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BMoE1: Berkeley Method Opportunity Identification
This document discusses where good ideas come from and developing stories for new projects or companies. It explains that ideas come from a combination of external changes in the world, new knowledge and people, and learning from mistakes. Good stories for new ventures should be tested and involve problem-solution frameworks like NABC (Need-Approach-Benefit-Competition). High concept pitches that combine trends and companies or geographies are also discussed as a way to start conversations. The document provides examples of different types of stories for investors versus customers.
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BMoE1: Berkeley Method Opportunity Identification
- 1. Ikhlaq Sidhu Ikhlaq Sidhu, Founding FacultyDirector Sutardja Center for Entrepreneurship & Technology IEOR Emerging Area Professor Department of Industrial Engineering, UC Berkeley Opportunity Identification for Project
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- 7. Ikhlaq Sidhu External World is changing Background of team/ Execution and Traction New Venture and (Transformative) Projects Always Start with a Story which must be Tested for Resonance Story is important for 2 reasons: 1. Alignment and feedback 2. Scale and stakeholders Story Types: (start with a guess) •NABC • I observed … • A transformed with B Ikhlaq Sidhu
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- 10. Ikhlaq Sidhu If you were going to write a new movie, where would you start? Venture Story Development:Peter Thiel, Marc Andreessen, and others: “Remakes” and “Transforms” See http://venturehacks.com/ Ikhlaq Sidhu
- 11. Ikhlaq Sidhu If you were going to write a new movie, where would you start? Story Development: PeterThiel, Marc Andreessen, and others: “Remakes” and “Transforms” See http://venturehacks.com/ Western Genre Space Movie Jaws In Space Ikhlaq Sidhu
- 12. Ikhlaq Sidhu • If you were going to write a new movie, where would you start? Story Development:Peter Thiel, Marc Andreessen, and others: “Remakes” and “Transforms” See http://venturehacks.com/ Western Genre Space Movie Jaws In Space Star Wars Alien Ikhlaq Sidhu
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- 18. Ikhlaq Sidhu Two Types of Stories Slides: AKA DirtyDozen Version 1: (most basic) 1. The Problem you are solving 2. The Solution you propose 3. The value proposition for your users and customers 4. The Market size and opportunity 5. A description of actual product—how it works and what it looks like 6. The Sales, Distribution and Revenue Model 7. What’s unique about the technology—often referred to as the unique selling proposition 8. The competitive landscape 9. The team 10. The financial projections, your funding needs and financing strategy 11. Your timeline 12. Your “ask”. The “ask” is an industry term for “what are you asking your audience to do? Investor/Management Story: • TV or Print Commercial • Product announcement • Customer Case Study: • Problem • Solution • Result Customer Story Ikhlaq Sidhu
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- 20. Ikhlaq Sidhu Meet Larry Bock •Serial entrepreneur and seed stage high technology and life sciences venture capitalist • Founded, co-founded or provided early stage financing to 40 companies that have achieved a cumulative market capitalization of over $40 Billion. ------------------------------------- • How does he do it? http://www.linkedin.com/in/larrybock Berkeley Method: Connector Models Ikhlaq Sidhu
- 21. Ikhlaq Sidhu A: You are a typical the customer. • Its something you really care about. • “There must be a better way” B: You are working and you have a problem •You require a better tool, which you can not find • You decide to create that tool yourself Berkeley Method: Your own frustration – ie your own story. Ikhlaq Sidhu