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Institute for Regenerative
Stacking the Odds for Success:
A Six-Stage Process to Articulate and Promote Your
Entrepreneuri...
Institute for Regenerative
About the Institute
• One of the largest institutes globally for regenerative medicine
www.wfir...
Institute for Regenerative
Entrepreneurial CV
• MFA 1985 – Creative Writing
• Banking: training manager, branch manager an...
Institute for Regenerative
Defining Entrepreneurship
Institute for Regenerative
Entrepreneurship
Institute for Regenerative
Entrepreneurs Learn on the Fly
Not exactly like the crosswind in the flight simulator….
Institute for Regenerative
Entrepreneurs Without Borders
“There’s quite a bit we can learn from a company like Dell.”
– Dr...
Institute for Regenerative
Elm Street Entrepreneur
A Tale of Pneumonia,
Blue Gum Eucalyptus,
the 8th
Largest Company in th...
Institute for Regenerative
Solve a Problem, Leave a Legacy
1890’s
Worldwide Pneumonia Outbreak
1891
Greensboro pharmacist ...
Institute for Regenerative
Solve a Problem, Leave a Legacy
1890’s
Worldwide Pneumonia Outbreak
1891
Greensboro pharmacist ...
Institute for Regenerative
Solve a Problem, Leave a Legacy
1890’s
Worldwide Pneumonia Outbreak
1891
Greensboro pharmacist ...
Institute for Regenerative
A Cast of Entrepreneurs
•Porter & Tate (retail drug store)
•Lunsford Richardson (Inventor)
•Smi...
Institute for Regenerative
Return on Innovation (ROI)
Entrepreneurs Who Solve Large Problems Create:
1. New products and s...
Institute for Regenerative
WIFM
Well, that’s all very interesting Jon,
but what does any of this have to
do with me or my ...
Institute for Regenerative
No Librarian Left Behind
Entrepreneurial Fluency Means a Place on the Bus
Institute for Regenerative
Gown Embraces Town
Trustees are more than likely entrepreneurs or represent
entrepreneurial int...
Institute for Regenerative
Cost and Time to Market
• Blockbuster Drug ($1.5 billion - 14.2 years)
• Class III Medical Devi...
Institute for Regenerative
The Entrepreneurial Process
Idea Commercialization Exit
Institute for Regenerative
The Entrepreneurial Process
Idea
Proof of
Concept
Commercialization Exit
Create
Going
Concern
R...
Institute for Regenerative
The Entrepreneurial Process
Idea
Proof of
Concept
Seed
Funding
Commercialization Exit
Initial P...
Institute for Regenerative
80% Failure Rate for Start-Ups
Idea
Proof of
Concept
Commercialization Exit
Remove
Technical Ri...
Institute for Regenerative
The Steepest Slope of All
Idea
Proof of
Concept
Commercialization Exit
Remove
Technical Risk
Re...
Institute for Regenerative
Focus on the Footings
Institute for Regenerative
Six Steps
Problem
“Exit”
Team
Solution
“Product”
Funding
Institute for Regenerative
1. Problem
• Elevator Pitch
• Articulate “Pain Point”
• Articulate Size of Problem
Including Gr...
Institute for Regenerative
2. Solution
• Strategic versus tactical
• Highlight benefits, not features
• Saves Time
• Saves...
Institute for Regenerative
3. Product
• Easiest Part
• Details
• Technical Specs
• The “What”
• Scale and Scope
• Numbers ...
Institute for Regenerative
4. Team
• Build the Team
• Functional Experience
• Domain Experience
• Initiative and Value-Add...
Institute for Regenerative
5. Funding
• Entrepreneurs embrace risk
• Investors reduce risk
• Investors back solution-drive...
Institute for Regenerative
6. Exit
• Failure is a possible exit
• Look for salvage value
• Exits are a natural conclusion
...
Institute for Regenerative
Six Steps = Six Paragraphs
Template for a one-page Executive Summary
Problem
“Exit”
Team
Soluti...
Institute for Regenerative
Thank you
Create the Special Place
We are all born
entrepreneurial
Innovation is innate
Create ...
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Stacking the Odds for Success

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Stacking the Odds for Success

  1. 1. Institute for Regenerative Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea Inspiration, Innovation, Celebration Conference June 3, 2009 Jon Obermeyer, Director of External Education and Outreach
  2. 2. Institute for Regenerative About the Institute • One of the largest institutes globally for regenerative medicine www.wfirm.org • 180 researchers (faculty, post-docs, graduate students) led by Dr. Atala • 23 countries represented in 10 research cores - 60,000 s.f. facility • 30 academic collaborations, with joint institute in Kyungpook, Korea • Co-lead with UPMC, Rutgers and Cleveland Clinic on $85 million, 39- member Armed Forces Institute for Regenerative Medicine (AFIRM) • 22 different organs and tissues • First in the world to successfully implant a laboratory-grown organ into humans (bladder) • Discovered new type of stem cell in amniotic fluid and placenta • Biomaterial innovation (electrospun scaffolds for vasculature) • Enabling technologies (ink-jet printing of organs and tissues) • More than 100 projects in the translational pipeline to treat patients • Nine spin-off companies (MA and NC) • Regenerative Medicine Foundation and Regenerative Medicine Alliance
  3. 3. Institute for Regenerative Entrepreneurial CV • MFA 1985 – Creative Writing • Banking: training manager, branch manager and commercial lender • Economic development: high-growth focus • Project manager for entrepreneur • Owner and GM of exhibition services company • Two investor-backed start-ups Piedmont Triad Entrepreneurial Network • Portfolio of 32 ventures: $650k in grants leveraged to $8.8 million • PTEN Capital Connects! forum ventures: $35 million raised • Network of attorneys, “angel” investors and venture fund executives • Domains: medical devices, logistics technology, financial services, new media, nanotechnology/advanced materials, regenerative medicine • In-depth consultations and assistance to an average of 40 start-up companies annually since 1989 (data set = 800+)
  4. 4. Institute for Regenerative Defining Entrepreneurship
  5. 5. Institute for Regenerative Entrepreneurship
  6. 6. Institute for Regenerative Entrepreneurs Learn on the Fly Not exactly like the crosswind in the flight simulator….
  7. 7. Institute for Regenerative Entrepreneurs Without Borders “There’s quite a bit we can learn from a company like Dell.” – Dr. Steven Nichtberger, CEO, Tengion CHILE BOLIVIA
  8. 8. Institute for Regenerative Elm Street Entrepreneur A Tale of Pneumonia, Blue Gum Eucalyptus, the 8th Largest Company in the World, Greensboro’s Center for Creative Leadership, and Potential Cures for Diabetes, Cancer and CNS Disorders
  9. 9. Institute for Regenerative Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil®
  10. 10. Institute for Regenerative Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil® 1985 Vick Chemical Acquired by Procter & Gamble P&G 2 Greensboro plants 850 employees 5th largest taxpayer Sure, Secret, Crest, Old Spice
  11. 11. Institute for Regenerative Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil® 1985 Vick Chemical Acquired by Procter & Gamble P&G 2 Greensboro plants 850 employees 5th largest taxpayer Sure, Secret, Crest, Old Spice 1970 Smith Richardson Foundation seeds Center for Creative Leadership VapoRub® Multiplier - Vanguard Cellular (1999:$1.5B to AT&T) - TransTech Pharma - Buzz Off
  12. 12. Institute for Regenerative A Cast of Entrepreneurs •Porter & Tate (retail drug store) •Lunsford Richardson (Inventor) •Smith Richardson (Marketing Genius) Marketing Innovation: free samples, in-store displays, streetcar advertising, roadside signs •Edward Mabry (Vick Chemical growth through R&D) •Procter & Gamble (acquisition creates wealth) • Richardson family (Center for Creative Leadership) • Leeolou, Griffin, Preyer et. al. (Vanguard Cellular) •Vanguard executives at TransTech Pharma, Buzz Off
  13. 13. Institute for Regenerative Return on Innovation (ROI) Entrepreneurs Who Solve Large Problems Create: 1. New products and services 2. New business models 3. Entire industries 4. High-wage jobs 5. Jobs requiring minimum of an Associates degree 6. Transition for down-sized corporate executives 7. Sophisticated supplier networks 8. Corporate Headquarters 9. Churn, adaptive behaviors and a culture of risk 10. Wealth and philanthropy
  14. 14. Institute for Regenerative WIFM Well, that’s all very interesting Jon, but what does any of this have to do with me or my library?
  15. 15. Institute for Regenerative No Librarian Left Behind Entrepreneurial Fluency Means a Place on the Bus
  16. 16. Institute for Regenerative Gown Embraces Town Trustees are more than likely entrepreneurs or represent entrepreneurial interests General Administration mandates (economic engines) Bayh-Dole: Tech Transfer v. Tenure Track (profit or perish) Chancellors, Provosts and Deans are creating entrepreneurial ecosystems on campus Ph.D.s in Entrepreneurship are commanding the highest B-School salaries With $ cutbacks, how else do you support enrollment growth, financial aid and development of new schools and programs? = Ubiquitous entrepreneurship = Comprehensive reach of libraries makes you ideal conveners of the disparate elements needed for innovation
  17. 17. Institute for Regenerative Cost and Time to Market • Blockbuster Drug ($1.5 billion - 14.2 years) • Class III Medical Device ($20 million – 5 years) • Software Package ($7 million – 4 years) • Class II Medical Device ($3 million – 3 years) • Energy Drink ($1.2 million – 3 years) • Daycare Center ($250,000 – 6 months) • Hot Dog Stand ($15,000 – 60 days) • Sole Proprietorship/Services ($0 – 1 day)
  18. 18. Institute for Regenerative The Entrepreneurial Process Idea Commercialization Exit
  19. 19. Institute for Regenerative The Entrepreneurial Process Idea Proof of Concept Commercialization Exit Create Going Concern Remove Technical Risk Remove Market Risk
  20. 20. Institute for Regenerative The Entrepreneurial Process Idea Proof of Concept Seed Funding Commercialization Exit Initial Public Offering Acquisition Profits Debt and Venture Funding Remove Technical Risk Remove Market Risk ROI ROI Create Going Concern
  21. 21. Institute for Regenerative 80% Failure Rate for Start-Ups Idea Proof of Concept Commercialization Exit Remove Technical Risk Remove Market Risk alley of Death alley of Death Create Going Concern
  22. 22. Institute for Regenerative The Steepest Slope of All Idea Proof of Concept Commercialization Exit Remove Technical Risk Remove Market Risk alley of Death alley of Death Incline of Inexperience Create Going Concern
  23. 23. Institute for Regenerative Focus on the Footings
  24. 24. Institute for Regenerative Six Steps Problem “Exit” Team Solution “Product” Funding
  25. 25. Institute for Regenerative 1. Problem • Elevator Pitch • Articulate “Pain Point” • Articulate Size of Problem Including Growth Trends • Cite Credible Sources • Clear • Concise • Compelling • Usually the weakest link Problem “Exit” Team Solution “Product” Funding
  26. 26. Institute for Regenerative 2. Solution • Strategic versus tactical • Highlight benefits, not features • Saves Time • Saves Money • Convenience • Peace of Mind • Why is solution unique? • Why is it worth investigation? • Platform versus product • Sets stage for details Problem “Exit” Team Solution “Product” Funding
  27. 27. Institute for Regenerative 3. Product • Easiest Part • Details • Technical Specs • The “What” • Scale and Scope • Numbers and Stats • Logical conclusion to problem-solution set-up • Voted “Most likely to be modified” Problem “Exit” Team Solution “Product” Funding
  28. 28. Institute for Regenerative 4. Team • Build the Team • Functional Experience • Domain Experience • Initiative and Value-Add • Political Considerations • Succession • Conduct Gap Analysis • Add Outside Resources • Advisory Board • Vendors Problem “Exit” Team Solution “Product” Funding
  29. 29. Institute for Regenerative 5. Funding • Entrepreneurs embrace risk • Investors reduce risk • Investors back solution-driven teams with vision and drive (jockeys versus horses) • Create Pro Forma budget for three to five year period • Ok to lose money (red numbers) if your exit is the payback • Rule of Thumb: 2-3x what you think Problem “Exit” Team Solution “Product” Funding
  30. 30. Institute for Regenerative 6. Exit • Failure is a possible exit • Look for salvage value • Exits are a natural conclusion because problems are solved • Exits create new opportunities • Exits build credibility for future projects: • Investors return funds upstream • Teams identify new problems • Teams disband or disperse and re-form • Successful team members become investors, philanthropists, advisors, teachers Problem “Exit” Team Solution “Product” Funding
  31. 31. Institute for Regenerative Six Steps = Six Paragraphs Template for a one-page Executive Summary Problem “Exit” Team Solution “Product” Funding
  32. 32. Institute for Regenerative Thank you Create the Special Place We are all born entrepreneurial Innovation is innate Create conditions for serendipity and spontaneous discovery Celebrate connections Inspire the next generation

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