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From Technology Ideas to Venture Business

From Technology Ideas to Venture Business. KSEA Technology Entrepreneurship Seminar Richard Okumoto. Topics Today. The Technology Idea Proof-of-Concept: the minimum viable product theory Simultaneous Equation: Experiment & Innovate – Validated Learning

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From Technology Ideas to Venture Business

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  1. From Technology Ideas to Venture Business KSEA Technology Entrepreneurship Seminar Richard Okumoto

  2. Topics Today • The Technology Idea • Proof-of-Concept: the minimum viable product theory • Simultaneous Equation: • Experiment & Innovate – Validated Learning • Collect Early Adopters – Cash Inflow • Entrepreneurship is Management • Minimum Viable Team/Organization: External & Internal • Process & Discipline • Go-to-Market: Gain Traction • Accelerate

  3. Topics Today Your Money/ Friends or Family Money • The Technology Idea • Proof-of-Concept: the minimum viable product theory • Simultaneous Equation: • Experiment & Innovate – Validated Learning • Collect Early Adopters – Cash Inflow • Entrepreneurship is Management • Minimum Viable Team: Internal & External • Minimum Viable Organization • Process & Discipline • Go-to-Market: Gain Traction • Accelerate Angel / Strategic Partner Money Venture / Strategic Partner Money

  4. Technology Idea • Before you start – Can you answer the following questions? • Is there a Business Opportunity? • Is it Emerging, Mature, or Declining? • Do you have a Value Proposition? • Are you solving a Customer Problem? • Can you make money?

  5. Why Do You Need to Answer These Questions? “You are not just building a product – You are building a start-up company”

  6. Insight Process Asking the Right Questions Framing the Information Strategic Thinking Sense Making Intuition and Strategic Imagination Internal Insight External Insight

  7. Technology Idea Fast Track Business Plan “Assumptions Testing & Tracking”

  8. Technology Idea Fail-Safe Planning “The Pre-Mortem Process”

  9. Proof of Concept • Will help answer the following questions: • Is there a Business Opportunity? • Is it Emerging, Mature, or Declining? • Do you have a Value Proposition? • Are you solving a Customer Problem? • Can you make money?

  10. Proof of Concept What is the Minimum Viable Product Theory ?

  11. Proof of Concept Validated Learning Yes, the Scientific Method is still alive and it works!

  12. Proof of Concept Validated Learning Experiment & Innovate

  13. Analysis Process Financial Metrics Financial Metrics Customer Analysis Customer Metrics Competitor Analysis Strategy Formulation Financial Metrics Operating Metrics Market Analysis Environmental Analysis Financial Metrics Development Metrics External Analysis Internal Analysis Miller / Okumoto, Inc.

  14. Proof of Concept Find someone who will pay you! Early Adopters = Best Validation

  15. Simultaneous Equation Entrepreneurship is Management

  16. Internal Alignment Process Financial Metrics Strategic Priorities Financial Metrics Programs Translate into Operations Financial Metrics Projects Financial Metrics Roadmaps Internal Alignment Miller / Okumoto, Inc.

  17. Simultaneous Equation Minimum Viable External Team • Intellectual Property Protection • General Legal • Accounting & Tax • Banking Services • Advisors • Board • Investors

  18. Simultaneous Equation Minimum Viable Internal Team • Development • Operations • Marketing/Sales • Finance

  19. Simultaneous Equation Minimum Viable Processes • Development • Operations • Marketing/Sales • Customer Support • Finance

  20. Go-to-Market Plan Answer the Questions: • How will you connect with Customers? • How will you sell to Customers? • How will you support Customers?

  21. Accelerate Answer the Questions: • How will you accelerate Staffing? • How will you fund growth? • How will you ramp-up Production? • How will you support more Customers? • How will you develop new Products?

  22. Management ProcessConstant & Iterative Strategy Execution And Management Strategic Thinking Translate into Operations Strategy Formulation Align, Execute, Corrective Action (Pivot), Align, Execute…

  23. Your Most Important Skills “Perseverance” “Subject Matter Expertise” “Business Management” “Adaptability”

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