You also have the opportunity this week to attend a special 4-hour 3M seminar on Technology Commercialization on Saturday, March 27th, 8am-12pm. This is a GREAT opportunity, but it is LIMITED to the first 50 registrants. Preference is given to graduate students, but even if you are an undergrad, you might be able to get in (you could mention that you are in this technology entrepreneurship class to show that you have a demonstrated interest). These are a great opportunity, so act fast. See the flyer at the following link: http://www.csom.umn.edu/assets/158373.pdf
As discussed in previous posts, Tuesday each group will present their feasibility analysis. Please load your presentations on the desktop of the classroom computer. Again, the presentations should be 8 minutes (with 5 minutes for questions). We all benefit from practicing before presenting, so please do that.
On Thursday, we will begin our Organizing Module, and begin to discuss firm organization by having another group activity. Similar to the paper tower exercise, this should be a lot of fun. There are NO readings assigned for this class. We expect that you will use the time to go out an try to talk to people in your venture’s industry. This will help to avoid chasing dead-ends.
Next Tuesday, we will have a presentation from Doug Smidl on sales and marketing. As we discussed in the market analysis class, the best way to see if there is demand for your product is to go sell it. He did a great job last year on this topic, and he is willing to answer your questions.
Here are a few more pointers on finishing the feasibility analysis:
The intent is that you would give this report to someone, and they would be able to read it and have all of their questions about the feasibility of the venture answered in a easy manner. Try to keep this as your overarching framework as you answer each of the questions. It might flow better if you do not follow the exact order that we gave the questions in each section.
Sections should be labeled descriptively, not “Part 1″
You should cite the evidence that you provide. It probably works better if you include citations/references as footnotes or endnotes, both of which can be as small as 9 font, and need not be double-spaced.
Either indent or put a bit of extra space between paragraphs
Good things for your appendices. Figures, justification for your market and financial estimates, etc. All of these will be directly helpful for the business plan.
Finally, at the end of the last section, give a few lines stating your conclusion about the feasibility of the venture: Either: “The analysis above demonstrates that _____ is feasible despite the following risks….” or “The analysis above demonstrates that _____ is not feasible, for the following reasons, as shown in X and Y sections.”
Feasibility reports and presentations are due on Tuesday, 3/23, as shown on the syllabus. As shown on the syllabus, the following are the guidelines: 6-8 pages, appendices limited to 2 pages, 8 minute presentation. No readings are assigned for that class. We will post with any updates.
Yesterday’s slides are posted under Module 3, technology and Markets, Market Analysis, and this evening’s slides are posted under the Communication Module, Business Plan:
In case you didn’t get Harold Slawik’s company name written down, his website is at: www.newcounsel.com
I enjoy when Harold presents because he is very honest and fully discloses the realities of starting new technology companies. He could have tried to sell us on how great of an entrepreneur he is, or how great of an attorney he is, but he was very forthright about his experience, and very willing to answer questions. It’s a great opportunity to have some sort of access to a guy like this, who has experience and is trustworthy.
I think he touched on good points about how some things, like equity ownership division among team members, have to be re-negotiated and adjusted, and it’s not just about contracts. This is the perspective of an attorney, who could shroud his opinions in legal-speak, but instead acknowledges that to get things done, people have to be reasonable. What did you think?
This headline is likely to boost NewWater, a group based on UMN technology from last year’s class. A new study relates to the problem that NewWater helps to solve: concentration of the herbicide atrazine in runoff. The study is one more piece of evidence that their team can use to support their claim that there really is a problem. Read about it, today’s USA Today article, “Tap Water contaminant ‘castrates frogs” or MoneyTimes article “Weedkiller atrazine alters sex of frogs“.
FYI, we have made a few updates to the schedule shown on the syllabus, and have posted an updated version of the syllabus with those changes. The most important are as follows:
2/23 – We will not have the Business Reference Librarian come again. Maybe when most of the groups are further along in their business concepts.
1. I posted slides from the yesterday under Readings and Discussion/Module – Communication.
2. I added the Industry Creation Report under assignments. The grading rubric that we will use is listed there, along with the pairings. The industry creation signup tab was taken off the webpage.
Next class:
No reading for next class. We will have a quiz on the the first two modules. The final two groups will present their business concepts. We will begin discussion of the Module on Technology and Markets, and have a tinkertoy activity to illustrate this.
You need to select the industry on which you will write your industry creation report today by midnight. These reports are scheduled to be due on March 2nd, which is coming up fast. As I wrote in my e-mail, when you select your industry, write down a sentence explaining how this industry is defined.
This article from the economist discusses whether business processes should be patentable. It has a good discussion of the purposes for patents and whether they actually serve those intended purposes.
I have posted the projects that have been presented in class on the page “Project Team Selection”. Please log on to the site and post your top three preferences in a comment. You will need to be proactive about searching to find a group. We are not going to assign groups. Once you have a group formed (no more than 4 students), please tell us and we will record this.
I have also posted the reading for Thursday. This reading is particularly important for those who plan to work in a tech startup that is based on technology connected with universities.
Designed to be an “open-source” learning resource for entrepreneurship. An important part of MGMT 4080, which brings together technology and business school students to turn technology ideas into viable businesses.
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class. A new study relates to the problem that NewWater helps to solve: concentration of the herbicide atrazine in runoff. The study is one more piece of evidence that their team can use to support their claim that there really is a problem. Read about it, today’s USA Today article, “
