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Connecticut Center for Entrepreneurship & Innovation

Connecticut Center for Entrepreneurship & Innovation. Identifying and Developing Entrepreneurial Ideas. This presentation is not and should not be construed as advice from legal counsel and is for illustrative purposes only. Connecticut Center for Entrepreneurship & Innovation. Welcome!

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Connecticut Center for Entrepreneurship & Innovation

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  1. Connecticut Center for Entrepreneurship & Innovation Identifying and Developing Entrepreneurial Ideas This presentation is not and should not be construed as advice from legal counsel and is for illustrative purposes only.

  2. Connecticut Center for Entrepreneurship & Innovation • Welcome! • Goals • CCEI and UConn Resources • Identify Some Issues Faced by E&I • How to Balance E&I with Other Roles • Get the Conversation Started 2 CCEI Confidential and Proprietary

  3. Connecticut Center for Entrepreneurship & Innovation • Special Thank Yous: • Lily Neff -- UConn I.P. Law Clinic • Kazem Kazerounian -- School of Engineering • And • Kevin Bouley -- President & CEO, NERAC • XCellR8 Meeting on the Road 3 CCEI Confidential and Proprietary

  4. Connecticut Center for Entrepreneurship & Innovation • Ideas -- The Great American Economic Driver • Be Confident, Persistent and a Bit Bold • Trust your instincts • Find kindred spirits • Do a little bit of research 4 CCEI Confidential and Proprietary

  5. Connecticut Center for Entrepreneurship & Innovation • So, You Have an Idea -- What Next? • First -- Be Careful on Disclosures! • University/Employer Role -- Part of job duties? • OTC, UConn R&D • Technology Incubator Program, Tech Portal • CCEI 5 CCEI Confidential and Proprietary

  6. Connecticut Center for Entrepreneurship & Innovation • Not Employment Related? • CCEI -- Innovation Accelerator and Other • CURE, Beacon, CTC • NERAC, TIP • SBIR • Mentors & Colleagues • SCORE 6 CCEI Confidential and Proprietary

  7. Connecticut Center for Entrepreneurship & Innovation • Moving Forward -- $$ -- Your Real Product is: • 1. You and The Team • 1.a. The Plan • 2. Everything Else 7 CCEI Confidential and Proprietary

  8. Connecticut Center for Entrepreneurship & Innovation • Coordinate Product/Idea Development re: • Customers • Operations • Funding 8 CCEI Confidential and Proprietary

  9. Connecticut Center for Entrepreneurship & Innovation Who, Really, Is the Customer? Ultimate Consumer -- Perhaps Direct Purchaser -- Quite Often Distributor -- Cannot Ignore Pull Demand/Push Demand Pull -- You Need To “Sell Through” Push -- You Need to “Sell To” Research -- Customers, Industry, Experts 9 CCEI Confidential and Proprietary

  10. Connecticut Center for Entrepreneurship & Innovation Product Development -- Customer Why are you building it? Focus: The Hole, not The Drill Bit! Wants Needs Price Cost 10 CCEI Confidential and Proprietary

  11. Connecticut Center for Entrepreneurship & Innovation Product Development -- Operations and Team A. Idea Stage – You! Do not give away lots of equity B. Pre-Prototype Consultants Independent Contractors Professional firms as team 11 CCEI Confidential and Proprietary

  12. Connecticut Center for Entrepreneurship & Innovation C. Prototype – Management as Team D. Seeding run – Sales and Distribution E. Full Scale – Logistics 12 CCEI Confidential and Proprietary

  13. Connecticut Center for Entrepreneurship & Innovation • How Do You Finance This? • Start with -- What Type of Plan? • 1. Venture-Backed • 10x return • 2. Lifestyle • Not a Pejorative! • => Sensitivity analysis • Revenues • Sales and Distribution Costs • Financing Costs and Expectations • Penetration Rates 13 CCEI Confidential and Proprietary

  14. Connecticut Center for Entrepreneurship & Innovation Product Development Through Filter of Funding 1. Idea Self finance Friends & Family 2. Pre-Prototype/Tangible Concept – IP risks SBIR Close Angel Investors 3. Prototype Angel/Syndicate 14 CCEI Confidential and Proprietary

  15. Connecticut Center for Entrepreneurship & Innovation 4. Seeding Product Run Dynamics: High Cost Per Unit Domestic Suppliers Need Control & Flexibility Angel Syndicate 15 CCEI Confidential and Proprietary

  16. Connecticut Center for Entrepreneurship & Innovation 5. Full Scale Production Venture Capital Private Equity/Bank 6. Corporate Growth Venture Capital Bank Government & Community Lending Programs 16 CCEI Confidential and Proprietary

  17. Connecticut Center for Entrepreneurship & Innovation • Product Development -- Market • Suppliers – Avoid Lock In • Competition – Assess and IP Strategy • Substitutes – Speed and Network Effects • Employees • Assignment of Rights -- Be Careful • Collaborators are Inventors 17 CCEI Confidential and Proprietary

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