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Goal for tonight

Inspirational class Introduction to the many Innovation and Commercialization activities at UCF Henriette Schoen MS in Eng. From DTU, DK & MS from IEMS, UCF Currently PhD student at IEMS Program Development Manager at UCFBIP February 2011. Goal for tonight.

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Goal for tonight

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  1. Inspirational class Introduction to the many Innovation and Commercialization activities at UCFHenriette Schoen MS in Eng. From DTU, DK & MS from IEMS, UCFCurrently PhD student at IEMSProgram Development Manager at UCFBIPFebruary 2011

  2. Goal for tonight I have Dr. O’Neal’s permission to do something totally different Learn a lot, interactive class – you please speak up Introduce you to the various programs/centers that can help you here at UCF and in Orlando Introduce you to the UCFBIP – ask for your rating on presentation Comment on your elevator speeches Talk about teams & creation of those Give you all my advice

  3. My background • MS in Eng. from Denmark, 1998 • MS in Industrial from UCF, Fall 2006 • PhD student in Business Incubation (currently) • Danish heritage – cultural difference • Have worked with Electric Vehicles for 4 years in DK, S • Currently work for:

  4. Worked with innovative ideas • Have worked with Electric Vehicles for 4 years in DK, S from 1999-2003 Citroen, AX and Citroen Berlingo • Have testified at the Californian Air Resource Board, 2000. When they had a Zero emission Act in effect there, where 10% of the cars the big car producers sold were going to be zero emission vehicles. • Have visited the Fuel Cell Partnership in Sacramento

  5. Org. chart UCF/ORC Florida Economic Gardening Institute Impress Dr. O’Neal now – he will remember you later in life and you never know!

  6. UCF • About UCF – This is UCF • 2nd-largest university in the nation (Our Time) • > 56,200 students (Fall 2010) • $ 133M in Research Funding (2009-10) • Operating budget $ 1.3 billion • Employees: > 10,000 • Faculty: 1,727 • Staff: 8,425 • UCF and the Central Florida Research Park influence 45,000+ jobs (2006-07) • Combined economic impact $3.5B+

  7. Recognition of Application Decision to Implement Basic Science Discovery Feasibility Study Development Innovation Goal: Diffusion Innovation development K-12 (ed) University Research Business Incubation University Science and Engineering Patent Protection Capital Education

  8. Research and more at UCF The beginning – Burnett School of Biomedical Sciences Biomedical Research UCF Med School Tour UCF College of Nursing UCF Opportunity Minutes – Patient Simulator UCF Opportunity Minutes – Solar Car Love Awkwardly (UCF 2010) UCF College of Business Administration UCF LIFE

  9. Entrepreneurship Schumpeter’s (Austrian economist) view of Entrepreneurship has emphasis on innovation, such as: New products New production methods New markets New forms of organization

  10. Inspiration Kauffman Foundation: Carl Schramm, CEO of KF speech “2011 State of Entrepreneurship Address” Great minds discuss ideas, “An invasion of armies can be Average minds discuss happenings, resisted, but not an idea whose Small minds discuss other people time has come” - Unknown - Victor Hugo

  11. Entrepreneurs that inspire you? Mention one entrepreneur you like and tell us why? What do you think drives that entrepreneur?

  12. How do you look at life?

  13. An Idea and its generation Ali G - Donald Trump, and other VC's Scot's parachuteskimmer story:

  14. Feasibility Analysis Role of feasibility analysis in developing successful business ideas IDEA

  15. Helpful Library Resources

  16. Innovation Support Infrastructure at UCF Center for Entrepreneurship & Innovation (CEI) UCF Venture Lab (VL) Small Business Development Center (SBDC) UCF Business Incubation Program (UCFBIP) Technology Transfer office (TTO) UCF Office of Research & Commercialization (ORC)

  17. Center for Entrepreneurship & Innovation, CEI • Coach you to do your 3 min. elevator speech • Coach/advice you to do your 15. min presentation • Help you with Feasibility Plan • Business plan • Additional: • CEO Knights (chapter of Collegiate Entrepreneurs Organization) • Innovation Club (supported by NCIIA) • Global Business Brigade (international social entrepreneurship adventures)

  18. Competitions $3,000 Elevator Pitch – “King of the Court” $25,000 Business Plan – “UCF Joust Tournament” - April Sunshine State Venture Challenge Innovation Competition – “Inventing Entrepreneurs” under development with support from NCIIA MegaWatt competition Open Minds competition NCIIA CEI competions_events

  19. Venture Lab The Venture Lab provides expertise and resources to technology entrepreneurs in a variety of areas including: • business plan & financial statement creation • market research assistance • company, investor and product pitches • product validation & competitive analysis • financing guidance & intros to investors • business strategy mentorship • SBIR and Kauffman educational workshops • Coaching for investor pitches, and presentations

  20. UCF Business Incubation Program - UCFBIP The UCF Incubation Program opened in December, 1999, with the Technology Incubator. The Program now consists of 9 sites in the Greater Orlando, 5 counties More on other slides The Program is a partnership between UCF and the local governments / communities.

  21. Business Incubation Program Disney Entrepreneur Center Local Government Venture Lab Center for Entrepreneurship and Innovation (CEI) Office of Research & Commercialization Programs and Partnerships Industry Leaders Entrepreneurship in Central Florida

  22. Central Florida Entrepreneurial EcosystemToday Disney Entrepreneur Center Education, counseling Large corporations, government agencies SBDC Local Community Partners Center for Entrepreneurship & Innovation Economic Development organizations Florida High Tech Corridor Central Florida Research Park Students Faculty Center for Economic Competitiveness University Economic Development Local Government Entrepreneurs • Education • UCF, Rollins College • Valencia, Full Sail and others Incubator and Venture Lab Graduates Angel investors Sponsored research GrowFL Community colleges Investment funds (angel, seed, mezzanine) Technology transfer New technology Service providers UCF Venture Lab UCF spinouts New Startups & Spinoffs Community-based startups Management talent Workforce Partnerships Corporate Community

  23. Case Study • Rini Technology • PhD on Mechanical Engineering • Incubator graduate • SBDC, SCORE, GrowFL, CEO round tables • Joint research, hires UCF Graduates • Licenses UCF technology, UCF has equity • Built new facility, continues to grow

  24. Elevator Speech • Who is your Target audience? Define that first • Concise Statement Describing Your Company. • Contents: • Introduction • Interest Generating Idea • Two Key Points • Probe For Need or Opportunity • Like a Business Card. • Change the speech Periodically to Keep it Fresh, • tailor it that audience in front of you – have several versions to choose from • Rehearse * 100 until it Sounds Natural. • “Communication and Negotiation” Stan Christensen, Arbor Advisors Levi Root's musical pitch for Reggae Reggae sauce

  25. Content for an Elevator Speech Wendy Kennedy Remember to start out with a hook - something that get the listener’s attention

  26. The 1 min. Elevator Speech Content Describe the opportunity or problem that needs to be solved. Step 1 15 seconds Describe how your product meets the opportunity or solves the problem. Step 2 15 seconds Step 3 Describe your qualifications. 10 seconds Step 4 Describe your market. 10 seconds The “Ask” (More time, feedback, investment opportunity) Step 5 10 seconds Total 60 seconds

  27. Coaches (on YouTube) • Dragons' Den: Evan Davies ‘Golden Rules for Success (FINANCIALS) http://www.youtube.com/watch?v=DikUNwTdT8k&feature=related 2. Dragons' Den - Peter Jones’ Golden Rules for Success (VISION – PASSION- TAKE ACTION-RESEARCH-FEASIBILITY) http://www.youtube.com/watch?v=sWhwFT6ONPE&feature=related 3. Dragon's Den - Duncan Bannatyne's Rules for Success (PEOPLE, PRODUCT, STRUCTURE, SUPPLIERS CARE) http://www.youtube.com/watch?v=-l24GJmrZTg&feature=related 4. Dragons' Den: James Caan's Golden Rules for Success   (OBSERVE YOUR MARKET, PRESENTATION & PREPARATION, LEARN FROM FAILURE, TRY & TRY AGAIN, PEOPLE makes a difference, strong believe in yourself) http://www.youtube.com/watch?v=7Mof4Q9-YM4&feature=related 5. Dragons Den: Deborah Meaden's Golden Rules for Success   (Business Plan, don’t crumble over pressure, evaluate the idea in a serious manner, do not be passionate too early, understand your market, therefore minimizing risk, know your numbers) http://www.youtube.com/watch?v=ocrXDSc4kPE&feature=related

  28. Ideas for building your Teams • Tina Seelig, Stanford Technology Ventures Program • Working in Teams • http://ecorner.stanford.edu/authorMaterialInfo.html?mid=1473 • VinodKhosla, Khosla Ventures • Strength of a Team • http://ecorner.stanford.edu/authorMaterialInfo.html?mid=31 • Elisabeth Holmes, Theranos • The Essentials of Team Building ( Stanford’s Ecorner) • http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2198 • John Doerr, Kleiner Perkins Caufield & Byers • Helping Teams Work Together • http://ecorner.stanford.edu/authorMaterialInfo.html?mid=1276

  29. Team Skill Gap Analysis/ Management Team Skills Grid

  30. SWOT Analysis

  31. Executive Summary Template Executive Summary Template (This entire document must be no more than two pages in length!!) (Company Logo) Executive Summary Business Name Business Address Industry Website Contact Name Contact Phone Contact Email Overview of the Company - Provide a concise summary of your business venture including the date started and a description of the stage of the company's development. Products/ Services - Provide a brief description of your product or service (avoid technical terms and abbreviations unfamiliar to the general public). Target Market - Describe and quantify (size, growth rate) the addressable market segment that you intend to target. This must clearly identify your market niche. (Do not use the top down approach) Sales / Market Strategy - Describe the strategy you intend to implement to reach your target market including key relationships, strategic alliances, marketing partners and channels to your addressable market. Competition - Identify the primary competitors in your target market and describe their level of market penetration. Competitive Advantage - Describe the unique aspects of your company's products and services that provide you with a sustainable competitive advantage. Specifically address intellectual property protection and your company's plans to establish other barriers to entry by your competition. Management Summary - Describe the background and experience of the founders and top management of your business. Key Advisory Board members can be included in this section. Financial Plan– In thousands (X, 000). Please note: Operating Income must equal total Revenue minus Expenses.

  32. Financial Projections Template Investment Opportunity / Use of Funds– In thousands (X, 000) Current Investment Being Sought (to cover the next 12-18 months) Amount: Use of Funds: Future Capital Investment: Future Capital Needs: Date Needed:

  33. Competitive Grid Analysis

  34. For more info: Contact NCIIA on 413-587-2172 or info@nciia.org • The Rice University • Business Plan Competition • 2011 is already ongoing, but next year – look into this if you are having a good idea. • Big prices

  35. New Book http://theentrepreneurequation.com/

  36. New Book http://www.nevergetarealjob.com/

  37. Advice from me • Treat everyone you meet with respect, and as you would like to be treated yourself • You never know where you will meet them again later in life. • Realize where your strength and weaknesses are, then it is easier to find the future business partners and team mates, so you can supplement each other • Seek out having friends from other countries – it is the best way to learn about other cultures, and very rewarding. • Learn the business vocabulary that are used in this field

  38. Questions ? Thank you for your making this class so great! More information: Henriette Schoen UCF Business Incubation Program 407-882-0107 henriette.schoen@ucf.edu

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