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Obtaining Resources for Product Development

Obtaining Resources for Product Development. Objectives of This Presentation. Identify the 3 resources needed Identify key places to look. Three Resources Needed. Technological Managerial $$$$$$. How the 3 Resources Relate. Drivers. What Works Best.

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Obtaining Resources for Product Development

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  1. Obtaining Resources for Product Development

  2. Objectives of This Presentation • Identify the 3 resources needed • Identify key places to look Presentation by M-TEAMS to GLISC

  3. Three Resources Needed • Technological • Managerial • $$$$$$ Presentation by M-TEAMS to GLISC

  4. How the 3 Resources Relate Presentation by M-TEAMS to GLISC

  5. Drivers Presentation by M-TEAMS to GLISC

  6. What Works Best • Financial People Look for Managerial People • Managerial People Look for Technological People • Technological People Develop the Products Presentation by M-TEAMS to GLISC

  7. What Usually Happens Technological People Have: • An idea, or • A partially developed product, or • A developed product that needs to be commercialized Presentation by M-TEAMS to GLISC

  8. Technologically Driven Development • Tekkies look for money • Financial people won’t provide funds without Pointy Haired Bosses (PHBs) • Tekkies think they have PHB capability Presentation by M-TEAMS to GLISC

  9. Financially Driven Development • Financial people hire PHBs • PHBs hire Tekkies • Tekkies do development Presentation by M-TEAMS to GLISC

  10. Managerial Driven Development • PHBs attract Investors and Tekkies • Rare Presentation by M-TEAMS to GLISC

  11. At Any Given Time You Might Need: • Technology • Management • Financing Presentation by M-TEAMS to GLISC

  12. Obtaining Technological Resources • You might be a Tekkie but need additional expertise • You might be a PHB needing to beef up your team • You might be a Financier looking for a new technology Presentation by M-TEAMS to GLISC

  13. Finding Tekkies Tekkies generally fall into 3 categories: • Engineers or scientists with degrees • Technicians or technologists with diplomas • Skilled trades with diplomas and/or certificates Presentation by M-TEAMS to GLISC

  14. Where to Find Tekkies • Engineers/scientists graduate from universities e.g. University of Windsor • Technicians/technologists graduate from community colleges e.g. St. Clair College • Skilled trades are often apprenticed, sometimes with college courses included. They can be the hardest to find. Presentation by M-TEAMS to GLISC

  15. Places to Look for Tekkies • Workopolishttp://www.workopolis.com • Service Canada http://www.jobbank.gc.ca/intro-eng.aspx • Monster http://www.monster.ca/ • Ontario Society of Professional Engineers http://www.ospe.on.ca/ • Canadian Technical Employment Network http://www.cten.ca/ • Colleges and Universities Presentation by M-TEAMS to GLISC

  16. Caveat Tekkie • Programs are not generic. E.g. hiring a mechanical engineer when you need an electrical engineer is a recipe for failure • Don’t assume that an engineer can do what a technologist can or that a technologist can do what a skilled trades person can. Presentation by M-TEAMS to GLISC

  17. Contract Tekkie Your firm can get Tekkie help from: • Universities and Colleges • Consulting Engineering Firms • Consulting Engineers of Ontario http://www.ceo.on.ca/home.asp • Association of Consulting Engineering Companies Canada http://www.acec.ca/ Presentation by M-TEAMS to GLISC

  18. Where to Find PHBs • Universities graduate B. Comms and MBAs- but don’t hold that against the Us! • Colleges will provide diplomas • PHBs will be on many of the same websites as tekkies Presentation by M-TEAMS to GLISC

  19. Contract PHBs • Universities and Colleges with Business programs • Canadian Association of Management Consultants http://www.cmc-canada.ca/ Presentation by M-TEAMS to GLISC

  20. Caveat MBA • Students graduate with a lot of knowledge. However, they need to be mentored. Presentation by M-TEAMS to GLISC

  21. Where to Find Financiers • The piggy bank • Ma and Pa • Commercial Lenders • BDC • Angel Investors • Venture Capitalists • Governments Presentation by M-TEAMS to GLISC

  22. The Piggy Bank • If you aren’t prepared to invest your money then don’t expect anybody else to • However, don’t spend all your savings and then go looking for money • Use your savings to leverage external investment Presentation by M-TEAMS to GLISC

  23. Ma and Pa • The same rule applies to family investments as applies to the piggy bank • Don’t get tapped out and then look for money • Your bargaining position will be weak. Presentation by M-TEAMS to GLISC

  24. Commercial Lenders • Banks, credit unions, caisse populaires • Will require collateral. This is where the piggy bank and Ma and Pa’s kettle will come in handy Presentation by M-TEAMS to GLISC

  25. BDC • Just because it’s a crown corporation doesn’t mean that they aren’t out to make money • Usually the BDC wants to see comparable investment from private sources • http://www.bdc.ca/EN/Pages/home.aspx Presentation by M-TEAMS to GLISC

  26. Angel Investors • Angel Investors are generally successful business people who have made significant money in previous ventures • They will invest in your business and generally want some level of control of the operations • http://glangels.weebly.com/ • http://www.swoangel.com/ Presentation by M-TEAMS to GLISC

  27. Venture Capitalists • Generally VCs look for large opportunities • They will want to see a solid business plan and a good management team in place • They care little about the actual technology itself • Big $$$$ usually Presentation by M-TEAMS to GLISC

  28. Government Funding The Rules Presentation by M-TEAMS to GLISC

  29. Before You Apply • Incorporate your company! • Know what you want to do- Business Plan and/or Market Plan essential • Get an unbiased assessment of your product (market study, focus group…) • Be realistic in what you need. Your cash requirements don’t end when the product is developed. Presentation by M-TEAMS to GLISC

  30. Where to Look for Help • Local government agencies: • WE-tech Alliance • WindsorEssex Economic Development Corporation • Ontario Ministry of Economic Development and Trade • NRC Industrial Research Assistance Program • MP/MPP Presentation by M-TEAMS to GLISC

  31. Online • Canada Business Network http://www.canadabusiness.ca/eng/ • MaRS Portal http://www.marsdd.com/entrepreneurs-toolkit/ • FundVantage https://www.fundvantage.ca/ Plug! Presentation by M-TEAMS to GLISC

  32. General Recommendations I • SR&ED tax credits- Find out if you are eligible for work already performed or will be eligible going forward: Entitlement! • Contact WEtech, IRAP, the Development Commission, Small Business Centre, and MEDT before pursuing programs. • Don’t do it alone the first time. Plug! Presentation by M-TEAMS to GLISC

  33. General Recommendations II • Prepare for a long process. Most government programs either have deadlines, have tight funds, or required detailed applications. • Give up or don’t give up. It depends on the program. Generally, if the funding bodies say “No” it will take a lot of work to turn that into a “Yes”. Presentation by M-TEAMS to GLISC

  34. General Recommendations III • Answer the questions they ask! A major problem for civil servants is reading stuff that is irrelevant. • Follow up but don’t pester. You can’t always count on emails to go through. Presentation by M-TEAMS to GLISC

  35. Conclusion • We have discussed the 3 resources that you need to develop a product • We have identified starting points to look for those resources • Next? Presentation by M-TEAMS to GLISC

  36. Sign Up for M-TEAMS’ Newsletter Presentation by M-TEAMS to GLISC

  37. Thanks Presentation by M-TEAMS to GLISC

  38. Who To Call to Help Get Those Resources • Bill MacArthur at 519-419-0070 or 519-567-0918 • Email at billmac@mteams.ca M-TEAMS is the: Small Business R&D Specialist Presentation by M-TEAMS to GLISC

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