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NORCAT Entrepreneurship 101 - Finding and Validating Your Ideas
This document provides an agenda and overview for an entrepreneurship course called Entrepreneurship 101. The summary includes: 1) The course is run by NORCAT, a regional innovation center, and will cover topics to help participants start and grow businesses over 23 weekly lectures. 2) Participants will have opportunities to learn from local entrepreneurs through "Lived It" lectures and "Meet the Entrepreneur" events. 3) There is an "Up-Start!" business pitch competition for participants to win $5,000 by pitching their business ideas in one of four categories.
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NORCAT Entrepreneurship 101 - Finding and Validating Your Ideas
- 1. Empowering People Entrepreneurship 101- Introduction
- 2. Agenda o Introduction o o o o o What isa Regional Innovation Centre? Who are we and what do we do What have we done to date? Future goals/objectives Community Resources o Course Outline and Organization o Topics covered o Logistics o Up-Start! Competition o Lecture 1 – Entrepreneurship o What is entrepreneurship? o Who are entrepreneurs? o The role of community Empowering People |
- 3. NORCAT Entrepreneurship 101 Introduction:Who are we? Empowering People |
- 4. NORCAT: Who weare & what we do …is a leading private, non-profit organization that empowers our clients, our staff, and our community partners to drive a culture of productivity, innovation, and life-long learning. To deliver on our mandate, NORCAT is focused on three core priorities: • As part of the Ontario Network of Entrepreneurs, NORCAT serves as Sudbury’s Regional Innovation Centre partnering with community stakeholders to help start and accelerate the growth of innovative companies • Develop and provide world-class programs, services, and resources to reduce injuries, save lives, and enhance productivity in the workplace and beyond • Operate a vibrant innovation hub to engage our clients, community, and key stakeholders by providing an environment that celebrates a culture of productivity, innovation, and life-long learning Empowering People |
- 5. Work to date •Currently we work with over 40 entrepreneurs and small business owners in the Greater Sudbury region • We have a long-term residency program, current residents include: • • • • • Dura21 BESTECH Jannatec TesMan Camiro • Start-up Incubator (Coming soon to a RIC near you!) • Monthly Hot Topic and P2P Events Empowering People |
- 6. Services We Offer EmpoweringPeople |
- 7. Other Community Resources •Provide seminars on Wednesday mornings covering topics relevant to small businesses and those looking to start a business • Help with business plans and registering your business • Check out www.regionalbusiness.ca for more information Centre for Excellence in Mining Innovation • Focus exclusively on the mining sector Funders: NOHFC, FedNor, IRAP Empowering People |
- 8. NORCAT Entrepreneurship 101 Logistics& Course Outline Empowering People |
- 9. Logistics Every Wednesday, from6pm – 7pm, NORCAT will stream lectures from MaRS here at our centre OR Watch online through the NORCAT or MaRS website We will be working with MaRS to get you registered and provide you with the necessary log-in information Attendance is key! - it gets you your certificate and makes you eligible for the Up-Start! Competition Empowering People |
- 10. Course Communication • Allcourse information can be found at www.norcat.org under the Entrepreneur Education tab • If you have questions about the course you can email RICcoordinator@norcat.org - All we ask is that you put ENT 101 in the subject line • The ENT101 page will be updated by the Tuesday before each lecture Empowering People |
- 11. Up-Start! Competition &Eligibility This is a business pitch competition open to ENT 101 participants There is a $5,000 cash prize for the winning • Must be registered and attend 20 lectures including all inpitch and lectures person the possibility of competing provincially! one of four categories: • Must fall into so – ICT – Cleantech, advanced manufacturing and mining start thinking NOW! – Social Ventures – Life Sciences and Healthcare Empowering People |
- 12. Course Goals 1. Helpaccelerate the process of turning your idea into reality 2. Provide you with the knowledge and skills necessary to get you started 3. Create a community where you’re able to express ideas and network with like minded individuals 4. Meet and exceed your expectations and make NORCAT ambassadors out of you! Empowering People |
- 13. Course Outline • 23Lectures on key topics related to starting and growing a business • 3 Lived it Lectures – given by local entrepreneurs • 4 Meet the entrepreneurs – sector specific • The ‘Up-Start! Competition’ – business pitch competition to recognize and reward promising participants Empowering People |
- 14. Lived it &Meet the Entrepreneurs Lectures Our first Lived it lecture will be next These will be 2nd and will Wednesday, Oct in-person lectures given by local entrepreneurs feature one of NORCAT’s Mentors andYou Founder/CEOall the Lived it lectures to receive the must attend of ONTRAK the Systems, Tom Fortin Control certificate at the end of the course Please note the following dates:: • October 2nd • December 11th • January 8th • February 19th • February 26th • April 16th Empowering People |
- 15. Course Organization: Topics •Beginning your Journey • Business Modeling – how you’ll make money • Marketing – targeting your market • Management – building your dream team • Money – funding your business Empowering People |
- 16. Beginning the Journey •Finding/validating your idea • Types of entrepreneurship • Entrepreneurial ecosystem and legal fundamentals • Intro to entrepreneurial management • Value propositions • Product development Empowering People |
- 17. Business Modeling • IPManagement – types and their differences • Business Models – non-profit vs for-profit • Business plans and other communication tools Empowering People |
- 18. Marketing • Market analysis •Marketing communications • Go-to-market strategy • Sales • Negotiations • Distribution Empowering People |
- 19. Management • Board/Governance • FinancialPlanning • Recruiting • Building and managing a team Empowering People |
- 20. Money – Fundingyour business • Bootstrapping • Terms of investment • Raising money from VC’s and Angels • The pitch Empowering People |
- 21. NORCAT Entrepreneurship 101 Whatis Entrepreneurship? Empowering People |
- 22. Definitions Entrepreneurship: individuals identifyopportunities, allocate resources, and create value through the identification of unmet needs or opportunities Social Entrepreneurship: identifying a social problem and using entrepreneurial principles to organize, create, and manage a venture to make social change Empowering People |
- 23. “The purpose ofbusiness is to find and serve customers profitably” - Peter Drucker (management theorist) Empowering People |
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- 26. Who are Entrepreneurs?What makes them tick? 1. Recognize opportunities 2. Have an eye for Design 3. Are good at managing Risk (as opposed to risk adverse) 4. They are resilient 5. Effectuating mind Empowering People |
- 27. Can you learnEntrepreneurship? You can teach skills You can teach theory You can teach accounting What you can’t teach is DRIVE! Empowering People |
- 28. What’s your motivation? Doyou just want to make money? Do you want to have an impact? Or, is it the experience you’re after? Turns out that the majority (~67%) of entrepreneurs are motivated by the impact they can make ~25% are motivated by the experience The remaining ~8% are motivated by money Empowering People |
- 29. The Role ofCommunity What comes to mind when I say ecosystem? Something like this perhaps? Empowering People |
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- 31. The Entrepreneurial Ecosystem Ecosystemin this sense is used as a metaphor to describe the environment a business finds itself in and/or has decided to move into And YOU! Components of the Entrepreneurial Ecosystem: • Funders • • • • • • • • VC’s Government Programs Angel Investors Banks Mentors Regional Business Centres Regional Innovation Centres Academic Institutions Empowering People |
- 32. Welcome to theEcosystem! Welcome to Entrepreneurship 101 Empowering People |
- 33. Questions? be sure tocheck out the ENT 101 page on our website at www.norcat.org On Facebook? Check-in at NORCAT, and let us know what you think of our ENT 101 Program. On Twitter? Follow us @NORCAT and join the conversation. #ent101norcat Empowering People |
Editor's Notes
- #7 What we’ve found is that there is a huge appetite here in Sudbury for our Mentorship servicesTo gain access to these resources you need to become a NORCAT client
- #8 RBC – seminars, business plans, consultingLocated at Tom Davies SquareBRIDGES
- #10 MaRS can track who is watching online through your log in information, that will get passed back to us. Other wise attendance will be taken in person
- #12 If you’re already thinking about a business idea, this would be the perfect opportunity to do some work on it
- #15 If you can’t make it, just let me know and we can the necessary accomodations
- #23 Two types, regular run of the mill entrepreneurship, and social entrepreneurship Some people don’t always identify themselves as entrepreneurs, but if you’re a small business owner you’re an entrepreneurThey think a maverick, or some eccentric person, or a go-getter Social can be both for and non profit
- #27 2. Designing mind brings all the moving parts together, systems thinkers3. Some people think entrepreneurs are risk takers, putting it all on the line, gambling away their savings in the hopes of making it big!Well actually NO, that’s not how it works. In fact studies have shown that they too are risk adverse, however risk doesn’t stop them, what they are better at than most is managing the risks they take. They are calculating, the risks they take are backed up by market research4. Able to work through the ups and downs 5. Action oriented people! Continually taking action
- #29 Average age of an entrepreneur is 40, this is because, in most cases, they’ve accumulated enough experience through other jobs, and have identified solutions to problems that they are constantly faced withMost entrepreneurs identify as wanting to make an impact first and foremost.Secondly, its because they want or believe they have the experience necessary to start and run a businessAnd finally, a smaller percentage are motivated by money
- #30 The other thing you’ve probably heard me say a lot tonight is the word ‘ecosystem’ so I’d like to ask you, what do you think it means when I talk about the entrepreneurial ecosystem
- #32 Boulder Colorado Video! https://www.youtube.com/watch?v=zXD5vt0xhyIThis doesn’t even take into account the natural cycles that produce the raw materials used in products
- #33 And on that note I will end tonight’s lecture