Shop
Step 1. Net Sales estimate is $950,000 with Cost of Goods Sold
of $646,000 and total expenses
of $236,500.
Step 2. Variable Expenses: $705,125
Fixed Expenses: $177,375
Step 3. Contribution margin:
$705,125
Contribution Margin = 1 - = .26
$950,000
Step 4. Breakeven Point:
$177,375
Breakeven Point = = $682,212
.26
$
11. Raising Capital
Raising capital to launch or expand
a business is a challenge.
Many entrepreneurs are caught in a
“credit crunch.”
Financing needs in the
$100,000 to $3 million
range may be the most
challenging to fill.
12. The “Secrets” to
Successful Financing
n Choosing the right sources of capital is a
decision that will influence a company for
a lifetime.
n The money is out there; the key is
knowing where to look.
n Raising money takes time and effort.
n Creativity counts. Entrepreneurs have to
be as creative in their searches for capital
as they are in developing their business
ideas.
13. The “Secrets” to
Successful Financing
(continued)
1. The Internet puts at entrepreneur’s
fingertips vast resources of information
that can lead to financing.
2. Be thoroughly prepared before
approaching lenders and investors.
3. Entrepreneurs should not underestimate
the importance of making sure that the
“chemistry” among themselves, their
companies, and their funding sources
is good.
14. The Importance of Getting Financing or
Funding
The Nature of the Funding and Financing Process
Few people deal with the process of raising investment
capital until they need to raise capital for their own
firm.
As a result, many entrepreneurs go about the task of raising
capital haphazardly because they lack experience in this area.
Why Most New Ventures Need Funding
There are three reasons most new ventures need to
raise money during their early life.
The three reasons are shown on the following slide.
16. Alternatives for Raising Money for a
New Venture
Personal Funds Equity Capital
Debt Financing Creative Sources
17. Financing a Business
Entrepreneurs must cast a
wide net to capture the
financing they need to
launch their businesses.
Layered financing – piecing
together capital from
multiple sources.
18. Three Types of Capital
Capital is any form of wealth employed
to produce more wealth for a firm.
n Fixed - Used to purchase the permanent
or fixed assets of the business (e.g.,
buildings, land, equipment, and others).
n Working - Used to support the small
company's normal short-term operations
(e.g., buy inventory, pay bills, wages, or
salaries, and others).
n Growth - Used to help the small business
expand or change its primary direction.
19. Equity Capital
Represents the personal investment of
the owner(s) in the business.
Is called risk capital because investors
assume the risk of losing their money
if the business fails.
Does not have to be repaid
with interest like a loan does.
Means that an entrepreneur
must give up some ownership
in the company to outside investors.
20. Debt Capital
Must be repaid with interest.
Is carried as a liability on the
company’s balance sheet.
Can be just as difficult to secure as equity
financing, even though sources of debt
financing are more numerous.
Can be expensive, especially for small
companies, because of the risk/return
tradeoff.
21. Sources of Equity Financing
(continued)
Personal savings
Friends and family members
Angels
Partners
Venture capital companies
Corporate venture capital
Public stock sale – “going public”
Simplified registrations and exemptions
22. Sources of Personal Financing
1 of 2
Personal Funds
The vast majority of founders
contribute personal funds, along
with sweat equity, to their ventures.
Sweat equity represents the value of
the time and effort that a founder puts
into a new venture.
Friends and Family
Friends and family are the second
source of funds for many new
ventures.
23. Personal Savings
The first place an entrepreneur should
look for money.
The most common source
of equity capital for starting
a business.
Outside investors and lenders expect
entrepreneurs to put some of their
own capital into the business before
investing theirs.
24. Friends and Family Members
After emptying their own pockets,
entrepreneurs should turn to
those most likely to invest in the
business: friends and family
members.
Be careful! Inherent dangers
lurk in family/friendly business
deals, especially those that flop.
25. Friends and Family Members
Guidelines for family and friendship financing:
Consider the impact of the investment on everyone
involved.
Keep the arrangement “strictly business.”
Prepare a business plan.
Settle the details up front.
Never accept more than investors
can afford to lose.
Create a written contract.
Treat the money as “bridge financing.”
Develop a payment schedule that suits both parties.
Have an exit plan.
26. Sources of Personal Financing
2 of 2
Bootstrapping
A third source of seed money for a
new venture is referred to as
bootstrapping.
Bootstrapping is finding ways to avoid
the need for external financing or
funding through creativity, ingenuity,
thriftiness, cost cutting, or any means
necessary.
Many entrepreneurs bootstrap out of
necessity.
27. Examples of Bootstrapping Methods
Buying used instead of Coordinating purchases Leasing equipment
new equipment with other businesses instead of buying
Obtaining payments in
Minimizing personal Avoiding unnecessary
advance from
expenses expenses
customers
Sharing office space
Buying items cheaply but
prudently via options or employees with
Hiring
such as eBay Other businesses interns
29. Preparing to Raise Debt or Equity
Financing
2 of 3
Two Most Common Alternatives
Equity Funding Debt Financing
Means exchanging Is getting a loan
partial ownership in a
firm, usually in the
form of stock, for
funding
10-29
30. Preparing to Raise Debt or Equity
Financing
3 of 3
Matching a New Venture’s Characteristics with the Appropriate Form of
Financing or Funding
31. Sources of Equity Funding
Business
Angels
Venture Capital
Initial Public
Offerings
32. Business Angels
1 of 2
Business Angels
Are individuals who invest their
personal capital directly in start-ups.
The prototypical business angel is
about 50 years old, has high income
and wealth, is well educated, has
succeeded as an entrepreneur, and is
interested in the start-up process.
The number of angel investors in the
U.S. has increased dramatically over
the past decade.
33. Business Angels
2 of 2
Business Angels (continued)
Business angels are valuable because of their
willingness to make relatively small investments.
These investors generally invest between $10,000
and $500,000 in a single company.
Are looking for companies that have the potential to
grow between 30% to 40% per year.
Business angels are difficult to find.
34. Business Angels
Wealthy individuals who invest in emerging
entrepreneurial companies in exchange for
equity )ownership) stakes.
An excellent source of “patient money” for
investors needing relatively small amounts of
capital typically ranging from
$100,000 (sometimes less) to as
much as $5 million.
Willing to invest in the early stages of a
business.
35. Business Angels
An estimated 258,000 angels across the U.S.
invest $26 billion a year in 57,000 small
companies.
Their investments exceed those of venture
capital firms, providing more capital to 15
times as
many small companies.
Angels fill a gap in the seed capital market,
specifically in the $10,000 to $2 million range.
36. Business Angels
verage angel investment = $50,000.
ypical angel invests in 1 company per year,
and the average time to close a deal is 67
days.
2% of angels’ investments lose money, but
7% produce a return more than 10 times their
original investment.
37. Business Angels
The Challenge: Finding Them!
Network
Look nearby: within a 50- to 100-mile
radius
7 out of 10 angels invest in companies that
are within 50 miles of their homes or
offices.
Informal angel “clusters” and networks
265 angel groups across the U.S.
Internet
38. FIGURE 13.1 Angel Financing Source: Center for Venture Financing, Whittemore School of Business,
University of New Hampshire, www.unh.edu/cvr.
39. Venture Capital
1 of 3
Venture Capital
Is money that is invested by venture capital firms in
start-ups and small businesses with exceptional growth
potential.
There are about 800 venture capital firms in the U.S.
Venture capital firms are limited partnerships of money
managers who raise money in “funds” to invest in start-ups
and growing firms.
The funds, or pool of money, are raised from wealthy
individuals, pension plans, university endowments, foreign
investors, and similar sources.
The investors who invest in venture capital funds are called
limited partners. The venture capitalists are called general
partners.
40. Venture Capital
2 of 3
Venture Capital (continued)
Venture capital firms fund very few
entrepreneurial firms in comparison to
business angels.
Many entrepreneurs get discouraged when they are
repeatedly rejected for venture capital funding,
even though they may have an excellent business
plan.
Venture capitalists are looking for the “home run”
and so reject the majority of the proposals they
consider.
Venture capitalists fund between 3,000 and 4,000
companies per year, compared to about 62,000 per
year for business angels.
41. Venture Capital
3 of 3
Venture Capital (continued)
An important part of
obtaining venture capital
funding is going through the
due diligence process.
Venture capitalists invest
money in start-ups in “stages,”
meaning that not all the
money that is invested is
disbursed at the same time.
Some venture capitalists also
specialize in certain “stages”
of funding.
42. FIGURE 13.2 Venture Capital Funding
Source: Based on PriceWaterhouseCoopers http:/www.pwcmoneytree.com.
43. Venture Capital Companies
More than 740 venture capital firms
operate across the U.S.
Most venture capitalists seek
investments in the $3 million to $10
million range
Target companies with high-growth and
high-profit potential.
Business plans are subjected to an
extremely rigorous review - less than 1%
accepted.
44.
45. Venture Capital Companies
(continued)
Most often, venture capitalists invest in
a company across several stages.
On average, 98% of venture capital goes
to:
Early stage investments (companies in
the early stages of development).
Expansion stage investments (companies
in the rapid growth phase).
Only 2% of venture capital goes to
businesses in the startup or seed phase.
46. Corporate Venture Capital
About 300 large corporations across
the globe invest in start-up companies.
Approximately 6 to 8% of all venture
capital invested is from corporations.
Capital infusions are just one benefit;
corporate partners may share
marketing and technical expertise.
47. FIGURE 13.4 Angel Investing and Venture Capital Investing
Source: Robert Wiltbank and Warren Bocker, Returns to Angel Investors in Groups, Angel Capital Education
Foundation, http://www.kauffman.org/Details.aspx?id=1032, and PWC Moneytree Report, Pricewaterhouse
Coopers, https://www.pwcmonnneytree.com/MTPublic/nc/indes.jsp.
48. What Do Venture Capital
Companies Look For?
Competent management
Competitive edge
Growth industry
Viable exit strategy
Intangibles factors
49. FIGURE 13.5 Which Factors Are Most Important to Venture Capitalists?
Source: Dee Powers and Brian E. Hill, Venture Capital Survey, The Capital Connection,
http//www.capital-connection.com/survey-value.html.
50. X-Factor Test for
Venture Capital Investor
n Quality of Management Team
n Size of market
n Product qualities (uniqueness, brands,
patents)
n Intensity of competition
n Market growth rate
n Barriers to entry
n Company’s stage of development
n Industry where company is
51. Initial Public Offering
1 of 3
Initial Public Offering
An initial public offering (IPO) is a company’s first sale
of stock to the public. When a company goes public, its
stock is traded on one of the major stock exchanges.
Most entrepreneurial firms that go public trade on the
NASDAQ, which is weighted heavily toward
technology, biotech, and small-company stocks.
An IPO is an important milestone for a firm. Typically,
a firm is not able to go public until it has demonstrated
that it is viable and has a bright future.
52. Going Public
Initial public offering (IPO) - when a
company raises capital by selling
shares of its stock to the public for
the first time.
Since 2000, the average number of
companies making IPOs each year is
173.
Few companies with less than $25
million in annual sales make IPOs.
54. Initial Public Offering
2 of 3
Reasons that Motivate Firms to Go Public
Reason 1 Reason 2
Is a way to raise equity Raises a firm’s public
capital to fund current profile, making it easier
and future operations. to attract high-quality
customers and business
partners.
55. Initial Public Offering
3 of 3
Reasons that Motivate Firms to Go Public
Reason 3 Reason 4
Is a liquidity event that Creates a form of
provides a means for a currency that can be
company’s investors to used to grow the
recoup their company via
investments. acquisitions.
56. Successful IPO Candidates
Have…
Consistently high growth rates
Strong record of earnings
3 to 5 years of audited financial statements
that meet or exceed SEC standards
Solid position in a rapidly-growing industry:
Average company age is 14 years
Sound management team with experience
and a strong board of directors
57. Advantages of
“Going Public”
Ability to raise large amounts of capital
Improved corporate image
Improved access to future financing
Attracting and retaining key employees
Using stock for acquisitions
Listing on a stock exchange
58. Disadvantages of
“Going Public”
Dilution of founder’s ownership
Loss of control
Loss of privacy
Reporting to the SEC
Filing expenses
Accountability to shareholders
Pressure for short-term performance
Timing
59. Sources of Debt Financing
SME
Guaranteed
Commercial
Loans
Banks
60. Commercial Banks
Banks
Historically, commercial banks have not been
viewed as a practical source of financing for
start-up firms.
This sentiment is not a knock against banks; it
is just that banks are risk averse, and financing
start-ups is a risky business.
Banks are interested in firms that have a strong cash
flow, low leverage, audited financials, good
management, and a healthy balance sheet.
61. Sources of Debt Capital
Commercial banks
Lenders of first resort for small
businesses
Average micro-business loan = $7,400
Average small business loan = $181,000
Study: 12% of entrepreneurs receive bank
loans to start their businesses.
62. Sources of Debt Capital
From Commercial Banks
Short-term loans
Home Equity Loans
Commercial Loans
Lines of Credit
Floor planning
Immediate and Long-Term Loans
Installment Loans
Term Loans
63. Six Common Reasons Bankers
Reject Small Business Loans
“Our bank doesn’t make small business
loans.”
Cure: Before applying for a loan,
research banks to find out which ones
seek the type of loan you need.
“I don’t know enough about you or your
business.”
Cure: Develop a detailed business plan
to present to the banker.
64. Six Common Reasons Bankers
Reject Small Business Loans
(continued)
3. “You haven’t told me why you need the
money.”
Cure: Your business plan should explain
how much money you need and how you
plan to use it.
4. “Your numbers don’t support your loan
request.”
Cure: Include a cash flow forecast in
your business plan.
65. Six Common Reasons Bankers
Reject Small Business Loans
(continued)
5. “You don’t have enough collateral.”
Cure: Be prepared to pledge your
company’s assets – and perhaps your
personal assets – as collateral for the
loan.
6. “Your business does not support the loan
on its own.”
Cure: Be prepared to provide a personal
guarantee on the loan.
66. Asset-Based Lenders
Businesses can borrow money by
pledging as collateral otherwise idle
assets – accounts receivable,
inventory, and others
Advance rate – the percentage of an
asset’s value that a lender will lend.
68. Other Sources of Debt Capital
Vendor financing (trade credit)
Equipment suppliers
Commercial finance companies
Saving and loan associations
Stock brokers
69. Other Sources of Debt Capital
(continued)
Credit unions
Private placements
Small Business Investment
Companies (SBIC)
Small Business Lending
Companies (SBLCs)
70. Other Sources of Debt Financing
2 of 2
Peer-to-Peer Lending
Is a financial transaction that occurs directly between
individuals or peers.
Prosper is the best known peer-to-peer lending network.
Crowdfunding
A form of raising money that takes place, usually via the
Internet, where people pool their money to support a
start-up or other initiative, usually in return for some sort
of amenity rather than loan.
Kickstarter is a popular online crowdfunding platform.
71. Creative Sources of Financing or
Funding
Leasing Vendor Credit/
Factoring/ Credit Cards
Grant Programs Strategic
Partners
72. Internal Methods of Financing
Factoring Accounts Receivable –
selling accounts receivable outright
Leasing –
assets rather than buying them
Credit cards
73. Other Sources of Debt Financing
1 of 2
Vendor Credit
Also known as trade credit, is when a vendor
extends credit to a business in order to allow the
business to buy its products and/or services up
front but defer payment until later.
Factoring
Is a financial transaction whereby a business sells
its accounts receivable to a third party, called a
factor, at a discount in exchange for cash.
74. Leasing
1 of 2
Leasing
A lease is a written agreement in
which the owner of a piece of
property allows an individual or
business to use the property for
a specified period of time in
exchange for payments.
The major advantage of leasing
is that it enables a company to
acquire the use of assets with
very little or no down payment.
75. Leasing
2 of 2
Leasing (continued)
Most leases involve a modest down
payment and monthly payments during
the duration of the lease.
At the end of an equipment lease, the
new venture typically has the option to
stop using the equipment, purchase it
for fair market value, or renew the lease.
Leasing is almost always more expensive
than paying cash for an item, so most
entrepreneurs think of leasing as an
alternative to equity or debt financing.
76. Grant Programs
Private Grants
There are a limited number of grant
programs available.
Getting grants takes a little detective
work.
Granting agencies are low key, and
must be sought out.
Government Grants
The federal government has grant
programs.
The full spectrum of grants
available is listed at
www.mof.gov.my
Be careful of grant-related scams.
77. Strategic Partners
Strategic Partners
Strategic partners are another
source of capital for new ventures.
Many partnerships are formed to
share the costs of product or
service development, to gain
access to particular resources, or
to facilitate speed to market.
Older established firms benefit by
partnering with young
entrepreneurial firms by gaining
access to their creative ideas and
entrepreneurial spirit.
78. Strategic Partners
Giving up personal control
Diluting ownership
Sharing profits
“For every penny you get in the door,
you have to give something up.”
79. Strategic Partners
• Biotech firms often partner
with large drug companies
to conduct clinical trials and
bring new products to
market.
• The biotech firms benefit by
obtaining funding from their
partners, and the partners
benefit by having additional
products to sell.
80. FIGURE 13.8 Where Do Small Businesses Get Their Financing?
Source: Based on 2008 Survey of Small and Mid-Sized Businesses,
National Small Business Association, Washington, DC, 2009.
81. Conclusion
Capital is key for entrepreneurs.
In the face of a capital crunch, business’s
need for capital has never been greater.
Sources of capital may include:
Family and Friends
Angel Investors
Initial Public Offering
Traditional Bank Loan
Asset-based Borrowing
Federal, SME Loans, and others
82. Appendix 1 : Other
Financing Sources
Based on US Regulations
83. Sources of Equity Financing
(continued)
Public stock sale – “going public”
Simplified registrations and exemptions
84. Timetable for an IPO
Time Action
Week 1 Conduct organizational meeting with IPO team, including underwriter, attorneys,
accountants, and others. Begin drafting registration statement.
Week 5 Distribute first draft of registration statement to IPO team and make revisions.
Week 6 Distribute second draft of registration statement and make revisions.
Week 7 Distribute third draft of registration statement and make revisions.
Week 8 File registration statement with the SEC. Begin preparing presentations for road
show to attract other investment bankers to the syndicate. Comply with Blue Sky
laws in states where offering will be sold.
Week 12 Receive comment letter on registration statement from SEC. Amend registration
statement to satisfy SEC comments.
Week 13 File amended registration statement with SEC. Prepare and distribute preliminary
offering prospectus (called a “red herring”) to members of underwriting syndicate.
Begin road show meetings.
Week 15 Receive approval for offering from SEC (unless further amendments are required).
Issuing company and lead underwriter agree on final offering price. Prepare, file,
and distribute final offering prospectus.
Week 16 Company and underwriter sign the final agreement. Underwriter issues stock,
collects the proceeds from the sale, and delivers proceeds to company.
85. The Registration Process
Choose the underwriter
Negotiate a letter of intent
Prepare the registration statement
File with the SEC
Wait to “go effective” and road show
Meet all state requirements
86. Simplified Registrations
and Exemptions
Goal:
To give small companies easy
access to capital markets with
simplified registration
requirements
87. Simplified Registrations
and Exemptions
Regulation S-B
Regulation D (Rule 504): Small
Company Offering Registration (SCOR)
Regulation D (Rule 505 and 506): Private
Placements
Section 4 (6) Private Placements
Intrastate Offerings (Rule 147)
Regulation A
88. Federally Sponsored Programs
Economic Development Administration (EDA)
Department of Housing and Urban
Development (HUD)
U.S. Department of Agriculture’s Rural
Business (USDA) - Cooperative Service
Small Business Innovation Research (SBIR)
Small Business Technology Transfer
programs (STTR)
Small Business Administration (SBA)
89. SBA Loan Programs
Patriot Express Program
CommunityExpress Program
7(A) Loan Guaranty Program
Average 7(a) loan = $183,000
90. FIGURE 13.7 SBA 7(A) Guaranteed Loans Source: U.S Small Business Administration.
91. SBA Loan Programs
Patriot Express Program
CommunityExpress Program
7(A) Loan Guaranty Program
Average 7(a) loan = $183,000
Section 504 Certified Development Company
Program
Microloan Program
Average microloan = $13,000
92. SBA Loan Programs
(continued)
The Capline Program
Loans involving international trade
Export Working Capital
International Trade Program
Disaster Loans
93. State and Local Loan Programs
Capital Access Programs (CAPs) –
Designed to encourage lenders to make
loans to businesses that do not qualify for
traditional financing
Revolving Loan Fund (RLFs) –
Combine private and public funds to make
small business loans
94. SBA Guaranteed Loans
1 of 2
The SBA Guaranteed Loan Program
Approximately 50% of the 9,000 banks in the U.S.
participate in the SBA Guaranteed Loan Program.
The program operates through private-sector lenders
who provide loans that are guaranteed by the SBA.
The loans are for small businesses that are not able to
obtain credit elsewhere.
The 7(A) Loan Guarantee Program
The most notable SBA program available to small
businesses.
95. SBA Guaranteed Loans
2 of 2
Size and Types of Loans
Almost all small businesses are eligible to apply for an
SBA guaranteed loan.
The SBA can guarantee as much as 85% on loans up to
$150,000 and 75% on loans over $150,000.
An SBA guaranteed loan can be used for almost any
legitimate business purpose.
Although SBA guaranteed loans are utilized more
heavily by existing small businesses than start-ups, they
should not be dismissed as a possible source of
financing.
97. SBIR and STTR Grants
1 of 4
The full spectrum of grants available is listed at
www.grants.gov
SBIR and STTR Programs
The Small Business Innovation Research (SBIR) and
the Small Business Technology Transfer (STTR)
programs are two important sources of early-stage
funding for technology firms.
These programs provide cash grants to entrepreneurs
who are working on projects in specific areas.
The main difference between the SBIR and the STTR
programs is that the STTR program requires the participation
of researchers working at universities or other research
institutions.
98. SBIR and STTR Grants
2 of 4
SBIR Program
The SBIR Program is a competitive grant program that
provides over $1 billion per year to small businesses in
early-stage and development projects.
Each year, 11 federal departments and agencies are
required by the SBIR to reserve a portion of their R&D
funds for awards to small businesses.
Guidelines for how to apply for the grants are provided
on each agency’s Web site.
99. SBIR and STTR Grants
3 of 4
SBIR Program (continued)
The SBIR is a three-phase program, meaning that firms
that qualify have the potential to receive more than one
grant to fund a particular proposal.
Historically, less than 15% of all Phase I proposals are
funded. The payoff for successful proposals, however,
is high.
The money is essentially free. It is a grant, meaning that it
doesn’t have to be paid back and no equity in the firm is at
stake.
The small business receiving the grant also retains the rights to
any intellectual property generated as the result of the grant
initiative.
100. SBIR and STTR Grants
4 of 4
SBIR Three-Phase Grant Program
101. Further Reading
Scarborough, Norman, M. 2011. Essentials of
Entrepreneurship and Small Business
Management. 6th edition. Pearson.
Brooks, Arthur C. (2006) Social Entrepreneurship :
A Modern Approach to Social Value Creation.
Pearson
Barringer, Bruce R. & Ireland, R. Duane, 2011
Entrepreneurship – Successfully launching new
ventures 4th edition, Pearson.
Schaper, M., Volery, T., Weber, P. & Lewis, K. 2011.
Entrepreneurship and Small Business. 3rd Asia
Pacific edition. John Wiley.
Editor's Notes
This "Deco" border was drawn on the Slide master using PowerPoint's Rectangle and Line tools. A smaller version was placed on the Notes Master by selecting all of the elements (using Select All from the Edit menu), deselecting the unwanted elements such as the Title (holding down the Shift key and clicking on the unwanted elements), and then using Paste as Picture from the Edit menu to place the border on the Notes Master. After pasting as a picture, we used the resize handles (with Shift to maintain the proportions) to reduce it to the size you see. Be sure to delete this word processing box before using this template for your own presentation.