285B Week 2 Lecture 1 Start-up Stages TD

285B Week 2 Lecture 1 Start-up Stages TD - ENG 185B/285B...

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Click to edit Master subtitle style ENG 185B/285B New Venture Creation: Entrepreneurship The Entrepreneurial Process: Start-up Stages and Key Success Factors
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ENGR185B/285B – Week 2 Lecture 1 22 Today’s Roadmap Assignment 1B Due Key success factors of start-ups O’Connor Chapter 1 infoChachkie Readings In-class exercise Assignment and next class
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ENGR185B/285B – Week 2 Lecture 1 33 Questions? Issues getting O’Connor books? Two copies left for anyone willing to share $10 Deposit Do not fret over initial Venture Idea Grades Issues, concerns? Resolve Add Codes
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ENGR185B/285B – Week 2 Lecture 1 44 Former TMP Class Project “Phone Halo was formed two years ago by three friends at University of California, Santa Barbara, with a fourth member, Jacques Habra, joining later on as chief executive and equity partner.
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ENGR185B/285B – Week 2 Lecture 1 55 Successful Start-up What Does it Take to Get Started? Attractive Opportunity Timely Feasible Important Profitable Favorable context People & Team Passion Interest Commitment Curiosity Risk taking Sufficient Resources Skills & Capabilities Financial Resources Network Dynamic capabilities
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Click to edit Master subtitle style Start-up Phases
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ENGR185B/285B – Week 2 Lecture 1 77 Phase 1: Idea Generation and Evaluation Identify an attractive business opportunity Evaluate the business opportunity (build a prototype / proof of concept) Get feedback from friends / experts / customers Ensure confidentiality Summarize and pitch your opportunity use cases Evaluate your personal commitment and risk taking profile Decide if entrepreneurship is what you want Search for a committed founding team Pull out from your employer
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ENGR185B/285B – Week 2 Lecture 1 88 Phase 2: Business Concept Development Create a vision, mission & value proposition – unique positioning Develop a business model – how are you going to make money? Develop a business plan (with sales and marketing strategy) Further validate business ideas Strengthen the founding team and ensure commitment Create enthusiasm as well as a sense of reality Attract new talents for future hiring Start search for capital Ensure confidentiality
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ENGR185B/285B – Week 2 Lecture 1 99 Phase 3: Acquiring Resources Building a team Technical team first, then management and sales & marketing Raising capital Determine right sources (Family, Friends & Fools, Angels, VC…) Go for smart money Tailor your pitch Focus on one lead investor Calculate with a 2 – 12 month time frame Secure IP Set up legal and organizational structure
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ENGR185B/285B – Week 2 Lecture 1 1010 Phase 4: Managing and Growing the Develop capabilities, technologies and products Develop your sales and marketing activities and include your customers First mover advantage / market share is NOT everything Engage in smart strategic partnering
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