from technology ideas to venture business ksea technology entrepreneurship seminar richard okumoto
TRANSCRIPT
From Technology Ideas
to Venture Business
KSEA Technology Entrepreneurship Seminar
Richard Okumoto
Topics Todayo The Technology Idea
o Proof-of-Concept: the minimum viable product theory
o Simultaneous Equation:o Experiment & Innovate – Validated Learningo Collect Early Adopters – Cash Inflowo Entrepreneurship is Management
o Minimum Viable Team/Organization: External & Internal
o Process & Discipline
o Go-to-Market: Gain Traction
o Accelerate
Angel / Strategic Partner Money
Your Money/ Friends or Family
Money
Topics Todayo The Technology Idea
o Proof-of-Concept: the minimum viable product theory
o Simultaneous Equation:o Experiment & Innovate – Validated Learningo Collect Early Adopters – Cash Inflowo Entrepreneurship is Management
o Minimum Viable Team: Internal & Externalo Minimum Viable Organizationo Process & Discipline
o Go-to-Market: Gain Traction
o Accelerate
Venture / Strategic Partner Money
Technology Idea
o Before you start – Can you answer the following questions?
o Is there a Business Opportunity?o Is it Emerging, Mature, or Declining?o Do you have a Value Proposition?o Are you solving a Customer Problem?o Can you make money?
Why Do You Need to Answer These Questions?
“You are not just building a product – You are building a
start-up company”
Insight Process
Strategic Thinking
Asking the Right Questions
Framing the Information
Sense Making
Intuitionand
StrategicImagination
External InsightInternal Insight
Technology Idea
Fast Track Business Plan
“Assumptions Testing & Tracking”
Technology Idea
Fail-Safe Planning
“The Pre-Mortem Process”
Proof of Concept
o Will help answer the following questions:
o Is there a Business Opportunity?o Is it Emerging, Mature, or Declining?o Do you have a Value Proposition?o Are you solving a Customer Problem?o Can you make money?
Proof of Concept
What is the Minimum Viable Product Theory ?
Proof of Concept
Validated Learning
Yes, the Scientific Method is still alive and it works!
Proof of Concept
Validated Learning
Experiment & Innovate
Analysis Process
Strategy Formulation
External AnalysisInternal Analysis
CustomerAnalysis
CompetitorAnalysis
MarketAnalysis
EnvironmentalAnalysis
Financial Metrics
Customer Metrics
Financial Metrics
Financial MetricsOperating Metrics
Miller / Okumoto, Inc.
Financial Metrics
Development Metrics
Proof of Concept
Find someone who will pay you!
Early Adopters = Best Validation
Simultaneous Equation
Entrepreneurship
is
Management
Internal Alignment Process
Translate intoOperations
Financial Metrics
StrategicPriorities
Financial MetricsPrograms
Financial MetricsProjects
Financial MetricsRoadmaps
Internal Alignment
Miller / Okumoto, Inc.
Simultaneous Equation
Minimum Viable External Team
o Intellectual Property Protectiono General Legalo Accounting & Taxo Banking Serviceso Advisorso Board o Investors
Simultaneous Equation
Minimum Viable Internal Team
o Developmento Operationso Marketing/Saleso Finance
Simultaneous Equation
Minimum Viable Processes
o Developmento Operationso Marketing/Saleso Customer Supporto Finance
Go-to-Market Plan
Answer the Questions:
1. How will you connect with Customers?
2. How will you sell to Customers?
3. How will you support Customers?
Accelerate
Answer the Questions:
1. How will you accelerate Staffing?
2. How will you fund growth?
3. How will you ramp-up Production?
4. How will you support more Customers?
5. How will you develop new Products?
Management ProcessConstant & Iterative
Strategic Thinking
Strategy Formulation
Translate intoOperations
Strategy ExecutionAnd
Management
Align, Execute, Corrective Action (Pivot), Align, Execute…
Your Most Important Skills
“Perseverance”
“Subject Matter Expertise”
“Business Management”
“Adaptability”