Vision 2 Business Speaker Series

Transcription

1 Vision 2 Business

2 Vision 2 Business Speaker Series Part 1: Derek Handley, The Hyperfactory Part 2: Josef Roberts, Burger Fuel & Red Bull Part 3: Hamish Pinkham, Rhythm & Vines Part 4: Mike Carden, Sonar6 Part 5: Ben Milsom, Nexx & Investit

3 Vision 2 Business Speaker Series Part 1: The Entrepreneurial Mindset Part 2: Opportunity Recognition & Pursuit Part 3: Building the Entrepreneurial Team Part 4: Understanding the Business Model Part 5: Next Steps from a Business Plan

4 Vision 2 Business Next steps from a business plan Ben Milsom Nexx & Investit

5 Certificate of Participation 1. Attend 4+ V2B sessions 2. Enter the Ideas Challenge

6 Certificate of Participation 1. Attend 4+ V2B sessions 2. Enter the Ideas Challenge Ideas Challenge Prize Giving Tuesday 22 nd May F&PAA

7 Schedule 6.10 Welcome 6.15 Drs Deb Shepherd & Chris Woods 6.35 Guest Speaker: Ben Milsom 7.05 Q & A 7.15 Ideas Challenge Entry Help 7.30 Refreshments served

8 Semester 1

9 Semester 2

10 Ideas 2 Business Workshop Mini MBA in a day Thursday 28 June Engineering School Intellectual property Market validation Marketing economics Sales Funding Financials Legal

11 Ideas Challenge $1000 for 1000 words Due 8 th May $33,000 in total 10 x $1,000 Commercial 10 x $1,000 Social Special Prizes 5 x $1,000 Uniservices Research $1,000 Property, Eng, NICAI CompSci, Law, Arts $2,000 Chiasma (Bioscience)

12 Vision 2 Business Resources Course textbook: Business Model Generation, Osterwalder & Pigneur. Library page: Library > Subject Guides > Business and Economics > Spark Entrepreneurial Challenge Spark website:

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14 Purpose: V2B Overview Process: Provide inspiration and insight that will assist you in your entrepreneurial journey * Offer entrepreneurial frameworks and ideas to explore some of the key themes/challenges that you will need to consider for the Ideas Challenge and the Venture Summary * Guest speaker : Lessons

15 Entrepreneurial Process

16 The Business Model Canvas (C) Alex Osterwalder Business Model Canvas

17 Discipline Opportunity

18 The journey so far: Launch: Jeremy Moon (Icebreaker) V2B 1: The entrepreneurial mind. Derek Handley (Hyperfactory and others!) V2B 2: Opportunity. Josef Roberts (Red Bull, Burger Fuel) V2B 3: Hamish Pinkham (Rhythm and Vines) V2B 4: Business Models: Mike Carden (Sonar6) Key lessons: Founders sense of what makes them tick. Their passion, their drive, their skills, their similarities AND their diversity! Opportunities not always the big ideas. Ideas whisper, may be other people s etc. Be innovative in all aspects of translating idea to business. Know and understand your customer, your market. Share the idea. Teams matter. Know yourself, find diverse and complimentary others to join in the ride! In the team, on call Know and understand you business model. What is your value proposition, where and how do you make money?

19 Business Model What is it A framework for creating value Where/how you make money The manner in which revenue is generated Clear understanding of your customer (may not be end user) B2B, B2C, B2B2C Consider as many ways of generating revenue as possible What is the most appropriate way for your business idea?

20 Anchors of Superior Businesses Creates or adds VALUE Solves a significant problem, or meets a significant want or need, for which someone is willing to pay a PREMIUM A good fit with the founder(s) & management team and their risk reward balance They have robust market, margin, and moneymaking characteristics

21 Mike Carden Sonar6 Key lessons and insights?

22 Sonar6 Key Lessons Market analysis know your target customer Target businesses staff Non industry specific Addressing performance management pain At last, performance reviews that don t suck Business model success: Ongoing revenue streams based on 1. Getting the Sonar6 message across in a crowded market 2. Having a product that could sell itself (couldn t afford sales people) 3. Focusing on customer retention Revenue model = subscription 95% retention rate System comprised of Brand, Product, Acquisition and Retention of customers Metrics driving the business model average cost/subscriber and average revenue/subscriber But getting people across the line to a sales decision the challenge. So, key for Sonar6 was understanding the sales cycle Suspects > prospects > leads > orders Each step getting people involved in dialogue

23 Ideas Challenge Entry Form

24 Guest Speaker Ben Milsom Nexx and Investit NEXT STEPS o Ideas challenge o Venture Summary o Business Plan

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26 Ideas Challenge $1000 for 1000 words Due 8 th May $33,000 in total 10 x $1,000 Commercial 10 x $1,000 Social Special Prizes 5 x $1,000 Uniservices Research $1,000 Property, Eng, NICAI CompSci, Law, Arts $2,000 Chiasma (Bioscience)

27 Contacts Education Lead: Francis Hunter challenge.com Challenges Lead: Kevin Park challenge.com