fitt toolbox: entrepreneurial skills training

34
www.FITT-for-Innovation.eu Except where otherwise noted, this work is licensed under a Creative Commons Attribution 3.0 License. Entrepreneurial Skills Training FITT Fostering Interregional Exchange in ICT Technology Transfer

Upload: fitt

Post on 08-May-2015

1.184 views

Category:

Technology


2 download

DESCRIPTION

To create awareness, it is important to provide training for researchers in order to teach them some entrepreneurial skills. A first training program is the IED (Innovation, Entrepreneurship & Design) course of Imperial College Business School which has the aim to guide researchers to assess the commercial feasibility of an innovation. IED embarks on a live entrepreneurial journey which provides insights into the challenges of introducing novel products and services to the market; it entails a ‘teaching part’ and a ‘live project’. A second training program is the iBootcamp of IBBT which is an entrepreneurial bootcamp that guides entrepreneurs in writing their business plan. www.FITT-for-Innovation.eu

TRANSCRIPT

Page 1: FITT Toolbox: Entrepreneurial Skills Training

www.FITT-for-Innovation.eu Except where otherwise noted, this work is licensed under a Creative Commons Attribution 3.0 License.

Entrepreneurial Skills Training

FITT

– Fostering Interregional Exchange in ICT Technology Transfer –

Page 2: FITT Toolbox: Entrepreneurial Skills Training

2 | 03/2011 Entrepreneurial Skills Training

Entrepreneurial Skills Training

To create awareness, it is important to provide training for researchers in

order to teach them some entrepreneurial skills

A first training program is the IED (Innovation, Entrepreneurship &

Design) course which has the aim to guide researchers to assess the

commercial feasibility of an innovation.

A second training program is the iBootcamp which is a entrepreneurial

bootcamp that guides entrepreneurs in writing their business plan.

Page 3: FITT Toolbox: Entrepreneurial Skills Training

3 | 03/2011 Entrepreneurial Skills Training

IED

(Innovation, Entrepreneurship & Design)

Page 4: FITT Toolbox: Entrepreneurial Skills Training

4 | 03/2011 Entrepreneurial Skills Training

Process in general

The IED (Innovation, Entrepreneurship & Design) course is part of the

MBA programme at Imperial College Business School;

IED embarks on a live entrepreneurial journey which provides insights

into the challenges of introducing novel products and services to the

market; it entails a „teaching part‟ (36hrs) and a „live project‟;

„Live project‟: MBA students deliver independent work by team,

assisted by online tool, plus 3 coaching workshops and a final

presentation, over a 5-month period;

Purpose: to learn and practise multi-disciplinary methods to assess

and develop the commercial feasibility of an innovation (a new

technology, design or business idea, or a combination of the three),

identify suitable routes to market, and estimate the operational and

financial needs of a proposed venture

Page 5: FITT Toolbox: Entrepreneurial Skills Training

5 | 03/2011 Entrepreneurial Skills Training

Process in Practice

The IED Course can be divided into 5 big parts

The Call: recruitment and selection of business ideas

The Team Composition: assembling complementary MBA teams

The Teaching: 2 taught modules (Design Management/Innovation &

Entrepreneurship)

The Workshops: 3 workshops (assessment of the course by means

of the IED project)

Business Case Presentation: final workshop

Page 6: FITT Toolbox: Entrepreneurial Skills Training

6 | 03/2011 Entrepreneurial Skills Training

Process in Practice

The IED Course runs over a period of about ten months: i.e.

Online call for ideas: open from September till November

Selection of ideas: 1-18 November 2009

Posting of ideas on blackboard: 20 November 2009

Posting preference „top five‟ projects: 20-25 November 2009

Composition MBA Project Teams: 26 November 2009

Ideator Evening for chosen Idea Owner: 30 November 2009

Launch Event: 26 January 2010

Teaching: 26 January 2010 till 5 February 2010

Page 7: FITT Toolbox: Entrepreneurial Skills Training

7 | 03/2011 Entrepreneurial Skills Training

Process in Practice

Workshop I „Idea Pitch‟: 18 February 2010

Workshop II „Commerical Feasibility‟: 18 March 2010

Workshop III „Market Test‟: 28 April 2010

Final Presentation: 26 May 2010

Page 8: FITT Toolbox: Entrepreneurial Skills Training

8 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 1. The Call

• Project ideas are sourced from „Ideators‟ who may be MBA, other

Imperial College/RCA students & faculty (deadline MBA students:

16th November; deadline IC/RCA members: 2nd November) or

industry (deadline 2nd November)

• 102 Project Proposals < 33 selected (see next slides)

Page 9: FITT Toolbox: Entrepreneurial Skills Training

9 | 03/2011 Entrepreneurial Skills Training

Idea Funnel (2008)

Idea

Funnel Industry

Maturity

Immature > Mature > ImperiaI > Industry

Students Students Innovations

(MBA)

58 24 10 > >

>

>

>

14 12 6

Page 10: FITT Toolbox: Entrepreneurial Skills Training

10 | 03/2011 Entrepreneurial Skills Training

Idea Funnel (2009)

Idea

Funnel Industry

Maturity

Immature > Mature > ImperiaI > Industry

Students Students Innovations

(MBA)

48 33 21 > >

>

>

>

16 10 7

Page 11: FITT Toolbox: Entrepreneurial Skills Training

11 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 2. Team Composition

The selected ideas are put on the Blackboard for MBA students to

see; they get +/- 5 days to send in their personal preference „top five‟;

Teams of 4 to 5 people are put together by external consultants;

criteria: education, interest, alignment with idea

‘Ideator Evening’: Network event for Ideators of selected projects

with more practical information about the IED programme + official

hand over of the „dream team enveloppes‟

MBA students get informed via the Blackboard

Ideators and MBA students are encouraged to meet up before actual

kick-off to discuss the project

Page 12: FITT Toolbox: Entrepreneurial Skills Training

12 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 3. The Teaching

The Launch Event is on the 26th of January, together with the first

lecture of the IED Course

The IED course consists of two taught modules: (1) Design

Management and (2) Innovation & Entrepreneurship

(1) Design Management: +/- 6 sessions; e.g. „What is design?‟,

„Design Value Networks‟, „Managing Design‟

(2) Innovation & Entrepreneurship:

Part I: Finding and defining opportunities

Part II: Business plans and business cases

Part III: Financial plans, prioritization, techniques and valuation

Page 13: FITT Toolbox: Entrepreneurial Skills Training

13 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 4. The Workshops

Workshop I „Idea Pitch‟: Teams are expected to describe what they

will deliver and for whom (the customer); where (distribution,

location of activities) and when (ready to market next week or in five

years time) + team building to define roles and expectations of each

team member

Workshop II „Commercial Feasibility‟: Present initial insights derived

from secondary market research and preferred witnessing; give a

freedom to operate analysis and develop a protection strategy

Workshop III „Market Test‟: Feedback from the market should help to

reinforce or revise the business model and/or value proposition;

present a clear value chain + financial planning if applicable

Page 14: FITT Toolbox: Entrepreneurial Skills Training

14 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 5. Business Case Presentation

Final workshop „Business Case Presentation‟: Global assessment of the

project

Include the financial information and present the final business case to two

examiners (< academic/investor)

Evaluation criteria of final presentation based upon the components of the

assessment tool

Articulation of the Value Proposition

Technology Analysis

Analysis of the Value Chain

Analysis of the Market Approach

Estimation of Market Size and Timing

Estimation of Revenue Model

Financial plan

Page 15: FITT Toolbox: Entrepreneurial Skills Training

15 | 03/2011 Entrepreneurial Skills Training

When?

Timing

• The IED Course is organized on a yearly basis

Page 16: FITT Toolbox: Entrepreneurial Skills Training

16 | 03/2011 Entrepreneurial Skills Training

Who?

Stakeholders

• Imperial Innovations: IED Programme is the perfect „tool‟ to develop

promising ideas;

• ICBS: The IED entrepreneurial journey is a rich experience for MBA students

and considered to be the flagship of the programme; it‟s a tool which allows

and support a market led approach (<the call for proposals is open for

industrial partners as well);

• Design London Incubator: Very promising business cases (as an output from

IED) are candidates for the incubator;

• Royal College of Art (RCA): a lot of their students apply as ideator;

• External industrial partners: the chance to let a high potential team work on

internally generated ideas in a structured way (e.g. BP);

• MBA students: joining a highly realistic interactive entrepreneurial training

opportunity and possibility to start-up an actual venture if successful;

Page 17: FITT Toolbox: Entrepreneurial Skills Training

17 | 03/2011 Entrepreneurial Skills Training

Where?

The IED course is organized at the premises of Imperial College

Business School (London);

Why?

ICBS has adequate facilities to organize such a programme + convenient

for the coaches

Page 18: FITT Toolbox: Entrepreneurial Skills Training

18 | 03/2011 Entrepreneurial Skills Training

Why?

IED is set up to help people in assessing the commercial feasibility of an

idea

The team members need to collaborate intensively to develop the

business case. They learn to operate in a multidisciplinary team

The program has a high visibility and is highly appreciated

The program creates a pipeline for interesting and investable projects

which can be taken up in the incubator of Design London or by Imperial

Innovations

Page 19: FITT Toolbox: Entrepreneurial Skills Training

19 | 03/2011 Entrepreneurial Skills Training

Pros & Cons

CONs PROs

• IED helps people to develop a

business case based upon a

specific idea, during a specific time

frame

• It is a good learning experience for

participants

• IED is cost effective in scaling

coaching efforts for a selected

number of projects

• Risk of having conflicts

between the idea owners and

the project team in case the

market potential of the idea

lies in a different area than

originally anticipated

• Challenge to manage teams

with a big diversity

Page 20: FITT Toolbox: Entrepreneurial Skills Training

20 | 03/2011 Entrepreneurial Skills Training

iBootcamp

Page 21: FITT Toolbox: Entrepreneurial Skills Training

21 | 03/2011 Entrepreneurial Skills Training

iBootcamp

The iBootCamp of IBBT is a entrepreneurial bootcamp organised by

IBBT with the support of a Management School to guide entrepreneurial

teams towards the presentation of their Business case before a final jury

This type of Bootcamp is also organised inside companies for further

developing business ideas within the company.

iBootcamp is also open for external parties having a business idea lying

within the field of IBBT. This open innovation approach is a strength to

create an IBBT eco-system open for new venturing opportunities from in

and outside.

Total budget per bootcamp: 80-100Keuro.

Page 22: FITT Toolbox: Entrepreneurial Skills Training

22 | 03/2011 Entrepreneurial Skills Training

Process in Practice

The iBootcamp can be divided into 4 big parts

The Call: recruitment and selection of business ideas

The Dating: creation of business teams

The Workshops: Elaboration of the business case and presentation

before a Jury

The Jury

Page 23: FITT Toolbox: Entrepreneurial Skills Training

23 | 03/2011 Entrepreneurial Skills Training

Process in Practice

The iBootcamp runs over a period of about seven months: e.g.

Call for ideas: open for one month December – 4 January 2010

Selection of ideas: 5-10 January 2010

Info session for withheld idea owners

Posting of ideas on public space: 15 Jan 2010

Recruitment of candidate team members: 5 January – 9 February

Dating event: 10 February

Presentation and selection of teams: 24 February 2010

Confirmation of acceptance to bootcamp workshops: 1 March 2010

Page 24: FITT Toolbox: Entrepreneurial Skills Training

24 | 03/2011 Entrepreneurial Skills Training

Process in Practice

1st workshop: team building to define roles and expectations of each

team member, 5 March

2nd workshop: intro to high-tech entrepreneurship and business plan,

inceptum methodology, technology-application matrix, 12-13 March

3th workshop: business model and marketing, 26-27 March

4th workshop: financial planning, 23-24 April

Coaching on demand, 2 days during May

Dry run, 26 May

Grand Jury, 4 June

Feedback and Closing event, 25 June

Page 25: FITT Toolbox: Entrepreneurial Skills Training

25 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 1. The call for business ideas

• The call for ideas is launched towards the entire IBBT-community of

researchers and business partners

• The description of the idea needs to follow the NABC-format

• Possibility is given to make a video pitch presenting the idea owner and his

or her idea

• Normally about 20 ideas are recruited this way

• After a first selection looking at the proposal and a quick IP-scan only 12 to

15 ideas are withheld for the next step, e.g. the dating or search for

additional team members

Page 26: FITT Toolbox: Entrepreneurial Skills Training

26 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 2. The dating or matching of ideas with other people

People with complementary skills (finance, marketing, business

administration, …) are recruited in the public space

At the dating event idea owners can meet these candidates and start

expanding their team for the Bootcamp

Two weeks later idea owners present themselves before IBBT with

their reworked business idea and committed new team members

On basis of this presentation teams are accepted or not for the

Bootcamp

Maximum 5-6 teams can join the next step, e.g. the workshop

sessions

Page 27: FITT Toolbox: Entrepreneurial Skills Training

27 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 3. The bootcamp workshops

The first workshop concentrates on the team, the roles of each team

member during the bootcamp and the expectations of each team

member if the venture should take off after the bootcamp. After this

workshop teams can still withdraw.

The second till fourth workshop concentrates on the making of the

Business case and the presentation for the Jury.

This is a very intensive working period of about 3 months for all team

members. Normally each team member must take into account 1 day

per week during this period to work together.

Thanks to coaching and dry run all teams get maximally prepared

Page 28: FITT Toolbox: Entrepreneurial Skills Training

28 | 03/2011 Entrepreneurial Skills Training

Parts of the Process

Part 4. The Jury and closing event

When the presentation of the Business case is ready, Teams are

invited for their final presentation before the Grand Jury, consisting

of IBBT experts and external business and VC experts in high tech

startups

The Jury evaluates the presentations and decides if teams have

“passed” or not.

At the closing event a couple of weeks later, teams are informed of

the verdict of the Jury and the next steps.

Page 29: FITT Toolbox: Entrepreneurial Skills Training

29 | 03/2011 Entrepreneurial Skills Training

When?

Timing

• The first bootcamp was organized in 2008

• It is organized on a yearly basis

• So far the Bootcamp is organized for 2 times, the 3th one has just been

started

Page 30: FITT Toolbox: Entrepreneurial Skills Training

30 | 03/2011 Entrepreneurial Skills Training

Who?

Stakeholders

• IBBT: facilitator and generator of IP -> 3 people involved

• Researchers/business partners: idea owner -> 20-30 people involved

• Team members: joining a entrepreneurial training opportunity and possibly a

venture when successful -> 50-100 people involved with objective to form 5

teams of maximum 5 persons per team

• Jury: IBBT experts and VC experts, one day effort to listen to teams and give

their advice -> about 10 jury members

Page 31: FITT Toolbox: Entrepreneurial Skills Training

31 | 03/2011 Entrepreneurial Skills Training

Where?

The bootcamp is organized in a comfortable setting outside the IBBT

premises and easily accessible for all teams, this is central in the

Flemish region. The premise needs a common place for all teams

together for the training sessions, and separate break out rooms for the

coaching sessions.

The workshop sessions (part 3) were originally conceived in a residential

manner, but after the first bootcamp this was not perceived as an

essential or crucial asset. Teams were then left free to decide for

themselves

The jury and closing event are organized at the IBBT premises.

Page 32: FITT Toolbox: Entrepreneurial Skills Training

32 | 03/2011 Entrepreneurial Skills Training

Why?

The bootcamp is organized because there is a serious need for

multidisciplinary teamwork to translate a business idea into a viable

business concept

Helping with establishing a good team is already half of the work to be

done and also triggering the idea owner to make the best of his business

idea

It has a high marketing value for the institute because of the strong

visibility of the program

The program creates also a pipeline for interesting and investable

projects

Page 33: FITT Toolbox: Entrepreneurial Skills Training

33 | 03/2011 Entrepreneurial Skills Training

Pros & Cons

CONs PROs

• Bootcamp helps to focus idea

owners and team members on

their project during a specific time

frame

• Bootcamp is a very effective

medium to market the mission of

the institute as innovation

facilitator

• Bootcamp is also cost effective in

scaling coaching efforts for a

selected number of projects

• Risk of having too high

expectations within some

teams/team members

• Challenge to manage teams

with a big diversity

• One needs to have a clear

follow-up strategy

Page 34: FITT Toolbox: Entrepreneurial Skills Training

34 | 03/2011 Entrepreneurial Skills Training

Suggested Readings

Link to bibliography

Link to code book

Entrepreneur

Awareness creation

Opportunity

Creativity

Link to related websites

http://events.ibbt.be/iBootcamp/

http://www3.imperial.ac.uk/entrepreneurship/teaching/mba%20programme/iedj

ourney