Agenda, Introductions, and Roles

1. Session #1 WelcomeMayfield Fellows Program 2003Engineering 140A Management of Technology Ventures

2. Agenda, Introductions, and Roles … Tina Seelig … Chris Bingham …Sue Purdy-Pelosi … Yvonne Hankins-De Long … Our 2003 Fellows …And Who Else? Mentors, etc.

3. Board of Directors Member Educator @ Stanford Founder @Slate Ph.D. @ Executive @ How Did I Get Here? 1980s 1990s 2000s

4. Vision “We believe engineers and scientists need entrepreneurial skills to be successful at all levels within their organizations. Our center is dedicated to accelerating high-technology entrepreneurship education and creating scholarly research on technology-based firms. We prepare students for leadership positions in industry, universities, and society, and we disseminate our research and teaching knowledge throughout the world.” http://stvp.stanford.edu

5. STVP’s “Customers” • Approximately 5,000 Stanford science and engineering students each year • Approximately 2,000 entrepreneurship professors and senior administrators at universities around the world • Approximately 2 million science and engineering students around the world

6. STVP’s Three Areas of Focus TeachingCreate curricula for science and engineering education ResearchSupport research on technology entrepreneurship OutreachDisseminate results to accelerate similar efforts worldwide

7. Summary of Key Accomplishments • We teach 24 quarters per year, reaching 1,500 Stanford students. • We have expanded our content to include life sciences. • We welcomed a new tenure-line faculty member (Riitta Katila). • We host 15 Ph.D. students, researching high-technology ventures. • We run three annual conferences for entrepreneurship educators (REE Asia, REE Europe, and REE USA). • We launched our new Educators Corner for e-ship educators. • We continue to lead the Stanford Entrepreneurship Network (SEN).

8. Potential Impact of STVP Programs ~250,000 students/year (500 schools * 500 students) Web Sites Educators Corner ~ 100,000 students/year (200 schools * 500 students) REE USA/Europe/Asia ~ 40,000 students/year (80 schools * 500 students) SEN + ETL + BASES/ATI/ASES ~ 5,000 students/year STVP ~ 1,500 students/year

9. STVP Awards in 2002/2003 US Association of Small Business and Entrepreneurship: National Model Program Award for Excellence in Entrepreneurship Education in Specialty Programs Freedoms Foundation: Leakey Award for Excellence in Private Enterprise Education

10. The STVP Team Regular FacultyAdjunct FacultyStaff Tom Byers, Academic Director Kathy Eisenhardt, Academic Director Riitta Katila Bob Sutton John Weyant Randy Komisar Tom Kosnik Mark Leslie Mike Lyons Audrey MacLean Doug Mackenzie Tina Seelig, Executive Director Katherine Emery Sue Purdy Pelosi Michelle Tung

11. Why Teach Entrepreneurship to Engineers and Scientists? • Region’s economic development • Student’s skill development • University’s competitive advantage “Society needs engineers who not only solve engineering problems, but who can participate in bringing ideas and products to market.” --Frank Huband, Director, American Society of Engineering Educators

12. Seven Important Skills for Tomorrow’s Entrepreneurial Leaders Stressed in MFP • Creativity and Opportunity Evaluation • Real-time Strategy and Decision Making • Comfort with Change and Chaos • Teamwork • Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion • Oral and Written Communication • Basics of Start-Up Finance and Accounting

13. What is Entrepreneurship? “The pursuit of opportunity without regard to resources controlled.” “Any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business.” “A way of thinking and acting that is opportunity obsessed, holistic in approach and leadership balanced - for the purpose of wealth creation.” A Way of Managing and Leading! References: Harvard Business School and Babson College

14. What is High-Technology? Software (Microsoft) Biotech and Medical Devices (Genentech) Computers (HP) Telecommunications and Networking (Cisco) Semiconductors (Intel)

15. What are Characteristics of High Technology (or Technology-Intensive) Businesses? • “Rapid advances in technology allow new ventures and competitors to offer new functionality or applications to help customers solve existing or latent problems.” • Examples include these categories: • Information Sciences: computer software and systems, data networking, electronic commerce and information services, telecommunications and wireless communications, semiconductors and equipment, advanced materials and specialty chemicals, and consumer products and services. • Life Sciences: biotechnology, traditional pharmaceutical products, health care services, medical information systems, medical devices, and medical equipment. • Advancements can be either: • Revolutionary: “Brave New World” • Evolutionary: “Faster Better Cheaper” Reference: Adrian Ryans

16. ~70% 90%+ Through MFP! The Essence of Entrepreneurship is Action (Fits Well with Kolb’s “Stages of Learning” Model) • Thinking & Conceptualization • Watching & Observation • Feeling (Passive Experience) • Doing and Active Experience “Learning is based on discovery guided by mentoring rather than on the transmission of information.” ~ Boyer Commission Report on Undergraduate Education

17. Mayfield Fellows Program 2003 WINTERSelect outstanding engineering seniors and co-terms to be Mayfield Fellows I. SPRING:Students learn structure and methods of start-ups; Students matched with paid assignments at high tech start-up companies 3 Courses + Paid Summer Internship III. AUTUMN:Students bring back experiences and learn from them as a group • Each Fellow has 3 Mentors: • Venture Capitalist • Alumnus of MFP • Entrepreneur @ Summer Employer II. SUMMER:Leverage the power of real- world, hands-on experience

18. E140A Description “Management of Technology Ventures is focused on developing an understanding of the issues and techniques for growing emerging technology companies. This distinguishes the course from those which focus on business plan writing and the actual formation of a venture (e.g., MSandE 273 - Technology Venture Formation). The course takes students through a range of issues faced by management in building a new enterprise. These include product and market strategy, venture financing and cash flow management, culture and team building, innovation and creativity, real-time decision making, and the overall challenges of managing growth and handling adversity. The intellectual basis for E140A is grounded in the "V-I-E" framework from Collins and Lazier's Managing the Small to Mid-Sized Company textbook. As shown in the course calendar, various sessions focus on key strategic decisions described related to product, market, cash flow, and organizational development. "Saga" or foundation cases provide special opportunities to integrate the material. Additional models and analysis tools are introduced throughout the quarter to highlight particular aspects of high-technology entrepreneurship. For example, the course includes Geoff Moore's "chasm" model on the technology adoption life cycle and its effect on marketing in young companies.”

19. Where Does E140 and MFP Fit in Terms of a Venture’s Life? Reference: Steven Brandt

20. 3 Texts (Moore, Eship ’02/’03, and Course Reader) Several Frameworks Including Collins and Lazier’s V-I-E, Chasm, Influence, and Sahlman. 12 Cases: Giro, CVT, Drugstore.com, MIPS, Visio, SKOLAR, Perlegen, Documentum, T/Maker, Joe Casey, Remedy, Randy Hess 2 Special Sessions on Accounting and Job Search Online: Videos, Web-based Readings and Email Broadcasts 8 ETL Sessions: Moritz, Ramdas, Doerr, Neeleman, Benioff, Estrin, Ramdas, Thompson (http://etl.stanford.edu) Special MFP Events 31 Teachers and Mentors: 5 Stanford (Chris, Tina, Tom, Sue, and Yvonne), 6 Venture Capital Mentors, 12 MFP Alumni Mentors, & 8 E140A Guests in Class Case Openings and Email Homework Assignments with a Study Team Term Project on “Profile of an Effective Entrepreneur” with Study Team First Draft of a Year-long Personal Learning Portfolio (i.e., “myMFP” web site) Summer Job Search and Selection Our Culture and Personality in MFP E140A in a Nutshell:Part I of III for MFP 2003 Inputs Outputs Bottom Line? The Theory of Entrepreneurial Leadership as Preparation for the Next Stage during the Summer

21. A “To Do” List for this Week • Skim everything on the E140A’s web site once again • Prep for Session #2 regarding the accounting and study team formation … • Network with other class participants asap … seek diversity in backgrounds (e.g., E145, accounting knowledge, majors and minors, etc.) • Notify us at end of this session of your decisions • Prep for Session #3 on April 8 ... • Substantial readings • Skim today’s “Top 10 Elements of High-Tech E-ship” handout

22. My “The Success Formula” for E140 • Show up on time (with cell phones and pagers off please). • Be nice to people (e.g., constructive comments only, one speaker at a time). • Do what you say you will do and deliver more than you promise (in class and out). • Do it with energy and passion (everyone contributes and participates). The teaching team commits to these items; we respectfully ask you to do the same. Reference: JM Perry

23. Forming Our Culture in MFP 2003 … Some Questions to Ponder • Which reasons for getting involved in the program are common to us all? What is our shared vision of the program? What matters the most to you at this point? • What kind of learning environment do we wish to create (e.g., “traditional teacher/student” vs. “co-producers”)? • What creative and innovative things can we do to quickly get to know each other well? • What formal and informal ways should we use to provide feedback to each other along the way? How and when should we check on how our “culture” is doing? • How will we measure success in December? What would it take to make this worth all the upcoming time and effort?

24. Q and A • “Primary Question and Concern” Emails • Scheduling an Evening with the Alumni Mentors? • And now for something completely different … Icebreakers