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New Venture Competition 2019

Agenda:. New Venture Competition 2019. - Announcements - Resources - Upcoming Events - New Venture Fair: Application Deliverables - Business Model Basics - After the Competition. Announcements. Here to Help. Dave Adornetto Entrepreneurship Director dadornetto@ucsb.edu

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New Venture Competition 2019

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  1. Agenda: New Venture Competition 2019 - Announcements - Resources - Upcoming Events - New Venture Fair: Application Deliverables - Business Model Basics - After the Competition

  2. Announcements

  3. Here to Help Dave Adornetto • Entrepreneurship Director • dadornetto@ucsb.edu • NVC Office Hours: M/Th 2:00 to 3:30PM and by appointment • For best results – email in advance! • Phelps 1314 or Garage Incubator (check TrustedPeer BLOG) Sarah Hilliard • Entrepreneurship Associate • Phelps 2220 • swhilliard@ucsb.edu * These and all NVC slides posted on TMP/NVC Website (“resources” page)

  4. Email / Contact Information Provide Sarah your email address if you are not already on the NVC mailing list

  5. Important Dates New Venture Fair • Thursday May 2, 2019 • Corwin Pavilion • Plan to be available 3:30PM to 8PM (main event 5:00 to 8:00PM) New Venture Finals • Thursday May 23, 2019 • Corwin Pavilion • Plan to be available 1:30PM to 7PM (main event 3:00 to 6:30PM)

  6. Startup Weekend – UCSB • Friday, January 18 – Sunday, January 20 • Loma Pelona Center • Might be a place to find teams / teammates for NVC

  7. NVC Resources • NVC Workshop Series • Mentors • MVP Grant Money • Wilcox New Venture Incubator (The Garage)

  8. NVC Prep Courses and Workshops • TMP 149/269 • Class is full • NVC Workshop Series • Customer Discovery / Product-Market Fit • Business Model Canvas • Defining and Sizing a Market • Developing Financial Projections • Go to Market Strategies • Legal: Business Formation, IP Strategies • Telling the Story: Investor Pitch Deck, Effective Communication

  9. NVC Workshop Series • Not mandatory • Incomplete teams / individuals eligible • Product / service and team required to be considered for New Venture Fair • Eleven (11) Sessions, 1.5 to 2 hours • Tuesdays at 6PM, Phelps 1437 • Starts Tuesday Jan 22 (workshop schedule available) • Food provided • Mentors on site • Format: alternating weeks - content and team presentations • Series score of 90+/100 results in automatic entry to the NV Fair

  10. NVC Workshop SeriesPreliminary Assessment Criteria • Attendance / Engagement (10%) • Team represented and engaged at all sessions • Team applies subject matter content to deliverables • Business Model (25%) • Business Model Canvas reflects rigorous validation effort • Business model is clear and believable • Elevator Pitch / Pitch Deck (25%) • Tells the story of your business in a compelling way • Team (15%) • Competency / domain knowledge • Multi-disciplinary / breadth • Business Viability (25%) • Market attractiveness • Novelty of value proposition or technology • Competitive landscape

  11. Mentors • Can be helpful • Not mandatory, not a panacea, they are not omniscient • Teams likely wont have just one • Generalists vs. subject matter experts • Can find mentors on Trusted Peer • If you have contact with me, I can often refer mentors • Preliminary validation may ensure more substantive dialog • If you would like a second opinion on something you hear, see me! • General Rule: Meet with several, look for trends, resist “recency bias” • Don’t put too much stock into the last thing you heard!

  12. Mentor Interactions • Take the initiative to provide / obtain contact information • Follow through: if you say you are going to connect – do it! • Even if its just to postpone or delay a meeting • Be on time (5 minutes early) • Be prepared • Prepare questions in advance • Follow through on deliverables • Provide updates on progress • Send a note of thank you • Don’t expect a mentor to engage, if you’re not engaging!

  13. MVP Grant Money Available • MVP – Minimum Viable Product • Provides / illustrates product features and benefits, to enable feedback for business model and product development • Up to $500 per team for MVP development • Wireframes to illustrate functionality of an app or website • Coding a prototype for a mobile app or SaaS solution • 3-D printing or other hardware prototypes • Can’t be used for marketing / promotion • i.e. Website development (unless for e-commerce), business cards, etc… • Must follow strict process to get reimbursed • Preapproval required • See Sarah for reimbursement details

  14. Wilcox New Venture Incubator (The Garage) • First floor Mosher House • Available for NVC team meetings and co-working • See Sarah for guidelines and access • Use this space!

  15. Upcoming Events Objectives for Winter Quarter: • Form and finalize teams • Develop product / idea • Develop business model • Refine “Elevator Pitch” • Apply for the New Venture Fair

  16. Winter & Spring Events (All Teams) * All teams should have at least two (2) members in attendance

  17. New Venture Fair Application Deliverables

  18. Applying for the New Venture Fair • Prepare / submit application by Sun, March 24, 2019 • No exceptions • NV Fair decisions will be made the following week • Text sections of application in MS Word or PDF format • 1.5 spaced • Prepare financial projections on spreadsheet • Summary data (tables / charts) in Word / PDF document • Attach Excel spreadsheet file for support

  19. Applying for the New Venture Fair Application Contents - 4 Components • Summary Information (1 page) • Executive Summary of the Business (3 pages max, 1.5 spaced, 12+ font) • Draft of Business Model Canvas (1 page) • Financial Projections • Summary (1 page) • Detail (attach spreadsheet file)

  20. 1. Summary Information • Business name • Business tag line (if you have one) • Logo • Inspiration for your product / business idea • Team bios • Names, pictures, nationality / ethnicity • Major area of study, level (U1, U2, U3, U4, GM, GP) • Degrees earned, being pursued • Anything else you’d like us to know about you

  21. 2. Executive Summary of the Business • Overview of the business, and the product / service • The problem you are solving / the market demand you are fulfilling • Value proposition (why your customers will pay for it) • Benefits of your product, and how it differs from market alternatives • Revenue model - how your business makes money • Pricing, upfront vs. recurring revenue, product vs. subscription, etc. • How the product works (i.e. the technology) • The market your business / product serves (define and quantify) • i.e. market description, size, growth rates, competition, etc… • Financial highlights • 3-year revenue, product cost and gross margin projections • Can ignore operating costs for now

  22. 3. Business Model Canvas • Include a draft of your Business Model Canvas • A “lean startup” template for developing a business model • Critical elements: • Customers • Value proposition • Product-market fit • Distribution channels • Revenue model / cost structure • Finances • BMC helps to align activities by illustrating potential trade-offs

  23. Lean Launch: Business Model Canvas 7 4 2 6 1 8 3 9 5

  24. 4. Financial Projections • Market size • Total, servable, target markets • Units and dollars • Proforma: Revenue, COGS, Gross Margin projections • Three years / based on your market assumptions • Market penetration assumptions, projected unit sales, selling price • Product costs related to your sales assumptions • Optional: 3-year Pro-Forma Income Statement • Summary Revenue, COGS and Operating Cost projections • Templates / formats provided at upcoming workshops

  25. Business Model Basics

  26. Product-Market Fit Lean Launch: Business Model Canvas 7 4 2 6 1 8 3 9 5

  27. Business Model Basics – Phase 1 • Customer • Who is your identified customer? Do you have more than one? Is there an influencer? • What problem are you solving for your customer? • What product / service do they want / are they willing to pay for? • Value Proposition • What value is your product / service providing for your customer? (why will they pay?) • i.e. cost, convenience, features • Unmet market need / want • Product-Market Fit • The product that delivers the optimal value to your ideal customer(s) • Subject to multiple pivots! • Revenue Model / Revenue Stream • How does your business / product make money? • Product sales, upfront vs. recurring, hardware vs. disposable, software licensing, etc.

  28. Business Model Basics – Example: Uber • The value delivered to Uber’s customer • Lower cost than other on-demand transportation alternatives • Convenience • When you want it, where you want it, easy pay w/ optional tipping • Features • ETA data, various vehicle sizes • Unmet market demand: common frustrations with taxis • Customer • Smart phone users, tech-savvy, cost conscious, sharers • Advertisers • Revenue model • Prepayments from riders • Advertising income

  29. Check out steveblank.com (startup tools) for a variety of free resources related to customer discovery, market validation and business model development Also, the book Business Model Generation by Alexander Osterwalder is a great reference tool You can check it out here before you buy it:https://profesores.virtual.uniandes.edu.co/~isis1404/dokuwiki/lib/exe/fetch.php?media=bibliografia:9_business_model_generation.pdf Business Model Basics

  30. Business Model Exercise NVC Workshop Series • Starts Tuesday, Jan 22 • Preparation assignment: Summarize your first business model hypotheses • Brief statement of who / what you believe your ideal customer is • List their attributes (customer archetype) • The problem you are solving for your customer • The value you are providing (why they might pay you) • Bring with you to the first session on Jan 22

  31. After the Competition The Wilcox New Venture Incubator (The Garage) • Home of the “G2” Summer Launchpad • Mentor / Alumni Assistance Network • Investor Contacts • Close Proximity to Key Campus Resources: • Makerspace • Development labs

  32. “G2” Summer Launchpad Eight-week program to facilitate the transition from academic environment to the real world Focus shifts from ideation and business model development… to ...product commercialization and business launch

  33. Please take care of your trash!

  34. Winter & Spring Events (Workshop Teams)

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