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Entrepreneurial Bootcamp



                             FITT
(Fostering Interregional Exchange in ICT Technology Transfer)



                    www.FITT-for-Innovation.eu
iBootcamp: the essence

      Set of focused workshops
            • Goal: Create a team that can deliver a business presentation that
              can survive a professional investment board
      Based on your own business idea
            • No case studies here; we go for the real thing
      Executed with a multidisciplinary team
            • … that you need to recruit
      Workshops are a combination of:
            • Teaching
            • Coaching
            • Doing


2 | 12.02.2010                     Entrepreneurial Bootcamp
What is this New Innovation Process?



                                                                                                        External
      Ideas                                                                                             Venture



                              Dating            Entrepreneurial
                 Gate 1                                                      Gate 2        Gate 3
                               Event              iBoot Camp
                                                                                                          Internal
                                                                           To IBBT           Venture
                                             Building Business          Innovation Board     Launch
                                                                                                          Venture
     People                                  Opportunity Plan

                            Connecting
                          people and ideas


                                                                                                        New
                                                                                                       Project

      Jan                          March                                                    June




3 | 12.02.2010                               Entrepreneurial Bootcamp
Fit within the organisation




4 | 12.02.2010            Entrepreneurial Bootcamp
Who is eligible to join iBootcamp?



  Every collaborator from IBBT research projects with a great idea and
   with an entrepreneurial mindset


  Idea owners are helped to form winning teams with multidisciplinary
   skills


  iBoot Camp Teams are coached by industrial coaches,
   Board members and Business School Professors




5 | 12.02.2010                Entrepreneurial Bootcamp
Dating Event: Connecting People and Idea


 Talented people everywhere but ... they are not connected!




                        Engineering
                                                                 Marketing
             Research       &                 Finance                        Operations
                                                                  & Sales
                        Development




6 | 12.02.2010                        Entrepreneurial Bootcamp
When? iBoot timeline: once a year


     Submit your idea by Mid January.
     Selected teams are notified by End of January.
     Deliver your team recruiting pitch beginning of February.




                                                                                        ©◊©◊
         10 Feb   24 Feb   4/5 March   12/13 March       26/27 March        23/24 April        4 June

         Dating Present      Team         WE 1             WE 2                  WE 3     Grand jury
                 team       building                 On a residential location
                                              (to promote the bootcamp feeling)

7 | 12.02.2010                              Entrepreneurial Bootcamp
(Residential) iBootcamp Program


     Weekend 1 (Friday + Saturday)
            How to develop a successful business plan
            Opportunity Development & Freedom to operate




                                                                Elapsed time = 2 months
     Weekend 2 (Friday + Saturday)
            Business Models in ICT
            Entrepreneurial Marketing
     Weekend 3 (Friday + Saturday)
            Entrepreneurial Finance
            Human Resources
     Presenting and Selling the Business
            Opportunity Plan to Venture Capitalists


8 | 12.02.2010                       Entrepreneurial Bootcamp
Where?


     • All workshops occur on a residential location to
       promote the bootcamp atmosphere. The first edition
       was organized in a Monasterium (converted to a
       hotel), the second edition in a Castel.
     • On the first edition (iBoot2008) there was a possibility
       for the teams to sleep over, to promote the team
       building. This facility was however not repeated in
       the next editions, but teams are left free.




9 | 12.02.2010              Entrepreneurial Bootcamp
Software tool by Inceptum ®




10 | 12.02.2010           Entrepreneurial Bootcamp
Pro’s & Cons


Pro’s
     • Strength: create a winning team that is able to make a business idea
         happen.
     • Innovation: coaching by doing by coaching
     • Right to copy: Generic format applicable in all kinds of business
         environments (except Inceptum tool that is licensed)

Cons
     • Problems: risk of rising expectations too high
     • potential problems: ability to find the complementary skills to form a
         team
     • Advice: take time to find the right team members around an idea
11 | 12.02.2010                   Entrepreneurial Bootcamp
Why ? Rationale iBootcamp


 Context: mission of IBBT to create new business opportunities
 ‘problem’ solver: real life approach starting from the main assets =
  people and (good) ideas -> quickly identify hidden skills and expertise
  among iBootcamp participants in domains such as communication,
  presentation, entrepreneurship, innovation, leadership, business
  acumen, ...
 The main bottleneck in a research organisation is not to find good ideas
  and competent (technological) people, but to find the lacking
  complementary skills available outside the organisation. With
  iBootcamp one creates the ideal platform to match those skills around a
  specific idea with great potential. Doing this you cover entrepreneurial
  awareness building, you identify business opportunities within the eco-
  system and you help to kick off new business.


12 | 12.02.2010                Entrepreneurial Bootcamp
Why ? Impact iBootcamp


 Evidence of success: most teams (8 of 10) convinced a professional
  venture board of their potential. Of the 10 teams so far (2008-2009) two
  have already started doing business, 5 have been accepted for further
  incubation, only 2 did not succeed.
 Recommendation: strong format for quickly assessing real business
  opportunity and at the same time building a business team of skilled and
  motivated people
 Impact on future performance: iBootcamp creates a lot of awareness of
  business opportunities lying within the eco-system of the organisation, it
  motivates skilled people to invest free time in developing ‘their’ idea and
  it creates a good deal flow of well prepared investment opportunities for
  internal or external VC money or at least for further incubation.




13 | 12.02.2010                Entrepreneurial Bootcamp
Outcome of iBootcamp: today


 Learning effect:
      ideas and teams of second bootcamp were stronger and better
      Steep learning curve within teams
 Strong marketing effect on IBBT profile as an organisation able to
  support new business development, making the transition form idea
  generation to commercialisation
 During second bootcamp there was a joined team that attended the
  Alcatel-Lucent bootcamp = open innovation extended to similar activities
  of business partners




14 | 12.02.2010                Entrepreneurial Bootcamp
Outcome of iBootcamp: plans for the future


 3th edition of iBootcamp (2010) will pay more attention to the team
  building, coaching for marketing of the business ideas and feedback to
  the teams (through dry runs) before the exposure to the final jury.
 Feedback shortly after the final jury and follow up are also point of
  attention
 Flemish feasibility study to establish a Flemish incubation center
  providing these kind of bootcamps for the Flemish industry
 Find extra financial resources for follow-up of successful teams (through
  Proof of Concept funds, pre seed investment funds)




15 | 12.02.2010                 Entrepreneurial Bootcamp
Lessons Learned


 Looking back now, what would you …
     • … do different/improve? Pay more attention to the team building after
         the dating event and have the coaches better prepared before the
         start of the workshops
     • … improve? Better use of software tool by teams
     • … recommend to others? Just do it (learning by doing)




16 | 12.02.2010                  Entrepreneurial Bootcamp
Suggested Readings


 Link to bibliography

 Link to code book

      Training

      Entrepreneurship

      Incubation

 Link to related websites

      http://www.ibbt.be/en/iboot-camp-0




17 | 12.02.2010                Entrepreneurial Bootcamp

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Toolbox Entrepreneurial Bootcamp Ppt Final

  • 1. Entrepreneurial Bootcamp FITT (Fostering Interregional Exchange in ICT Technology Transfer) www.FITT-for-Innovation.eu
  • 2. iBootcamp: the essence  Set of focused workshops • Goal: Create a team that can deliver a business presentation that can survive a professional investment board  Based on your own business idea • No case studies here; we go for the real thing  Executed with a multidisciplinary team • … that you need to recruit  Workshops are a combination of: • Teaching • Coaching • Doing 2 | 12.02.2010 Entrepreneurial Bootcamp
  • 3. What is this New Innovation Process? External Ideas Venture Dating Entrepreneurial Gate 1 Gate 2 Gate 3 Event iBoot Camp Internal To IBBT Venture Building Business Innovation Board Launch Venture People Opportunity Plan Connecting people and ideas New Project Jan March June 3 | 12.02.2010 Entrepreneurial Bootcamp
  • 4. Fit within the organisation 4 | 12.02.2010 Entrepreneurial Bootcamp
  • 5. Who is eligible to join iBootcamp?  Every collaborator from IBBT research projects with a great idea and with an entrepreneurial mindset  Idea owners are helped to form winning teams with multidisciplinary skills  iBoot Camp Teams are coached by industrial coaches, Board members and Business School Professors 5 | 12.02.2010 Entrepreneurial Bootcamp
  • 6. Dating Event: Connecting People and Idea Talented people everywhere but ... they are not connected! Engineering Marketing Research & Finance Operations & Sales Development 6 | 12.02.2010 Entrepreneurial Bootcamp
  • 7. When? iBoot timeline: once a year Submit your idea by Mid January. Selected teams are notified by End of January. Deliver your team recruiting pitch beginning of February. ©◊©◊ 10 Feb 24 Feb 4/5 March 12/13 March 26/27 March 23/24 April 4 June Dating Present Team WE 1 WE 2 WE 3 Grand jury team building On a residential location (to promote the bootcamp feeling) 7 | 12.02.2010 Entrepreneurial Bootcamp
  • 8. (Residential) iBootcamp Program Weekend 1 (Friday + Saturday) How to develop a successful business plan Opportunity Development & Freedom to operate Elapsed time = 2 months Weekend 2 (Friday + Saturday) Business Models in ICT Entrepreneurial Marketing Weekend 3 (Friday + Saturday) Entrepreneurial Finance Human Resources Presenting and Selling the Business Opportunity Plan to Venture Capitalists 8 | 12.02.2010 Entrepreneurial Bootcamp
  • 9. Where? • All workshops occur on a residential location to promote the bootcamp atmosphere. The first edition was organized in a Monasterium (converted to a hotel), the second edition in a Castel. • On the first edition (iBoot2008) there was a possibility for the teams to sleep over, to promote the team building. This facility was however not repeated in the next editions, but teams are left free. 9 | 12.02.2010 Entrepreneurial Bootcamp
  • 10. Software tool by Inceptum ® 10 | 12.02.2010 Entrepreneurial Bootcamp
  • 11. Pro’s & Cons Pro’s • Strength: create a winning team that is able to make a business idea happen. • Innovation: coaching by doing by coaching • Right to copy: Generic format applicable in all kinds of business environments (except Inceptum tool that is licensed) Cons • Problems: risk of rising expectations too high • potential problems: ability to find the complementary skills to form a team • Advice: take time to find the right team members around an idea 11 | 12.02.2010 Entrepreneurial Bootcamp
  • 12. Why ? Rationale iBootcamp  Context: mission of IBBT to create new business opportunities  ‘problem’ solver: real life approach starting from the main assets = people and (good) ideas -> quickly identify hidden skills and expertise among iBootcamp participants in domains such as communication, presentation, entrepreneurship, innovation, leadership, business acumen, ...  The main bottleneck in a research organisation is not to find good ideas and competent (technological) people, but to find the lacking complementary skills available outside the organisation. With iBootcamp one creates the ideal platform to match those skills around a specific idea with great potential. Doing this you cover entrepreneurial awareness building, you identify business opportunities within the eco- system and you help to kick off new business. 12 | 12.02.2010 Entrepreneurial Bootcamp
  • 13. Why ? Impact iBootcamp  Evidence of success: most teams (8 of 10) convinced a professional venture board of their potential. Of the 10 teams so far (2008-2009) two have already started doing business, 5 have been accepted for further incubation, only 2 did not succeed.  Recommendation: strong format for quickly assessing real business opportunity and at the same time building a business team of skilled and motivated people  Impact on future performance: iBootcamp creates a lot of awareness of business opportunities lying within the eco-system of the organisation, it motivates skilled people to invest free time in developing ‘their’ idea and it creates a good deal flow of well prepared investment opportunities for internal or external VC money or at least for further incubation. 13 | 12.02.2010 Entrepreneurial Bootcamp
  • 14. Outcome of iBootcamp: today  Learning effect:  ideas and teams of second bootcamp were stronger and better  Steep learning curve within teams  Strong marketing effect on IBBT profile as an organisation able to support new business development, making the transition form idea generation to commercialisation  During second bootcamp there was a joined team that attended the Alcatel-Lucent bootcamp = open innovation extended to similar activities of business partners 14 | 12.02.2010 Entrepreneurial Bootcamp
  • 15. Outcome of iBootcamp: plans for the future  3th edition of iBootcamp (2010) will pay more attention to the team building, coaching for marketing of the business ideas and feedback to the teams (through dry runs) before the exposure to the final jury.  Feedback shortly after the final jury and follow up are also point of attention  Flemish feasibility study to establish a Flemish incubation center providing these kind of bootcamps for the Flemish industry  Find extra financial resources for follow-up of successful teams (through Proof of Concept funds, pre seed investment funds) 15 | 12.02.2010 Entrepreneurial Bootcamp
  • 16. Lessons Learned  Looking back now, what would you … • … do different/improve? Pay more attention to the team building after the dating event and have the coaches better prepared before the start of the workshops • … improve? Better use of software tool by teams • … recommend to others? Just do it (learning by doing) 16 | 12.02.2010 Entrepreneurial Bootcamp
  • 17. Suggested Readings  Link to bibliography  Link to code book  Training  Entrepreneurship  Incubation  Link to related websites  http://www.ibbt.be/en/iboot-camp-0 17 | 12.02.2010 Entrepreneurial Bootcamp