11 March 2008, London Entrepreneurs’ Challenge

1. 11 March 2008, London Entrepreneurs’ Challenge Tim Barnes, Executive Director, UCL Advances Business Plan Hints and Tips

2. Business Plan Requirements • A written business plan covering all aspects of the business • No required format or length • Due to be submitted by midnight on Friday 14 March • Via email to <t.barnes@ucl.ac.uk> • Should be in Word or PDF format • Please ensure the front cover includes the following info: • Team name and location of business • Contact person • List of team members, their status (e.g. PG/UG) and institution • Other information - like a logo, strap line, as you see fit

3. Business Plan - Suggested Sections • Cover page and table of contents - 1 page • Executive summary- 1 page • Background - 0.5 page • Product or service description - 1 to 2 pages • Market description and competition - 1 to 2 pages • Route to market and business model - 1 to 2 pages • Team and business operations - 1 page • Financials - 1 page • Risks and other notes - 0.5 page to 1 page

4. Hints and Tips • Write the executive summary last • Open with a one sentence summary that puts everything else in context • Keep it simple - remember the time anyone will spend reading this is low • Presentation matters • Remember the prizes - £23,500 spread across 7 awards

5. 10 questions your business plan should answer • 1. Where is your company now and what do you intend to do? • 2. What is your product or service? • 3. What is your market? • 4. How will you reach the market? • 5. Who will you be competing against?

6. 10 questions continued • 6. How will your product be produced? • 7. Who are the people? • 8. What are your financial projections? • 9. How much money do you need? • 10. What are the risks?

7. Oral Presentation • Requirements • Will take place on the afternoon of Tuesday 18 March • 7 minutes of presentation • 7 minutes of Q&A • Slides • Presentations do NOT have to be submitted in advance. If you wish to use slides, please bring them to your presentation on memory stick or CD - do NOT bring a disk! • Results will be announced in the evening at a drinks reception • Formal presentation at the first UCL Enterprise Awards • For all of UCL on Thursday 1 May

8. Presentation Hints and Tips • Most judges will not have seen the written plan • Take nothing for granted • There are only a limited number of questions they can ask • Be prepared for the most obvious ones

9. 10 Things to Remember • Know your business idea backwards and be professional, yet passionate. • Give the buyer an emotional/personal investment in the idea. If they're talking, let them. • Get them involved. • Your goal is to reach a point of intimacy. Be responsive, listen to them and hear what they want.

10. 10 Things to Remember • Don't rely on notes - they distance you. Have them, but don't rely on them. Include everybody present in your pitch (assistants too). • Make comparisons to successful businesses. • Don't pitch what you don't believe in. Know their business and their background well. • Refer to it in the pitch. • Don't promise what you don't intend to deliver. • When it's sold, shut up.

11. 11 March 2008, London Entrepreneurs’ Challenge Tim Barnes, Executive Director, UCL Advances Business Plan Hints and Tips That's all folks!