The document describes a 3-day entrepreneurial skills master class called iSTEP that is offered to researchers and business partners to raise awareness of entrepreneurial skills needed to commercialize research. The master class consists of 6 modules taught by business school professors covering topics from identifying business opportunities to creating financial plans. It aims to help prepare participants to develop business ideas through subsequent entrepreneurship programs. Past iterations were well received and helped screen candidates for follow-up bootcamps and incubators, though running it more frequently at lower cost was suggested.

1. www.FITT-for-Innovation.eu
Except where otherwise noted, this work is licensed under a Creative Commons Attribution 3.0 License.
FITT
– Fostering Interregional Exchange in ICT Technology Transfer –
Master Class in Entrepreneurial Skills

2. 2 | 03/2011 Master Class in Entrepreneurial Skills
Process in general
 iSTEP is a entrepreneurial training program on master class level to give
researchers and business partners an introduction into entrepreneurial
skills
 iSTEP supports IBBT in creating more awareness amongst the IBBT-
community about the need for complementary skills to create business
from an idea

3. 3 | 03/2011 Master Class in Entrepreneurial Skills
Process in Practice
 iSTEP is a 3-day master class of 6 teaching modules
 Free of entry for IBBT-researchers; payable for IBBT-business partners
Module1
•FromR&DtoBusiness
idea
Module2
•Marketassessmentand
determiningmarket
approach
Module3
•DrawingupaBusiness
model
Module4
•Entrepreneurs:individual
andteamcomposition
Module5
•Drawingafinancialplan
andvaluation
Module6
•Sourcesoffinancingand
waystolauncha
company
Timing: total number of days = 3

4. 4 | 03/2011 Master Class in Entrepreneurial Skills
Parts of the Process
 Module 1: Van R&D tot business idee
 Teacher: Prof. Dr. Bart Clarysse, Imperial College Business School en
Vlerick Leuven Gent Management School
 Content: to commercialise a research project different steps are
necessary. First of all a feasability study, the move from a alpha to an
beta prototype and the construction of a business case. This needs a
commercial mindset covering different aspects: the trade off between
licensing or a start up, the value of the core IP and the technology. Also
timing to market is a key aspect to evaluate.

5. 5 | 03/2011 Master Class in Entrepreneurial Skills
Parts of the Process
 Module 2: Entrepreneurs: individual and team composition
 Teacher: Prof. Hans Crijns, Vlerick Leuven Gent Management School
 Content: The person of the entrepreneur or team of entrepreneurs is a
key asset for the success of a startup. Growth ambition, openess for
people with different perspectives, search for partners. Team
management is crucial in all these challenging situations.

6. 6 | 03/2011 Master Class in Entrepreneurial Skills
Parts of the Process
 Module 3: Market potential and market approach assessment
 Teacher: Kristien De Wolf, Design London & Inceptum
 Content: Different ways to assess and quantify the market: bottom up or
top down, analysis of the value chain and partners within the value
chain. ICT companies play in a very complex environment. The insight
in the value chain is crucial to build a proper product/market matrix as
basis for a market segmentation. Further qualitative and quantitative
market research helps to define market potential and further growth.
Multiple parties needs to be addressed and a lot of desk top research is
needed.
.

7. 7 | 03/2011 Master Class in Entrepreneurial Skills
Parts of the Process
 Module 4: Create the Business Model
 Teacher: Prof. Simon Mosey, Nottingham University Business School
 Content: To identify the most effective business model specific attention
is needed for the way how value can be created with the technology and
who is prepared to pay for it. Through specific ICT examples
participants are triggerd to generate new ideas about potential business
models.

8. 8 | 03/2011 Master Class in Entrepreneurial Skills
Parts of the Process
 Module 5: Financial planning and valuation
 Teacher: Prof. Dr. Ir. Sophie Manigart, Vlerick Leuven Gent Management
School
 Content: On the basis of a template participants must analyse the reality
of the assumptions made in the template. A concrete case is followed to
make a financial plan. Attention is drawn towards the consequences of
different finance methods on the assessement of net company capital,
the activation of know how, etc. Classical ways of valuation on basis of
NPV and newer forms of valuation such as P/S, P/E and multiple
valuation with backward calculation methods are looked into.

9. 9 | 03/2011 Master Class in Entrepreneurial Skills
Parts of the Process
 Module 6: Sources of finance of a start up
 Teacher: Prof. Dr. Ir. Sophie Manigart, Vlerick Leuven Gent Management
School
 Content: different sources of finance and implications for the choosen
valuation method. In a high tech environment the valuation of
technology needs alternative approaches. VC funds follow other
principles than a banker. P/S, P/E multiples are refined in this module.
Specific expectations of VC, Business angels and public financing
bodies are treated. An agreement of association is discussed through a
concrete ICT case

10. 10 | 03/2011 Master Class in Entrepreneurial Skills
When?
 Timing
• iSTEP is organized once a year during the months november –
december, before the launch of the Bootcamp
• Normally about 25 to 30 participants are admitted to iSTEP

11. 11 | 03/2011 Master Class in Entrepreneurial Skills
Who?
 Stakeholders
• IBBT-community: researchers and business partners
• Teachers from a Business school
• Include Facts & Figures
- 25-30 participants
- 6 teachers
- Coordination by Business School: 1 person
- Coordination at IBBT: 1 person
- Budget cost: 25K

12. 12 | 03/2011 Master Class in Entrepreneurial Skills
Where?
 Location
• At the premises of the Business School or at IBBT premises

13. 13 | 03/2011 Master Class in Entrepreneurial Skills
Pro’s & Cons
 Pro’s
• Awareness building an basis entrepreneurial skill set
• Interactive master class formula on high level (business school)
 Cons
• Relative expensive formula: about 1000 euro cost per participant (if no
participation of business partners staff)
• Once a year is not enough

14. 14 | 03/2011 Master Class in Entrepreneurial Skills
Why ?
 Rationale: Why was it established?
• iSTEP supports IBBT in creating more awareness amongst the IBBT-
community about the need for complementary skills to create
business from an idea
• Building awareness of the need of more entrepreneurial skills amongst
researchers and business partners
• Researchers are not aware of the complexity of building a business case
starting from a (technological) idea.

15. 15 | 03/2011 Master Class in Entrepreneurial Skills
Why ?
 Impact: What is your experience with this practice?
• iSTEP proves to be succesful because of the interest of researchers to
follow this program. Some of them also submit a business idea for the
iBootcamp afterwards.
• iSTEP is a quick way to assess the entrepreneurial skills of the researchers
interested in the further development of business ideas
• iSTEP is a good preparation for the development of a business idea (e.g.
through a Bootcamp or through an incubation program)

16. 16 | 03/2011 Master Class in Entrepreneurial Skills
Outcome
 What happened after the implementation
• Excellent for awareness building
• Good throughput for entrepreneurial bootcamps or incubation program
• No unexpected side effects

17. 17 | 03/2011 Master Class in Entrepreneurial Skills
Outcome
 Plans for the future?
• Possibility of having more iSTEP programs per year
• Better marketing of training in netwerk of business partners

18. 18 | 03/2011 Master Class in Entrepreneurial Skills
Lessons Learned
 Looking back now, what would you …
• … do different? Nothing really
• … improve? Higher frequency at lower cost (or have more paying business
partners)
• … recommend to others? Just do it.

19. 19 | 03/2011 Master Class in Entrepreneurial Skills
Suggested Readings
 Link to bibliography
 Link to code book
 Training
 Entrepreneurship
 Link to relevant websites
 http://www.ibbt.be/istep-training-sessies