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Startups - Know Before You Go & Go with Purpose

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Presentation to and discussion with middle school students at St. Paul's School for Girls, Baltimore, MD

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Startups - Know Before You Go & Go with Purpose

  1. 1. ST. PAUL’S SCHOOLS OCT 2, 2018 Frank Bonsal III, Director Towson University Venture Creation STARTUPS - KNOW BEFORE YOU GO AND GO WITH PURPOSE
  2. 2. What Success Looks Like
  3. 3. Entrepreneurs Have the Right Mindset With 2 mindsets: • Fixed • Growth “passion for learning over a hunger for approval” - Dweck
  4. 4. Entrepreneurs Embrace Failure “Do the one thing you think you cannot do. Fail at it. Try again. Do better the second time. The only people who never tumble are those who never mount the high wire.” J.K. Rowling Rashmi SinhaTory Burch Sara Blakely Oprah Winfrey
  5. 5. Entrepreneurs Identify, Solve Problems What problems do you see everyday? What issues do you find in your environment? What dilemmas keep you up at night?
  6. 6. Entrepreneurs Start with a Solid Base What opportunities do YOU see to kill pain or create gain Minimum Viable Product • Essential value prop • Used to test thesis The Lean Canvas (aka ‘Business Model Canvas’)
  7. 7. Entrepreneurs Test Their Assumptions (aka Customer Discovery) • Online • Offline • Target Customer — beachheads
  8. 8. Entrepreneurs Persist Better with Purpose “I am not afraid to die on a treadmill.” – Will Smith
  9. 9. My Life as ‘Practice Coach’ From the classroom, to the boardroom, to the ecosystem Native Baltimorean Formal Studies: MD, NH, OH, MA, NH, UK, TN 15+ Years Teaching + Coaching 15+ Years Education Technology Investing 15+ Years Volunteer Education Nonprofit Service 5 Years University ESHIP + Ed. Innovation Cluster Teacher-Coach EdTech Investor EdTech Ecosystem Leader Edupreneur Classroom to Boardroom Boardroom to Ecosystem 25+ years 2001 2013 Education Entre- preneur- ship Tech Innovation EdTech - blog post series here
  10. 10. The Evolution of Tech, Telco & Teaching Edtech ease of use and web access are now at their peak
  11. 11. The EdTech Opportunity Sizeable and with Massive Impact 4,700 90 1,400 42 42 Annual Education Expenditures ($BB) Annual EdTech Expenditures ($BB) Annual Investment in EdTech ($MM) 1.3 100 1,500 81 2 # Students (MM) Data Sources: UNESCO, IES NCES, US Census, Maryland.gov, DCPS, UVA Cooper Center
  12. 12. Multi-Pronged Solution Capital Support Distribution The three-legged stool of startup success
  13. 13. TU Incubator Support 11 Year Track Record, $150 million economic impact Mentors Capital Distribution Events + Workshops Marketing + Comms. Culture (Place)
  14. 14. Robust Founder Network Collaborate, commiserate with dozens of founders (55% diversity)
  15. 15. A Reminder re. Success
  16. 16. Another Reminder
  17. 17. A Final Question What’s the one trait all successful entrepreneurs MUST have? Why?
  18. 18. Thank You + Good Luck Towson.edu/VentureCreation

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