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GE 393 RLP Business Plan Workshop for Technology Entrepreneurs Week 1

GE 393 RLP Business Plan Workshop for Technology Entrepreneurs Week 1. David E. Goldberg Department of General Engineering University of Illinois at Urbana-Champaign Urbana, Illinois 61801 deg@uiuc.edu. So You Want to Be an Entrepreneur.

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GE 393 RLP Business Plan Workshop for Technology Entrepreneurs Week 1

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  1. GE 393 RLPBusiness Plan Workshop for Technology EntrepreneursWeek 1 David E. Goldberg Department of General Engineering University of Illinois at Urbana-Champaign Urbana, Illinois 61801 deg@uiuc.edu

  2. So You Want to Be an Entrepreneur • Dot-com collapse was a craze, but it had a real component. • Entrepreneurship is here to stay. • Logical extension of Handy’s work portfolio. • Forces of technology revolution, end of the Cold War, reduction in transaction costs.

  3. Business Plan as Ticket • Business plans are tickets to technology-based entrepreneur. • Garage-based ventures have grown up. • Established rules of the game to start ups, funding, and new companies.

  4. Introduction • What are goals of the course? • Who are we? Who are you? • Prerequisites & seriousness • Course materials • Course schedule • An aside on IP & disclosure of ideas • Business concept selection

  5. Intro (cont.) • Team selection • Course diary • Course grading • Sources of information • Forms • Concept selection • Brainstorming

  6. Course Goals • Create plausibly viable business plans for technology-based businesses. • Means: teams of students working with faculty and off-campus mentors with repeated presentation, Q&A, and close feedback. • Not a lecture course.

  7. Deconstruct Goal • Plausibly viable: Must make persuasive argument for realistic business. No going through the motions, no half-hearted attempts • Technology-based: Technology must be integral part of business. • Businesses not trading firms: No license deals, no real estate deals, no security deals.

  8. Who Are We? You? • Marianne Dickerson, marianne.dickerson@rrd.com • David E. Goldberg, deg@uiuc.edu • Other mentors. • Who are you? How many different departments? Business ideas? How did you hear of class? Why are you here?

  9. Prerequisites • Formal: Junior standing or consent of instructor • Informal: GE 393 MJL, Technology Opportunity Assessment, TTh 4-5:20, 101 TB. • Ideally: Take tech feasibility plan and create full business plan • If not, extra reading and work for student.

  10. Seriousness • Engineering/science students think business courses are easy and not rigorous. • GE 393 RLP is rigorous. • Writing excellent business plan in 14 weeks is not easy. • We will be writing excellent business plans here.

  11. Is BPWTE for You? • Are you • Entering Cozad Bplan Competition? • Starting a business now or after school? • Taking an entrepreneurial-related job? • If yes, then you may be serious enough. • If no, ask yourself if you want to work this hard.

  12. Course Materials • TE • TPW • LLE • HRFR • NVC • Optional: GM, RM, LG, WSJ

  13. Course Schedule • 14 weeks is not a long time. • Important to get off and running quickly. • Important to come prepared each week to meetings with mentors. • Presentations are key milestones. • Hard work (or lack) will show. • Review the schedule.

  14. An Aside on IP • IP = Intellectual property not Illinois Power • Ideas belong to inventors who are expected to protect their ideas. • Concepts presented in class & in BPs. • If concepts cannot be presented without NDAs, not appropriate for this class

  15. Business Concept Selection • Two types of concepts: • student-contributed • OTM or faculty-contributed • OTM & faculty-contributed to be distributed • Need form BC for student concepts today. • Need concept champions today.

  16. Team Selection • Teams consist of minimum of four (4) class members. • Team members not enrolled need to sign up for continuing education credit. • Next week will hold concept-team agora. • Match students to concepts.

  17. Agora • Concept champions will set up shop. • Students will read over concepts. • Students will talk to concept champions to try to enroll in teams. • Team of four can declare itself closed. • Concept champions can abandon idea. • Unclaimed ideas can be claimed by new champions.

  18. Agora Aftermath • Once teams settled, file form TS. • Members can switch teams (subject to minimum number) until week 5. • File form TS for any team change (members/names/concept). • Concept champion is not necessarily CEO. • Team organization between team & mentor

  19. Course Diary • All students required to keep course diary. • Official IP record (legal document). • Records progress and contributions. • Turned in at end of semester to mentor to help in mentor’s assessment.

  20. Course Grading • Grade decomposition • Business Plan 50% • Final presentation 25% • Mentor assessment 25% • Grade influences • Jury evaluation of presentations • off-campus mentors • Form PA

  21. Additional Info • Great info on the web • Plan to get business librarian to help us with searches. • Look at links

  22. Forms • Form BC: Business concept submission • Form TS: Team selection/modification • Form PA: Peer assessment • Form CL: Course exit checklist • Form BPC: Business plan critique

  23. Business Concept Phase • Handout OTM/Faculty concepts. • Collect, copy, and handout student-submitted concepts. • Identify student concept champions.

  24. Group Innovation • A key challenge early on is to innovate as a group. • Structured brainstorming as a solution to the problem. • Motivation, props, and method of brainstorming.

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