kiei - linda darragh

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DEPARTMENT NAME HERE

World ChicagoNovember 4, 2015

Linda DarraghExecutive Director, KIEI

Clinical Professor of Entrepreneurship

Thought Leadership New Fundamentals

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

ACCOUNTING

FINANCE

MANAGEMENT & ORGANIZATIONS

STRATEGY

MANAGERIAL ECONOMICS & DECISION SCIENCES

MARKETING

MARKETS & CUSTOMERS

ARCHITECTURES OF

COLLABORATION

PUBLIC-PRIVATEINTERFACE

INNOVATION & ENTREPRENEURSH

IP

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

KIEI Unified Structure + Increased Impact

KIEILevy

Institute for Entrepreneurial

Practice

Heizer Centerfor Private Equity & Venture Capital Kellogg

InnovationNetwork

(KIN)

Real EstateProgram

Center for Family

Enterprises

Center for Research in

Technology & Innovation

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

THREE CORE TRACKS

CORPORATE INNOVATION

GROWTH & SCALING

NEW VENTURE CREATION

• Kellogg Innovation Network• Center for Research in Technology and

Innovation

• Heizer Center (PE/VC)• Center for Family Enterprise

• Levy Center for Entrepreneurial Practice; Heizer Center (PE/VC)

• Real Estate Entrepreneurship

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

New Venture Creation

X

The Problem

Big Company

Copyright or confidentiality statementDEPARTMENT NAME HERE

Start-up

UNCERTAINTY

Start-up Definition

A temporary organization designed to search for a repeatable and scalable business model.

Steve Blank

Source: Business Model Generation by Osterwalder, Alexander and Pigneur, Yves

Piece & Co.Kathleen Wright

Past Fair Trade Model:Artisans try to find marketsPoor supply chain. Who pays?

Piece & Co. Model:Brands want artisansHigh quality. Good supply chain. More value to all.

Source: Business Model Generation by Osterwalder, Alexander and Pigneur, Yves

Supply chain & sourcing

Sourcing & technology

platform

Retailers

Apparel manufacturers

Supply chainSupply chain

Too high for department stores

More value, less cost

More value, raise prices; subscription and transaction fee

Sourcing & Technology

KIEI 462:

Product – Market Fit

New Venture Discovery – KIEI 462

• Problem identification and verification• Propose and then test a solution

– Is their a customer who has a ‘pain’ that you can solve, or an advantage you can give them?

– Is there product – market fit?– Are there enough customers to sustain and scale the business

• How to do this?– Prototyping– Get out of the building– Business Model Canvas

New Venture Discovery

New Venture Development

New Venture Launch

Where to Start?

$, Mentors, Resources

DISCOVER TEST LAUNCH

Have done significant market research

Want to learn how to acquire customers

Idea but needs more market research

Passionate about a problem

No Idea

Want to Learn Design Thinking

Already have a MVP, beta customer

Want to build low fidelity MVP

Building Block Courses

New Courses• Entrepreneurial Selling• Entrepreneurial Teams & Cultures• Digital Marketing• Introduction to Programming• Start-up Programming • IP for Entrepreneurs• KIN Challenge

Existing Courses• Business Law for Entrepreneurs• Entrepreneurial Finance and VC• Product Management for Technology Companies

Experiential Courses

New Courses• Entrepreneurial Experience• Medical Product Commercialization

Existing Courses (Revised)• Corporate Innovations & New Ventures• Social Enterprise: Designing for Change

KIEI Non-Tenured Faculty

23 new faculty members• 11 are investors – angel and VC• 9 are successful entrepreneurs• 8 Co-founders of accelerators or incubators

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

FALL WINTER

CO-CURRICULAR OPPORTUNITIES

SPRING POST-GRAD

Zell Scholars

Pritzker Group Venture Fellows

Business Competitions

Startup Career Fair

Social Entrepreneurship

Awards

In only 2 Years The Zell ScholarsProgram has:

Supported and Impacted 19 Scholars

$ $ $ $ $ $

14 who Continue to Grow Their Ventures

(6 PartTime)

(8 FullTime)

6 Ventures are Revenue Positive

14 Competition Wins: $800k in Non-Dilutive Funding

$4m in Cumulative Funding To-Date

Launch a new

business

Join a new

business

Join a scaling

business

Buy and transform

a business

Intrapre-neurship

Re-ignite a family business

VENTURING MIND

Multiple Pathways to Entrepreneurship

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

ACROSSNU

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

FALL WINTER

NUVENTION COURSES

SPRING

ENTREPRENEURSHIP PATHWAY

NUVention: Medical

NUVention: Web/Mobile

NUVention: Energy NUVention: Impact

NUVention: Media & Entertainment

NUVention: Analytics

Northwestern UniversityVenture Challenge• $200,000 in Prizes

• 5 tracks– Consumer products & services– Business to business products & services– Life Sciences– Clean Energy & Sustainability– Impact

• Kellogg winners– 2014: Innoblative, Four Kites, Page Vault– 2015: Opticent Health, MDAR Technologies

MELISSA CROUNSEExecutive Director, The Garage

crounse@u.northwestern.edu

THE GARAGE

Programs and Benefits

1. Drop in space to work on your business or start-up1. Free snacks, free wifi, free deskspace, free coffee

2. The Garage Residency Program1. 24/7 access to The Garage and dedicated workspace2. A weekly “Family Dinner” and presentation3. Priority access to office hours, workshops, and events

3. Office Hours with Experts from our Mentor Network1. Seasoned Entrepreneurs-in-Residence (EIRs).2. Free legal services and advice.3. Alumni & faculty experts offering advice in all domains.

4. Workshops and Events1. The Internet of Things.2. NUScramble (coming in November) – a condensed early stage start-up experience weekend.

The Garage is open to all students at Northwestern

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

GROWTH&

SCALING

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

CORPORATE INNOVATION

GROWTH &

SCALING

NEW VENTURE CREATION

WHY GROWTH & SCALING?

FOCUS OF MOST MBA COURSES

Growth & Scaling Courses

Growth Scaling Scaling Scaling Financing GovernanceStrategy Organizations Operations Customers Growth

Strategies for Growth

Managing Organizations

for Growth

Scaling Operations

Marketing Lab –

Generating Growth

Entrepreneurial Finance &

Venture Capital

Human Capital &

Enterprise Scaling

Scaling Operations

Lab

Global Entrepreneurial

Finance

Entrepreneurship Through

Acquisition

Family Enterprises:

Issues & Solutions

Global Corporate

Governance

New Zell Growth Scholars Program

Immersion TripMeet variety of

companies 25 students

Summer Internships in middle market

companies

AWARENESS TEST

LAUNCH

Winter Spring FallSummer Winter Spring Post- GradFall

Zell Growth/Acquisition Track:10 Students

KELLOGG INNOVATION AND ENTREPRENEURSHIP INITIATIVE

WHERE ARE WE GOING?

Gro

wth

&

Scal

ing

2013 2014 2015 20172016 2018

New

Ven

ture

C

reat

ion

KIEI: 6 Year PlanDevelop FT & PT Curriculum Iterate, Improve, & Add Faculty

Assessed Existing

Programs

Pritzker Launch

U

Zell Fellows

Expanded NUVC / Startup

Career Fair

McCall Startup Support

Increase curated resources & mentors.Increase funds to support student businesses

Iterate, Improve, & Add FacultyDevelop EMBA Curriculum

Develop Alumni Offerings Iterate & Improve

Develop Global Offering

Develop FT & PT Curriculum Iterate, Improve, & Add Faculty

Evaluate & Add Other Curricular ProgramsNew Zell Fellows Program

Develop EMBA Curriculum Iterate, Improve, & Add Faculty

Improve Integration of CRTI, CFE and KIN into G&S

Develop Scaling & Exit Options for Alumni Iterate & Improve

Develop Global Offering