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01 kick off seminar-intro
1. Maissenhälter, Reetz – Alexy, Milanow
Kick-off
1
Advanced Topics in Entrepreneurship
Benedikt Maissenhälter / David Reetz
Prof. Dr. Oliver Alexy / Prof. Hana Milanov PhD
Applied Business
Venturing
Kick-off
3. 3
Who are the instructors?
David Reetz
§ Research Assistant at the
Chair of Strategic Entrepreneurship
§ Education:
─ MSc in Innovation Management & Entrepreneurship
(Manchester Business School)
─ M.A. in Industrial & System Design
(University of Kassel)
§ Work Experience:
─ Co-Founder of Kaffeination Ltd
─ Design, Consulting (IT, Telco, Product +
Business Development)
§ Research: Small firm survival strategies
5. 5
Who are the instructors?
Benedikt Maissenhaelter
§ Research Assistant at the
Chair of International Entrepreneurship
§ Previously: Strategy Consultant
─ Advised multinational firms on corporate strategy,
marketing, and M&A
─ Worked across Europe
§ Education:
─ M.A. in Finance (University of St. Gallen)
─ MSc in Economics (London School of Economics)
§ Research: Internationalization of Venture Capital
Firms
6. 6
Who are the instructors?
Prof. Hana Milanov, Ph.D.
§ Professor of International Entrepreneurship at
TUM
§ Adjunct Professor at IE Business School, Madrid,
Spain; IGBS in Zagreb, Croatia
§ Previously: Professor of Entrepreneurship, IE
Business School (2007 – 2012)
§ Education: MSc and PhD in Entrepreneurship
and Strategy, Kelley School of Business, Indiana
University (2003 – 2007)
§ Advisory and Mentoring of Entrepreneurial Teams
§ Research: intersection of entrepreneurship,
internationalization and social network
perspective
7. Prof. Dr. Oliver Alexy
§ Professor of Strategic Entrepreneurship at TUM
§ First degree in Management Information Systems
(Regensburg)
§ PhD in Innovation Management (TUM)
§ Post-doc & Lecturer in Innovation and
Entrepreneurship (Imperial)
§ Job experience in Consulting, IT
§ Research on organizational design and firm
capabilities
─ Start-up success factors, open models of innovation
7
Who are the instructors?
8. 8
Maissenhälter, Reetz – Alexy, Milanov
Kick-off
Getting to know you
Who are you?
Why entrepreneurship and why this course?
What makes you entrepreneurial?
9. 9
Course Objectives
Enable you to develop your own business idea
in a high-tech environment
Give you the fundamental skills to identify
and enact on entrepreneurial opportunities
Improve your team-working skills: You will work
on a task and with a team you do not know yet
10. Session
Date
Time and Room
Topic
# 1
October 17, 2013
10.00-12.00
Room 0544
Kick-off
# 2
October 24, 2013
9.00-15.00
Room 0544
Ideation & Creativity
# 3
November 14, 2013
10.00-12.00
Room 0544
Technology & Entrepreneurship
# 4
November 27, 2013
12.30-15.00
Room 6009 (Karlstr. 45)
Elevator Pitch
# 5
December 06, 2013
9.00-14.00
Room 0544
Strategy
# 6
December 2013
TBA
Route to Market and Operationalization
# 7
January 2014
TBA
3-Day Field Trip to Berlin
# 8
January 24, 2014
10.00-12.30pm
Room 0544
Financing a Start-up
# 9
January 30, 2013
14.00-17.30pm
Room 6009 (Karlstr. 45)
Slide Writing and Presentation Training
# 10
February 04, 2014
10.00-14.00
Room Z536
Final Presentation and Course Wrap-up
10
Sessions
12. 12
#2: Ideation & Creativity
§ Go beyond brainstorming to identify potential
business ideas
§ Learn to think interdisciplinary, holistically, and user-
centered from the beginning – and play to your
strengths and goals
§ At the end of this class: have a pool of ideas
to pick from and to further develop
§ Ideation contest
24.10.2013, 9am-3pm
Room 0544, Luisenstraße 5 (Main Campus)
Oliver
Gerstheimer
Managing Director
chilli mind GmbH
§ Team formation (4 students) until 31st October 2013
§ Topic check until 8th November 2013
13. 13
#3: Technology & Entrepreneurship
§ An introduction to entrepreneurship in a high-tech field
§ Tackling the challenge of starting a business and
operationalizing a business opportunity
§ Experience the case study method
§ Harvard Business School case 800-252:
E-Ink: Financing growth
14.11.2013, 10am-12pm
Room 0544, Luisenstraße 5 (Main Campus)
Prof. Hana
Milanov, PhD
Professor of
International
Entrepreneurship,
TUM
§ Preparation of the assigned ‘Harvard case’
§ Written Assignment (1/2 page, individually,
deadline 12.11.2013, 23:59 via email)
14. 14
#4: Elevator Pitch
§ Evaluation of your ideas and assessment of potential
markets & competitors
§ Pitch your early business opportunity while getting up
to the 6th floor à make us interested!
§ Receive feedback from the jury and your peers
§ Win a prize for your project
27.11.2013, 12.30pm-3pm
Room 6009, Karlstraße 45
“Jury”
Andreas Liebl
Laura Ebert
Lidia Tseitlin
Management
Consultans
§ Hand in a short written description of your opportunity
in advance, deadline 24.11.2013, 23:59 via email
15. 15
#5: Strategy
§ Work on a real-life business case, analyze a
competitive situation of a company and develop
a strategy
§ Familiarize with strategy development before applying
it to your venture
06.12.2013, 9am-2pm
Room 0544, Luisenstraße 5 (Main Campus)
Sascha
Peter
Associate Partner
Monitor Deloitte
Strategy Consulting
§ Re-assess and test assumptions about
your business idea
§ How can you operationalize it?
§ Which evidence do you have?
16. 16
#6: Route to Market – Operationalization
§ How to launch the venture and acquire customers
§ What are the challenges to consider when growing the
business and key factors that investors are looking for
§ Which milestones need to be reached at what time to
make the business likely to succeed?
December 2013, TBA
Moritz
Werner
Founder and
Co-CEO at
21Diamonds
§ Continue refining your opportunity
17. 17
#7: Three-day Field Trip to Berlin
§ Coaching session during the train ride
§ Visit of start-ups, incubators, and institutions
§ Early – Mid January (tba)
§ Travel by train (we cover expenses)
18. 18
#8: Financing a Start-up
§ Insights and "war stories" on financing the growth of a
successful start-up
§ Information on financing options
§ How to find and engage with investors
§ What to look for in investors & how to collaborate
with them
§ How to successfully exit the start-up
24.01.2014, 10am-12.30pm
Room 0544, Luisenstraße 5 (Main Campus)
Sebastian
Bärhold
Co-founder & CFO
Amiando
§ Prepare a first version of your final pitch!
19. 19
#9: Slide Writing & Presentation Training
§ Effective and professional communication of
business idea
§ Slide writing training (90 min)
§ Presentation training (90 min)
30.01.2014, 2-5.30pm
Room 6009, Karlstraße 45
Tobias van der
Linden
Stefan Drüssler
Management
Consultants
§ Refine and rehearse your final pitch
20. #10: Final Presentation
§ Final team presentations (10 min presentation, 10-15 min Q&A)
§ Panel of entrepreneurs and venture capitalists
§ Reflecting the course
04.02.2014, 10am-2pm
Room Z536, Luisenstraße 5 (Main Campus)
§ Use the feedback provided and include it in your final report
(deadline 13.03.2014)
§ Optional: For the Intel Business Challenge – make sure you have an
advanced version of your business plan by now
20
22. 22
Agenda
Introduction to the Seminar
What is Entrepreneurship?
─ Key Elements of Entrepreneurship
─ Risk and Uncertainty
─ Thinking about Applications for a Technology
─ Success Factors in Implementation
Entrepreneurship at TUM
Course Admin
24. Entrepreneurship is the process of creating something
new and assuming the risks and rewards.
Four aspects of being an entrepreneur:
• Involves creation process
• Requires devotion of time and effort
• Involves rewards of being an entrepreneur
• Requires assumption of necessary risks
24
Key elements of entrepreneurship
26. § Risk: when the probability of an outcome is possible to
calculate or is knowable
§ Uncertainty: when the probability of an outcome is not
possible to determine or is unknowable (Knight, 1921)
?
Risk Uncertainty
26
Risk & Uncertainty in Entrepreneurship
27. 27
Technology Example
HyperSonic
Sound
“…will
force
people
to
rethink
their
rela1onship
with
sound,
as
the
arrivals
of
the
phonograph,
the
telephone
and
the
Walkman
have
done
before."
30. 30
Summary of Technology
§ Applies the concept of focusing
light to the area of sound
§ Traditional speakers do not allow
targeted use – sound spreads out
widely and without control
§ HSS focuses sound and thus
directs its use
§ Non-target areas remain perfectly
silent
31. 31
Maissenhälter, Reetz – Alexy, Milanov
Kick-off
What applications / business
opportunities do you see for this
technology?
32. 32
Selected Applications
§ Advertising: targeted ads at specific spots
§ Concerts: same audio quality and volume throughout the venue
§ Military: decoy sounds, psychological warfare, physical weapon
§ Noise reduction: uses for e.g., snoring or road noise
§ Cars: separate entertainment zones
37. • Further development of
the pro-active
TUMentrepreneurship
spin-off process
• Transfer of
entrepreneurial know-how
from research to practice
• Development of
best practice methods
for start-ups
Goal
Durchführung
37
Entrepreneurship Research
40. 40
Course Assessment
Final Pitch of the Business Idea
(team grade)
Business Opportunity Report
(team grade)
25%
Elevator Pitch
(team grade)
Active Class Participation
(individual grade)
30%
10%
35%
41. 41
§ Individual grade – 35% of the final mark
§ Most lectures will be delivered by external experts – participate and
engage in the conversation
§ Listen to what your classmates do and provide feedback when
appropriate.
§ Be prepared to quickly present the status of your work to allow
for feedback and to accelerate the development of your idea
§ The course design requires, that you work on your business idea
throughout the course
Active Class Participation
42. 42
§ Team grade – 10% of the final mark
§ + Prize
§ 27th November 2013, Room 6009 at Karlstraße 45, 6th floor,
12.30-3.00pm)
§ Go in the elevator à pitch your idea à make us interested!
§ Submit 1-2 pages with a succinct description of your business idea
and your planned approach
─ Basis of your pitch and of the feedback you will receive
─ Prepare a peer review for one of the other group’s idea
─ Submission deadline: 24.11.2013, 23.59pm
Elevator Pitch
43. 43
§ Team grade – 30% of the final mark
§ 4th February 2014, Room Z536 (10am-2pm)
§ 10 minutes pitch delivering the final results (subsequent Q&A)
§ Clearly convey the business opportunity, lay out the steps to
undertake to execute it and convince investors
§ We have invited a panel of venture capitalists and entrepreneurs
- You will receive feedback to further improve your business idea
and work on your report
§ Session #9 will equip you for this event
Final Pitch of your Business Idea
44. 44
§ Team grade – 25% of the final mark
§ A business opportunity report is not a business plan
§ Business opportunity report
- Idea description
- Market analysis
- Competitor analysis
- Business Model
- Financials
§ Final submission deadline 13th March 2013 (no hurry, but we
expect quality)
§ Optional: Intel Business Challenge (aim for mid February)
Business Opportunity Report
45. § This course mainly has a practical focus
§ We will NOT assign purely academic papers
§ Readings, videos, websites will have practical value for your project
-> They will be assigned and uploaded on Moodle for each session
Literature
45
48. What do I have to do until next week?
Little task from Oliver Gerstheimer who will teach session #2
on ideation next week:
Again, it is about you as an enterprising individual:
§ Think about your special skills and expertise
§ Identify what kind of entrepreneur you would like to be
- Which industry could you imagine to work in?
- How would you like to make money?
- From your gut feeling – which type of entrepreneur would you be?
48
49. 49
Thank you and see you next week!
TUM Entrepreneurship Research Institute
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