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Lecture 8 resources and financing 120411

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Lecture 8 resources and financing 120411

  1. Steve Blank Jon Feiber John Burke Ann Miura-Ko Jerry Engel Jim Hornthal Owen Jacob The Lean LaunchPad Lecture 8: Resources
  2. images by JAM customer segments key partners cost structure revenue streams channels customer relationships key activities key resources value proposition
  3. KEY RESOURCES which resources underpin your business model? which assets are essential?
  4. OFFER Business Model Canvas KEY PARTNERS CHANNELS CUSTOMER RELATIONSHIPS CUSTOMER SEGMENTS REVENUE STREAMS COST STRUCTURE KEY ACTIVITIES KEY RESOURCES
  5. Key Resources
  6. Four Critical Resources <ul><li>Physical </li></ul><ul><li>Financial </li></ul><ul><li>Human </li></ul><ul><li>Intellectual </li></ul>
  7. Physical Resources <ul><li>Two types: </li></ul><ul><ul><li>company facilities </li></ul></ul><ul><ul><li>product/service resources </li></ul></ul>
  8. Physical Resources <ul><li>company facilities </li></ul><ul><ul><li>office space, lab equipment, company location </li></ul></ul><ul><li>product/services </li></ul><ul><ul><li>supply of silicon wafers or iron ore, or thousands of feet of warehouse space? </li></ul></ul><ul><li>Many physical goods are capital intensive </li></ul>
  9. Financial Resources <ul><li>Friends and Family </li></ul><ul><li>Crowdfunding </li></ul><ul><li>Angels </li></ul><ul><li>Venture Capital </li></ul><ul><li>Corporate partners </li></ul><ul><li>Others: SBA or SBIR grants </li></ul><ul><li>Lease-lines </li></ul><ul><li>Factoring </li></ul><ul><li>Vendor-financing </li></ul>
  10. Human Resources <ul><li>qualified employees </li></ul><ul><li>mentors, teachers, coaches, advisors </li></ul>
  11. Mentors, Teachers, Coaches <ul><li>Mentors, teachers, coaches advance your personal career </li></ul><ul><ul><li>If you want to learn a specific subject find a teacher </li></ul></ul><ul><ul><li>If you want to hone specific skills or reach an exact goal hire a coach </li></ul></ul><ul><ul><li>If you want to get smarter and better over your career find someone who cares about you enough to be a mentor </li></ul></ul>
  12. Advisors <ul><li>Advisors are people you need to help advance your company’s success </li></ul><ul><ul><li>Founders fail when they believe their visions are facts </li></ul></ul><ul><ul><li>Listening to experienced advice can help you sort through whether your vision is a hallucination </li></ul></ul><ul><ul><li>Getting an advisory board (by expanding your circle of accumulated wisdom past their investors) is so important that it’s an explicit step in the Customer Development process </li></ul></ul>
  13. Qualified Employees/Culture <ul><li>Are the difference between a good idea that never went anywhere and a billion dollar firm </li></ul>
  14.  
  15. Executive Traits by Stage
  16. Executive Traits by Stage
  17. Executive Traits by Stage
  18. Executive Traits by Stage
  19. Intellectual Property
  20. Trademark protects branding & marks <ul><li>Trademark gives you the right to prevent others from using “confusingly similar” marks and logos </li></ul><ul><li>Trademark protection lasts as long as you use the mark </li></ul><ul><li>The more you use the mark, the stronger your protection </li></ul><ul><li>Trademark registration is optional, but has significant advantages if approved </li></ul><ul><li>Country by country </li></ul>
  21. Copyright protects creative works of authorship <ul><li>Copyright gives right to prevent others from copying, distributing or making derivatives of your work </li></ul><ul><ul><li>Protects “expressions” of ideas but does not protect the underlying ideas </li></ul></ul><ul><li>(Way) more than just technology: </li></ul><ul><ul><li>songs, books, movies, photos, etc. </li></ul></ul><ul><li>Copyright protection lasts practically forever </li></ul><ul><li>Copyright does not prevent independent development </li></ul><ul><li>Registration is optional, but is required to sue for infringement </li></ul>
  22. Trade Secrets <ul><li>Information that is kept secret and has economic value to the business </li></ul><ul><li>Coke recipe, customer lists, product road maps. </li></ul><ul><li>No registration required </li></ul><ul><li>Can last for as long as you take reasonable steps to keep confidential </li></ul>
  23. Contract <ul><li>Protection agreed to by contract </li></ul><ul><li>No registration process </li></ul><ul><li>You have whatever protection is defined in the contract (e.g., NDA gives you certain rights to protection of your confidential information) </li></ul><ul><li>The protection lasts for the time period defined in the contract </li></ul>
  24. Patents <ul><li>A government granted monopoly </li></ul><ul><ul><li>prevents others from making, using or selling your invention </li></ul></ul><ul><ul><li>Even if the other’s infringement was innocent or accidental </li></ul></ul><ul><li>Invention must be non-obvious </li></ul><ul><li>Protection lasts typically for 15-20 years </li></ul><ul><li>Application and examination is required </li></ul><ul><ul><li>Typical cost for application and exam is $10-30k </li></ul></ul><ul><ul><li>Typical time for application and exam is 1-4 years </li></ul></ul><ul><li>Must file in U.S. within one year of sale, offer for sale, public disclosure or public use </li></ul><ul><li>Provisional application alternative </li></ul>
  25. What Can be Patented? <ul><li>Just about anything . . . </li></ul><ul><ul><li>Circuits, hardware </li></ul></ul><ul><ul><li>Software, applied algorithms </li></ul></ul><ul><ul><li>Formulas, designs </li></ul></ul><ul><ul><li>User interfaces </li></ul></ul><ul><ul><li>Applications, systems </li></ul></ul><ul><ul><li>Business processes (sometimes) </li></ul></ul><ul><li>But not these . . . </li></ul><ul><ul><li>Scientific principles </li></ul></ul><ul><ul><li>Pure mathematical algorithms </li></ul></ul><ul><li>And, pending Supreme Court Case raises concerns regarding patentability of “methods” inventions </li></ul>
  26. Venture Financing See: http://steveblank.com/tools-and-blogs-for-entrepreneurs
  27. What are sources of funding? Banks Angels Super-Angels Micro-cap VC Traditional VC Size of Fund NA NA $5-20M $20-100M $100M+ Size of Investment NA $10-250k $100-500k $250k-1M $2M+ Source of Funds NA Personal Institutional Institutional Institutional Expected returns Interest rate 2-3x 2-3x 3-5x 3-5x Length of commitment Long term ASAP Depends 10 years 10 years Expected ownership NA <10% <15% 10-25% 25-50%
  28. Know what you’re getting into...
  29. 80 winners per year* out of 1,500 VC backed deals exit >$50M 80 1,420 PASS FAIL *IT industry only
  30. ...The 80 that “Made It” >$750M 8 7 20 45 $500-$750M $250-$500M $50-$250M Legendary Companies
  31. 2009 in Perspective IPO M&A 8 7 20 45
  32. Venture Economics <ul><li>Fund size </li></ul>$400M $1.5B 20% return in 6 years $ 7.5B Value creation required $5B
  33. Decision Tree
  34. Team Deliverable for Nov 22 nd , 29 th Dec 6 th <ul><li>Continue to get out of the building and experiment </li></ul><ul><ul><li>We expect you will continue to talk to customers </li></ul></ul><ul><li>Iterate your Value Proposition </li></ul><ul><li>Test different Customer Segments </li></ul><ul><li>Investigate alternate channels </li></ul><ul><li>Try different pricing strategies </li></ul><ul><li>Investigate your university tech transfer terms </li></ul>
  35. Team Deliverable for Lessons Learned Days Dec 13 th and 14 th <ul><li>Logistics </li></ul><ul><li>Dec 13 th </li></ul><ul><ul><li>Presentation workshop </li></ul></ul><ul><ul><li>Practice presentations for each team </li></ul></ul><ul><li>December 14th </li></ul><ul><ul><li>each team presents for 10 minutes </li></ul></ul><ul><ul><li>format for the presentation is on the website </li></ul></ul><ul><ul><li>note the change in time from 20 to 10 minutes </li></ul></ul><ul><ul><li>Concludes by 5pm </li></ul></ul>

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