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Your Title Here
DEPARTMENT NAME HERE
World Chicago
November 4, 2015
Linda Darragh
Executive Director, KIEI
Clinical Professor of Entrepreneurship
Thought Leadership New Fundamentals
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
ACCOUNTING
FINANCE
MANAGEMENT &
ORGANIZATIONS
STRATEGY
MANAGERIAL ECONOMICS &
DECISION SCIENCES
MARKETING
MARKETS &
CUSTOMERS
ARCHITECTURES
OF COLLABORATION
PUBLIC-PRIVATE
INTERFACE
INNOVATION &
ENTREPRENEURSHIP
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
KIEI Unified Structure + Increased Impact
KIEI
Levy
Institute for
Entrepreneurial
Practice
Heizer Center
for Private
Equity &
Venture
Capital Kellogg
Innovation
Network
(KIN)
Real Estate
Program
Center for
Family
Enterprises
Center for
Research in
Technology &
Innovation
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
THREE CORE TRACKS
CORPORATE INNOVATION
GROWTH & SCALING
NEW VENTURE CREATION
• Kellogg Innovation Network
• Center for Research in Technology and
Innovation
• Heizer Center (PE/VC)
• Center for Family Enterprise
• Levy Center for Entrepreneurial
Practice; Heizer Center (PE/VC)
• Real Estate Entrepreneurship
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
New Venture
Creation
The
Problem
Big Company
Copyright or confidentiality statementDEPARTMENT NAME HERE
Start-up
Start-up Definition
A temporary organization
designed to search for a
repeatable and scalable
business model.
Steve Blank
Source: Business Model Generation by Osterwalder, Alexander and Pigneur, Yves
Piece & Co.
Kathleen Wright
Past Fair Trade Model:
Artisans try to find markets
Poor supply chain. Who pays?
Piece & Co. Model:
Brands want artisans
High quality. Good supply chain.
More value to all.
Source: Business Model Generation by Osterwalder, Alexander and Pigneur, Yves
Supply chain
& sourcing
Sourcing &
technology
platform
Retailers
Apparel
manufacturers
Supply chain
Supply chain
Too high for
department stores
More value, less cost
More value, raise
prices; subscription
and transaction fee
Sourcing &
Technology
KIEI 462:
Product – Market Fit
New Venture Discovery – KIEI 462
• Problem identification and verification
• Propose and then test a solution
– Is their a customer who has a ‘pain’ that you can solve, or an
advantage you can give them?
– Is there product – market fit?
– Are there enough customers to sustain and scale the business
• How to do this?
– Prototyping
– Get out of the building
– Business Model Canvas
New Venture
Discovery
New Venture
Development
New Venture
Launch
Where to Start?
DISCOVER TEST LAUNCH
Have done significant
market research
Want to learn how to
acquire customers
Idea but needs more
market research
Passionate about a
problem
No Idea
Want to Learn Design
Thinking
Already have a MVP, beta
customer
Want to build low fidelity
MVP
Building Block Courses
New Courses
• Entrepreneurial Selling
• Entrepreneurial Teams & Cultures
• Digital Marketing
• Introduction to Programming
• Start-up Programming
• IP for Entrepreneurs
• KIN Challenge
Existing Courses
• Business Law for Entrepreneurs
• Entrepreneurial Finance and VC
• Product Management for Technology Companies
Experiential Courses
New Courses
• Entrepreneurial Experience
• Medical Product Commercialization
Existing Courses (Revised)
• Corporate Innovations & New Ventures
• Social Enterprise: Designing for Change
KIEI Non-Tenured Faculty
23 new faculty members
• 11 are investors – angel and VC
• 9 are successful entrepreneurs
• 8 Co-founders of accelerators or incubators
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
FALL WINTER
CO-CURRICULAR OPPORTUNITIES
SPRING POST-GRAD
Zell Scholars
Pritzker Group Venture
Fellows
Business Competitions
Startup Career
Fair
Social
Entrepreneurship
Awards
In only 2 Years
The Zell Scholars
Program has:
Supported and Impacted 19 Scholars
$ $ $ $ $ $
14 who
Continue
to Grow
Their
Ventures
(6 Part
Time)
(8 Full
Time)
6 Ventures are Revenue Positive
14 Competition Wins:
$800k in Non-Dilutive Funding
$4m in
Cumulative
Funding To-Date
Launch a
new
business
Join a
new
business
Join a
scaling
business
Buy and
transform
a
business
Intrapre-
neurship
Re-ignite
a family
business
VENTURING
MIND
Multiple Pathways to Entrepreneurship
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
ACROSS
NU
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
FALL WINTER
NUVENTION COURSES
SPRING
ENTREPRENEURSHIP PATHWAY
NUVention: Medical
NUVention: Web/Mobile
NUVention: Energy NUVention: Impact
NUVention: Media &
Entertainment
NUVention: Analytics
Northwestern University
Venture Challenge
• $200,000 in Prizes
• 5 tracks
– Consumer products & services
– Business to business products & services
– Life Sciences
– Clean Energy & Sustainability
– Impact
• Kellogg winners
– 2014: Innoblative, Four Kites, Page Vault
– 2015: Opticent Health, MDAR Technologies
MELISSA CROUNSE
Executive Director, The Garage
crounse@u.northwestern.edu
THE GARAGE
Programs and Benefits
1. Drop in space to work on your business or start-up
1. Free snacks, free wifi, free deskspace, free coffee
2. The Garage Residency Program
1. 24/7 access to The Garage and dedicated workspace
2. A weekly “Family Dinner” and presentation
3. Priority access to office hours, workshops, and events
3. Office Hours with Experts from our Mentor Network
1. Seasoned Entrepreneurs-in-Residence (EIRs).
2. Free legal services and advice.
3. Alumni & faculty experts offering advice in all domains.
4. Workshops and Events
1. The Internet of Things.
2. NUScramble (coming in November) – a condensed early stage start-up experience weekend.
The Garage is open to all students at Northwestern
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
GROWTH
&
SCALING
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
CORPORATE INNOVATION
GROWTH
&
SCALING
NEW VENTURE
CREATION
WHY GROWTH & SCALING?
FOCUS OF
MOST MBA COURSES
Growth & Scaling Courses
Growth Scaling Scaling Scaling Financing Governance
Strategy Organizations Operations Customers Growth
Strategies for
Growth
Managing
Organizations
for Growth
Scaling
Operations
Marketing
Lab –
Generating
Growth
Entrepreneurial
Finance &
Venture Capital
Human
Capital &
Enterprise
Scaling
Scaling
Operations
Lab
Global
Entrepreneurial
Finance
Entrepreneurship
Through
Acquisition
Family
Enterprises:
Issues &
Solutions
Global
Corporate
Governance
New Zell Growth Scholars Program
Immersion Trip
Meet variety of
companies 25 students
Summer Internships
in middle market
companies
Winter Spring FallSummer Winter Spring
Post-
Grad
Fall
Zell Growth/Acquisition Track:
10 Students
KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE
WHERE ARE
WE GOING?
Growth&
Scaling
2013 2014 2015 20172016 2018
NewVenture
Creation
KIEI: 6 Year Plan
Develop FT & PT Curriculum Iterate, Improve, & Add Faculty
Assessed
Existing
Programs
Pritzker
Launch
U
Zell
Fellows
Expanded NUVC
/ Startup Career
Fair
McCall
Startup
Support
Increase curated resources & mentors.
Increase funds to support student businesses
Iterate, Improve, & Add FacultyDevelop EMBA Curriculum
Develop Alumni Offerings Iterate & Improve
Develop Global Offering
Develop FT & PT Curriculum Iterate, Improve, & Add Faculty
Evaluate & Add Other Curricular Programs
New Zell
Fellows
Program
Develop EMBA Curriculum Iterate, Improve, & Add Faculty
Improve Integration of CRTI, CFE and KIN into G&S
Develop Scaling & Exit
Options for Alumni
Iterate & Improve
Develop Global Offering

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KIEI - Linda Darragh

  • 1. Your Title Here DEPARTMENT NAME HERE World Chicago November 4, 2015 Linda Darragh Executive Director, KIEI Clinical Professor of Entrepreneurship
  • 2. Thought Leadership New Fundamentals KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE ACCOUNTING FINANCE MANAGEMENT & ORGANIZATIONS STRATEGY MANAGERIAL ECONOMICS & DECISION SCIENCES MARKETING MARKETS & CUSTOMERS ARCHITECTURES OF COLLABORATION PUBLIC-PRIVATE INTERFACE INNOVATION & ENTREPRENEURSHIP
  • 3. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE KIEI Unified Structure + Increased Impact KIEI Levy Institute for Entrepreneurial Practice Heizer Center for Private Equity & Venture Capital Kellogg Innovation Network (KIN) Real Estate Program Center for Family Enterprises Center for Research in Technology & Innovation
  • 4. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE THREE CORE TRACKS CORPORATE INNOVATION GROWTH & SCALING NEW VENTURE CREATION • Kellogg Innovation Network • Center for Research in Technology and Innovation • Heizer Center (PE/VC) • Center for Family Enterprise • Levy Center for Entrepreneurial Practice; Heizer Center (PE/VC) • Real Estate Entrepreneurship
  • 5. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE New Venture Creation
  • 6.
  • 8. Big Company Copyright or confidentiality statementDEPARTMENT NAME HERE Start-up
  • 9.
  • 10. Start-up Definition A temporary organization designed to search for a repeatable and scalable business model. Steve Blank
  • 11. Source: Business Model Generation by Osterwalder, Alexander and Pigneur, Yves
  • 13. Past Fair Trade Model: Artisans try to find markets Poor supply chain. Who pays?
  • 14. Piece & Co. Model: Brands want artisans High quality. Good supply chain. More value to all.
  • 15. Source: Business Model Generation by Osterwalder, Alexander and Pigneur, Yves Supply chain & sourcing Sourcing & technology platform Retailers Apparel manufacturers Supply chain Supply chain Too high for department stores More value, less cost More value, raise prices; subscription and transaction fee Sourcing & Technology
  • 16.
  • 19. New Venture Discovery – KIEI 462 • Problem identification and verification • Propose and then test a solution – Is their a customer who has a ‘pain’ that you can solve, or an advantage you can give them? – Is there product – market fit? – Are there enough customers to sustain and scale the business • How to do this? – Prototyping – Get out of the building – Business Model Canvas
  • 20. New Venture Discovery New Venture Development New Venture Launch Where to Start? DISCOVER TEST LAUNCH Have done significant market research Want to learn how to acquire customers Idea but needs more market research Passionate about a problem No Idea Want to Learn Design Thinking Already have a MVP, beta customer Want to build low fidelity MVP
  • 21. Building Block Courses New Courses • Entrepreneurial Selling • Entrepreneurial Teams & Cultures • Digital Marketing • Introduction to Programming • Start-up Programming • IP for Entrepreneurs • KIN Challenge Existing Courses • Business Law for Entrepreneurs • Entrepreneurial Finance and VC • Product Management for Technology Companies
  • 22. Experiential Courses New Courses • Entrepreneurial Experience • Medical Product Commercialization Existing Courses (Revised) • Corporate Innovations & New Ventures • Social Enterprise: Designing for Change
  • 23. KIEI Non-Tenured Faculty 23 new faculty members • 11 are investors – angel and VC • 9 are successful entrepreneurs • 8 Co-founders of accelerators or incubators
  • 24. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE FALL WINTER CO-CURRICULAR OPPORTUNITIES SPRING POST-GRAD Zell Scholars Pritzker Group Venture Fellows Business Competitions Startup Career Fair Social Entrepreneurship Awards
  • 25. In only 2 Years The Zell Scholars Program has: Supported and Impacted 19 Scholars $ $ $ $ $ $ 14 who Continue to Grow Their Ventures (6 Part Time) (8 Full Time) 6 Ventures are Revenue Positive 14 Competition Wins: $800k in Non-Dilutive Funding $4m in Cumulative Funding To-Date
  • 26. Launch a new business Join a new business Join a scaling business Buy and transform a business Intrapre- neurship Re-ignite a family business VENTURING MIND Multiple Pathways to Entrepreneurship
  • 27. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE ACROSS NU
  • 28. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE FALL WINTER NUVENTION COURSES SPRING ENTREPRENEURSHIP PATHWAY NUVention: Medical NUVention: Web/Mobile NUVention: Energy NUVention: Impact NUVention: Media & Entertainment NUVention: Analytics
  • 29. Northwestern University Venture Challenge • $200,000 in Prizes • 5 tracks – Consumer products & services – Business to business products & services – Life Sciences – Clean Energy & Sustainability – Impact • Kellogg winners – 2014: Innoblative, Four Kites, Page Vault – 2015: Opticent Health, MDAR Technologies
  • 30. MELISSA CROUNSE Executive Director, The Garage crounse@u.northwestern.edu THE GARAGE
  • 31. Programs and Benefits 1. Drop in space to work on your business or start-up 1. Free snacks, free wifi, free deskspace, free coffee 2. The Garage Residency Program 1. 24/7 access to The Garage and dedicated workspace 2. A weekly “Family Dinner” and presentation 3. Priority access to office hours, workshops, and events 3. Office Hours with Experts from our Mentor Network 1. Seasoned Entrepreneurs-in-Residence (EIRs). 2. Free legal services and advice. 3. Alumni & faculty experts offering advice in all domains. 4. Workshops and Events 1. The Internet of Things. 2. NUScramble (coming in November) – a condensed early stage start-up experience weekend. The Garage is open to all students at Northwestern
  • 32. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE GROWTH & SCALING
  • 33. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE CORPORATE INNOVATION GROWTH & SCALING NEW VENTURE CREATION WHY GROWTH & SCALING? FOCUS OF MOST MBA COURSES
  • 34. Growth & Scaling Courses Growth Scaling Scaling Scaling Financing Governance Strategy Organizations Operations Customers Growth Strategies for Growth Managing Organizations for Growth Scaling Operations Marketing Lab – Generating Growth Entrepreneurial Finance & Venture Capital Human Capital & Enterprise Scaling Scaling Operations Lab Global Entrepreneurial Finance Entrepreneurship Through Acquisition Family Enterprises: Issues & Solutions Global Corporate Governance
  • 35. New Zell Growth Scholars Program Immersion Trip Meet variety of companies 25 students Summer Internships in middle market companies Winter Spring FallSummer Winter Spring Post- Grad Fall Zell Growth/Acquisition Track: 10 Students
  • 36. KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE WHERE ARE WE GOING?
  • 37. Growth& Scaling 2013 2014 2015 20172016 2018 NewVenture Creation KIEI: 6 Year Plan Develop FT & PT Curriculum Iterate, Improve, & Add Faculty Assessed Existing Programs Pritzker Launch U Zell Fellows Expanded NUVC / Startup Career Fair McCall Startup Support Increase curated resources & mentors. Increase funds to support student businesses Iterate, Improve, & Add FacultyDevelop EMBA Curriculum Develop Alumni Offerings Iterate & Improve Develop Global Offering Develop FT & PT Curriculum Iterate, Improve, & Add Faculty Evaluate & Add Other Curricular Programs New Zell Fellows Program Develop EMBA Curriculum Iterate, Improve, & Add Faculty Improve Integration of CRTI, CFE and KIN into G&S Develop Scaling & Exit Options for Alumni Iterate & Improve Develop Global Offering

Editor's Notes

  1. Talk through the business model canvas. Have been focusing on value proposition and customers, now want to focus on channels and customer relationships = customer acquisition and retention
  2. Still needs work
  3. What is a hypothesis: Problem – Buses do not make enough money in the winter. Hypothesis - not enough people ride the bus in the winter because they do not want to stand in the cold. Maybe solution is a bus tracker software Test - why? As you talk to people may be that they do not want to be near people with colds. How to interview. Go to analyzing what they have done not what they might do in the future. When did you decide what to wear for the day? What is your routine in the morning. Things that might hold you up in the morning. When did you decide how you were going to get to work. What things did your consider? Under what conditions do you drive? Walk? Taxi? Bus? How many times did you take the bus. Why not the other days? Honduras story.
  4. Talk through the business model canvas. Have been focusing on value proposition and customers, now want to focus on channels and customer relationships = customer acquisition and retention