An Entrepreneur s Journey: From Idea to Opportunity

Transcription

1 The BAA Career Webinar Series Presents An Entrepreneur s Journey: From Idea to Opportunity Danny Warshay 87 G-Form DEW Ventures Adj. Lecturer, Entrepreneurship, Brown University

2 Serial Entrepreneur Brown AB, Harvard MBA Danny Warshay Procter & Gamble Brand Management Founder, Investor, Advisor In A Startup Portfolio Entrepreneurship workshops in Egypt, Portugal, Israel, China Entrepreneurship Faculty at Brown University and Tel Aviv University MBA

3 Today s Discussion Topics q Options For Starting a New Venture q Analyzing Your Venture s 4 Key Elements q Using Research To Find an Unmet Need q Asking the Key Questions To Formulate a Value Proposition, Business Model, Business Strategy

4 You can start with a unique capability like technology The most exciting phrase to hear in science, the one that heralds new discoveries, is not Eureka! but rather, Hmm that s funny. Isaac Asimov

5 G-Form Reactive Protection Technology TM Absorbs > 94% of energy from impact Composite blend of Poron XRD + proprietary G-Form materials and technologies Phase change Instantly stiffens upon impact Absorbs > 94% of energy Comparison: Hard shells absorb around 70% of impact Instantly returns to its normal soft state Tech Video

6 Or you can start with a market need

7 And find or create a unique capability

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10 Analyzing a Venture: POCD Opportunity (how big?) People (how good?) Fit Deal (how much for what?) Context (why now?)

11 Top-Down Research Total Market Addressable Market Segment A Segment B Statistical assessment to determine: Total market size Market growth Portions of market that can be sold into and logical sub-groupings All three are used to help characterize potential customers Segment C Segment D

12 Bottom-Up Research Total Market Addressable Market Find/validate unmet needs Be an anthropologist Observe/Listen don t pitch Market Penetration Needs Strength Endurance Competitors Customers Thought Leaders

13 Raised $250,000 and raising another $1.2 million Launched retail in March % monthly sales growth Sells in 25 stores in 9 states including Whole Foods

14 Your Value Proposition Answers 3 Questions: q What is your product or service? q Who will buy it? q Why will they buy it?

15 Your Business Model Answers How You Make Money q Main activities in the value chain q Your position in the industry q Profit Model: both revenues and costs

16 Your Business Strategy Answers Where and When: q Entry q Expansion

17 The Business Model fits between the VP (Value Proposition) and Strategy (( Business Strategy )) VP

18 VP, Business Model, and Business Strategy Questions Opportunity Value Proposi3on Ø What Ø Who Ø Why Ø What Ø Who Ø Why Ø How Business Strategy Ø What Ø Who Ø Why Ø How Ø Where Ø When

19 Built the first and only supply chain for guayusa tea from the Amazon, now employing over 70 people Raised over $5 million in capital In 2,500 stores including Whole Foods, Wegmans, Fresh Market, Stop-N-Shop Generating $100,000 annual income for 2,000 indigenous farming families Runa Foundation provides resources to indigenous communities. Received $500,000 in grant funding to date

20 MAKE THREE QUICK PUTTS INSTEAD OF TRYING TO MAKE ONE PERFECT ONE

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22 MAKE THREE CHESS MOVES IN THE TIME YOUR OPPONENT MAKES ONE.

23 LEVERAGE PARTNERSHIPS TO EXPAND REACH ACROSS CATEGORIES

24 Recommended Resources The Innovator's Dilemma by Clayton Christensen Jump Start Your Business Brain: Scientific Ideas and Advice That Will Immediately Double Your Business Success Rate by Doug Hall Art of the Start by Guy Kawasaki The Monk and the Riddle by Randy Komisar Purple Cow: Transform Your Business by Being Remarkable by Seth Godin The Four Steps to the Epiphany by Steven Blank

25 Assessment / Coaching: Executive/Career Coach Program Focus Research CareerSearch Job Board Brown Alumni Job Board Networks BRUnet LinkedIn Danny Warshay '87 G-Form, DEW Ventures and Adj. Lecturer, Brown University

26 Brown Alumni Career Programs Heather Wilkerson, Program Manager Donna Curry, Program Manager