2. The entrepreneurial
dream
“When I was in college, guys usually pretended
they were in a band....
Now they pretend they are in a start-up.”
The Economist, 12 March 2009
3. Managing
uncertainty
New innovation, new market
Will it work? Should I take the risk?
Other people seem to know the game
“I’ve only succeeded if I become the next Mark
Zuckerberg”
It’s not an insiders’ game... you can learn how
4. Attitude
Take gradual steps; ‘date’ your business idea
Expert witness research/’Customer development’ – customers’ needs are
more important than your features!
Understand the industry environment and competition factors
Understand what skills you have and which ones you’ll need to recruit
Be willing to adapt and change course as you get
insight:
Your first idea often isn’t quite the right one, but maybe it’s not all wrong
Don’t immediately fixate on one thing, until you find the right course
Find creative ways around problems, but also know when to stop
Learn how to deal with setbacks – that’s how you build confidence!
5. Approach
What is your business = what problem are you
solving?
Is it a real problem and is your solution the right
one?
ICStartup pool:
AdXchange
CoAdJoint
7. Addressable market?
All singles in Europe
born between 1935-1972
Your product/ computer literate
service
Disposable income £70K+ p.a.
Actively looking for a partner
8. Industry structure?
Raw
material
suppliers
Artica
R&D Environmental HVAC Commercial
consultants Distributors landlords
Assembly and fitters and
Architects
Marketing property
Standard developers
component
suppliers
HVAC
Electronics Distributors
modules and fitters
Air flow
Artica sees a block in the conventional
value chain
9. Solution
>> New market, new value chain
>> Trade sale to Monodraught: added market segments
>> Product rolled out as ‘Cool-Phase’
10. Market entry strategies
INDUSTRY STRUCTURE COMPLEXITY
(Market for products or technology)
Low High
High
ENVIRONMENTAL
STABILITY
(Market or IP)
Low
11. Proof of concept
• Prototyping and design thinking
• Market testing
Even a crude prototype is a start in the right
direction if it demonstrates or tests something
useful.
12. Marshalling resources
• Venture teams
• Bootstrapping
• Dealing with business
angels, venture capitalists
• Milestone agreements
• Venture roadmap and
basic financials
13. From the horse’s mouth
http://www3.imperial.ac.uk/entrepreneurship/media_library
