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E102 Entrepreneurial Development

E102 Entrepreneurial Development. Kenneth A. Pickar Visiting Professor of Mechanical Engineering Weston Nichols TA. Outline of today’s lecture. Organizational Time, Place Exercise 1 Introduction and Expectations Yours Who are you? A remarkable fact about you Me Course objectives

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E102 Entrepreneurial Development

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  1. E102Entrepreneurial Development Kenneth A. Pickar Visiting Professor of Mechanical Engineering Weston Nichols TA

  2. Outline of today’s lecture • Organizational • Time, Place • Exercise 1 Introduction and Expectations • Yours • Who are you? • A remarkable fact about you • Me • Course objectives • Class Communications • Other Local Entrepreneurial Offerings • A word on teams • A word on projects • A word on iteration-based business development • A word on the technology-based businesses and the “science” of marketing • Exercise 2 • Introduction of Products and Teaming exercise

  3. Organizational • P/F, or graded (3,0,6) • Take into account Grades or P/F when teams are formed • Place: here (BBB 24) • Time: 2:30 to 4:00 PM • Come to Lectures! • Question • Meet speakers before or after • Meet mentors before or after • Network

  4. Class attendance and participation is 20 % of grade • Rule 1 of Success in Life

  5. Class attendance and participation is 20 % of grade • Rule 1 of Success in Life Show up!

  6. Class attendance and participation is 20 % of grade • Rule 1 of Success in Life Show up! • Rule 2 of Success in Life

  7. Class attendance and participation is 20 % of grade • Rule 1 of Success in Life Show up! • Rule 2 of Success in Life Show up on time!

  8. Class Exercise • Who are you? • Name, field • A remarkable fact about you • What are your expectations for this course?

  9. My Expectations • Teams will function well to create a serious business plan • Behaviors will be Entrepreneurial • Self-starting • Innovative • Risk-taking • Problems with projects or team will be discussed frankly within team. Weston can help. • Attendance at lectures except for unavoidable reasons- e-mail Weston and I if you cannot make it • At the same time, most of the learning will be done outside of class. Work will be continuous throughout quarter. A good business plan is iterative and not done in one all-nighter

  10. Course Objectives • To learn the basic steps to getting a business started • To learn some of the general precepts of business through a business synthesis exercise • To understand the excitement and pitfalls of entrepreneurship and apply this to your own personal ambitions

  11. Means of Achieving Objectives Writing a business plan • Researching Markets • Learning the components of what makes up a new business • Making business presentations including a final pitch to Angels • Suggested Textbooks (on reserve) • Readings • Learn team behaviors by working in a team • Lectures and Discussion • Guest Speakers • Mentors • See real business presentations by entrepreneurs to The Tech coast Angels

  12. Course Objectives • To teach you nearly enough to start a business • To get you funded after this course

  13. Ken Pickar • PhD Low Temperature Physics, University of Pennsylvania • Thesis in Third Sound in Liquid Helium • Bell Laboratories, Murray Hill, NJ 8 years • Bell Northern Research, Ottawa, CA 5 years • GE Corporate R&D 9 years • Medical Physics, Radar, Lighting, VLSI, Power electronics • AlliedSignal Corporation 5 Years • Radar, Braking Systems, Turbomachinery, guidance systems • Caltech 12 years

  14. Boards Corporate • Level One (NASDAQ) sold to Intel 1999 • Neustar (IPO June 2005 NYSE) • Ness Technologies (NASDAQ) left in 2008 • H2Scan (privately funded) Non Profit • LA Regional FoodBank • South Coast Botanical Garden • IMI wheelchairs for the developing world

  15. My Interests 1. What is the most effective way of doing product design- especially for the developing world 2. Why do technologies succeed or fail? • Why do good products fail? • Why do good companies fail? • What is good? Ethical considerations • What is the best way of transitioning technology from an academic environment to a business? • What are the factors in creating a successful start-up

  16. Mentors Team advisor and coach, providing business guidance 1. Models and counsels business behaviors including team processes structured meeting methods business communication techniques, negotiating and sales skills, overall entrepreneurial life lessons. 2. Provides resource assistance including books, experts, classes • Provides functional business advice where the mentor is not a specialist 4. Contacts including potential customers, partners and funding sources.

  17. Mentors Methodology: to guide rather than teach, to offer an experienced sounding board Past experience has shown that teams that used the mentor relationship had a much higher quality business plan Set up a regular conversations to discuss your issues. Responsibility for communication is yours

  18. Al Schneider • President (2007-9 ) Los Angeles Network Tech Coast Angels • Co-founder, Vice-Chairman Pasadena Angels

  19. Robert Buce Principal and Advisor- numerous Start-ups. Former Partner and member of Board of Directors- KPMG Consulting Clients include CarsDirect.com, Intel, Toshiba, National Semiconductor, Verizon, Pacific Bell, Mazda, and Samsung

  20. Kevin Scanlon • Tech Coast Angels, Pasadena Angels. • Senior Management, Director and Vice President for Cancer at Schering AG, Berlin (1996-2000). • Helped start a gene therapy company, Xenex • President, International Society of Cancer Gene Therapy (2001-2004). • Editor, The Cancer Gene Therapy Journal;(1991-present)

  21. Elizabeth Tito • Member Tech Coast Angels exec committee • 1999 – 2004 Associate Principal, CRA International. (www.crai.com)financial analysis of multi-billion dollar complex business litigation. • Graduate Researcher, Dept. Earth & Space Sciences, UCLA / NASA Ames

  22. Ananath Natarajan • Co-founder, CEO Infinite Biomedical Technologies (IBT) in 1997 and has been the CEO of the company since then. • BSE in Biomedical Engineering and Electrical Engineering Duke University MSE in Biomedical Engineering from Johns Hopkins University • MD from the University Of Chicago Pritzker School Of Medicine. • Associate Professor of Clinical Obstetrics & Gynecology USC • Ananth has several publications, presentations, and patents to his credit. Cited by Technology Review magazine as one of the top 100 young (under 35) Innovators and Leaders in Technology in the world • Member of the Caltech Associates

  23. Hal Zarem • PhD Caltech (advisor: Amnon Yariv) • Silicon Light Machines President and CEO • JDSU Vice President of Sales and Marketing • Ortel Corporation General Manager • Authored/Co-authored 34 publications

  24. Mentors Mentors will be in Class Tuesday, Jan 11 to meet you. We will assign one mentor per Team.

  25. Library Research Kristin Buxton will be here to talk about Caltech Libraries business resources. You are invited to make an appointment with her for advice on secondary research in your business area.

  26. Technology Transfer Office • Fred Farina will lecture in E 102 on Intellectual Property • He is also available for consultation on your projects

  27. Tech Coast Angels • Executive Committee LA Chapter • www.techcoastangels.com • Investment network for Southern California start-ups • Each individual sees ~50 proposal/presentations per year and makes individual investment decision • If interest is sufficient term sheet is negotiated • 500K-1.2M

  28. Tech Coast Angels Class members invited for a TCA meeting at Caltech Feb 18 UCLA Anderson School of Business Jan 7, Feb 4, Mar 4, USC Marshall School of Business Jan 21, Mar 18 Attendance at one is strongly recommended! Limited seating per session (Car pools can be arranged) Please select which you would like to attend (First come first served) Sign non-disclosure one week before session Send form to Weston

  29. .LA Fast PitchTech Coast AngelsFeb 24, 2011  -  3:00pm-9pmKorn HallUCLA Anderson School of ManagementInformation w w w . p i t c h t h e a n g e l s . c o m90 second "elevator pitches" by 12 of Southern California startups. Twelve investors judge the pitches for their fundability and presentations. The winner presents at a screening session of the Tech Coast Angels that include a select group of venture capitalists. |Network session follows

  30. Neighboring Institutions • We have had partnerships with Faculty at UCLA (Anderson School of Business), USC (Marshall School of Business) and Art Center College of Design • You could attend events, hear supplementary lectures or even start a follow-on Team project with MBA students • Design expertise can be gained through Art Center College of Design

  31. Caltech-MIT Enterprise Forumhttp://www.entforum.caltech.edu • January 15, 2011
New Entrepreneurial Opportunities in Digital Entertainment: The UltraViolet Approach • February 12, 2011
Synthetic Biology
The design and construction of new biological parts, devices, and systems, and the re-design of existing, natural biological systems for useful purposes

  32. Caltech-MIT Enterprise Forum • March 12, 2011
New Energy and Transportation • April 16, 2011
Mobile Ventures • May 7, 2011
Green Tech • June 11, 2011
Software Trends and Innovation - Crowdsourcing

  33. Additional resources open to students • Entretech • LARTA • LA Business Technology Center in Altadena

  34. Speakers TBD but in the past have included • Steve Streit • Chris Halliwell • Henry Kressel • Bill Collins • David Baltimore • Others. . . • Luncheon discussions • Elevator speeches The

  35. Teamwork • E102 is a team-based course • 2-4 members of each team with 3 optimal • Grades will be the same for each member of the Team

  36. Teams Team Formation and behaviors • Applicability of Caltech Honor Code • Keep your commitments • Assume all that you hear is proprietary • No third party non-disclosure statements will be signed between people in class • There will be no disclosure to third parties without permission of principal • Team behaviors are not cheating!

  37. Let’s review why it’s such a great thing to have teams. . . and why working in one is always difficult • Plusses Minuses

  38. Let’s review why it’s such a great thing to have teams. . . and why working in one is always difficult • Plusses • Real world • More thinking powerdiverse skills • Comprehensive • Non-linear effects • acountability • Minuses • Depend on non-workers • Different directions • Coordination communication • Less ownership • Less responsibility

  39. Why are Businesses developed by teams? • Complexity • Skill specialization • Parallel Processing • Workload • Speed • Insight • 1+1=3 • self-correcting • Motivational • Don’t let the team down

  40. Some Attributes of Successful Teams • Leadership • Commitment • Integrity • Common purpose and agenda • Behaviors • respect • pitch in • delegate • How does this apply to Caltech teams?

  41. Action List Action(What) Responsible(Who) Time (When) 1. 2. 3. 4. 5. 6.

  42. Team Quality Check • We will poll students separately 3 times during course to assess how effectively teams are working • At any time, please notify Weston if you have problems that cannot be resolved by yourselves • If difficulties persist teams can be changed • My experience is that the No 1 cause of Team failure is different agendas (disproportion of effort) • Include Mentors in your Team!

  43. Why Teams Fail? -after Bill Collins 1 work style, personality mismatch 2 role clarity 3. Agenda seen and unseen, clear goal 4. Respect and integrity showing up

  44. FEEDBACK ON TEAMWORK PROCESS Students often encountered these major problems in their teamwork process: Unclear task allocation, leading to delays Inadequate structure of meetings, and lack of written documentation on discussion issues, leading to confusion on what needed to be done and who was to do it Lack of leadership, leading to lack of disciplined progress toward goals, and, often, low morale Inadequate planning, leading to time wasting and miscommunication .

  45. Choice of Projects (prelim list)Take 1,2,3 • A microfluidic chip to detect RNA and proteins. Prof Ali Hajimiri • New Coding and Modulation for Flash Memory Storage. Prof Shuki Bruck • Immunogenicity prediction using computational models of proteins. Samy Hamdouche, Weston Nichols • Cell-based models of organs for drug testing. Weston Nichols • Vertical axis wind turbine for the developing world. Prof John Dabiri • Renewable fuels from Agave plants. Pedro Coelho • Sound Bullets, multiple potential applications. Prof. Charia Daraio • Monetizing Deep Web searches. Weston Nichols

  46. Choice of ProjectsTake 1,2,3 9. New Smartphone Applications. Prof. Robert Grubbs, Cole Hershkowitz 10. Self-healing photovoltaic cells. Prof. Harry Atwater 11. Solar fuel cells. Prof. Harry Atwater

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