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Msu Product Center Resources
 

Msu Product Center Resources

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2009 FSEP Conference

2009 FSEP Conference

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    Msu Product Center Resources Msu Product Center Resources Presentation Transcript

    • The MSU Product Center Services Tom Kalchik Associate Director Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Product Center • March 2003 (operational Jan. 2004) • Memorandum of Understanding (MOU) – College of Agriculture and Natural Resources (CANR) – Michigan State University Extension (MSUE) – Michigan Agricultural Experiment Station (MAES) – Renewed 2009 for 5 years • Department of Agricultural, Food and Resource Economics (AFRE) Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Mission • Create networks of resources • Deliver services that support the development of new ventures, entrepreneurs, and entrepreneurial communities • Strive to spark business innovation and economic development in agriculture, food, natural resources and bioeconomy through collaboration, knowledge and best practices • Work on behalf of our Michigan stakeholders – Customers who want to develop ventures and their entrepreneurial talents – Service providers from Michigan State University and from the broader private and public sectors – Sponsors both inside and outside the university Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Strategies • Venture Development and Service Networks • Entrepreneurial Development • Market Research Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • How does the PC help? • Develop a concept – Is there a market? – Can you produce it? – Can you deliver it? – Can you finance it? – What is your risk tolerance? Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • How does the PC help? • Develop a concept • Basic business plan – Executive Summary – Mission Statement, History, & Objectives – Business Organization/Operations – Marketing Plan – Management/Human Resources – Financial Plan – Supporting Documents Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • How does the PC help? • Develop a Concept • Basic business plan • Advanced planning – Detailed feasibility analysis – Production processes – Supply chain arrangements – Legal/organizational issues – Regulatory compliance – Financing Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC Innovation Counselor/ Educator Network Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • MarketMaker – A web-based resource that provides a link between producers, processors, wholesalers, retailers, farmers' markets, food service providers and end- consumers within the food supply chain – www.mimarketmaker.msu.edu Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • Access to MSU resources – Food Science and Human Nutrition – Packaging – Advertising, Public Relations, & Retailing – Agriculture, Food and Resource Economics – College of Law – Small Business and Non-profit Law Clinic – Eli Broad College of Business – Capstone Courses Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • Market Research – Market analysts – Mintel consumer research reports – Mintel Global New Products Database (for food and beverage) • On-line public reports • Private for-fee reports Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • Website: www.productcenter.msu.edu Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • Outreach staff – Tom Kalchik, Associate Director • kalchikt@msu.edu • 517-432-8752 – Matt Birbeck, Project Consultant • birbeckm@msu.edu • 517-432-8753 – Dianne Novak, Specialized Services Consultant • novakdi@msu.edu • 517-432-5754 – Janice Harte • harteja@msu.edu • 517-355-8474 Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • Market Analysts – Chris Peterson, Director • peters17@msu.edu • 517-355-1813 – Bill Knudson, Market Analyst • knudsonw@msu.edu • 517-355-2176 – Getachew Abate • abatekas@msu.edu • 517-355-0337 Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Resources of PC • Bioeconomy – Ruben Derderian, Associate Director • derden7@msu.edu • (517) 432-1676 Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • The Challenge • To systematically turn a business or product idea into a real start-up or launch. • Desire often overwhelms reason. – The glory of the idea • “Build it and they will come.” • “Everyone will want it.” • “It’s the greatest thing since sliced bread.” – Missing the logical flow of development • Operational detail before concept/strategy development • Production before marketing • No consideration of the real return potential Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • The Intuition about Process • First, tell a plausible “fairy tale” about the idea of the venture? – Market/customer driven – Internally consistent and appealing • Then, will the venture make a reasonably profit if everything goes well? • Finally, what is the venture’s potential to work (feasibility)? Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Service Portfolio (examples) Venture Market Entrepreneurial Service Tiers Development Research and Community Development Concept Development Concept Definition Market Briefings “Road to Independence” “Creating Innovation” Venture NxLeveL, Purdue Market Analyses Business Boot Camp Software, Fastrac, Fundamentals workbooks, etc. Specialized Services Faculty teams, Market Feasibility Seminar modules, consultant referrals, Analyses e.g., contracting, sensory testing venture capital Services for Start- Referrals to added Analysis updates E&I Club expertise or back to ups other services Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Results (since 2004) Number Total counseling sessions 11,509 Concept development 1,094 Business fundamentals 754 Specialized services 538 Launched new ventures 127 606 new jobs (actual) + 348 retained $194 million annual sales increase $201 million invested Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Results (FSEP Area) Customers Sessions Hours Miles Jackson 35 301 408 676 Lenawee 29 345 354 1,041 Monroe 27 239 282 466 Washtenaw 62 744 882 858 Wayne 77 941 1,131 1,334 Total 230 2,570 3,057 7,375 Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Results (FSEP Area) Total Customers = 230 Customers Concept Development 149 Venture Fundamentals 146 Specialized Services 37 Service after Start-Up 42 Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Results (FSEP Area) Ventures Launched 24 Jobs Created 180 Jobs Retained 17 Sales Increase $ 116,905,850 Capital Invested $ 95,592,143 Bus ine s s innov ation in ag riculture , food and natural re s ource s
    • Bus ine s s innov ation in ag riculture , food and natural re s ource s