Excelerator Presentation Doc V2


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Presentation outlining the project I worked on as an intern at Endeavor in South Africa.

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Excelerator Presentation Doc V2

  1. 1. Endeavor Excelerator Strategy document
  2. 2. The Excelerator entrepreneurs will follow a development path that will allow the best to be selected as Endeavor entrepreneurs Preparation for ISP <ul><li>Endeavor staff will follow a broad outreach campaign to find the most aspiring entrepreneurs </li></ul><ul><li>Through a rigorous and challenging selection process, the best entrepreneurs will be selected as ExEs </li></ul><ul><li>The Selection process will be both evaluative and developmental, so that even Entrepreneurs that aren’t selected benefit from the process </li></ul><ul><li>3-year customised development process for each entrepreneur </li></ul><ul><li>Focus on business fundamentals and business model innovation </li></ul><ul><li>Greater need for ‘classroom’ training and in-depth coaching </li></ul><ul><li>Access to local network </li></ul><ul><li>Access to local MBAs </li></ul>Services Selection <ul><li>Some of the ExEs will develop into potential Endeavor candidates </li></ul><ul><li>After an assessment by the MD and a senior VentureCorps, these companies begin selection process for Endeavor </li></ul><ul><li>As ExEs, their selection path into Endeavor can be significantly fast-tracked </li></ul><ul><li>It is expected that at least 10% of ExEs will be selected as Endeavor Entrepreneurs after 3 years </li></ul><ul><li>These ‘success stories’ will be great role models for other ExEs and the community at large </li></ul><ul><li>Other entreprenuers who are not selected for Endeavor will become Alumni's and ‘Friends of Endeavor’ </li></ul>
  3. 3. Excelerator will look for a select group candidates, based on the quality of the entrepreneur and of the business <ul><li>The Business </li></ul><ul><li>Less than R3 million in revenue </li></ul><ul><li>At least 6 months in operation </li></ul><ul><li>Has started to generate revenue </li></ul><ul><li>Innovation or potential to innovate </li></ul><ul><ul><li>Patents </li></ul></ul><ul><ul><li>Proprietary processes </li></ul></ul><ul><ul><li>Price premium </li></ul></ul><ul><ul><li>Niche market </li></ul></ul><ul><ul><li>Etc </li></ul></ul><ul><li>Scalable or potential to grow </li></ul><ul><li>BEE preferred, not essential </li></ul><ul><li>The Entrepreneur </li></ul><ul><li>An innovator, thinks outside the box </li></ul><ul><li>Has role model potential </li></ul><ul><li>Willing to learn </li></ul><ul><li>Ambitious and wants to grow business </li></ul><ul><li>Passionate </li></ul><ul><li>Impeccable ethics </li></ul><ul><li>Has experience/expertise in the industry </li></ul><ul><li>Aligned to the Endeavor mission </li></ul><ul><li>Works full time in the business </li></ul>
  4. 4. Excelerator entrepreneurs will be selected through a rigorous, multi-step Search and Selection process Research (50) FOR (30) 3 SORs (12) Final Review (12) Regional Panel (12) Public Declined (4) Approved (8) <ul><li>Endeavor staff </li></ul><ul><li>Media </li></ul><ul><li>VCorps </li></ul><ul><li>Partners </li></ul>Stakeholders Involved Stages <ul><li>Endeavor staff </li></ul><ul><li>Endeavor staff </li></ul><ul><li>Endeavor staff </li></ul><ul><li>VCs </li></ul><ul><li>Endeavor MD </li></ul><ul><li>A+/A VCs </li></ul><ul><li>Search & Selection process will be both rigorous and constructive for every candidate </li></ul><ul><li>There will be equal emphasis on evaluation and development of candidates at every stage in the process </li></ul><ul><li>The process will take 6-8 months from the initial reviews to a Regional Selection Panel </li></ul><ul><li>The Regional Selection Panel will have an 80% Panelist vote threshold , versus unanimity requirement of the International Selection Panel (“ISP”) </li></ul><ul><li>With this slightly lower threshold, we hope to encourage more participants and successful applications </li></ul>
  5. 5. The Excelerator SOR and panel process will be more structured than it is for potential Endeavor Entrepreneurs SOR 1 The entrepreneur/ the product SOR 2 The business model/vision SOR 3 Financial review Final Review Excelerator Panel <ul><li>Entrepreneur(s) and role in the business </li></ul><ul><li>Gap that entrepreneurs saw in the market </li></ul><ul><li>Entrepreneur’s knowledge/’feel’ for their industry </li></ul><ul><li>Viability and innovation in the product/service </li></ul>Focus on Stage <ul><li>Evaluate the growth potential of the business </li></ul><ul><li>Business model and structure of business </li></ul><ul><li>How the business operates, including revenue flows </li></ul><ul><li>Long term vision for the company </li></ul><ul><li>Evaluate financial statements </li></ul><ul><li>Focus specifically on cash flow management </li></ul><ul><li>Analyse financial projections </li></ul><ul><li>Determine entrepreneurs’ readiness for the panel </li></ul><ul><li>Select cohort of Excelerator Entrepreneurs </li></ul><ul><li>Endeavor staff </li></ul><ul><li>Industry-specific VC </li></ul><ul><li>Endeavor staff </li></ul><ul><li>Strategy VC </li></ul><ul><li>Endeavor staff </li></ul><ul><li>Endeavor MD </li></ul><ul><li>Complete part 1, 2 & 3 of profile questionnaire (entrepreneur history and gap) </li></ul><ul><li>Complete part 4, 5 & 6 (the market, business model, vision) </li></ul><ul><li>Financial Statements template (IS, BS, CFS) </li></ul><ul><li>Compile profile questionnaire </li></ul>Conducted by Required at this stage <ul><li>A+/A VC </li></ul><ul><li>Final Profile </li></ul><ul><li>Panel presentation </li></ul>3-4 weeks 4-6 weeks 2-3 weeks
  6. 6. The documentation completed during the S&S process will be used to compile the entrepreneurs’ profiles for the panel <ul><li>Process for compiling </li></ul><ul><li>The entrepreneurs will complete the profile questionnaire </li></ul><ul><li>After each SOR, the entrepreneurs will update the relevant section of the questionnaire, based on feedback from the SOR </li></ul><ul><li>The entrepreneur will compile financial statements, with assistance from Endeavor staffers </li></ul><ul><li>The panel presentation will be completed after the final review, mainly by the entrepreneur/s </li></ul><ul><li>The profile will be compiled by the Endeavor staffers </li></ul><ul><li>Key documents </li></ul><ul><li>6-part profile questionnaire, to be completed in 2 stages </li></ul><ul><li>Diagram of business model (part of questionnaire, needs to be converted to electronic format) </li></ul><ul><li>Financial statements </li></ul><ul><li>Presentation for panel </li></ul><ul><li>Excelerator internal documents </li></ul><ul><ul><li>Meeting reports </li></ul></ul><ul><ul><li>Final profile for panel </li></ul></ul>
  7. 7. Guiding principles for the Excelerator development programme <ul><li>Guiding principles </li></ul><ul><li>The Excelerator programme will aspire to create a culture of innovation among entrepreneurs, over and above any formal training on growth and innovation </li></ul><ul><li>The programme will be more structured that the Endeavor ES programme, developing businesses as they go through the 5 stages of small business development </li></ul><ul><li>Interventions will however be customised for each business based on initial level of sophistication and pace of development </li></ul><ul><li>The Excelerator will rely on partnerships with other organisations or institutions to assist in delivering high quality services, particularly training and external consultiong </li></ul><ul><li>Not all ExE’s will eventually become Endeavor entrepreneurs. The aim is to have at least 10% of ExE’s move to Endeavor . The other entrepreneurs will be developed to be successful in their own right. </li></ul>
  8. 8. Excelerator Entrepreneur Service Program Stage 2 Survival Stage 1 Existence * Adapted from THE FIVE STAGES OF SMALL BUSINESS GROWTH , NC Churchill & VL Lewis, Harvard Business Review, June 1983 Stage 4 Take-off Stage 3 Growth Minimal to non-existent Minimal Developing Maturing Business systems <ul><li>Finding customers </li></ul><ul><li>Poorly defined services / products </li></ul><ul><li>Ability to deliver goods / services </li></ul><ul><li>Balancing revenue and costs </li></ul><ul><li>Cash flow and working capital </li></ul><ul><li>Credibility and traction in the market place </li></ul><ul><li>Preparing for growth </li></ul><ul><li>Securing resources for growth </li></ul><ul><li>Management capacity </li></ul><ul><li>Managing rapid expansion </li></ul><ul><li>Constructing mature organisational structure </li></ul><ul><li>Venture and expansion capital </li></ul>Key concerns Phase 3 Expand Phase 2 Formalise Phase 1 Stablise Excelerator Development programme Programme focus Sales, basic finance, product development, operational strategy Growth and innovation strategy, advanced financial management, operational processes Implementing growth strategy, scenario planning, management skills Candidates have moved to Endeavor or alumni
  9. 9. The Excelerator will use 5 key elements to develop high potential entrepreneurs * Endeavor/Exelerator does not promise financing, strategic alliances, or other business deliverables. Rather, our programmes are designed to provide selected entrepreneurs with the access to tools and networks that will increase opportunities for financing, partnerships, and other support Mentorship <ul><li>Advice </li></ul><ul><li>Guidance </li></ul><ul><li>Personal development </li></ul>External Consulting <ul><li>Business school Interns </li></ul><ul><li>Consulting partnerships </li></ul>Business basics and training <ul><li>Workshops </li></ul><ul><li>Courses </li></ul><ul><li>Seminars </li></ul>Strategic Introductions <ul><li>Growth </li></ul><ul><li>Strategy </li></ul><ul><li>Access to finance* </li></ul>Endeavor Network
  10. 10. Phase 1 of the programme will focus on stability and sales <ul><li>Cash flow management </li></ul><ul><li>Introduction of financial management tools </li></ul><ul><li>Build sales pipeline </li></ul><ul><li>Address urgent challenges (from strategic assessment) </li></ul><ul><li>Compliance and regulations </li></ul><ul><li>Financial assessment [H; EC] </li></ul><ul><li>Finance training [FT] </li></ul><ul><li>Identifying financing options [H] </li></ul><ul><li>Forecasting and planning [EC, H] </li></ul><ul><li>Compliance workshop [VC, FT] </li></ul>Business priority Excelerator interventions <ul><li>Strategic plan </li></ul><ul><li>Develop sales strategy </li></ul><ul><ul><li>Customers </li></ul></ul><ul><ul><li>Channels </li></ul></ul><ul><ul><li>Pricing </li></ul></ul><ul><ul><li>Competitor analysis </li></ul></ul><ul><li>Marketing strategy </li></ul><ul><li>Leadership skills </li></ul><ul><li>Building a strong leadership team </li></ul><ul><li>Strategic assessment [EC] </li></ul><ul><li>Sales strategy development [FT, VC, H] </li></ul><ul><li>Marketing strategy development [FT, VC, H] </li></ul><ul><li>Monthly strategy & finance meetings [H] </li></ul><ul><li>Personal skills assessment [FT] </li></ul><ul><li>Analysing skill gaps within the business leadership [VC, H] </li></ul>Phase 1 <ul><li>H – Hands on by Excelerator staff </li></ul><ul><li>VC – Venture Corps intervention </li></ul><ul><li>EC – External consultants </li></ul><ul><li>FT – Formal training </li></ul><ul><li>MBA – MBA students </li></ul>Operations Strategy Organisational
  11. 11. Phase 2 will focus on formalisation and innovation <ul><li>Increase sales pipeline </li></ul><ul><li>Strengthen customer/client relations </li></ul><ul><li>Formalise all business processes </li></ul><ul><ul><li>Operations </li></ul></ul><ul><ul><li>Admin/HR </li></ul></ul><ul><li>Assistance with formalising processes [VC] </li></ul><ul><li>Strategic introductions within Endeavor network [VC, H] </li></ul><ul><li>Sales training [FT] </li></ul><ul><li>Business process training [FT] </li></ul>Business priority Excelerator interventions <ul><li>Strategic plan </li></ul><ul><li>Develop growth strategy </li></ul><ul><li>Innovation strategy </li></ul><ul><li>Developing a medium and long term vision for the company </li></ul><ul><li>Empowering management team </li></ul><ul><li>Formal staff training </li></ul><ul><li>Moving from entrepreneur to CEO </li></ul><ul><li>Strategic assessment and progress review [H] </li></ul><ul><li>Growth strategy development [VC, H, MBA] </li></ul><ul><li>Innovation strategy and workshop [FT, MBA, VC] </li></ul><ul><li>Peer coaching [H, VC] </li></ul><ul><li>Training for senior management team [FT] </li></ul><ul><li>Assess and design optimal organisation structure [H, VC] </li></ul>Phase 2 <ul><li>H – Hands on by Excelerator staff </li></ul><ul><li>VC – Venture Corps intervention </li></ul><ul><li>EC – External consultants </li></ul><ul><li>FT – Formal training </li></ul><ul><li>MBA – MBA students </li></ul>Operations Strategy Organisational
  12. 12. Phase 3 will focus on growth and expansion <ul><li>Implement growth strategy </li></ul><ul><ul><li>New locations/customers </li></ul></ul><ul><ul><li>Regional or national expansion </li></ul></ul><ul><li>Implement innovation strategy </li></ul><ul><ul><li>New products/service </li></ul></ul><ul><ul><li>New business processes </li></ul></ul><ul><li>Address new challenges </li></ul><ul><li>Strategic introductions within Endeavor network [VC] </li></ul>Business priority Excelerator interventions <ul><li>Strategic plan </li></ul><ul><li>Implementing medium-term vision for the company </li></ul><ul><li>Broaden network </li></ul><ul><li>Move to role model stage </li></ul><ul><li>Strategic assessment and progress review [H] </li></ul><ul><li>Vision and values survey and workshop [H, VC] </li></ul><ul><li>Raising Venture Capital/Financing [VC] </li></ul><ul><li>Increased exposure to Endeavor events [H] </li></ul><ul><li>Media exposure [H] </li></ul>Phase 3 <ul><li>Throughout the programme </li></ul><ul><li>Bi-monthly workshops with VCs and EEs on ‘generic’ topics relevant to all ExEs </li></ul><ul><li>Invitations to all Endeavor events </li></ul><ul><li>H – Hands on by Excelerator staff </li></ul><ul><li>VC – Venture Corps intervention </li></ul><ul><li>EC – External consultants </li></ul><ul><li>FT – Formal training </li></ul><ul><li>MBA – MBA students </li></ul>Operations Strategy Organisational
  13. 13. Formal training* will be provided by our training partners, and based on the entrepreneurs’ needs <ul><li>Raizcorp </li></ul><ul><ul><li>How does business work? </li></ul></ul><ul><ul><li>Will my business make money? </li></ul></ul><ul><li>GBSE </li></ul><ul><ul><li>Accounting, financial management & risk management </li></ul></ul><ul><li>The Business Place </li></ul><ul><ul><li>Accounting Mentorship Programme for Entrepreneurial Development </li></ul></ul>Finance and financial management <ul><li>Raizcorp </li></ul><ul><ul><li>Towards compliance </li></ul></ul><ul><li>GBSE </li></ul><ul><ul><li>Corporate Governance, Labour laws and Business Ethics </li></ul></ul>Compliance <ul><li>GBSE </li></ul><ul><ul><li>Business Protocol and Etiquette </li></ul></ul><ul><ul><li>Performance and talent Management </li></ul></ul>Business Processes <ul><li>Raizcorp </li></ul><ul><ul><li>How do I get in the door? </li></ul></ul><ul><ul><li>Power Selling </li></ul></ul><ul><li>GBSE </li></ul><ul><ul><li>Marketing and Selling </li></ul></ul><ul><ul><li>Customer relation Management </li></ul></ul>Sales <ul><li>Raizcorp </li></ul><ul><ul><li>Who am I? </li></ul></ul><ul><ul><li>Assertive Communication </li></ul></ul><ul><li>GBSE </li></ul><ul><ul><li>Personal Mastery </li></ul></ul><ul><ul><li>Entrepreneurial Leadership </li></ul></ul>Personal skills <ul><li>GBSE </li></ul><ul><ul><li>Creativity and growth through innovation </li></ul></ul><ul><ul><li>Post modern leadership, benchmarking your business and future business </li></ul></ul>Innovation * This is not an exhaustive list of training options
  14. 14. Criteria for an entrepreneur being asked to leave the programme <ul><li>Companies may be asked to leave the programme if </li></ul><ul><li>The entrepreneur/s do not meet the goals set out at the strategic assessment at the beginning of the year, or fail to show any meaningful progress towards meeting those goals </li></ul><ul><li>The business plateaus, with no growth and the entrepreneur/s preferring to become “lifestyle entrepreneurs” </li></ul><ul><li>The entrepreneurs do not introduce any innovation into their business model, becoming a “me-too” business that does not reflect Endeavor’s innovative culture </li></ul><ul><li>There are legitimate reasons to doubt the integrity of the entrepreneur’s values or behaviour </li></ul>
  15. 15. Areas of expertise that need to be developed by Endeavor staff <ul><li>Financial assessment tools, models or programmes </li></ul><ul><ul><li>Find and assess the best tools for financial assessments </li></ul></ul><ul><ul><li>Select most appropriate for various levels of sophistication </li></ul></ul><ul><ul><li>Find appropriate model/tool for forecasting & planning </li></ul></ul><ul><li>Financing options </li></ul><ul><ul><li>Examine various financing options </li></ul></ul><ul><ul><li>investigate requirements and pre-requisites of each </li></ul></ul><ul><ul><li>Find and partner with relevant organisations (e.g. banks, government agencies etc) </li></ul></ul>Finance and financial management <ul><li>Identifying skills gap </li></ul><ul><ul><li>Find appropriate tool/s for assessing gaps </li></ul></ul><ul><li>Mission and values </li></ul><ul><ul><li>Find/develop values survey </li></ul></ul><ul><ul><li>Design ‘mirror’ workshop to develop/improve mission and values </li></ul></ul>Organisational development * This is not an exhaustive list of training options <ul><li>Strategic assessment </li></ul><ul><ul><li>Develop strategic assessment framework (with consulting partners e.g. Edge) </li></ul></ul><ul><li>Sales strategy basics </li></ul>Strategy – assessment and development