John Seiffer will provide burning insights to the commercialization process and why that line about a better mousetrap is completely wrong. He¹ll describe why some ideas make it out of the lab and some don't. He'll cover the different parts of a business model and how to use that information in your work. Bio: John Seiffer currently serves as Entrepreneur in Residence for CT Next. He has been an entrepreneur since 1979, and a consultant helping growing companies since 1994. He¹s also an angel investor. In 1998 he was president of the International Coach Federation and in 2012 became President of the Angel Investor Forum. His blog is at www.CEOBootCamp.com.

1. Commercializing Your Idea
January 29, 2014
© 2014 John Seiffer

3. The purpose of a
business is to create
_____________________

4. The Cruelest
words ever
written:

5. Build a better mousetrap,
and …

8. The purpose of a
business is to create
_____________________

9. There is only one valid
definition of business
purpose:
To create a CUSTOMER.
- Peter Drucker

10. Definition of a
CUSTOMER?

12. WHY?

14. The Hard Part is…
Selling, not Creating Value

15. Market Risk
Market Risk
Market Risk Risk
Technology

16. Market Risk
Market Risk
Market Risk Risk
Technology

17. Market Risk
Market Risk
Market Risk Risk
Technology

18. Market Risk
Market Risk
Market Risk Risk
Technology

19. Market Risk
Market Risk
Market Risk Risk
Technology

20. Eric Ries tried the
“Build First” approach.

21. 6 months
40,000 lines
of code

22. 6 months
40,000 lines
of code

23. 6 months
40,000 lines
of code
Nobody Cared

25. Did I waste 6 months?
Should I
have
Did I provide any

27. 6 months
40,000 lines of code
3 months?
20,000 lines of code?

28. 6 months
40,000 lines of code
3 months?
20,000 lines of code?
1 month?
0 lines of code?

30. Lean = No Waste

31. Lean = No Waste
Waste = Making
Something People Don’t
Want to Buy

34. A startup is a temporary
organization designed
to search for a
repeatable and scalable
business model.”
- Steve Blank

35. • The purpose of a startup is to
DISCOVER.
• Progress is measured by
LEARNING – not sales.

36. Learning requires
•Falsifiable Hypothesis
•Experiment
•Data
•Defined level of success or failure

37. Hypothesis about what?

39. Who your
customers
are.
And what
they want
to pay for.

40. Who Decides what value is?

41. Pains
Gains
& Jobs

42. Pains, Gains & Jobs
http://www.businessmodelgeneration.com/downloads/value_proposition_canvas.pdf

44. Search for a
repeatable and
scalable business
model.”
- Steve Blank

45. Search For:

46. Search For:
Someone

47. Search For:
Someone
Who has a problem

48. Search For:
Someone
Who has a problem
That they care enough to pay for

49. Search For:
Someone
Who has a problem
That they care enough to pay for
That you can solve

50. Search For:
Someone
Who has a problem
That they care enough to pay for
That you can solve
Profitably

51. The Business Model Formula
(LTV – CA) *N = $$

52. (LTV – CA) *N = $$
Where are investors?

53. Funding is not the answer if the
business model is not sound!
Real money comes from
customers.

54. Vendor Funding
Sell your Rights
License
Joint Venture
SBIR
Customer Funding
Sikorsky Challenge
Crowd Funding
DECD
www.ctinnovations.com/funding/sbir
www.sikorsky.com/EChallenge
http://www.ct.gov/ecd/cwp/view.asp?a=3931&q=462616
http://www.ct.gov/ecd/cwp/view.asp?a=1097&Q=253518
http://angelinvestorforum.com/submit_business_plan.html

55. John@CEOBootCamp.com
203-775-6676
John Seiffer