Ireland Chinese Entrepreneurs meeting 1
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The document summarizes a startup workshop that provided information on starting a business. It discussed stages of developing a high potential company from searching for a business model to large-scale execution. It also covered topics like proving a concept, commercial development stages, team development stages, and funding development stages. The workshop included breakout groups for idea generation and pitching top ideas. Participants were given guidance on further concept elaboration, market understanding, financial planning, and next steps to continue project development after the workshop.
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Ireland Chinese Entrepreneurs meeting 1
- 1. Let’s start a business Startup Workshop #1 7th April 2011 Lawrence Lee Ireland Chinese Entrepreneurs Network
- 7. What’d you actually do to startup business?
- 8. Lifestyle Business High Potential Business
- 9. Stages of High Potential Company Search Grow Execute Scalable Scalable Large Startup Company Company - Business Model found - i.e. Product/Market fit - Repeatable sales model - Managers hired A Startup is a temporary organization used to search for a repeatable and scalable business model
- 10. Found Idea is Technology A Customer an Idea Feasible Works Buys Product development Proof of Proof of Beta Beta Product Product Product Product concept concept product product version 1.x version 1.x version 2.x version 2.x Commercial development Market Market Targeting Targeting Early Early “Chasm crossing” “Chasm crossing” identification identification “beta” “beta” adopter adopter or mass or mass & quantification & quantification customers customers sales sales market market Team development Entrepreneur Entrepreneur Sales Sales Operations Operations CFO CFO & CTO & CTO director director team team Funding development Angels & Angels & First round First round Second round Second round Bootstrapping & Bootstrapping & seed VC seed VC venture venture venture venture 3 “F”s 3 “F”s investors investors capital capital capital capital
- 11. Any Questions?
- 12. What the professional investors think • Are you sure - nemo and why?
- 14. Opportunity vs Risk……… • Technology development • Market development • Team Capability • Competitor behaviour • Sufficient capital • IP Position • Etc.
- 15. A ‘view’ of Risk……… Probability • Technology development 80% • Market development 80% • Team Capability 80% • Competitor behaviour 80% • Sufficient capital 80% • IP Position 80% • Etc. 26%
- 16. Success expectations? Idea is Technology A Customer Feasible Works Buys Overall probability of success? P(success) = 80% 26% * 40% * 50% * 80% = ~4% P(success) = 50% P(success) = 40% Expansion P(success) = 26% Capital Risk (ß) Capital Seed R&D Go-to-Market Funding Capital Capital
- 17. 3 Technology What VCs always wanted… 1 2 Market People
- 18. Idea is Technology A Customer Feasible Works Buys Eliminate development Product Technology Risk Proof of Proof of Beta Beta Product Product Product Product concept concept product product version 1.x version 1.x version 2.x version 2.x Commercial development Eliminate Market Targeting MarketEarly Risk “Chasm crossing” Market Targeting Early “Chasm crossing” identification identification “beta” “beta” adopter adopter or mass or mass & quantification & quantification customers customers sales sales market market Team development Eliminate Execution Risk Entrepreneur Entrepreneur Sales Sales Operations Operations CFO CFO & CTO & CTO director director team team Funding development Angels & Angels & First round First round Second round Second round Bootstrapping & Bootstrapping & seed VC seed VC venture venture venture venture 3 “F”s 3 “F”s investors investors capital capital capital capital
- 19. Any Questions?
- 21. Ideas Generation Workshop • Divide into groups • Nominate one facilitator and one timer • Agreed on a language • Process – 5 mins: Each member writes down 2+ ideas – 30 mins: • Each member tells one idea in turn • All members add to the idea or suggest new ideas • No more than 1 min on each idea • Facilitator writes down the idea – 10 mins: Vote to find the best ideas • Identify the top 3 ideas, get one volunteer for each of the 3 ideas
- 22. Rules • Defer Judgement • Encourage Wild Ideas • Build on Ideas of Others • One conversation at a time • Go for Quantity • Don’t elaborate on ideas
- 23. Voting Idea New? Appealing? Feasible? Total
- 24. One Minute First Pitch • A volunteer to pitch on each winning idea • This person will become the promoter for this idea • Straightly one minute • The pitch: – Your name – What is the idea? – Why is it important? • Audience interested in the idea take notes
- 25. At the end of pitches • Volunteers to join the promoter and form a team • The promoter has absolute power to pick and choose the members (ideally 2-5) • Each member only involves in one project. • Inform me which projects will be followed up
- 26. Next Phase Week 1 Concept Elaboration Week 2 (What is it? Use case) Technology Elaboration (How does it works?) (Possible patents and patent search) Week 3 Market understanding (How does it fit in the existing Week 4 value chain? Who are the key Financial and Planning players in the market? Who are the key competitors) (What are the next steps? How much will it cost) (Understanding on team, future milestones, and deliverables)
- 27. • Next meeting • Feedback form • Linkedin Group - subgroups “Ireland Chinese Entrepreneurs Network” http://www.linkedin.com/groups?mostPopula r=&gid=3881467
- 28. Thank You