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By nachiket, April 9, 2010 3:09 pm

If you or anyone has an idea for renewable energy, you might want to send an application for the business plan competition at the University of Albany.

http://www.neny.org/ContentManager/index.cfm?Step=Display&ContentID=314

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By nachiket,

On a list serve, someone forwarded this article from the Harvard Business Review blog… seems to be apt based on what we discussed last class. What do you think?

http://blogs.hbr.org/cs/2010/04/is_it_ok_for_entrepreneurs_lie.html

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By rawhouser, April 8, 2010 2:57 pm

I posted the slides from Tuesday. One note to those who were not in class on Tuesday. For calculating the net present value of your venture, unless you have a more complicated model, we expect you to use a simple two-stage analysis. You will project your growth in sales and net cash flow for the FIRST three years, and then you will assume that these values will grow linearly at a moderate rate for perpetuity (this is a constant growth perpetuity). You need to discount all of these values back to the present to calculated a NPV.

Also, I posted the GROUP Product and Market Presentation Evaluation form that I mentioned in my last post, here. I will post the INDIVIDUAL and GROUP Operations, Management, and Finances Presentation Evaluation form shortly.

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By rawhouser, April 7, 2010 11:17 am

We read through the feedback from the 5 minute memos, and have concluded that there is considerable interest in having more activities in which students apply what they have learned directly. So we have decided to change the schedule for the remaining classes. This takes a bit of the type of flexibility needed in new ventures, where things change rapidly. We hope the change will accomplish three goals. First, we want to make sure that you have learned and are able to apply the basic concepts that we have discussed in class to a new venture experience. Second, we want to provide significant amounts of FOCUSED feedback for each group, so that each group can improve their business plan as much as possible by the end of the semester. Finally, we want to provide a chance to learn to give and take constructive feedback as individuals and groups. Therefore, please note the following changes.

1.       The stakeholder and relationships module (which covers corporate social responsibility and ethics, social entrepreneurship, and negotiation) will be summarized in just ONE class (this Thursday, 4/8), instead of taking three classes. There is only one short reading required reading: http://www.caseatduke.org/news/1207/Dees_Bloom_Ecosystem.html#cultivateecosystem
This module, along with extensive supplementary materials, is posted on the course website under Readings/Module 5.  Sources of funding will be discussed briefly prior to Marti Nyman’s guest speaking visit on April 20^th. The syllabus has been updated an posted on the website: http://www.techventuresource.org/te-syllabus-20100406.pdf

2.       We have posted a document entitled “Business Plan Outline” on the course website (here). It shows the basic structure of the business plan, suggested page limits for each section, and criteria that we will use in evaluating your business plan. You should address each of these criteria (where applicable) in making and supporting your claim of the worth of the business. The business plan grading rubric (posted here) references this document, so your grade will be linked to how well you address these topics in the limited space (18 pages (including the title page) of text, 8 pages of appendices) that you have for the business plan.

3.       Each group will give TWO more presentations prior to turning in the draft of their business plan. Each of these presentations corresponds to two of the five sections of the business plan shown in “A business plan outline”. The first is the Product and Market Presentation. The second is the Operations, Management, and Finances Presentation. We will have extensive time to think about and discuss each group’s plan, and each of you will be required to fill out an “Individual Feedback form” (for each group). This form relates details of the business plan to concepts that we have learned in class. After having time to fill out your “Individual Feedback Form,” you will then have time to discuss an additional question with your group, and you will fill out a “Group Feedback Form”  which will be given to the focal group at the end of class (this will be posted soon). After time for group discussion, each group will provide ONE specific and feasible suggestion to the focal group, and we will discuss this as a class. The total process will take about 30 minutes for each group as shown below:

4.       The remaining schedule is shown on the updated syllabus, which is included on the course website. It follows here:

a.       4/13 – Product and Market Presentations – Phase-1 Check, Juxtapose, DW-Eye

b.      4/15 – Product and Market Presentations – Tissue Database, Med School, Oncomir

c.       Guest Speaker: 4/20 Marti Nyman

d.      4/22 – Operations, Management, Finances Presentations – Phase-1 Check, Juxtapose, DW-Eye

e.      4/27 – Operations, Management, Finances Presentations – Tissue Database, Med School, Oncomir

f.        4/29 – Group Work Day (finish up plan and send it by midnight)

g.       5/4 – Feedback Day –

5.       Your individual feedback forms will take the place of the second quiz, since you will need to apply concepts from class to provide this feedback. If you have read the readings, attended class, and REVIEWED the  individual evaluation form shown on the course website (here) you should have enough time to fill out the feedback forms in class. These will all be submitted to the instructors. You can take the forms home to complete them, but if you do this, you must e-mail them to both of the instructors within 24 hours of class. We will compile the individual and group feedback forms, scan them, and send them to the presenting group. This will provide valuable feedback to them.

6.       The individual feedback forms will be graded by the group that receives the feedback. Each feedback form will be graded out of 20 possible points, with the average being 17. Your grade for the individual feedback forms will be the average of the grades that you received from the other five groups. If you do not turn in an individual feedback form by the deadline, you will receive a 0 for that form. The presenting group has FIVE days to return the grades, along with a two sentence explanation for each to the instructors, who will return the grades to the students.

We will also review all of the individual feedback forms and allot one bonus point to what we deem to be the TOP FIVE individual feedback forms for EACH presenting group. Thus, if you get a bonus point for all FIVE groups that you rate, you can get five bonus points. We will also award one bonus point to the two groups that give the best group feedback form for each presenting group. So again, if your group gives the best feedback for all five groups, you can earn a total of FIVE extra bonus points. It is theoretically possible (but not likely) to get 30/20 points with individual and group bonuses.

7.       The first three groups have a bit less than a week until they present next Tuesday, so you should all begin soon on preparing for this short presentation.

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By nachiket, March 31, 2010 1:24 pm

Sign up early for the 3M seminar on securing IP. This 2-hour session will provide an overview of intellectual property and suggest procedures for cost-effectively securing IP assets within science and technology related businesses. Attorneys with extensive experience in a securing and managing intellectual property in a broad range of industries will lead the discussion.

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). Check out the flyer.

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By rawhouser, March 30, 2010 12:17 pm

We encourage all of you to enter (and win) the University of Minnesota’s BizPitch competition. Entry Deadline is TOMORROW. Here is the link to the info and the entry application:

The BizPitch advertisement is shown below:

Your Chance to Win $500!

Opportunity to make a 90-second pitch on your new business idea to a panel of entrepreneurs and investors.

Cash prizes, feedback from experienced entrepreneurs and investors and opportunity to participate in the Business Hatchery program. Prior participants have gone on to raise capital and launch their BizPitch ideas.

Any undergraduate student currently enrolled at the University of Minnesota.

Sign up on website by March 31 (application form below) All applicants will receive feedback and advice on developing their idea Finalists will be notified by April 7th. Coaching and assistance available for finalists On April 13th give your 90-second pitch in front of panel of judges

$500 Grand Prize $100 Most Creative $100 Social Category $100 People’s Choice Award Winners will also be provided access to advisory services through the Holmes Center’s Business Hatchery to support them in their launch of their business idea

Scott Litman, Magnet360 Ann Ulrich, Bold! Companies of Ann Ulrich, Inc. Roy Wetterstrom, Revo Brand Group Jesse Bergland, NWML Ron Reimann, Zaptel

What makes a good business pitch? Answer these questions succinctly and you’re done!

• What is your product or service?
• What need does it address?
• Who is your customer and how big is the market?
• Who is your competition?
• What is your competitive advantage vs. competition?
• What is your business model?

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By rawhouser, March 22, 2010 10:11 am

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.

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By rawhouser, March 12, 2010 11:25 am

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.”

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By rawhouser, March 11, 2010 7:21 pm

We hope the time for group work was helpful and that you have a great spring break.

The sample business plan and videos for today are located on the following page under the communication module:

http://www.techventuresource.org/readings/communication/

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.

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By rawhouser,

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:

http://www.techventuresource.org/readings/3_-tech_markets/

http://www.techventuresource.org/readings/communication/

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?