14 ExamPrep

Exam Preparation
Prof. Dr. Orestis Terzidis

EnTechnon INSTITUT FR ENTREPRENEURSHIP, TECHNOLOGIEMANAGEMENT UND INNOVATION
KIT Universitt des Landes Baden-Wrttemberg und

nationales Forschungszentrum in der Helmholtz-Gemeinschaft
www.kit-gruenderschmiede.de
Seminar Program in Summer 2016

Registration open from mid-February 2016
portal.wiwi.kit.edu
Management of new Technologies

Future Designs (KIC)
Design Thinking (Track 1)
Design Thinking (Track 2, KIC)
Entrepreneurship Research
Geschftsplanung fr Grnder (Ger.)
Business Planning for Founders (Engl.)
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EnTechnon
Exam Entrepreneurship WS 2015/2016

First attempt and second attempt:
Date: 18.02.2016
Time: 14:30 15:30 (60 min, 3 ECTS)
Place: AUDIMAX (HS am Forum), Building 30.95
Registration for the exam is open until 11.02.2016. Later registrations cannot
be considered!!!
The seating plan for the exam will be available on the institutes homepage a
few days before the exam. Please check if you have registered successfully!
Please bring a valid student card and/or identity card.
Further information concerning the exam can also be found on our
homepage.
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EnTechnon
If you have any (technical) problems with the registration procedure:
Student Service
Hotline 608-82300
support@sle.kit.edu
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Additional information:
All terms and concepts of the exam are related to the lecture and the
respective presentations.
Relevant for the exam are the lecture materials of the
winter term 2015/2016
summer term 2015
(first attempt)
(second attempt).
Please answer all questions in English!

Allowed auxiliary means:
Writing utensils (black or blue color, no pencils!)
Scientific calculators (non-programmable)
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Please note:
To ensure fairness to all students, we cant answer
individual questions concerning the lecture/exam
contents after the exam prep session.
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Agenda
Part A:
Question Catalog
Part B:
Exercise Investment Calculation
Part C:
Exercise Value Proposition Designer
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EnTechnon
Agenda
Part A:
Question Catalog
Part B:
Part C:
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Question Catalog 1
1. What is the role of entrepreneurship according to the
definition of the OECD?
6. What are the character traits of

entrepreneurs according
to William B. Gartner?
2. How does Joseph Schumpeter 7. Please name the eight skills of

entrepreneurship.
define Entrepreneurship?
3. How can the term
entrepreneur be defined
according to Dorf & Byers?
4. Give a definition of the term
entrepreneurship according
to Dorf & Byers.
technology entrepreneurship
according to Dorf & Byers.
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8. What are the motivations for

entrepreneurs?
9. Name the components of the
system model.
business opportunity.
11. Please describe the phases of
the opportunity process.
EnTechnon
Question Catalog 2
12. What are the differences
between static and dynamic
paradigms?
13. Please describe what is
meant by the innovators
dilemma.
17. Describe what is meant by the

term vision.
18. Please give a definition of the
term business model.
19. Name the components of the
Value Proposition Canvas.
14. What are the seven sources

for innovative opportunity
according to Peter Drucker?
20. What are business model

patterns?
15. What does the Gartner Hype

Cycle show?

startup according to Steve
Blank.
16. Name the five phases of the

Garnter Hype Cycle.
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22. What is the difference

between a startup and an
established enterprise?
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Question Catalog 3
23. How is a start-up defined
according to Eric Ries?

term marketing.
24. What is meant by the term

lean start-up?

value proposition.
25. Describe the four steps

involved in the lean startup
process.
31. Please name the five different

dimensions of value.

cybernetics.
minimal viable product
(MVP) according to Eric Ries.
28. Name the five effectuation
principles.
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32. Please name different

methods and databases to
determine the market
potential.
33. Name and describe the three
phases of the Strategic
Marketing Process (STP).
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Question Catalog 4
term market segmentation.
39. For what purpose do start-ups

use social media marketing?
35. Please name the different

segments of the Sinus
Milieus.
40. Name the characteristics of

radical innovations.
36. Please name the different

methods of pricing.
37. What are the key challenges
for marketing in new
ventures?
38. Please name the objectives of
entrepreneurial marketing
according to Freiling/
Kollmann.
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41. Name the five phases of

technology development.
42. What are the benefits of using
platforms?
43. What is a product platform?
44. Name and describe the eras
and phases which shape the
change of a technological
paradigm.
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Question Catalog 5
45. What is a patent?
46. Please name the three basic
requirements for a patent
protection.
47. What is in Germany excluded
from patenting?
48. Name the opportunities and
risks of a patent.
49. Draw the structure of the
Invention Description
Canvas and name the
building blocks.
51. Name and describe the four

sources of funding.
52. What is the motivation of
business angels for investing
in startups?
53. Name the investment criteria
of business angels which are
related to the characteristics
of the entrepreneur.
related to market and
product.
50. Name the stages of the

Startup Financing Cycle.
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EnTechnon
Question Catalog 6
related to financial factors.
56. Illustrate the structure of the
VC Business.
14
61. What are the five tasks of

effective leadership?
62. Please name the tools of
effective leadership.
57. Name Europes five top

industries for VCs.
63. Name the reasons why

startups should have a
business plan.
58. Name the top reasons why

startups fail.
64. What are the key objectives of

the EXIST program?

organization.
65. What is the typical structure

of a business plan?
60. What are the six principles of

effective leadership?
66. Please outline the structure of

the EXIST Start-up Grant
Application.
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EnTechnon
Agenda
15
Part A:
Question Catalog
Part B:
Part C:
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EnTechnon
High Tech Grnderfonds

The High-Tech Grnderfonds invests
into young Technology Ventures
based on know-how & IP.
It provides Seed Money to develop a
prototype or Proof of Concept.
Age of venture < 1 year.
First investment of 500.000 , overall
investment up to 2 m per venture.
Public-Private-Partnership.
Fund Volume of 576 m.
6 years investment period, 7 years
divestment period.
400+ ventures, 46 exits.
Source: www.high-tech-gruenderfonds.de 05.06.2015
16
Entrepreneurship | Winter Term 2015/2016
Institut fr Entrepreneurship, TechnologieManagement & Innovation
Technology Fields
Zusagen gesamt: 471
Source: HTGF 02/2015

17
Selection Criteria
Meaningful, realistic business
plan:
Well structured, with all
elements
Competitive analysis aligned
with market outlook
(proofs for statements)
Realistic plans and scenarios
Self critical reflection
Committed entrepreneurial team

High level of innovation and
competitive advantage
Sustainable USP (IP!)
Clear customer value
proposition
Market with high growth
rates and entry barriers
for competitors
Glossary
18
Investment Terms
15 % share/equity (standard, no company evaluation is done).

Additional subordinated shareholder loan with conversion rights
(Gesellschafterdarlehen mit Rangrcktritt und Wandlungsrecht).
Deferral of interest (Stundung der Zinsen) for 4 years, final
maturity (Endflligkeit) after 7 years.
Conversion of loan and interests into equity in the case of further
investment rounds.
Founders equity of 20% needed.
19
(Simplified) Example: 1st Round at t1

Nominal Capital
[]
Agio
[]
Founders
25,000
75,000
74.96
Side
Investor
3,350
196,650
10.04
Evaluation after
negotiation
HTGF
5,000
495,000
14.99
Agio is a subordinate,
convertible loan
Sum
33,350
766,650
100
Partner
Shares
[%]
Comment
Comments:
An overall of 800,000 are available for the venture (equity + agio).
Only 33,350 are nominal capital registered at the notary.
Assume only multiples of 50 in the nominal capital.
There is no common evaluation.
Note: We use the English number format! ( 1000 = 1,000 )!
20
2nd Round at t2
A capital increase is done to allow the firm to evolve.
After negotiations and estimations of external experts, the premoney evaluation of the company is considered to be 6 Mio .
The new investor wants to invest 1.7 Mio .
HTGF decides to convert part the loan and the interest in order
not be diluted.
Questions:
1. How much money must the HTGF convert?
2. What is the post-money evaluation?
3. How is the nominal capital increased to reflect the investment?
4. What are the (rounded) nominal shares?
21
1. How much money must the HTGF convert?

The post-money evaluation (POM) is given by
POM = 6 Mio + 1.7 Mio + CON
where CON is the sum converted by HTGF.
If the pre-money evaluation of the venture is 6 Mio , and HTGF owns
15% shares, this corresponds to 900,000 . With these facts, CON is
given by the relation:
(900,000 + CON)/(7.7 Mio + CON) = 15%
Then: CON = 1/0,85*(0,15*7.7 Mio - 900,000 ) = 300,000
Answer: The HTGF must convert 300,000 of the loan.
22
2. What is the Post-Money Evaluation?

The post-money evaluation is
POM = 6 Mio + 1.7 Mio + 0.3 Mio
Answer: POM = 8.000.000
23
3. How is the nominal capital increased?

Nominal capital before the second round: 33,350
Corresponds to the value of 6 Mio .
New value of 8 Mio .
Therefore, the new nominal capital NNC is
NNC = (8 Mio /6 Mio ) * 33,350
NNC = 44,467
Answer: In multiples of 50 , let us assume NNC = 44,500
24
4. What are the (rounded) nominal shares?

Answer:
After 2nd round at t2
Nominal
Capital
[]
Actual
Shares
[%]
Previous
Shares
[%]
Founders
25,000
56.18
74.96
Dilution
Side Investor
3,350
7.53
10.04
Dilution
HTGF
6,650
14.94
14.99
Conversion of loan
New Investor
9,500
21.35
Sum
44,500
100
100
Partner
25
Comment
Agenda
26
Part A:
Question Catalog
Part B:
Part C:
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EnTechnon
Value Proposition
describes the benefits customers can expect
from your products and services.
Osterwalder, Alexander; Pigneur, Yves; Bernarda, Gregory; Smith, Alan: Value Proposition Design: How to create products and services customers want. John
Wiley & Sons, Inc., Hoboken, New Jersey 2014, p.6.
27
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How can a Value Proposition Canvas

help entrepreneurs?
With the Customer Profile you want to clarify your customer
understanding.
With the Value Map you describe how you intend to create value for
that customer.
You achieve FIT between the two when one meets the other
28
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EnTechnon
Value Map
Customer Profile
Fit
Create
Observe
http://www.businessmodelgeneration.com/downloads/value_proposition_canvas.pdf
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Fit
http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf
31
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VP vs. Product
Value Proposition
Customer Segments
SUV
Sport Utility Vehicle
(Engl.)
Gelndelimousine
(Ger.)
All Terrain Limousine
(Engl.)
+
http://www.carscoops.com/2014/07/2015-porsche-cayenne-facelift-revealed.html
http://de.gde-fon.com/download/Offroad_Wettbewerb_Schmutz/325475/1920x1280
http://blog.audi.de/2013/03/27/erste-limousine-in-der-kompaktklasse/#!prettyPhoto/0/
33
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Please prepare
for questions around the Value Proposition Design
The last exercise will be a transfer exercise
Best strategy to prepare is to practise the Value Proposition Design
http://de.slideshare.net/askh/value-proposition-design-47460296
Remark
If identical answers are handed in, they are considered as copy and
(both) are considered invalid! Please avoid that!
Good Luck!
35
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EnTechnon
EnTechnon INSTITUT FR ENTREPRENEURSHIP, TECHNOLOGIEMANAGEMENT UND INNOVATION
36 KIT Universitt des Landes Baden-Wrttemberg

| Entrepreneurship
und
nationales Forschungszentrum in der Helmholtz-Gemeinschaft
EnTechnon
www.kit-gruenderschmiede.de

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Exam Preparation

Prof. Dr. Orestis Terzidis

KIT Universitt des Landes Baden-Wrttemberg und

Seminar Program in Summer 2016

Management of new Technologies

Exam Entrepreneurship WS 2015/2016

Prof. Dr. Orestis Terzidis

If you have any (technical) problems with the registration procedure:

Exam Entrepreneurship WS 2015/2016

Please answer all questions in English!

Prof. Dr. Orestis Terzidis

Exam Entrepreneurship WS 2015/2016

Prof. Dr. Orestis Terzidis

Exercise Investment Calculation

Exercise Value Proposition Designer

Prof. Dr. Orestis Terzidis

Exercise Investment Calculation

Exercise Value Proposition Designer

Prof. Dr. Orestis Terzidis

6. What are the character traits of

2. How does Joseph Schumpeter 7. Please name the eight skills of

Prof. Dr. Orestis Terzidis

8. What are the motivations for

17. Describe what is meant by the

14. What are the seven sources

20. What are business model

15. What does the Gartner Hype

21. Give a definition of the term

16. Name the five phases of the

Prof. Dr. Orestis Terzidis

22. What is the difference

29. Please give a definition of the

24. What is meant by the term

30. Give a definition of the term

25. Describe the four steps

31. Please name the five different

26. Give a definition of the term

Prof. Dr. Orestis Terzidis

32. Please name different

39. For what purpose do start-ups

35. Please name the different

40. Name the characteristics of

36. Please name the different

Prof. Dr. Orestis Terzidis

41. Name the five phases of

51. Name and describe the four

50. Name the stages of the

Prof. Dr. Orestis Terzidis

61. What are the five tasks of

57. Name Europes five top

63. Name the reasons why

58. Name the top reasons why

64. What are the key objectives of

59. Give a definition of the term

65. What is the typical structure

60. What are the six principles of

66. Please outline the structure of

Prof. Dr. Orestis Terzidis

Exercise Investment Calculation

Exercise Value Proposition Designer

Prof. Dr. Orestis Terzidis

High Tech Grnderfonds

Prof. Dr. Orestis Terzidis