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We will start momentarily at 2pm ET Contact ACS Webinars™at [email protected] Download the presentation and slides ONE WEEK after the webinar: http://acswebinars.org/chemical- entrepreneurship-2013 1
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Page 1: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

We will start momentarily at 2pm ET

Contact ACS Webinars™at [email protected]

Download the presentation and slides ONE WEEK after the webinar:

http://acswebinars.org/chemical-entrepreneurship-2013

1

Page 2: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Have Questions?

Use the Questions Box!

Or tweet using #acswebinars

Contact ACS Webinars™at [email protected] 2

Download the presentation and slides ONE WEEK after the webinar:

http://acswebinars.org/chemical-entrepreneurship-2013

Page 3: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

How has ACS Webinars benefited you?

Be a featured fan on an upcoming webinar! Write to us @ [email protected]

Fan of the Week

3

“Your speakers are the best!! They are subject matter experts, and these webinars enrich my knowledge of a subject so much in just one hour. The convenience of the webinars is fantastic!"

Donna Bush, Ph.D.Forensic Toxicologist, HHS

TM

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ACS WEBINARS

TO DESCRIBE ACS WEBINARS…THANK YOU FOR THE SUBMISSIONS!

Contact ACS Webinars™ at [email protected]

ONE WORD

excellent

informative

fascinating

entertaining

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outstanding

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inspiring

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convenientenlighteningengrossing

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unique

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fantasticeclecticuseful

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edutainmentBrainsnack

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Page 5: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

If you enjoy ACS Webinars every Thursday…please support the program!

5

Find the many benefits of ACS membership!

www.join.acs.org

ACS Network (search for group acswebinars) www.communities.acs.org

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Tweet’ your ChemLuvLines to #acswebinars

Contact ACS Webinars™ at [email protected]

Got Chem Love?

6

www.twitter.com/acswebinars

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Congratulations to our last month’s book winner!

7

Find I’m There For You, Baby on http://www.imthereforyoubaby.com

Dr. Jamison Jackson,Scientist Analyst, Ingredient QualityThe Coca-Cola Company

Page 8: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

8

International Center Webinar SeriesFree Webinar - May 22, 2013 at 2:00PM EST

Working abroad has many benefits…

• Work alongside scientists from across the globe• Grow professionally and personally• Gain a global perspective• Brush up on your foreign language skills• Experience a different culture• Enhance your resume!

You will find more international opportunities at the International Center

www.acs.org/ic

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9

See all of our ACS Webinets on YouTube athttp://bit.ly/acswebinets

“Feeling short on time? ACS Webinets are 2 minute segments that bring you valuable snippets from some of our most popular full length ACS Webinars ”

Q: “Hungry for a brain snack?”

A: on

TM

TM

TM

Page 10: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Upcoming ACS Webinars™www.acswebinars.org

Thursday, May 23, 2013

The Transition from Graduation to a Career in Industry

Ms. Anne DeMasi, Hazard Communications Manager, ChemturaDr. Michael Abrams, Principal Scientist, ArkemaMs. Dawn Mason, HR Manager, Eastman Chemical Company

Thursday, May 30, 2013

How to Catch a Poisoner – The Sequel

Ms. Deborah Blum, Pulitzer-Prize Winning Science AuthorDr. Darren Griffin, University of Kent

Contact ACS Webinars™ at [email protected] 10

Page 11: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Upcoming ACS Webinars™www.acswebinars.org

“Everyone today must think like an entrepreneur whether it’s in your own business, a large corporation or a nonprofit organization.”

Continues Thursday, June 20, 2013 @ 2PM EST

Learning how to develop the next big start-up has never been so entertaining!

ACS members who attend 7 out of 9 sessions get a Certificate of Completion.

Contact ACS Webinars™ at [email protected] 11

Page 12: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Acknowledgement:

The 2013 Chemical Entrepreneurship Series is co-produced by UC San Diego von Liebig Entrepreneurism Center.

12Contact ACS Webinars™at [email protected]

http://www.jacobsschool.ucsd.edu/vonliebig

Page 13: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Stay tuned for your chance to win!

13

“Success, failure, joy, pain and rejection. Neil Senturia shares the ups and downs of his entrepreneurial life and the lessons-rules-that he’s learned and how they apply to all of our lives. The book reads like Neil talks (with the occasional four letter word!). Be prepared for a humorous and insightful read.”

Find I’m There For You, Baby on http://www.imthereforyoubaby.com

Page 14: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Business Model Analysis: How will your company make money?

Download the presentation ONE WEEK after webinar: http://acswebinars.org/chemical-entrepreneurship-2013

ACS WEBINARS™May 16, 2013

Neil SenturiaCEO, Blackbird Ventures

Barbara BryCOO, Blackbird Ventures

14Co-produced with UC San Diego’s von Liebig Center

Page 15: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Developing a Viable Business Model

How will my company make money?

American Chemical SocietyMay 16, 2013

Barbara Bry and Neil Senturia

Page 16: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Definition of a Business Model

Summation of the core business decisions and trade-offs employed by a company to earn a profit (HBS Note on Business Model Analysis)

1. Revenue sources2. Key expenses3. Investment size4. Critical success factors

Page 17: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Question

Which is more important early on in your company?1. Getting revenue early2. Developing a complete product

Page 18: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Lean Business Model

• Build a minimally viable product defined by Eris Reis as “that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”

• Get customer feedback quickly• Pivot based on feedback

Eric

Rei

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Page 19: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Revenue Sources• Customer: Who are you selling to? What are

their problems/needs?

• Value Proposition: What value do we deliver that is better than other solutions?

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Why Althea?

• Experience

• Flexibility

• Scalability

• Customized Solutions

• Reliability

20

Page 21: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Proflowers.com

• A large market and the convenience of shopping online won’t cut it

• What is the problem you’re trying to solve?– Flowers aren’t fresh: 7-9 days in transit– Flowers are expensive: Inefficient middlemen– Florists lack quality incentive– What you see is not always what you get

Page 22: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

If the supply chain’s broke – fix it

Grower

Importer/Distributor

Wholesaler

Retailer’s andInternet Order Takers

Consumer

Grower

2 days

2 days

2-3 days

2-5 days

1-2 days

Brick & MortarProflowers.com

INTERNET

Elapsed Time: 9-12 Days 2-3 Days

Consumer

Page 23: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Today’s ECG/EEG sensors, however:-Require adhesives and skin-irritating gels-Number one patient complaint against mobile ECG/EEG devices-Need for new, patient-friendly, sensor technologies-Large usability barrier outside of laboratory environments

ECG/EEG:-Simple to build-Inexpensive to use-Non-invasive for the subject-Widely used in clinical and research settings-Diagnostically useful information

Motivation

Page 24: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Question

Is it better to develop a quicker smaller idea or a bigger idea that requires more time/$ ?

1. Work on a smaller idea– a feature– that you can develop quickly and cheaply

2. A bigger idea– complete product– that requires more time and money

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Revenue Models

1. Subscription – SalesForce.com, NetflixYou can make it free for basic service, charge for premium– LinkedIn

2. Volume or unit based – customers pay a fixed price per unit– scientific products, restaurant, Proflowers– Razer/Razer blade model is common for some scientific products and medical devices

3. Advertising based – Google, Yahoo, TV, radio

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Revenue Models continued

4. Licensing and Syndication – Big pharma pays licensing fees for your technology

5. Transaction Fee – Charles Schwab

BIG

PHARMA

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Sym

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Page 27: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Expenses

1. Fixed – rent, management team, core scientists

2. Variable —materials, lab equipment, sales commissions

3. Non-recurring – buying a building, new computers

Think about your core competencies– What do I need to do in-house? What can I outsource?*Photo Top Right -Experimenters taking an X-ray with an early Crookes tube apparatus, from the late 1800s. The upper man is examining the bones of his hand with a fluoroscope screen. The lower man is taking a radiograph of his hand with a photographic plate.

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Major Costs1. People – at what points in your growth curve do you need to add more scientists, customer service reps, administrative overhead?

2. Inventory —more important in manufacturing, what supplies do you need to keep on hand?

3. Rent

Page 29: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Major Costs4. Marketing-Advertising – How much is it going to cost you to acquire and retain a customer? How long is your sales cycle? How long before you get paid?

Page 30: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Customer Acquisition and Retention

How are you going to reach your customer?- Your own sales force- Someone else’s sales force- Distributors- Internet- Combination

How are you going to manage the long-term relationship with your customer so that they continue buying from you?

Page 31: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Cost Analysis

1. Is business model based on fixed, semi-variable or non-recurring?

2. How much volume can we do with our starting fixed base?

3. What primary drivers could change over time?

4. What are the major costs?

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Investment Size

• How much money do we need to raise until we reach break even?

• How long and how much money will it take to develop my product?

• How quickly can I sell the product to the customer? When will I get paid?

• What milestones can we achieve with X $$?

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Critical Success Factors

1. Timing and cash flows

2. Select 3-4 of the most important parameters– sales growth, new customer acquisition rate (and costs)

3. Look at what happens to your cash needs when you change the parameter, both up and down.

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Keyword for today!

“Falafel”

Receive a Certificate of Completion! For more info visit:

http://acswebinars.org/chemical-entrepreneurship-2013

Phot

o by

Jane

k M

ann

Page 35: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Resources

Why the Lean Start-Up Changes Everythingby Steve Blank, Harvard Business Review, May 2013

Note on Business Model AnalysisHarvard Business School

Page 36: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

And now your chance to win!

36

Facebook.com/acswebinarsor

[email protected]

To be a successful entrepreneurial scientist you need ___________ ?

Page 37: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Questions & AnswersWe want to hear what’s on your mind?

Phot

o co

urte

sy o

f Bre

vin

Blac

h

Page 38: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Business Model Analysis: How will your company make money?

Download the presentation ONE WEEK after webinar: http://acswebinars.org/chemical-entrepreneurship-2013

ACS WEBINARS™May 16, 2013

Neil SenturiaCEO, Blackbird Ventures

Barbara BryCOO, Blackbird Ventures

38Co-produced with UC San Diego’s von Liebig Center

Page 39: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Acknowledgement:

The 2013 Chemical Entrepreneurship Series is co-produced by UC San Diego von Liebig Entrepreneurism Center.

39Contact ACS Webinars™at [email protected]

http://www.jacobsschool.ucsd.edu/vonliebig

Page 40: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

How has ACS Webinars benefited you?

Be a featured fan on an upcoming webinar! Write to us @ [email protected]

Fan of the Week

40

“Your speakers are the best!! They are subject matter experts, and these webinars enrich my knowledge of a subject so much in just one hour. The convenience of the webinars is fantastic!"

Donna Bush, Ph.D.Forensic Toxicologist, HHS

TM

Page 41: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Stay Connected…

LinkedIn (search group for acswebinars)

www.twitter.com/acswebinars

www.facebook.com/acswebinars

Contact ACS Webinars™at [email protected] 41

Page 42: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Upcoming ACS Webinars™www.acswebinars.org

Thursday, May 23, 2013

The Transition from Graduation to a Career in Industry

Ms. Anne DeMasi, Hazard Communications Manager, ChemturaDr. Michael Abrams, Principal Scientist, ArkemaMs. Dawn Mason, HR Manager, Eastman Chemical Company

Thursday, May 30, 2013

How to Catch a Poisoner – The Sequel

Ms. Deborah Blum, Pulitzer-Prize Winning Science AuthorDr. Darren Griffin, University of Kent

Contact ACS Webinars™ at [email protected] 42

Page 43: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Upcoming ACS Webinars™www.acswebinars.org

“Everyone today must think like an entrepreneur whether it’s in your own business, a large corporation or a nonprofit organization.”

Continues Thursday, June 20, 2013 @ 2PM EST

Learning how to develop the next big start-up has never been so entertaining!

ACS members who attend 7 out of 9 sessions get a Certificate of Completion.

Contact ACS Webinars™ at [email protected] 43

Page 44: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

44

International Center Webinar SeriesFree Webinar - May 22, 2013 at 2:00PM EST

Working abroad has many benefits…

• Work alongside scientists from across the globe• Grow professionally and personally• Gain a global perspective• Brush up on your foreign language skills• Experience a different culture• Enhance your resume!

You will find more international opportunities at the International Center

www.acs.org/ic

Page 45: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

And now your chance to win!

45

Facebook.com/acswebinarsor

[email protected]

To be a successful entrepreneurial scientist you need ___________ ?

Page 46: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

If you enjoyed this ACS Webinar today…please support the program!

Find the many benefits of ACS membership!

www.join.acs.org

ACS Network (search for group acswebinars) www.communities.acs.org

46

Page 47: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

ACS Webinars™ does not endorse any products or services. The views expressed in this presentation are those of the presenter and do not necessarily reflect the views or policies of the American Chemical Society.

47Contact ACS Webinars™at [email protected]

Page 48: We will start momentarily at 2pm ET Contact ACS Webinarsat acswebinars@acs.orgacswebinars@acs.org Download the presentation and slides ONE WEEK after the.

Upcoming ACS Webinars™www.acswebinars.org

Thursday, May 23, 2013

The Transition from Graduation to a Career in Industry

Ms. Anne DeMasi, Hazard Communications Manager, ChemturaDr. Michael Abrams, Principal Scientist, ArkemaMs. Dawn Mason, HR Manager, Eastman Chemical Company

Thursday, May 30, 2013

How to Catch a Poisoner – The Sequel

Ms. Deborah Blum, Pulitzer-Prize Winning Science AuthorDr. Darren Griffin, University of Kent

Contact ACS Webinars™ at [email protected] 48


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