Post on 25-Sep-2020
transcript
Start, Tumble and Succeed
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E*-=2,/"Getting Started Major decisions to be made Consequences of your decisions Embracing Failures Examples of unsuccessful products Lessons learned Conclusions
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(September 2013 issue of Inc. magazine)
I/J,("$-'.-/5"Where do you start? • Do you have an invention (product idea) or is
there an invention by someone else that you would like to commercialize (legally!)?
• Is entrepreneurship for me? - Willingness to wear different hats?
• Have you understood the risks (personal financial status and business financial status?
• Talk to a number of other entrepreneurs
Other considerations?
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• Do you see an opportunity?
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Scenarios with an Invention
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Quit the job and become a full time entrepreneur
Take leave of absence and start the company
Be a technical advisor to the company that develops the product
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Home office (many famous companies started at homes and in garages )
Renting an office near-by (University Incubator, Science Park)
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(September 2013 issue of Inc. magazine)
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• Advertising • beginning inventory and equipment • cash, deposits, separate bank account • Office/lab fixtures and equipment, installation, telephone, utilities • insurance payments • rentals and lease • licenses and permits • professional fees • remodeling, sign boards, office supplies, unanticipated expenses (10%) • Salaries if you hire people
Common starting expenses for the first 90 days
Other ideas of starting expenses?
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BIG ISSUE – you always need more money than you think!
Use personal funds and take the risk/benefits – quick method
Grants, Loans, Angel Investors - slow, loss of equity
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(September 2013 issue of Inc. magazine)
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Outsource some work Or team up for joint development of a product
Develop product in-house
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O)/./"5G"FG*"P',*L'3-*./Q"Local Manufacturing • Easy communication lines, quick changes in manufacturing designs, product volumes, etc. • Retains and develops local skills, creates jobs for many.
Other low-cost places/countries • Communication lines difficult, slow responses – good only for large volume manufacturing due to low cost • IP protection difficult. • Overall cost of travel and loss of time due to mistakes can be high and no longer cost effective. • Manufacturing jobs moved to another country.
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Home country
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Sell off the company
• Hold on • expand • go public • pass it on to family!
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Invention Product
Adaptable but focused on final product
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(September 2013 issue of Inc. magazine)
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The leap
Valley Of Death
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>90%
<10% Invention Product
TRL 3 TRL 6
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+PH.'32,("Z'2=*./1"Mistakes and failures: part of being an entrepreneur
“Many people dream of success. To me, success can only be achieved through repeated failure and introspection. In fact, success represents the 1 percent of your work, which results only from the 99 percent that is called failure”
Soichiro Honda, Founder of Honda Motors
No Risk – No Failure – No Entrepreneur!
Fail Fast to minimize financial losses
Success is fueled by failures!
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www.wipo.org
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Examples of unsuccessful ventures (long list!) DNA Testing Device - too complex and long development time Pipe corrosion sensor (Issues with IP)
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Coating Health Monitor http://www.electrawatch.com/
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Windshield Washer Nozzle (Bowles Fluidics)
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Atrial Fibrillation Monitor – Melys AFSM Ltd
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(September 2013 issue of Inc. magazine)
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Everywhere - if we seek them!
https://www.engineeringforchange.org/topic/view/water
Examples
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(US Govt Report)
Intellectual property supports 40 million US jobs 35 percent of the GDP - more than $5 trillion -- comes from IP-intensive industries IP-intensive industries account for about $775 billion worth of U.S. exports, or about 61 percent of total U.S. goods exports Wages in IP-intensive industries are 42 percent higher on average than wages in other industries Knowledge Economy
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Getting Started Major decisions with limited information Mistakes are part of the process Embracing Failures – “Failure is not Fatal” Examples of unsuccessful products “No regrets but only lessons learned” – useful for next venture!
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Elevator
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THANK YOU and
GOODLUCK!
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$GP/",*PH/.1"-G",G-/"2 products are launched out of every 3,000 ideas.
1 out of 100 patented products make money. Why?
3 to 5 out of 100 inventions succeed commercially
3 out of 10 new products succeed.
Between 11% and 50% of entrepreneurs succeed in starting a firm
AND, It is OK to fail! 9K"
Entrepreneurship education and training workshops like the ones you are attending significantly increase the success rates.
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useless products - http://www.freepatentsonline.com/crazy.html
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• Make solar energy economical
• Provide energy from fusion
• Develop carbon sequestration methods
• Manage the nitrogen cycle
• Provide access to clean water
• Restore and improve urban infrastructure
• Advance health informatics
• Engineer better medicines
• Reverse-engineer the brain
• Prevent nuclear terror
• Secure cyberspace
• Enhance virtual reality
• Advance personalized learning
• Engineer the tools of scientific discovery
Grand Challenges (National Academy of Engineering, USA) [http://www.engineeringchallenges.org]
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