Lehrveranstaltung (Prof. Faltin, Freie Uni Berlin) 14.06.2010: Finanzierung für Unternehmensgründer ist anders: In dieser Vorlesung erklärt Prof. Faltin (FU Berlin) den Unterschied zwischen Entrepreneurial Finance und Finanzierung für etablierte Unternehmen (mit Case Studies und Beispielen) und gibt Ratschläge für Ihre eigene Gründung.

1. Wenn eine Idee nicht zunächst einmal
völlig absurd erscheint,
kann man sie gleich vergessen
Source: Faltin 2009
Albert Einstein

2. Der Fortschritt geschieht heute so schnell,
dass während jemand eine Sache
für gänzlich undurchführbar erklärt,
er von einem anderen unterbrochen wird,
der sie schon realisiert hat.
Albert Einstein
(1879 - 1955)
Source: Faltin 2009

3. Sources of Financing
Equity financing
• your own funds
• „family, friends and fools“
• equity financing programmes by banks and government agencies
• venture capital
• business angels
• capital market
Source: Faltin 2009

4. Sources of Financing
Debt financing
• „family, friends and fools“
• special programmes by banks and government
agencies
• loans
• trade credits
• payment in advance by customers
• bonds
Source: Faltin 2009

5. Entrepreneurial Financing
Make financing an integrated part
of your business model
Use your innovation
for a recognizable competitive edge in the market
in order to be attractive enough to:
• make your customers willing to pay in advance
and/or
negociate favourable payment conditions with your suppliers
• have the media report about your concept (or your person) for free
(and hereby save on costly advertising)
• create goodwill and sympathy for your company in the public
• turn enthusiastic customers into evangelists and financiers of your company
Source: Faltin 2009

6. Die beste Finanzierung besteht darin,
Kosten zu vermeiden!
Source: Faltin 2009

7. Wir hatten kein Geld.
Daher mussten wir kreativ an die Sache herangehen.
Richard Branson
Business ist wie Rock´n´Roll
Source: Faltin 2009

8. “Intelligent Prototyping“
The principle:
Try out first, only thereafter invest full scale.
Examples:
1. Use Adwords at Google to try out market acceptance
2. Create a website, offer a platform for critisising conventional
products
3. Invite suggestions for improvements
4. Check out techniques of rapid prototyping
5. Create a testing environment
Source: Faltin 2009

9. Source: Faltin 2009

10. Ökonomie der Aufmerksamkeit
Wie kann ich in einer Materialschlacht, in
einem Feuerwerk aufwändiger Werbung,
auffallen,
wenn ich nur über vergleichsweise wenig
Kapital verfüge?
Source: Faltin 2009

11. Ökonomie der Sympathie
Wodurch werde ich sympathischer als meine
Konkurrenten?
Damit ich weiterempfohlen werde.
Damit die Medien im redaktionellen Teil über
mich berichten.
Source: Faltin 2009

12. Ökonomie der Authentizität
Wodurch werde ich glaubwürdiger als meine
Konkurrenten?
Bedeutung der Persönlichkeit, der „Story“.
Beispiele: Gottlieb Duttweiler, Claus Hipp, Karl Lagerfeld,
Richard Branson, Muhammad Yunus
Source: Faltin 2009

13. Entrepreneurial Marketing
Source: Faltin 2009

14. Dinosaur Marketing
1. Put most of your money in
advertising
( falling victim to the “ law of
diminishing attention”)
It’s a potential strategy only for
big companies
2. Hammer your brand name into people’s brains

15. Dinosaur Marketing
3. Set up a shop or even as much shops as possible
Shops are a very expensive Concept.
Shops easily carry a smell of commercialisation
4. Think of your customer as a stupid
animal that you can outsmart easily.
(This is a tempting strategy because it
often seems to succeed)
In fact, customers are not stupid.
They are increasingly well educated
and well informed.

16. Source: david and goliath agency
www.dngla.com
© Faltin 2003
Source: Faltin 2009

17. Innovative Entrepreneurial Marketing
1. Create goodwill for your company
Go for a cause:
Improve or protect something,
provide a product for a better price.
(This has to be a substantial part of your business model).
Avoid, if possible, the context of commercialisation.
2. Find your own ways of attracting attention to your products.
Use the specific circumstances of your approach ( your personal
background, innovative aspects of your product )
Play as unconventional, as unorthodox as possible
In modern society the media are the key for attracting attention;
paid advertisements are a poor and expensive substitute.
Source: Faltin 2009

18. Innovative Entrepreneurial Marketing
3. Understand people´s desire for connectivity
Modern societies cause loneliness
Modern tour-operating and modern hotel accommodation add to the problem
instead of providing connectivity
4. Think of your customer as your partner and your ambassador
Make use of consumers education and the public efforts of consumers
protection
Share your problems with your partners.
Make them (unpaid) co-workers in your company.
Build lasting relationships with your clients.
(This is the most promising strategy to make you rich.
Because maximising profits works best in the medium and long run)
Source: Faltin 2009

19. If you are really interested and want to do
something revolutionary, you must learn
to ignore your customers.
Many customers are like rearview mirrors.
They are extremely conservative and boring,
lacking imagination
and they have no idea of their own desires.
Ridderstråle & Nordström
in: Funky Business
- Wie kluge Köpfe das Kapital
zum Tanzen bringen -
München 2000
Source: Faltin 2009

20. One way to ruin your company is
to listen to your customers too much.
In business and in politics, you have to lead,
and not just listen to opinion polls.
Michael Bloomberg
Founder of Bloomberg News
Source: Faltin 2009

21. We cannot expect from the customers
to imagine the unimaginable.
That‘s our job.
Ridderstråle & Nordström
in: Funky Business
- Wie kluge Köpfe das Kapital
zum Tanzen bringen -
München 2000
Source: Faltin 2009

22. Ideas for Entrepreneurial Marketing
Aikido Marketing
(make use of the energy of your rivals)
Guerilla Marketing
(use ambush tactics)
Caligula Marketing
(spread an amazing story)
The Principle:
Turn the conventional rules upside down;
play as unorthodox as possible
Source: Faltin 2009