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Technical Entrepreneurship: Introduction & Topics

This course covers the fundamentals of technical entrepreneurship, including business plan development, idea generation, marketing, financing, legal and tax issues, and more. Guest speakers and real-life case studies provide practical insights.

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Technical Entrepreneurship: Introduction & Topics

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  1. TECHNISCHE UNIVERSITÄT BERLIN INSTITUT FÜR INFORMATIK HUMBOLDT-UNIVERSITÄT ZU BERLIN INSTITUT FÜR INFORMATIK TECHNICAL ENTREPRENEURSHIP Vorlesung 1 INTRODUCTION Wintersemester 1999 Leitung: Prof. Dr. Miroslaw Malek Betreuer: Peter K. Ibach www.informatik.hu-berlin.de/~rok/entrepreneurship TE - I - I - 0

  2. THE GOALS • Development of a viable Business Plan • Team Formation • Idea Development • Initial Presentation • Midterm Report • Final Presentation • Prize Award Ceremony for the Winning Team • Guest speeches on • Sources of Financing • Marketing • Tax and Legal Issues • Management • Success Stories TE - I - I - 1

  3. TECHNICAL ENTREPRENEURSHIP 1. Introduction 2. Entrepreneurial Processes and Models 3. Creating a Successful Business Plan 4. Creativity: the Product or the Service 5. Business Management 6. Financial Projections and Sources of Financing 7. Marketing 8. Legal and Tax Issues 9. Intellectual Property 10. Ethics 11. Special Problems and Who Can Help 12. Advanced Topics Lectures by: M. Malek, Students, Guests TE - I - I - 2

  4. Internet Revolution (Worldwide) Quelle: Der Spiegel 38/99 TE - I - I - 3

  5. Internet Revolution (Germany) Geschätzte Umsätze mit E-Commerce in Mrd. DM (Deutschland) Quelle: Berliner Wirtschaft Aug./Sept. 99 TE - I - I - 4

  6. E-COMMERCE IN GERMANY Quelle: Wirtschaftswoche 42/99 TE - I - I - 5

  7. USEFUL SITES COLLECTION • Books • Struck, Uwe: Geschäftspläne, Voraussetzung für erfolgreiche Kapitalbeschaffung, Schäfer Verlag, Reihe: Kompaktes Wissen für Führungskräfte, ISBN: 3-8202-0562-4 • Magazines • www.infoquelle.de - Infoquelle Online Wirtschaftsmagazin, informiert u.A. über die Erstellung eines Business-Planes • www.bizz.de - Bizz Online Kapitalmagazin mit Artikeln rund ums Thema "Existenzgründung" • Websites • www.gruenderstadt.de - Suchmaschine und Informationsplattform speziell für Existenzgründer. • smallbusiness.yahoo.com - Entrepreneurial site of Yahoo with many hints and links • Conferences and Workshops • Organizations and Societies • Venture Capital Companies • BP-Competitions • www.berliner-sparkasse.de - StartUp Gründungswettbewerb zusammen mit McKinsey. (exhaustive lists in Appendix) TE - I - I - 6

  8. MANAGEMENT MONEY MARKETING 3 M’s of ENTREPRENEURSHIP TE - I - I - 7

  9. ENTREPRENEUR • A person who destroys the existing economic order by introducing new products and services, by creating new forms of organizations and by exploiting new raw materials (Joseph Schumpeter) • Someone who perceives an opportunity and creates an organization to pursue it • A person who organizes and manages a business undertaking • A creator of a new company TE - I - I - 8

  10. ENTREPRENEURSHIP = Creation of a new company • The Entrepreneurial Process • involves all the functions, activities and actions associated with perceiving opportunities and creating organizations to pursue them TE - I - I - 9

  11. Fast Growing Areas Specific Topics Electronic commerce / virtual stores: buying online and picking up physically problem (3 c’s: community, content and commerce). ·Auctions, flea market, e.g., used books (www.ebay.com) ·Auctions for B2B competitions ·Email to media (letter, book, photo, poster, CD, DVD) gateway city net including delivery, e-commerce infrastructure, logistics Security ·Biometrics ·Cyber cash ·Firewalls ·Encryption ·Operating system extensions & tools Telecommunication, mobile computing, communication networks, wireless communication ·Wireless Internet access (www.sandner.net) Remote control, observation, diagnostics ·Intelligent building ·Remote housekeeping/controlling ·Video control Audio/video streaming, protocols, visualization, 3D, entertainment, games, leisure, education ·Internet video/TV (broadcast) ·Video distribution (music: www.mp3.com) , ·Online photo- and copy center ·Online training center ·Games over (wireless) networks HOT TOPICS (1) TE - I - I - 10

  12. Healthcare, medical applications, bio informatics, remote patient care Fast Growing Areas • Online expert locating and consulting • Online drugstores www.drugstore.com • “Virtual experiments” by processing the Human Genome database Specific Topics Transportation, aerospace, defense, airlines, aviation, automotive, travel, package delivery • Collision avoidance • Logistics • Packing chip, tracking systems Robotics, intelligent control, micro mechanics, embedded systems ·Autonomous coordination ·Remote control Financial services, banking, insurance, trust center ·Online stock markets ·Venture Capital: Capital network for startups und business angels (www.garage.com) Billing/charging systems ·Micro payment systems ·Internet payment systems Smart cards & wearable computers ·Payment systems, e-purse ·Security ·New applications (www.microsoft.com/smartcard) HOT TOPICS (2) TE - I - I - 11

  13. Matchmaking: people matching Fast Growing Areas ·“Competition server” matchmaking between people engaging in any kind of on- or offline games/sports · “Reverse” auctions for services (painter, carpeter, IT experts, etc.), taking care of information asymmetries. Agency for self-employed IT experts: www.career-central.com Specific Topics Matchmaking: product matching ·Price broker (books, CDs, DVDs)www.powershopping.de ·Specific search engines (music, photos: www.ditto.com, videos) Work over net, market research, customer feedback ·Remote secretary ·Internet call center: redirect incoming calls to home offices via Internet ·www.epinions.com HOT TOPICS (3) TE - I - I - 12

  14. Entrepreneurship is the engine of growth for the turn of 21st century Entrepreneurship is the best hope for an eternal economic springtime TE - I - I - 13

  15. A MODEL OF THE ENTREPRENEURIAL PROCESS TE - I - I - 14

  16. STATS • BUT REMEMBER • 1 business in 10 will reach its 10th birthday. • Starting businesses is like starting love affairs (paraphrasing George Bernard Shaw) • "Any fool can start one, it takes a genius to end one successfully." U. S. Examples: • JOBS • 10.000 jobs have to be created every day (= 2,5 million jobs per year) • In the 80's 5% of the young companies created 77% of jobs • 15% of these companies created 94% of jobs • Fortune 500 companies eliminated 3.5 million jobs in the 80's • GROWTH • 500,000 small companies grow by 20% per year • ENTREPRENEURSHIP AT UNIVERSITIES - MIT • Over 4,000 businesses established by alumni • 1.1million jobs • $ 232 billion in sales TE - I - I - 15

  17. WHAT MAKES AN ENTREPRENEUR? The Ten D’s (1) • Dream • Entrepreneurs have a vision of what the future could be like for them and their business. And, more importantly, they have the ability to implement their dreams. • Decisiveness • They don't procrastinate. They make decisions swiftly. Their swiftness is a key factor in their success. • Doers • Once they decide on a course of action, they implement it as quickly as possible. • Determination • They implement their ventures with total commitment. They seldom give up, even when confronted by obstacles that seem insurmountable. • Dedication • They are totally dedicated to their business, sometimes at considerable cost to their relationships with their friends and families. They work tirelessly. Twelve-hour days, and seven-day work weeks are not uncommon when an entrepreneur is striving to get a business off the ground. TE - I - I - 16

  18. WHAT MAKES AN ENTREPRENEUR? The Ten D’s (2) • Devotion • Entrepreneurs love what they do. It is that love that sustains them when the going gets tough. And it is love of their product or service that makes them so effective at selling it. • Details • It is said that the devil resides in the details. That is never more true than in starting and growing a business. The entrepreneur must be on top of the critical details. • Destiny • They want to be in charge of their own destiny rather than dependent on an employer. • D-Marks • Getting rich is not the prime motivator of entrepreneurs. Money is more a measure of their success. They assume that if they are successful they will be rewarded. • Distribute • Entrepreneurs distribute the ownership of their business with key employees who are critical to the success of the business. TE - I - I - 17

  19. IDEA • The idea per se is not most important. In entrepreneurship, ideas really are a dime a dozen. Developing the idea implementing it, and building a successful business are the important things. • Perhaps the biggest misconception about an idea for a new business is that it must be unique, obsessed with the thought that the idea might be stolen. • "Always invest in a grade A man with a grade B idea. Never invest in a grade B man with a grade A idea.“ Georges Doriat TE - I - I - 18

  20. ENTREPRENEUR, OPPORTUNITY AND RESOURCE TE - I - I - 19

  21. KEY TO SUCCESS • The crucial ingredients for entrepreneurial success are a superb entrepreneur with a first-rate management team and an excellent market opportunity. • Would-be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need. TE - I - I - 20

  22. SOURCES OF STARTUP CAPITAL (USA) OTHERS (3,9%) GOVERNMENT LOANS (1,1%) MORTGAGED PROPERTY (4,0%) VENTURE CAPITALISTS (6,3%) FRIENDS (9,0%) EMPLOYEES / PARTNERS (12,45) FAMILY MEMBERS (12,9%) BANK LOANS (14,4%) PERSONAL SAVINGS (78,5%) TE - I - I - 21

  23. SOURCES OF STARTUP CAPITAL (GERMANY) normale Bankkredite 75.8% staatliche Eigenkapitalhilfe 75% Überbrückungsgeld vom Arbeitsamt 38.4 % Kredite und Bürgschaften von Verwandten und Freunden 33.3 % Wagniskapital 2.5 % Quelle: DtA, Hochschul-Anzeiger 44/99 TE - I - I - 22

  24. STARTUP CAPITAL • 25% start with less than $5,000 • 50% start with less than $25,000 • 75% start with less than $75,000 • Less than 5 % with $ 1,000,000 or more TE - I - I - 23

  25. INGREDIENTS FOR A SUCCESSFULNEW BUSINESS The Ten F’s (1) • Founders • Every startup company must have a first-class entrepreneur. • Focused • Entrepreneurial companies focus on niche markets. They specialize. • Fast • They make decisions quickly and implement them swiftly. • Flexible • They keep an open mind. They respond to change. • Forever-innovating • They are tireless innovators. TE - I - I - 24

  26. INGREDIENTS FOR A SUCCESSFULNEW BUSINESS The Ten Fs (2) • Flat • Entrepreneurial organizations have as few layers of management as possible. • Frugal • By keeping overhead low and productivity high, entrepreneurial organizations keep costs down. • Friendly • Entrepreneurial companies are friendly to their customers, suppliers, and workers. • Fun • It's fun to be associated with an entrepreneurial company. • Fanatic • Completely devoted to the cause TE - I - I - 25

  27. PRODUCTIVITY PER EMPLOYEE (1990)IN COMPUTER INDUSTRY • Nintendo $1,000,000 • Apple $451,600 • Compaq $317,500 • NEC $198,200 • IBM $184,600 • Siemens-Nixdorf $106,700 TE - I - I - 26

  28. TECHNOLOGY TRANSFER AT FOUR LEVELS OF INVOLVEMENT G. Kozmetzky, UT-Austin TE - I - I - 27

  29. KEY FACTORS IN THE DEVELOPMENTOF A TECHNOLOGY TRANSFER INFRASTRUCTURE Talent Technology Transfer Te c hno l og y Kn ow - How Infrastructure Capital G. Kozmetzky UT-Austin TE - I - I - 28

  30. ENVIRONMENTAL CONDITIONS Climate Push / Pull Environment Factors Talent R&D Business Performers Technology T e c h n o l o g y Transfer K n o w - H o w Infrastructure Nature of Technical Technolo- gical Capital Innovation Private Technology Capital Venturing Institutions Institutions G. Kozmetzky UT-Austin TE - I - I - 29

  31. POLICY IMPLICATIONS Local infrastructure Culture for Innovation Access to other areas Quality of life Successful role models Push /Pull Climate Incubators Factors Environment Educational Programs Government Funding Talent Technical R&D Business Support Performers Programs Technology Transfer Technology Profe- ssional Support Organi-zation T e c h n o l o g y Transfer K n o w - H o w Infastructure Science Nature of Parks Techno- Technical logical Innovation Consortia Capital Local Intellectual Advisors Property Private Technology Business Capital Venturing Networks Institutions Institutions Venture Capital Pools Business Angels Network Tax Advantages Government Programs SBIR ( ) G. Kozmetzky UT-Austin R&D Limited Partnerships State Venture Capital Funds Small Business Investment Corp . TE - I - I - 30

  32. SUCCESS FACTORS FOR TECHNOLOGY TRANSFER Business Academic Government Community Talent Technology Capital Know-How Market - Need Successful Value-Added TechnologyTransfer G. Kozmetzky UT-Austin TE - I - I - 31

  33. New technologies Government Business services services Global linkagesand relationships Airporttele- Quality-of- communication lifesupport infrastructure University andother institutions Technology- related industries Technopolis model Program Marketing Land useallocationandsiterequirements ELEMENTS OF THE TECHNOPOLIS G. Kozmetzky UT-Austin TE - I - I - 32

  34. CASE STUDY: TIVOLI SYSTEMS INC. • ONE OF THE HIGHEST PRICES AFTER ONE YEAR ON THE WALL STREET: • IBM PAID $743 MILLON • PRODUCT: • NETWORK MANAGEMENT SOFTWARE • HEADQUARTERS: • AUSTIN, TEXAS TE - I - I - 33

  35. 1990 1991 1992 1993 1994 1995 Statement of Operations Data: Total revenues $542 $--- $4,699 $12,746 $26,878 $50,000 Operating income (loss) (653) (3,808) (1,904) (735) 1,539 Net income (loss) (590) (3,732) (1,885) (735) 1,397 1 0,11 Pro forma net income per share Pro forma weighted average common 1 13,239 shares and equivalents TIVOLI SYSTEM INC. • In 1989, 12 IBM engineers left the company and founded Tivoli Systems Inc. in Austin, Texas Summary Financial Information (In thousands, except per share data) Shares Purchased Total Consideration Average $ Number Percent Amount Percent Per Share 2 11,845,038 85,6% $11,089,925 35,7% $0,94 Existing stockholders 2 2,000,000 14,4 20,000,000 64,3 10,00 New investors Total 13,845,038 100,0% $31,089,925 100,0% • Pro forma as of December 31, 1994, to give effect to the conversion of the Company’s redeemable convertible Preferred Stock. • Assumes the conversion of all outstanding shares redeemable convertible Stock into an aggregate of 9,025,006 shares of Common Stock upon the closing of the offering. The net effect of sales by the Selling Stockholders in the offering will reduce the number of shares held by existing stockholders to 11,520,038 or 83,2% of the total number of shares held by new investors to 2,325,000 or 16,8% of the total number. TE - I - I - 34

  36. 1992 1993 1994 Revenues: License fees and 100% 91% 85% other services no 9 15 Total revenues 100 100 100 Cost of revenues: License fees and 21 13 10 other services no 9 11 Total cost of revenues 21 22 21 Gross margin 79 78 79 Operating expenses: Sales and marketing 42 40 43 Product development and engineering 63 34 22 General and administrative 14 10 8 Total operating expenses 119 84 73 Operating income (loss) (40) (6) 6 Interest and other income (expense), net no no (1) Net income (loss) (40)% (6)% 5% TIVOLI’S BALANCE SHEET (1)PERCENT OF TOTAL REVENUES, YEARS ENDED DECEMBER 31 Total expenses 140 106 94 TE - I - I - 35

  37. TIVOLI’S BALANCE SHEET (2)Statement of Operations Data, (in thousands, except per share data) Years Ended December 31 TE - I - I - 36

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  40. THE U.S. ENTREPRENEURSHIPSUCCESS STORIES • FIRST COMPANY WHICH ACHIEVED $ 100 MILLION SALES IN THE FIRST YEAR: COMPAQ INC. • PRODUCT: PORTABLE PC’S • HEADQUARTERS: HOUSTON, TEXAS • FIRST COMPANY WHICH ACHIEVED $1 BILLION SALES IN THREE YEARS: SUN MICROSYSTEMS INC. • PRODUCT: WORKSTATIONS + SOFTWARE • HEADQUARTERS: MOUNTAIN VIEW, CALIFORNIA • FIRST COMPANY WHICH ACHIEVED $4 BILLION SALES AT INITIAL PUBLIC OFFERING NETSCAPE COMM. CORP. (BOUGHT BY AOL IN 1999) • HEADQUARTERS: MOUNTAIN VIEW, CA www.home.netscape.com TE - I - I - 39

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