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Introduction to Entrepreneurship www.utep.edu/creie February 15, 2014. Gary Williams–Director; Federica Pericle -Director; Jeni Clark–Assoc. Director. What is an Entrepreneur?. Webster’s Dictionary: A person who organizes, manages, and assumes the risks of a business or enterprise.

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gary williams director federica pericle director jeni clark assoc director

Introduction to

Entrepreneurship

www.utep.edu/creie

February 15, 2014

Gary Williams–Director; Federica Pericle-Director; Jeni Clark–Assoc. Director

slide3

What is an Entrepreneur?

Webster’s Dictionary:

A person who organizes, manages, and assumes the risks of a business or enterprise.

slide4

Characteristics of Entrepreneurs

  • High tolerance for risk
  • Highly motivated and ambitious
  • Highly disciplined
  • Leadership, planning, and management skills
  • Proactive and take initiative
  • Learn from mistakes
slide5

Characteristics (cont’d)

  • Realize that success is the only option
  • Willing to exploit new opportunities
  • Knowledgeable of the subject matter and willing to learn more
  • Committed
  • Want to be your own boss
creie vision
CREIE Vision

CREIE Mission

  • CREIE will:
  • Develop and execute a plan to stimulate innovation and unify campus initiatives in technology transfer, entrepreneurship and commercialization.
  • Incorporate the commercialization strategy of UTEP to promote innovations and create new businesses and licenses.
  • Develop formal relationships with major corporations and other organizations in targeted industries.

CREIE will be nationally recognized as both the vehicle for commercializing research and technology at UTEP and the engine for economic development in the Paso del Norte region.

creie support services
CREIE Support Services

Various consulting, coaching, training & networking services:

  • Best-in-class innovation practices
  • Technology, intellectual property and patent strategies
  • Licensing strategies
  • Market research
  • Business strategy and plan development
  • Company formation, organization structures and capitalization strategies
  • Fund raising
  • Incubation
  • Recruitment strategies
the innovation process
The Innovation Process

www.utep.edu/creie

the innovation process1
The Innovation Process

Innovation Phase

—What do you do with the idea?

1. Market Research—single biggest reason new products fail is lack of sufficient understanding of the market.

2. Market needs have to be recognized. In a study of 567 successful product innovations, most were market-pull projects; only 21% were technology push.

3. When a technological success does not meet a specific market need, the product should be adapted to suit an identified need.

4. Proof-of-concept should be done as early as possible.

the innovation process2
The Innovation Process

Innovation Phase

—What do you do with the idea?

5. Protect the Intellectual Property (IP)

a. Invention disclosure

b. Provisional patent—for one year

c. Non-provisional patent

6. Use non-disclosure agreement with customer and other 3rd parties

a. Protects the IP and reserves right to file new patent ideas

what is intellectual property

A Physical Embodiment of an Idea

    • - Research data
    • - Compounds
    • - Materials (biological, chemical)
    • - Publications
    • - Presentations

What is Intellectual Property?

what is patentable

New and useful processes

  • Machines
  • New and useful products (objects made by humans or
  • machines)
  • New compositions of matter
  • Any New or Useful Improvement to any of the above

What is Patentable?

what is patentable cont d

Patentability Test

What is Patentable (cont’d)?

  • Novelty - Clear and complete explanation of the
  • manner and process of making and using the invention
  • Utility – Advantages and Purpose
  • Nonobviousness – Patent Search
  • Is it unexpected and desirable?
public disclosure

Public Disclosure is:

  • - Presenting at a Professional Meeting
  • Publication in Journal, magazine, etc.
  • Discussions with a non-UTEP “employee”
  • The Law:
  • The US and Canada allow one year from the date of
  • public disclosure to file a patent.
  • - Lose the right to file in foreign countries with public
  • disclosure.
  • Disclosure will compromise your invention and lose
  • marketability without foreign patent rights.

Public Disclosure

protection of patentable ideas

Make sure that a non-disclosure agreement (NDA) is executed or a patent is filed PRIOR to public disclosure.

  • With an NDA in place, mark all related documents CONFIDENTIAL.
  • Safeguard and limit access to all confidential documents.
  • When transferring (biological, chemical) materials to a third party, make sure that a material transfer agreement is executed.

Protection of Patentable Ideas

invention disclosure
Invention Disclosure

Before the Invention:

  • Make sure you keep proper documentation
  • Notebooks should be bound, pages numbered, entries dated, detailed descriptions of tasks per researcher, and contain data, figures, photos
  • Important entries signed and countersigned by a witness

Once the Invention is Made:

  • All inventions should be reported to the Office of

Technology Transfer prior to public disclosure

If the invention was federally funded, the Office of Technology Transfer will report the invention to the agency and all subsequent actions relating to the invention

approaches to innovation
Approaches to Innovation

A. Technology - Push

B. Market-Pull

C. Product/Markets (Hybrid of A&B)

the innovation process3
The Innovation Process

Innovation Imperative

“Fast Innovation is the process of creating new products, services, processes, business models and markets with sufficient differentiation and speed such that the Company maintains above-average shareholder returns for decades.”

marketing is determining what the customers wants and how to get it to them

Marketing Overview

“Marketing is…” Determining what the customers wants and how to get it to them.

“The single biggest reason for new product introduction failure is the lack of market understanding”

fast cycle time principles
Fast Cycle Time Principles

What is Fast Cycle Time?

Fast cycle time is the ongoing ability to identify, satisfy, and be paid for meeting customer needs faster than anyone else.

fast cycle time principles1
Fast Cycle Time Principles

Key elements include:

1. Create a New Products Strategy

2. Identify Customer Problems

3. Communicate Effectively

4. Practice Good Planning and Project Management

5. Process Simultaneously

6. Utilize Cross-Functional Teaming

7. Involve Customers on an Ongoing Basis

8. Prioritize and Make Decisions as Fast as Practical

9. Motivate organization and Measure key activities

fast cycle time principles2
Fast Cycle Time Principles

New product strategy should include:

  • List of products to be developed
  • Market sectors each will serve
  • Unmet need that will be addressed
  • Priority listing of development
  • Channel of distribution that will be utilized
new product strategy
New Product Strategy

Key

Development Targets:

In progress: (P)

innovation process
Innovation Process

SUMMARY

  • Innovation is the most important aspect of the business process.
  • Differentiation, satisfying unmet needs, protecting your intellectual property, getting to the market as quickly as possible and involving the customer every step of the way are important keys to success.
what is important to include in a business plan
What is important to include in a business plan?

Introduction of the Product & Research

Market Segmentation

Target Segmentation Strategy

Service Business Analysis

Present & Future Competition

Market Trends

business plan development
Business Plan Development

The Business Plan is a key document that articulates what key features will drive your business opportunity. These can include:

  • Mission Statement
  • Key members of the Team
  • Technology and intellectual positions
  • Opportunities and market summary
  • Business model: entry and growth strategy
  • Competition
  • Five-year goals and objectives
  • Five-year financial plan
  • Risks and rewards
business models
Business Models

Wikipedia:

A business model describes the rationale of how an organization creates, delivers and captures economic, social or other forms of value. The process of business model design is part of the business strategy.

building blocks
Building Blocks
  • There are 9 basic business model building blocks (Osterwalder, Alexander &Pigneur, Yves . Business Model Generation: John Wiley & Sons, Inc. 2010) that address:
  • What are you going to make and sell, or service, and how will you do it??
building blocks cont d
Building Blocks (cont’d)

The 9 basic business model building blocks include:

  • 1) Value Propositions
  • 2) Key Activities
  • 3) Key Resources
  • 4) Key Partners
  • 5) Customer segments
  • 6) Channels—sales and distribution
  • 7) Customer Relationships
  • 8) Cost Structure
  • 9) Revenue Streams
value propositions
Value Propositions
  • What will you do to solve customer problems and satisfy the customer’s unmet needs?
  • What will you do to differentiate your product and/or service?
key partners
Key Partners
  • Strategic alliances between non-competitors
  • Strategic partnerships between competitors
  • Joint Ventures
  • Buyer-supplier relationships
  • Outsourcing manufacturing
channels
Channels

How will a company communicate with and reach its customer segments

  • Awareness of our products and services
  • Evaluation of the Value Propositions
  • Purchase (of specific products?)
  • Delivery of Value Proposition
  • After Sales Support
financial analysis definition
Financial Analysis Definition

Profit and Loss Statement:

A statement showing the revenues, expenses and income of a company. Also known as income statement.

Balance Sheet:

A quantitative summary of a company's financial condition including assets, liabilities and net worth. The first part of a balance sheet shows all the productive assets a company owns and the second part shows all the financing methods.

Cash Flow Statement:

A summary of where a company’s money came from and where it went.

hub of human innovation
Hub of Human Innovation
  • A Technology Incubator serving El Paso/West Texas, Ciudad Juarez, Chihuahua, and Southern New Mexico
  • Focused on technology and high growth entrepreneurial businesses (early-mid stage)
  • Contributes to economic development of the region particularly in high-wage job growth
  • Develop a culture of innovation and entrepreneurship in the Paso del Norte border region
  • Based on a collaborative community model

Technology meets Market

slide41

Incubator Market Analysis

  • Approx. 84% of business incubator graduates conduct business within 20 miles of the incubators.
  • Business incubation creates wealth and improves community and national competitiveness.
  • Business incubation programs help build healthy, lasting firms for a low cost.
  • Business incubators provide communities with significantly more jobs (up to 20 times more) at far less cost than other public works.
gary williams director federica pericle director jeni clark assoc director1

Introduction to

Entrepreneurship

www.utep.edu/creie

February 15, 2014

Gary Williams–Director; Federica Pericle-Director; Jeni Clark–Assoc. Director