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Mike Panesis
April 30, 2013
Speakers
Topic Speakers Mike Panesis Craig R. Cummings James Rogers Dave Seibold
Agenda
Why entrepreneurship for STEM? Whats different about entrepreneurship for STEM? Transforming technology into a business Is entrepreneurship for me? Getting started Helpful hints
Source: http://ethanbeute.com/wordpress/forbes-400-rich-american-education-level-college-dropout 6
Research is the transformation of money into knowledge. Innovation is the transformation of knowledge into money. Geoffrey Nicholson, Vice President, 3M
Research
Knowledge
Innovation Technology
Technology
(Tek-nol-uh-jee) From the Greek: (tchn), "art, skill, craft and - (-loga), "study of-"
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Creating a Minimum Viable Product in a cost-effective manner can be a challenge Technology maturity is critical Higher value to investors and more potential buyers Often results in a solution in search of a problem
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Knowledge
Technology
The entire space of potential applications of your knowledge Direct and adjacent
Business Idea
Technology application that has the most potential to be of value to customers Can start with more than one
Business Model
A framework for creating value for customers Validated by testing hypotheses about each element of the model Customer discovery is critical Attract seed capital
Business
Dependent upon discovery of a sustainable, repeatable business model Attract growth capital
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Product or Service
Clearly performs better than the incumbent May seem impossible to industry experts
Price
Ideally does more for less Someone is willing to pay, even if its indirectly
Market
Disrupts an established market Applies best practice from one market to another Serves an under-served market
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A great idea and a great business idea are not the same thing. You dont have to be first, just better. If an idea isnt coming to you, then go find one:
Put an idea person on the team Practice brainstorming or lateral thinking Look for inspiration in failed experiments Keep a notebook (recommend Evernote) Hone your listening skills, keep an eye (or ear) out for frustration, complaint, wishes, dreams, etc Start with one property of a great idea, then work on the others
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Hypothesis
Analysis
Prediction
Test
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Passionate about your start-up Willingness to take big risks Can live with losing everything Able to weather adversity Want to make a difference
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Getting started
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Personal
Where?
Financial Milestones
First Sale
Confirm customer interest
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Helpful Hints
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Helpful hints
Just because you want to start a business doesnt mean you can afford to.
Get a job Teach Save as much as you can Start your business on the side
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New Venture Competition NVC Seminars Participate multiple years Events and mixers Connections
Business students Mentors Investors Careers
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@UCSBTMP https://twitter.com/#!/UCSBTMP
Reading
Web Sites Osterwalder & Pigneur, Business Model Generation Steve Blank http://www.steveblank.com How to Build a Startup https://www.udacity.com/course/ep245 Block & Dorf, The Startup Owners Manual VentureBeat http://www.venturebeat.com AngelList http://www.angel.co InfoChachkie (John Greathouse) http://www.infochachkie.com TMP Web Site http://www.tmp.ucsb.edu
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Craig R. Cummings
April 30, 2013
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Corporate titles dont matter; the most powerful and the most admired title is Founder.
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Why your technology matters is far more important than How it works.
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Venture capital is the most expensive money you will ever take. Stick with Mom and Dad and the Angel next door for as long as you can.
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Outsource everything that can be done by someone else; focus only on your core competencies.
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One can sweep a lot sins under the carpet of rapid growth.
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Never doubt the power of a single entrepreneur to change the world. Indeed, it is the only thing that ever has.
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Graduate Program
To stimulate graduate students thought processes, outside of their more traditional research-based training, concerning enablers/constraints on creativity that lead to meaningful innovation in business and society. To introduce graduate students to an exceptional group of local, regional and national leaders in technology management and entrepreneurship as members of a strong network (many are mentors, lecturers and advisors within TMP).
Winter 2013
ENGR 211 Opportunities and Perspectives in Technology, Business and Society (Greathouse) elective ENGR 240 (4) Business Strategy & Leadership (Hansen) ENGR 246 (3) New Venture Finance (Adornetto) ENGR 251 (3) Patents and Intellectual Property (Ben-Yaacov) elective ENGR 258 (4) Asia Business Opportunities (Bogart) elective
Spring 2013
ENGR 211 Opportunities and Perspectives in Technology, Business and Society (Greathouse) elective ENGR 255 (4) New Product Development (Campbell/Slaff) ENGR 244 (3) Entrepreneurial Marketing (Gabriele) ENGR 291K (2) Leading Change (Hansen)
Total Grad enrollments in AY 2012-2013: 111 Total Unique enrollment: 68 Engineering: 33 Sciences (BMB, Chem, EEMB, MCDB, Phys): 12 Bren: 20 Other: 3
TMP 425 A/B: Commercialization Team/Leadership Project (includes once per week leadership workshop) TMP 471: Business Models in Technology Driven Industries Business models and structures for value creation, innovation, competitiveness; leadership and decisions TMP 451: Market Research Under Uncertainty Quantitative and qualitative data collection and analysis, focus groups, survey research, forecasting. TMP 442: Project, Program & Operations Management project and program management tools, supply chain, critical path, crisis management, Human Resources, budgeting and planning considerations TMP 473: Leading Change Lean design and operations, creativity, start-up process vs new product development, team building TMP 452: Managing the New Product Launch Strategies for researching and introducing innovative technologies to businesses and markets, demand and price forecasting, global marketing.
Students with an MS, Econ, Math or CS Degrees. Priority given to those with prior work experiences, evidence of leadership, communication, emotional maturity, Positive orientation towards risk and over coming challenges.
TMP 472: Negotiations and Sales Management Getting to Yes, Labor, vendor and investor management, understanding stakeholders, communications strategy TMP 489: Special Issues Technology Commercialization A) Life Sciences Businesses B) Information Technology Businesses C) Advanced Data Analytics D) Energy Efficiency E) Sustainable Business Practices TMP 475: Business Planning in Dynamic Markets Preparation of a comprehensive business plan (strategy implementation) in connection with top-line Team Project