Toolbox Entrepreneurship In Residence Ppt Final

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Toolbox Entrepreneurship In Residence Ppt Final

  1. 1. Entrepreneurship in Residence Program FITT (Fostering Interregional Exchange in ICT Technology Transfer) www.FITT-for-Innovation.eu
  2. 2. Entrepreneurs-in-Residence: The essence  Position or title typically held by an experienced entrepreneur or business professional  Three primary functions: • Launch a new entrepreneurial venture • Assist in the evaluation of potential investments • Provide functional expertise to assist with an existing investment  Ultimate goal: ensure a newly formed technology company that it has access to the right person to manage it and take it forward 2 | 08.02.2010 Entrepreneurship in Residence Program
  3. 3. What is EiR’s Program about?  The EIR Program is all about finding • the right people • and placing them at the right place • at the right time 3 | 08.02.2010 Entrepreneurship in Residence Program
  4. 4. The right people ? WHO ?  Domain specific experience in a particular sector, e.g. ICT  Good strategic thinkers  Corporate background and/or have start-up experience  Extended network of industrial contacts  Looking for a new challenge 4 | 08.02.2010 Entrepreneurship in Residence Program
  5. 5. The right people ? WHERE ?  Events: Imperial Innovations frequently attends targeted and/or themed events and choose conferences based on technical relevance and attendees list  Networks: Interesting contacts via different networks  External consultants: Services of professional headhunting agencies, when looking for specific experience, skills or knowledge in a domain unknown to TTO’s @ Imperial Innovations  CV’s: Thanks to good reputation, spontaneous CV’s come in on a daily basis 5 | 08.02.2010 Entrepreneurship in Residence Program
  6. 6. The right place ?  Spend +/- 1 year on consulting various start-up companies in the Innovations Incubator  In general, two options after that: • Continue to add value across the portfolio, for instance by giving advice to different spin-offs • Take on a full time placement in one of the newly formed ventures 6 | 08.02.2010 Entrepreneurship in Residence Program
  7. 7. The right time ?  Needs start-up team: • Early stage ‘before the company has attracted any external funding’ • Technical risk is still very high. • No real need for executive staff • Research & Development costs run up, no money left to pay executive • ‘Entrepreneurial Chair’: central task is to refine the business plan; a temporary substitute or an affordable alternative for an official CEO • Only once external funding is needed • Invest in an experienced CEO and appoint him to approach potential investors 7 | 08.02.2010 Entrepreneurship in Residence Program
  8. 8. When is it organized ?  The program is organized on a continuous basis  First 3 EiR’s < 2006 8 | 08.02.2010 Entrepreneurship in Residence Program
  9. 9. Who’s involved in the program?  The researchers: Learn commercial skills throug interaction with EiR’s, EiR’s as coach;  Industrial partners: EiR’s come from industry; Market led approach ICBS  Technology Transfer Officers: Passive & active approach to look for new EiR’s  Commercial Services: cfr Technology Transfer Officers  New Ventures Team: cfr Technology Transfer Officers  External Consultants: Find specific skills (<David Collingham & Chris Reichhelm)  EiR’s: core of the program 9 | 08.02.2010 Entrepreneurship in Residence Program
  10. 10. Resources?  Quest for EiR’s is time, money and energy consuming  15 people in total: • TTO’s : 7 people • Commercial Services: 3 people • New Ventures: 5 people  Networking is part of their day-to-day job; no clear time restrictions  If they meet a potentially interesting EiR, they make a proposal for the board of Imperial Innovations  Susan Searle – chief executive of Imperial Innovations – makes the final decision  Once a new EiR joins the team, work can be divided 10 | 08.02.2010 Entrepreneurship in Residence Program
  11. 11. Where is the program ?  Organized internally, but EiR’s come from outside Imperial Innovations  The underlying rationale of the program is embedded in all departments  Most EiR’s are from UK  London is an attractive and vibrant place to work & live 11 | 08.02.2010 Entrepreneurship in Residence Program
  12. 12. Pro’s & Cons  Pro’s • Using existing resources – connections/relations – to improve business • Address a common problem within TTO: Finding the right people to take a business forward • spin-off companies can consult very experienced people at a very low cost  Con’s • Time, money & energy consuming to build network • Interaction business world & universities is normal in UK, not in continental Europe 12 | 08.02.2010 Entrepreneurship in Residence Program
  13. 13. Why ? Rationale EiR’s  Specific requirements start-up team: • Investors need to be convinced of the business idea • Technology needs to be translated into market needs; • Customer base needs to be developed …  Someone with commercial skills & market insight; someone with the right connections & rich experience  inventor himself seldom has good management capabilities 13 | 08.02.2010 Entrepreneurship in Residence Program
  14. 14. Why ? Impact EiR’s  The performance of the new ventures with EIR’s as CEO can serve as proxy for the success of the program  Example: EiR Daniel Green Susan Searle – chief executive of Imperial Innovations – asked Mr. Green to look around and see whether he could find anything that could make a particularly good start-up. He selected technology from a veteran professor, Robert Hill, and a younger researcher, Molly Stevens, that together could form the basis of a company specialising in “smart materials that help the body repair itself”. BioCeramic Therapeutics Ltd was founded as a small laboratory and office in the Imperial bio-incubator unit. Within 9 months of the formation the company already successfully raised £1.04 million. Daniel Green also succeeded in attracting highly qualified people to the Board, like Sir Richard Sykes who was former Chairman of pharmaceuticals company GlaxoSmithKline  EiR’s themselves are pleased with the program as well 14 | 08.02.2010 Entrepreneurship in Residence Program
  15. 15. Outcome of EiR: plans for the future  ‘The program reinforces the program’: The more Entrepreneurs-in-Residence Imperial Innovations can attract, the more successful it will be, the more widely the program will be known in industrial society and the larger Imperial Innovations’ network will become  Imperial Innovations declares in its annual report to continue the Entrepreneur-in-Residence Program 15 | 08.02.2010 Entrepreneurship in Residence Program
  16. 16. Lessons Learned  Looking back now, what would you … • … do different/improve? Start sooner ! • … recommend to others? Build up a network & stay close to the industry 16 | 08.02.2010 Entrepreneurship in Residence Program
  17. 17. Suggested Readings  Link to bibliography  Link to code book Entrepreneur Knowledge relationships Team & Network  Link to related websites http://www.imperialinnovations.co.uk/eceo http://www.bioceramictherapeutics.com/people.html 17 | 08.02.2010 Entrepreneurship in Residence Program

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