BIC MASTER CLASS Course #1

Transcription

1 BIC MASTER CLASS Course #1 Excellence in investment readiness and new trends in entrepreneurial support December 2009 EBN, Brussels

2 EBN is the leading pan-european network bringing together 200+ Business and Innovation Centres (BICs) and similar organizations such as incubators and entrepreneurship centres across the enlarged Europe. EBN was created almost 25 years ago by the European Commission and European industry leaders. EBN is a Brussels-based team coordinating members activities and providing services to them ranging from EC-BIC Quality support to international projects and events. EBN implements a certification and quality system enabling the development of a network of excellence through the integration of a quality approach. The BICs that have been granted the BIC trademark commit themselves to respect their obligations within the quality process of the network. The EBN quality process adds value to the BIC trademark and to the organisations that have received the licence professionalism, performance, consistency and positioning. Solvay Entrepreneurs is the unit of the Solvay Brussels School of Economics and Management of ULB University, which provides support and training to entrepreneurs and SMEs. It was created in 1986 by Professor Jean-Claude Ettinger and it is focused on 5 excellence-driven main activities, in line with the Business School requirements. 1) Up to date efficient training 2) Entrepreneurial projects support; 3) Business advising; 4) Hosting the Enterprise and Innovation Centre in Nivelles; 5) Promotion of the entrepreneurial spirit. Solvay Brussels Schools of Economic and Management (SBS-EM) has been created through the merger of the SBS and the Economics Department of the ULB. The new SBS-EM has become an entity of 2700 bachelor s and master s students, of which more than 1700 are undergraduates, making it the leading centre for economics and management in the French community. The mission of the SBS-EM is to generate and share knowledge in the disciplines of economics and management in order to train professional and responsible actors and to fulfill the needs of governance, efficiency and innovation in our constantly mutating society. 2

3 Seminar Content Guidelines Innovation is not only a word associated to the client companies of a BIC. It is a concept that BICs must constantly face also when considering its internal organization, its management issues as well as the tools and processes it uses to support innovative start-ups. As entrepreneurial support service streams are daily enacted to scout, filter, plan and turn new ideas into concrete businesses, daily new tools and methodologies are tested and ready to be used by anyone who is wishing to grasp new business opportunities. This approach is a key concept for BICs, which need to incorporate such innovative trends into their services to support their client companies. The BIC Master Classes intend to provide a method through which BICs can actually access these types of innovation and to provide an environment where these can be shared and discussed with experts and practitioners in order to facilitate their translation within the expertise, processes and the overall territorial realities where BICs operate. Specifically, BIC Master Class #1 is focused on investment readiness and is especially dedicated to BICs staff, and is aimed at enhancing the effectiveness of the support provided to entrepreneurs in preparing and presenting well-marketed business ideas to investors. Starting from Back to BIC Basics through the eye of an investor The role and content of a business plan will be analyzed in the light of its presentation to the investors, so special emphasis will be provided to the expectations of the investors, which need to be taken into consideration by business support experts when assisting new entrepreneurs in the definition of their entrepreneurial idea. Pitching and negotiating How to approach the investor and what will she/he take into consideration when evaluating a business idea will be the subject of the second day. Specifically the content of the course will concentrate on the elevator pitch and the first presentation, as well as on what to do and what should be avoided during this delicate phase. BIC Master Class #1 is provided in partnership with the Belgian BIC Solvay Entrepreneurs. Each session will see the active participation of academics of the Solvay Business School, who will highlight the newest trends, BIC directors, to perceive the point of views of practitioners, investors and entrepreneur. 3

4 Programme (Version dated 29 October 2009) 2 December : Welcome and introduction : Business planning: Back to (BIC) basics The role of the business plan in the entrepreneurial process Review of the content of a business plan: entrepreneurial team, opportunity assessment, market research, strategy, operations, financial plan and financings The perfect business plan?! The role of external advisor and their interaction with investors Case: Beautiful legs by Post (UK case developed by Babson College) EBN: Testimonial from a Business Planning BIC specialist: Catherine POMMIER, Business Companies Development, Montpellier Agglomeration BIC - France : Understanding investor expectations The venture capital process: from initial contact to exit Selection criteria of venture capitalists and business angels Matches and mismatches between entrepreneurs and investors Content and organization of a due diligence EBN: Testimonial from a Business Angel and Serial Entrepreneurs: Jean-Luc NAHON, President Sophia Business Angels (SBA), Sophia-Antipolis, France 20:30 23:00 Networking Dinner 3 December : Presentation to Venture Capitalists Preparing the elevator pitch and the first presentation to investor Formatting the business plan Do s and Dont s : Introduction to evaluation techniques Frequently used technique : Net asset, Net Present Value, Multiples, Exit based valuation Contingent valuation techniques: using options and milestones Exercises EBN: Testimonial from an early stage Venture Capital Fund: Didier MORET, CEO i-source Gestion, Paris, France : Introduction to term sheet Content of a term sheet and VC jargon Typical issues when negotiating a term sheet Discussion of a term sheet : Wrap up Entrepreneur s frequently asked questions 4

5 The professor Olivier WITMEUR Solvay Brussels School of Economic and Management - Belgium [email protected] Olivier Witmeur (42) is Professor at the Solvay Brussels School of Economics and Management (Université Libre de Bruxelles U.L.B.) where he holds the Bernheim Chair in Entrepreneurship. He mainly teaches Introduction to Entrepreneurship, Entrepreneurial Finance and Business Planning to graduate and post-graduate students including entrepreneurs, investors and consultants. Olivier is also the Chairman of the Brussels Council for Research and Innovation and an active Board member or strategic advisor in multiple growth oriented entrepreneurial ventures. Before joining the U.L.B., Olivier has been part of the entrepreneurial team of OpenHR ( ), a successful Belgian IT venture company specialized in HR management software, where he was mainly responsible for financial affairs. The company was created in 1997 and quickly became international with operations in France, Spain, U.K. and U.S. By 2005, OpenHR had 6M in revenues and a 70 people staff. It was sold to Arinso International in Olivier has also been the Managing Director of EEBIC, a Business & Innovation Center / Incubator in Brussels ( ) and Adviser to the Minister of Economy of the Brussels Region ( ). Over the last 15 years Olivier has coached 100+ new and growing firms, published a book on business planning and written multiple papers on growth management in entrepreneurial ventures. Olivier holds a Master s degree in Business Engineering (1991) and a PhD in Entrepreneurship (2008). He attends and is a regular guest and speaker in multiple entrepreneurship and innovation related programs, workshops and conferences across Europe and US. 5

6 The testimonials Catherine POMMIER Business Companies Development Montpellier Agglomeration BIC - France [email protected] Catherine POMMIER (37) has been in charge of company follow-up at Montpellier Business Innovation Centre (BIC) for 8 years. Montpellier BIC manages Cap Omega 5000 m2 and Cap Alpha 3500 m2, a team of 18 people dedicated to innovative companies. Since 1987 Montpellier BIC has assisted over 420 innovative start-ups from as early 2 years before creation through their 3rd year in activity. It has been certified in 1988 by the European Community, elected in 2007 Incubator of the year by the NBIA (National Business Incubation Association USA) and certified Soft Landings as a ground for international companies (NBIA ). Thanks to its experience, it has adapted its method to software such as Montpellier Business Plan helping entrepreneurs elaborate business plans and web media giving tools to facilitate businesses. Catherine also manages horizontal activities to give clients access to seed and venture capitalholding meetings every 12 months when 15 selected coached projects are presented to investors. In addition, she organises regular events to help entrepreneurs target major accounts where startups meet groups of industry professionals. Before arriving at Montpellier BIC, Catherine was Managing Director of an economic development agency in southern France for 6 years. Her responsibilities were to accelerate the growth of businesses operating within the territory and to promote setting up business operations in the area. Catherine holds a Master s degree in Financial and Economic Engineering (1994) and is a regular speaker at conferences in universities on innovative business creation. Jean-Luc Nahon President of SBA (Sophia Business Angels network) Director of BRC SA (Business Resort Corporation, Luxembourg) President of AIC (Antipolis Innovation Campus, Sophia Antipolis, French Riviera) [email protected] After a brief carrier as an organization consultant, Jean-Luc co-founded Softway in San Francisco in 1983 to bring French software technology to the USA. Jean-Luc then founded the French office in Paris in 1987 to develop Softway's republishing and distribution activity in the networking & telecommunication arenas. In 1996, ISDnet was set-up as the first 100% wholesale IP operator in France, rapidly becoming a de facto leader in 1999.Jean-Luc and his partners then started an incubator activity in Paris with successes such as Liberty Surf, IPergy, Multimania, IP-Label, and many others. In 2000 and 2001, Cable & Wireless acquired ISDnet and IPERGY. 6

7 While Jean-Luc Nahon was appointed Senior Vice President of Cable & Wireless (from April 2000 to September 2002), he started developing the Business Resort concept and building the pilot site in the business park of Sophia Antipolis, in the French Riviera.The project was officially launched in July 2003, and the Business Resort Les Espaces Antipolis is reaching now its last phase with the hotel residence building. Jean-Luc Nahon is 54, has a MBA from Paris Dauphine, and has followed the doctoral program of international affairs (DESS Affaires Internationales). Didier Moret CEO, i-source Gestion, Paris France [email protected] Graduate of Centrale Paris, has developed a long experience in managing and creating technology companies, in his capacity of private equity investor (Crédit Agricole - Agrinova), of consultant (Exeta) and of member of the Comité d Expansion Economique de la Sarthe. Didier is cofounder of I-Source Gestion, and General Manager since the inception of the firm in He is more specifically in charge of Corporate Software investments and represents I-Source at the Boards of: b-process, IDS, UDcast, VODemotion. I-Source is the French leading ICT focused, early-stage venture firm. Favored investments are Corporate Software, SaaS, Multimedia, Telecom Systems and Services, Managed Services and Embedded Systems. I-Source is managing 180M through 8 founds and has invested into 60+ companies. More information at 7

8 Useful Information Costs of Seminar: The event is accessible for members: 300 The event is accessible for non-members: 500 Target audience: The event is open to EBN members and to organizations which express interest in the BIC incubation model for EBN membership services. For additional information you can contact: Gonçalo Reis EBN Quality & Membership Officer Office phone Silvia de Pasquale EBN Events Manager [email protected] Office phone To register please send the registration form to Emmanuelle Pastor: [email protected] or by fax