K2 - Sabrina Kiefer (Author of The Smart Entrepreneur)
The Smart EntrepreneurHow to build for a successful business Bart Clarysse Sabrina Kiefer
The entrepreneurial dream“When I was in college, guys usually pretended they were in a band.... Now they pretend they are in a start-up.” The Economist, 12 March 2009
Managing uncertaintyNew innovation, new market Will it work? Should I take the risk?Other people seem to know the game “I’ve only succeeded if I become the next Mark Zuckerberg” It’s not an insiders’ game... you can learn how
AttitudeTake gradual steps; ‘date’ your business idea Expert witness research/’Customer development’ – customers’ needs are more important than your features! Understand the industry environment and competition factors Understand what skills you have and which ones you’ll need to recruitBe willing to adapt and change course as you get insight: Your first idea often isn’t quite the right one, but maybe it’s not all wrong Don’t immediately fixate on one thing, until you find the right course Find creative ways around problems, but also know when to stop Learn how to deal with setbacks – that’s how you build confidence!
ApproachWhat is your business = what problem are you solving?Is it a real problem and is your solution the right one?ICStartup pool: AdXchange CoAdJoint
Addressable market? All singles in Europe: 55 millionYour product/ service
Addressable market? All singles in Europe born between 1935-1972Your product/ computer literate service Disposable income £70K+ p.a. Actively looking for a partner
Industry structure?Rawmaterialsuppliers Artica R&D Environmental HVAC Commercial consultants Distributors landlords Assembly and fitters and Architects Marketing propertyStandard developerscomponentsuppliers HVACElectronics Distributorsmodules and fittersAir flow Artica sees a block in the conventional value chain
Solution>> New market, new value chain>> Trade sale to Monodraught: added market segments>> Product rolled out as ‘Cool-Phase’
Market entry strategies INDUSTRY STRUCTURE COMPLEXITY (Market for products or technology) Low High HighENVIRONMENTALSTABILITY(Market or IP) Low
Proof of concept• Prototyping and design thinking• Market testingEven a crude prototype is a start in the right direction if it demonstrates or tests something useful.
Marshalling resources• Venture teams• Bootstrapping• Dealing with business angels, venture capitalists• Milestone agreements• Venture roadmap and basic financials
From the horse’s mouthhttp://www3.imperial.ac.uk/entrepreneurship/media_library