Inventor Boot Camp Lisa Calkins 10 17 2009

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Building a Business Model (around your invention, service, idea)

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Inventor Boot Camp Lisa Calkins 10 17 2009

  1. 1. Building a Business Model (around your invention, service, idea) By Lisa Calkins CEO Amadeus Consulting
  2. 2. Your Invention, Service, Idea <ul><li>Why Now </li></ul><ul><ul><li>Timing, SBA funding, Competition Weak </li></ul></ul><ul><li>Why Not </li></ul><ul><ul><li>Traditional Bank Financing </li></ul></ul><ul><li>Why You </li></ul><ul><ul><li>Passion and Vision for the Idea </li></ul></ul><ul><li>No excuses, Own Your Choice </li></ul>
  3. 3. Amadeus Story <ul><li>15 years ago, I had a vision </li></ul><ul><li>Today I have Amadeus Consulting </li></ul><ul><li>What I did know </li></ul><ul><ul><li>How to listen and talk to clients </li></ul></ul><ul><ul><li>How to share my vision and convince others of my ideas </li></ul></ul><ul><ul><li>How to manage teams, people, projects </li></ul></ul><ul><li>What I didn’t know </li></ul><ul><ul><li>Everything else </li></ul></ul>
  4. 4. Business Plan – Yes and No <ul><li>Do you need one only if seeking funding - NO </li></ul><ul><li>Strategic & Tactical Components (“1” pagers) </li></ul><ul><ul><li>Overall Vision : What, Why, How </li></ul></ul><ul><ul><li>Marketing and Sales Strategy, includes competitive analysis and relevant market data, patents </li></ul></ul><ul><ul><li>1-3 yr P&L, Balance Sheet Summary (supporting details), Excel is your best friend </li></ul></ul><ul><ul><li>Organization Chart (future roles) – Executive and Leadership Teams </li></ul></ul><ul><ul><li>Notice (The “Invention”) is not on this list </li></ul></ul><ul><li>20 page plan – Maybe, if this is what YOU need </li></ul>
  5. 5. Your Vision What, Why, How <ul><li>Sell your idea </li></ul><ul><ul><li>First have to “See” your vision (mind, eyes), then “Believe” in your vision (head and heart), then “Share” your vision (words and hands) </li></ul></ul><ul><ul><li>Passion, energy, AND facts </li></ul></ul><ul><ul><li>Clear, concise, professional </li></ul></ul><ul><ul><li>Must be one page: write, then edit, edit and edit – then seek outside opinions, write, edit, edit and edit, repeat. </li></ul></ul>
  6. 6. See, Believe, Share <ul><li>See your vision – Mind, Eyes </li></ul><ul><ul><li>Describe in 1 or 2 sentences your invention, service, or idea </li></ul></ul><ul><li>Believe in your vision – Head and Heart </li></ul><ul><ul><li>Tell me why it will succeed, define success ($, lifestyle, etc) </li></ul></ul><ul><li>Share your vision – Words and Hands </li></ul><ul><ul><li>Show me the invention, service, idea </li></ul></ul>
  7. 7. Marketing and Sales Strategy <ul><li>In the end, what really matters is will your invention, service or idea sell </li></ul><ul><li>Most forget there are two equally important factors to the SELL answer both </li></ul><ul><ul><li>the HOW : not just build a website and they will come, </li></ul></ul><ul><ul><ul><li>how will you attract your customers, how will you close, how much will they pay, how will they pay, how will you retain, how will you service/support, how will (fill in the blank) </li></ul></ul></ul><ul><ul><li>the WHO : 1 person, a team, wholesalers, reps </li></ul></ul><ul><ul><ul><li>Who will lead: if not you, then who and why </li></ul></ul></ul>
  8. 8. Competitive Analysis <ul><li>You (almost always) HAVE competitors now and in the future </li></ul><ul><li>You always have obstacles, how will you tackle the ones you know about </li></ul><ul><li>Market: how big, who owns, now and future </li></ul><ul><ul><li>iPhones – what happens when Blackberry leads, etc. </li></ul></ul><ul><ul><li>No one will believe you will “own” the market out of the gate </li></ul></ul><ul><ul><li>Data, Data, Data : great place to hire an expert and pay for data BUT first, get your Vision and Framework built </li></ul></ul>
  9. 9. Profit and Loss 1 to 3 year “Plans” <ul><li>Profit and Loss Projections Summary </li></ul><ul><ul><li>Income / Revenue (~ 5 line items) </li></ul></ul><ul><ul><ul><li>Service lines </li></ul></ul></ul><ul><ul><ul><li>Product Categories </li></ul></ul></ul><ul><ul><ul><li>Subscriptions </li></ul></ul></ul><ul><ul><ul><li>Common Mistakes </li></ul></ul></ul><ul><ul><ul><ul><li>Pricing model part of Sales and Marketing Strategy – better be believable otherwise all this work is “unbelievable” </li></ul></ul></ul></ul><ul><ul><li>Expenses (~ 5 line items) </li></ul></ul><ul><ul><ul><li>Categories </li></ul></ul></ul><ul><ul><ul><ul><li>Startup Costs </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Sales and Marketing </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Cost of Goods Sold </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Operations </li></ul></ul></ul></ul><ul><ul><ul><ul><li>General Business </li></ul></ul></ul></ul><ul><ul><ul><li>Common Mistakes </li></ul></ul></ul><ul><ul><ul><ul><li>One time expenses are not one time </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Product built, how will it be maintained, shelf life? </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Sales and Marketing reasonable % of revenue, prior to sales, first 6 months, ongoing </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Underestimating expenses (Legal, HR, marketing materials) </li></ul></ul></ul></ul>
  10. 10. Case Studies <ul><li>Outdoor ProLink </li></ul><ul><li>B-cycle </li></ul><ul><li>Specpan </li></ul><ul><li>CRUDE </li></ul><ul><li>Speedbag – iPhone App </li></ul>
  11. 11. Self Reflection <ul><li>What are you good and not good at? </li></ul><ul><ul><li>Not tasks but behavior </li></ul></ul><ul><ul><ul><li>Strategic Thinker, Visionary, Customer Focused, Detailed, Decision Maker by gut or data, Process </li></ul></ul></ul><ul><ul><ul><li>STRONGLY recommend you figure this out – you don’t change these types of things </li></ul></ul></ul><ul><ul><ul><li>With that said…you will learn and do (legal, hr, accounting) </li></ul></ul></ul>
  12. 12. Everything is Possible <ul><li>Amadeus Consulting Guiding Principle </li></ul><ul><li>So think of all the ways to make something happen…and then evaluate ROI </li></ul><ul><ul><li>Funding </li></ul></ul><ul><ul><li>Partnering </li></ul></ul><ul><ul><li>Consultants </li></ul></ul><ul><ul><li>Hiring </li></ul></ul><ul><ul><li>ROI of not doing it </li></ul></ul>

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