Tec 050312

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  • 320 SBIR Phase 2 companiesGot $500K50% from academiaMix of technologies20% of you will get phase 2b20% of those will succeed13 of you will succeedMost of you think you are in execution modeMost will be a few years old – thinking they are in execution~25 will be a lot olderNot all in the audience will be founders, some will be employeesGraphene Frontiers is the perfect exampleStart with their slidesEmphasize that this process not just works for software but anything with customer/market riskFix the serendipitous DOW meetingGroun flour pharma as a backup
  • The Background: Graphene is an amazing material that will improve and disrupt entire industries, including electronics and clean energy
  • Problem statement: None of these things will happen unless and until graphene can be produced in large quantities – Commercial Scale
  • Solution: We can do this. Our technology offers the best path forward to enable commercial scale production of graphene films at low cost.
  • Market Opportunity: We believe that there is significant demand for graphene, but the market will not develop and companies will not design products that incorporate graphene until a reliable source is identified
  • Rock Stars.
  • We may have been overconfident.
  • So here’s the plan.
  • We’re now ready to raise money to scale up and develop our continuous manufacturing prototype, and we have several heavy hitters who are waiting to see us succeed…
  • We may have been overconfident.
  • We:--Made a target list--asked for introductions and referrals--worked our networks--made a BUNCH of calls
  • --Not successful: AdWords--Very successful: Luck!!
  • The numbers
  • The Payoff:--What we thought was important wasn’t important to our potential customers and partners--The market *will not grow* until someone can prove that they can supply graphene--The source must be reliable, and the cost must be within reason**WE NEED TO DEMONSTRATE SCALE**
  • We can make money TODAY with TEM Grids and material sales… distributors are clamoring for our stuffWe have work to do to meet display requirementsBig companies are willing to help us get there
  • Version 1: Crazy, right?? We realized that we had work to do, so we completely revamped our slide before we presented it to our classmates by…
  • …using a cleaner template and underlining a few words. We settled on this as Graphene Frontiers Canvas #1 and thought that we would WOW the audience with how much detail we had and how broad our scope and opportunity was.We projected this on the screen and were promptly booed off the stage. Sooo….. v2 was born:
  • Lesson #1: Focus.We narrowed our scope to the three applications we believed were most promising and set out to test our assumptions
  • We were a bit too hesitant to fail fast and close doors, but we did recognize early on that we were probably not going to become “the Alcoa of nanocarbon”
  • We also heard from customers that we would need to integrate into existing production lines… high volume manufacturers may be reluctant to buy vast quantities of material… they probably want to license and make their own.We also learned that ITO and silver nanowires were the competition for touch screen and displays, but we were beginning to quantify the differentiators
  • We heard that collaborative R&D would be a necessity—we will need to help companies use our material in their product development.Membrane switches—a new opportunity we evaluated, was quickly ruled out.
  • The big week:Near term opportunity: TEM GridsMedium term opportunity: Thin, flexible displays
  • Canvas A: TEM GridsWe’re partnering with SPI, a microscopy supply distributor, and have developed a Minimum Viable Product that is undergoing beta testing and evaluation.We will provide them with graphene on copper foil (a byproduct of our work to scale up production), and they will transfer to the grids, QC, package, market, sell, etc. and we have agree in principle on a revenue sharing deal
  • Canvas “B”: Flexible transparent conductors for Displays
  • We learned that we needed to partner with manufacturers to incorporate graphene into product development, and *SCALE UP IS CRITICAL*Cost is not as important as we thought earlier,: We don’t need to beat ITO, we need to do what it can’t do (flexible, impervious to oxygen, etc.)
  • Tec 050312

    1. How to Fail Less Business Models andCustomer Development Steve Blank www.steveblank.com @sgblank
    2. As Smart As You AreMost of You Will Fail
    3. This Talk is How to Fail Less
    4. Agenda1. What we used to believe / What we now know2. Business Models and Customer Development3. Customer Development Details4. Examples
    5. What We Used to Believe Strategy
    6. All I Need to Do is Execute the Plan
    7. All I Need to Do is Execute the Plan
    8. All I Need to Do is Make the Forecast
    9. All I Need to Do is Make the Forecast
    10. What We Now Know Strategy
    11. Planning comes before the plan
    12. Business Models
    13. Business Models
    14. Search Execution Business Model Operating Plan +Strategy Hypotheses Financial Model
    15. What We Used to Believe Process
    16. We Built Startups byManaging Processes Product Management + Waterfall Engineering
    17. Product Introduction Model Concept/ Product Alpha/Beta Launch/Seed Round Dev. Test 1st Ship
    18. Product Introduction Model Concept/ Product Alpha/Beta Launch/Seed Round Dev. Test 1st Ship
    19. Waterfall / Product Management Execution on Two “Knowns” Requirements Product Features: known Design Implementation Verification Customer Problem: known MaintenanceSource: Eric Rieshttp://startuplessonslearned.blogspot.com
    20. Waterfall / Product Management Execution on Two “Knowns” Requirements Product Features: known Design Implementation Verification Customer Problem: known MaintenanceSource: Eric Rieshttp://startuplessonslearned.blogspot.com
    21. What We Now Know Strategy
    22. More startups fail froma lack of customers than from afailure of product development
    23. Customer Development A Search Strategy
    24. Search ExecutionStrategy Business Model Operating Plan + Hypotheses Financial ModelProcess Customer & Product Management & Agile Development Agile Development
    25. What We Used to Believe Organization
    26. Hire and Build aFunctional Organization
    27. What We Now Know Organization
    28. Founders run a Customer Development TeamNo sales, marketing and business development
    29. Search Execution Strategy Business Model Operating Plan + Hypotheses Financial Model Customer Development, Product Management Process Agile Development Agile or Waterfall Development Customer Functional OrganizationOrganization Development Team, by Department Founder-driven
    30. SearchStrategy Business Model HypothesesProcess Customer Development, Agile DevelopmentOrganization Customer Development Team, Founder-driven
    31. Search ExecutionStrategy Business Model Operating Plan + Hypotheses Financial ModelProcess Customer Development, Product Management Agile Development Agile or Waterfall DevelopmentOrganization Customer Development Functional Organization Team, Founder-driven by Department
    32. Part 2 Business Models andCustomer Development
    33. What’s A Startup?
    34. A temporary organization designed to searchfor a repeatable and scalable business model
    35. A temporary organization designed to searchfor a repeatable and scalable business model
    36. A temporary organization designed to searchfor a repeatable and scalable business model
    37. A temporary organization designed to searchfor a repeatable and scalable business model
    38. A temporary organization designed to searchfor a repeatable and scalable business modelA Startup aims to become a company
    39. What’s a Business Model?
    40. But,Realize They’re Hypotheses
    41. Business Model Canvas building block building building building block block building blockbuilding block block building building block building block building block block building building building building block block block block
    42. 9 Guesses GuessGuess Guess Guess Guess Guess Guess Guess Guess
    43. Turning Hypotheses Into Facts
    44. The Four Steps – The Startup Path Customer Development
    45. Customer DevelopmentTest the Problem, Then the Solution
    46. Customer Development The Minimum Viable Product
    47. Customer Development The Pivot
    48. Customer Development ishow you search for the model
    49. Customer Discovery
    50. Web/Mobile Versus Physical Customer Customer Discovery Validation Pivot•Web/Mobile startups run faster•Different process steps for web vs. physical•Customer Relationships are radically different
    51. Customer Validation
    52. Customer ValidationStep 1: Get Ready to Sell
    53. Customer ValidationStep 2: Sell to EarlyVangelists
    54. Customer ValidationStep 3: Develop Positioning
    55. Customer ValidationStep 4: Pivot or Proceed
    56. Part 3How Does this Really Work?
    57. Pivot Example Robotic WeedingTalked 75 Customers in 8 Weeks
    58. Our initial plan Confidential
    59. 20 interviews, 6 site visits… We got OUR Boots dirtyMowingInterviewed:• Golf: Stanford Golf course• Parks: Stanford Grounds Supervisor, head of maintenance and lead operator (has crew of 6)• Toro dealer (large mower manufacturer)• User of back-yard mowing system• Maintenance Services for City of Los Altos• Colony Landscaping (Mowing service for stadiums)WeedingVisited two farms in Salinas Valley to better understand problemInterviewed:• Bolthouse Farms, Large Agri-Industry in Bakersfield• White Farms, Large Peanut farmer in Georgia• REFCO Farms, large grower in Salinas Valley• Rincon Farms, large grower in Salinas Valley• Small Organic Corn/Soy grower in Nebraska• Heirloom Organics, small owner/operator, Santa Cruz Mts• Two small organic farmers at farmers market• Ag Services of Salinas, Fertilizer applicator
    60. Business Plan Autonomous Vehicles for Mowing & Weeding - Innovation Dealers sell, installs Mowing- Dealers - Customer We reduce and supports - Owners of(Mowing and Ag) Education operating cost customer public or- Vehicle OEMs - Dealer training - Labor reduction commercially(John - Better utilization Co. trains used greenDeere, Toro, Jaco of assets (eg mow dealers, supports spaces (e.g. golfbsen, etc) or weed at nights) dealers courses) - Improved - Landscaping- Research labs Engineers on performance (less - Mowing Dealers service provider Autonomous rework, food - Ag Dealers vehicles, GPS, pat safety) Weeding h-planning - Farmers with manual weeding operationsDealer discount Asset saleCOGS seek a 50-60% Gross Margin Our revenue stream derives from selling theHeavy R&D investment equipment
    61. Found weeding in organic crops is HUGE problem; 50 - 75% of costs Crews of 100s-1000 Back-breaking task (Ilegal) labor harder to get 1-5 weedings per year/field $250-3,500 per acre and increasing Food contamination risk
    62. Decision to make – mowing vs weedingApplication If ROI is < 1 Labor costs Autonomous TAM yr they will significant? would solve buy problem?Mowing of Yes. Yes Yes Adjusted up to Professionally xxxlarge fields run organizationsWeeding in Agri Industry: YES! for TAM increased YES! organic crops Not necessarily to $2.6 B (TotalAgriculture organic) Large They are Key need is Growers: Yes spending weed vs. crop Target Market $500/ac! differentiation (organic Small specialty) Growers: No 162 M/yr 18%/yr growth
    63. Autonomous vehiclesWEEDING - Innovation Dealers sell, installs - Low density- Ag Dealers - Customer We reduce and supports vegetable- Ag Service Education operating cost customer growersproviders - Dealer training - Labor reduction - High density (100 to 1) Co. trains dealers, vegetable- Research labs - Reduced risk of supports dealers growers contamination - Thinning - Mitigate labor operations Engineers on availability - Ag Dealers - Conventional Machine Vision concerns - Ag Service vegetables Two problems: providers - Identification - EliminationDealer discount Asset saleCOGS seek a 50-60% Gross Margin Our revenue stream derives from selling theHeavy R&D investment equipment
    64. 1 Week – 1 CarrotBot Confidential
    65. CarrotBot• Machine Vision data collection platform – Monochrome & Color Cameras – Laser-line sweep (depth measurement) – Encoders CarrotBot 1.0 (position/velocity) – Onboard data acquisition & power
    66. The Business Plan Canvas Updated •Technology •Farming Design conventions. •Marketing •Demo, demo, a •Demo and nd demo!! customer •Cost •Proximity is •Organic•Research Labs feedback paramount Farmers Reduction•Equipment •Weeding •Remove laborManufacturers Service force pains•Distribution Providers •Eliminate bio-Network •Conventional waste hazards•Service •IP – Patents FarmersProviders •Video •Dealers Classifier Files •Direct Service •Robust •Indirect Service Technology • … then Dealers •Asset Sale Value-Driven •Direct Service with equipment rental •… then Asset Sale
    67. Visit Highlights Carrot vs. WeedsDue to small root systems, carrots have no chance against weeds
    68. Visit HighlightsOrganic Broccoli, closelycultivated. Weeds close to plantsare hand-picked
    69. Visit HighlightsState of the Art in Weeding Technology for Organic Crops
    70. Customer HypothesisPre-Test Large Growers Us Dealer Industrial Growers Hypothesis Confirmed • Growers interested in own equipment Industrial • Industrial (10,000s of acres) Growers • Large (1,000s of acres) Post-Test • Willing to pay $100k for one unit Large Growers • Smaller growers (100s of acres) usually Us Dealer subcontract the labor services or rent Service equipment Providers • All purchases through local dealers Equipment •Customer service is essential Rental
    71. Customer Map #1 – Industrial GrowersExample: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr End User • Equipment Operator Influencer • Local Farm Mgr • Cliff Kirkpatrick, visited Recommender • Director, Ag Technology Equipment Operator • Justin Grove, interviewed Decision • VP, Growing Operations Maker Approver • CFO, CEO (Jeff Dunn) Cliff, Farm Mgr
    72. Customer Map #2 – Service ProvidersExample: Ag Services – Service Provider, Salinas Valley End User • Equipment Operator Influencer • GrowerRecommender • Service Mgr Me (left), Marty (middle, Service Mgr), Doug (right, Grower)Decision Maker • ?? (service mgr’s boss) & Approver
    73. The Business Plan Canvas Updated •Technology •Farming Design conventions. •Marketing •Demo, demo, •Mid/Large •Demo and and demo!! Organic Farmers customer •Cost •Proximity is •Agricultural•Research Labs feedback paramount Reduction corporations•Equipment •Remove labor •Weeding ServiceManufacturers force pains Providers•Distribution •Eliminate bio-Network•Service •IP – Patents waste hazards •Mid/LargeProviders •Video •Direct Service Conventional Classifier Files •Indirect Service Farmers •Robust • … then Dealers Technology •Direct Service with equipment rental Value-Driven •($1,500/d; 120d/yr ) •Low density: $1,500/d •High density: $6,000/d
    74. World Ag Expo interviews:the need is real and wide spread • 10+ interviews at show – Everyone confirmed the need – Robocrop, UK based, crude competitor sells for $171 K • Revenue Stream – Mid to small growers prefer a service – Large growers prefer to buy, but OK with service until technology is proven – Charging for labor cost saved is OK, as we provide other benefits (food safety, labor availability) Confidential
    75. The Business Plan Canvas Updated •Technology •Farming Design conventions. •Marketing •Demo, demo, a •Mid/Large•Research Labs •Demo and nd demo!! Organic Farmers•Equipment customer •Cost •Proximity is •AgriculturalManufacturer feedback Reduction paramount corporations•Distribution •Remove labor •Weeding ServiceNetwork force pains Providers•Service •Eliminate bio-Providers •IP – Patents waste hazards •Mid/Large•2 or 3 Key •Video •Direct Service ConventionalFarms Classifier Files •Indirect Service Farmers •Robust • … then Dealers Technology Value-Driven •Direct Service with • R&D equipment rental • Bill of Materials •Low density: $1,500/d • Training & Service •High density: $6,000/d • Sales
    76. Autonomous weeding - Final - Innovation Direct - Low density- Ag Service - Customer We reduce - Provide high vegetableproviders Education operating cost quality service at growers - Dealer training - Labor reduction competitive price - High density- Research (100 to 1) vegetableInstitutes (eg UC - Reduced risk of growersDavis, Laser contamination - ThinningZentrum - Mitigate labor operationsHannover) Engineers on availability Direct - Conventional Machine Vision concerns - Alliance with vegetables- 3-4 key farms Two problems: service providers - Identification - Eventually sell - Elimination through dealersCosts for service provision Service provisionCOGS seek a 50-60% Gross Margin - Charge by the acre with modifier according toHeavy R&D investment weed density - Eventually move to asset sale
    77. Business Plan Autonomous Vehicles for Mowing - Innovation Dealers sell, installs Mowing- Dealers (Mowing - Customer We reduce and supports - Owners ofand Ag) Education operating cost customer public or- Vehicle OEMs (John - Dealer training - Labor reduction commerciallyDeere, Toro, Jacobse - Better utilization Co. trains dealers, used greenn, etc) of assets (eg mow supports dealers spaces (e.g. golf or weed at nights) courses)- Research labs - Improved - Landscaping Engineers on performance (less - Mowing Dealers service provider Autonomous rework, food - Ag Dealers vehicles, GPS, pat safety) Weeding h-planning - Farmers with manual weeding operationsDealer discount Asset saleCOGS seek a 50-60% Gross Margin Our revenue stream derives from selling theHeavy R&D investment equipment
    78. How Does This Really Work?NSF Lean LaunchPad Class10 Weeks From an Idea to a Business
    79. Graphene FrontiersWe are a nanotechnology materialscompany with a proprietary process forproducing high quality, low cost, largearea graphene films at commercial scale
    80. Background: Graphene Applications “Wonder Material” Graphene• Nano Material Subject of 2010 Nobel Prize in Physics• 2D Carbon: Strong, Flexible, Conductive, Transparent• Enables Next Generation Thin, Flexible Devices Flexible Transparent Thin, Flexible Touch Screen, Displays Electrodes Solar Cells
    81. Problem: Lab Scale Not Enough Graphene Production Must Scale Up to Commercial Levels before Integration into Consumer Products Becomes a Reality…
    82. Solution: Scalable Production ProcessOur Patent-Pending APCVDGraphene Production Process:•Operates at ambientpressure, reducing cost enablingflexible design•Industrial scale, continuous roll-to-roll production possible•Graphene sheet size limited only byCVD furnace dimensions•Same or better quality vis-à-visLPCVD graphene•Graphene growth at 900-1000°C, lower than other methods
    83. Market: Size and Growth Nascent Graphene Market is Ready to Explode: Commercial Scale Production will be Catalyst • Thin, Flexible Displays • Solar Thin Film • Touch Screens Thin, Flexible Display • Thermal Management for Electronics Thermal Management $8.2B • Basic Materials and Research $6.4B • Microscopy (TEM) Sample Supports GF TAM: $1.2B Research/ Market for Thin Film Solar Mat’l/Other Graphene $4.6B $1.4B Films/Sheets $52M Graphene Frontiers Process & Product Offering • GF APCVD Process will Accelerate Graphene Adoption Curve 2012 2016
    84. Team: Graphene FrontiersEL:Zhengtang Luo, PhD – Chief Science Officer10+ years experience in synthesis of carbonnanomaterials and product development for applicationsin the area of materials chemistry, chemical separationand electronic devices.Mentor: Mike Patterson – CEOExperienced entrepreneurial leader, manager, andtrusted adviser to startups and Fortune 500 companies,providing expertise in growth strategy and internationaloperations. Patterson is an Executive MBA candidate(Entrepreneurial Management, April 2012) at theWharton School, University of Pennsylvania.PI: A.T. Charlie Johnson, PhD – Founder, Scientific Advisory BoardKnown internationally for his work in graphene electronics and carbon nanotube electronics. IP from his lab onDNA-carbon nanotube devices for use in an electronic nose system pursued by Nanosense. An author of over130 peer-reviewed articles, Johnson holds two issued patents, with 18 other patents submitted.
    85. Recap• Graphene technology will change the world...• …but not until it is available in commercial volumes• We believe that APCVD is the best path to industrial scale• Whoever meets this challenge will be first mover in a fast growing market with multi-billion dollar potential• We are the right team with the right technology to do it
    86. What’s Next: Strategy and Roadmap 1H 2012 2012 2013+ Commercial Roll-to- ApplicationPhase 4” Scale-Up Roll Design & Prototype DevelopmentProduct/ TEM Grids Process Licensing Intellectual Property Materials Business Thin, Flexible DisplaysRevenue 12” x 12” Sheet Roll-to-Roll Mfg. Application R&DMilestone Production Industrial Scale Team “World Leader in Perfect CVD GrapheneActivity Scale-Up Sheet Size Continuous Process Innovation” Increase Area Increase Throughput New Applications
    87. What’s Next: Secure Partnerships + Investment Distribution Active Customer Manufacturing Partners Conversations Partners Seed Investment Needed
    88. Enter I-Corps: Beginning HypothesesHere’s What We Thought: – Graphene can be used for just about anything – All of the big manufacturers are just waiting for our product – The market for graphene will explode in 2012 – We will become the world’s largest graphene manufacturer
    89. So Here’s What We Did…• Research to identify target companies: Build the list – Web, industry/research reports, personal network, “Who else should we talk to?”• Calls to personal/professional/alumni network: “Do you know anyone…?”• Intros, warm calls, cold calls, cold calls, more calls
    90. So Here’s What We Did…• Google AdWords Campaign + Survey Monkey – 3 days, 8,555 Impressions, 34 people clicking through to our site, ZERO contacts/closes. Retrospect: What were we trying to learn???• Serendipity: Casual conversation turns to Graphene Frontiers at alumni event: “That’s terrific! You know, I work at DuPont. Here’s my card… send me your deck and let me know how I can help.” –Tom Connelly, Chief Innovation Officer, DuPont
    91. So Here’s What We Did…• 48 Companies Engaged, 70+ Conversations: – Lockheed Martin, GrafTech, Inventables, alphaMOS, FirstNano, Pannam Imaging, FujiFilm, Solutia, Dontech, Tramonto Circuits, Adamant Technologies, Intel, XG Sciences, Graphene Technologies, Densitron, Hotatouch, Touch International, Magic Touch, NJY Technology, Pangea Ventures, Display Search, Dow, DuPont, 3M, Corning, BASF, WL Gore, Morgan AM&T, Plextronics, SPI Supplies, New Metals and Chemicals, G.E., Innovalight, Siemens, Nelson-Miller, Essilor USA, Nexans, E-ink, Gamma Dynamics, Plastic Logic, Cabot Corporation, Thin Diamond, Knighthawk Engineering, Kopietz Consulting, DISPLAX, NineSigma, Evaporated Coatings, LiquaVista• 80 LLL Posts, 61 Comments/Responses – 79% comments positive or factual, 21% “Constructive”
    92. So Here’s What We Learned…• Atmospheric pressure production is key value-add – Not “high-quality”, not single-layer• Many big companies are on the sidelines doing limited product dev, waiting for a proven production method• We need to focus on scaling up (bigger & faster)• We need a partner to break into consumer electronics• Cost matters, but not as much as we thought
    93. So Here’s What We Learned…• TEM grids are viable, near term but small market – Will rely on distribution partner• Displays will be next big thing – Focus on flexible/foldable thin displays – May require partnership with OEMs or sub-contractors• Extensive product characterization is next step – Transparency, haze, sheet resistance for displays (3M, Dow, DuPont) – Minimize layers and contamination for TEM (SPI, Halcyon)
    94. • R&D • Warranty• Earlyvangelists • Defense • Scale up system design • Service/Maint.• (Customer/Partner) • MEMS • Graphene production Material Agree• Equipment Mfg • Chem/Bio Detect. • IP creation/licensing • Thermal Conduct. • Joint Marketing• Universities • Researchers • Internal application • Elect. Conduct • Branding• Downstream • Optoelectronics development • Strength fabrication • Transparent companies • “Semiconductor” Conduct. (Touch)• Suppliers • IP* (Patent/License) • Flexible • Solar Cell Electrodes • Team/Expertise • Transparent • Thermal Mgmt • Credibility/Rep • Distributor • Supercapacitor Process • CVD Equipment • Direct Sales • Battery • Low Cost • Inputs (gas/foil) • Online • TEM support • Higher Quality • Lab space • License • Polymer/Composite • Large Area • Website • Partner/JV • CVD Equip Mfg • “Industrializable” • Design/Engineering • Bundle • Flexible Mfg • Team • Material Sales • Add’l IP • Lab space • License/Royalty • Applications • Capital equipment • Equipment Sales • SBIR • Consulting • Angel • Maintenance • VC • Design • Ben Franklin
    95. The Business Model Canvas• Lead Customer • R&D • Warranty• Equipment Mfg Material • Scale up system • Service/Maint.• Universities • Thermal Conduct. • Defense design Agree• Downstream • Elect. Conduct • MEMS • Graphene product. • Joint Marketing fabrication • Strength • Chem/Bio Sensor • IP creation/ • Branding companies • “Semiconductor” • Researchers licensing • Education• Suppliers • Flexible • Optoelectronics • Internal app. dev. • Transparent • Transparent Conduct. (Touch) Process • Solar Cell • Low Cost Electrodes • Higher Quality • Thermal Mgmt • IP* (Patent/License) • Large Area • Supercapacitor • Distributor • Team/Expertise • “Industrializable” • Battery • Direct Sales • Credibility/Rep • Flexible Mfg • TEM support • Online • CVD Equipment • Polymer/Compos. • License • Inputs (gas/foil) • CVD Equip Mfg • Partner/JV • Lab space • Bundle • Website • Design/Engineering • Team • Lab space • Material Sales • Maintenance • Capital equipment • License/Royalty • Design • Direct Sales/Travel • Equipment Sales • Add’l IP • Consulting • Applications
    96. The Business Model CanvasEquipment Mfg Scale up Low Cost Education Thermal Mgmt SolutionsUniversities Customization Higher Quality Service/Maint. Transparent Production Conduct.Downstream Large Area (Touch)fabricationcompanies Chem/Bio “Industrializable” IP License Sensor CVD Equipment Direct Sales Facilities/Lab License/Royalty Capital equipment Personnel Material Sales Direct Sales/Travel Lab space
    97. The Business Model CanvasEquipment Mfg Scale up Low Cost Education Thermal Mgmt SolutionsUniversities Customization Higher Quality Service/Maint. Transparent Production Conduct.Downstream Large Area (Touch)fabricationcompanies Chem/Bio “Industrializable” IP License Sensor CVD Equipment Direct Sales Facilities/Lab License/Royalty Capital equipment Personnel Material Sales Direct Sales/Travel Lab space
    98. The Business Model CanvasEquipment Mfg Scale up Low Cost Education Thermal Mgmt SolutionsUniversities Customization Higher Quality Service/Maint. Transparent Production Conduct.Downstream Large Area (Touch)fabricationcompanies Chem/Bio “Industrializable” IP License Sensor CVD Equipment Direct Sales Facilities/Lab License/Royalty Capital equipment Personnel Intermediate product Material Sales Direct Sales/Travel Lab space
    99. Graphene Frontiers Business Model Canvas – PRIOR VERSION (10.18) Scale upEquipment Mfg Low Cost Education Thermal Mgmt Solutions Customization Service/Maint.Universities Higher Quality Transparent Collaborative R Conduct. Production &D (Touch)Downstream Large Areafabrication Membranecompanies switches “Industrializable” IP License Replace ITO CVD Equipment Direct Sales Facilities/Lab Chem/Bio Sensor License/Royalty Capital equipment Personnel Intermediate product Material Sales Direct Sales/Travel Lab space
    100. This Week:Split, then Pivot
    101. Graphene Frontiers Business Model Canvas “A” Research Transfer Process Academic Papers Groups Optimization Atomically Thin and Robust Electron Trade Shows Microscopists TEM Equipment Higher Quality Mfg. “Clean” IP CVD Equipment Facilities/Lab “Free” Revenue Sharing (Selling Byproduct) w/Distributor
    102. Graphene Frontiers Business Model Canvas “B” Scale upEquipment Foldable / Education FlexibleMfg Bendable Transparent Customization Service/Maint. ConductorUniversities Higher Quality Collaborative R&DDownstream Large AreaFabricationCompanies “Industrializable” IP License Low Cost CVD Equipment Facilities/Lab Intermediate License/Royalty Capital Equipment Personnel product Direct Sales/Travel Lab space
    103. Graphene Frontiers Business Model Canvas “B” Scale upEquipment Foldable / Education FlexibleMfg Bendable Transparent Customization Service/Maint. ConductorUniversities Higher Quality Collaborative R&DDownstream Large AreaFabricationCompanies “Industrializable” IP License Low Cost CVD Equipment Facilities/Lab Intermediate License/Royalty Capital Equipment Personnel product Direct Sales/Travel Lab space
    104. How to Build A Startup Idea Business Model Size Opportunity Customer Development
    105. How to Build A Startup Business Size of the Customer CustomerIdea Model(s) Opportunity Discovery Validation
    106. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation Theory Practice
    107. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation
    108. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation • First test the problem • Next test the solution
    109. How to Build A Startup Size of the Business Size of the Business Customer CustomerIdea Opportunity Model(s) Opportunity Model(s) Discovery Validation
    110. Why Do We Do This?
    111. Make Your Lives Extraordinary
    112. Additional Resources• I-Corps class summary:http://steveblank.com/2012/03/26/the-national-science-foundation-innovation-corps-what-america-does-best/• I-Corps team presentations:http://www.slideshare.net/sblank/tagged/i-corps• Resources for startups: http://steveblank.com/tools-and-blogs-for-entrepreneurs/• Books for startups: http://steveblank.com/books-for-startups/• Additional resources: http://steveblank.com/slides/

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