https://kth.instructure.com/courses/1753

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Course Outline

TECHNOLOGY-BASED ENTREPRENEURSHIP

ME2062 – Spring 2017, 7.5 ECTS

 

 

COURSE LECTURERS

 

 

Serdar Temiz

PhD Candidate, KTH

serdar.temiz@indek.kth.se (Please contact by email and use ME2062 at subject line.)

twitter: @serdar_temiz

www.serdartemiz.com

Office hours by appointment

 

 

1        COURSE DESCRIPTION

The primary objective of the course, Technology-Based Entrepreneurship (ME2062), is to immerse the student in the entrepreneurial processes of creating and leading innovative and impactful technology-based ventures. While many of the frameworks and practices presented in the course are relevant across all forms of entrepreneurship in a wide variety of services and product markets, this course is based primarily on technology entrepreneurship practices since technology entrepreneurship tends to be more complex due to a higher level of uncertainty in the product and market.

The course provides a broad practice-based experience in the process of creating technology-based businesses. Through a collection of lectures, discussions with guest speakers, and project work, this course enables students to understand and apply some of the tools of entrepreneurship as they relate to technology ventures. Central to the learning experience is the Venture Project through which students working in small teams will develop their new venture creation and management skills. As such, this course will be a departure from more traditional engineering courses for many engineering students because it relies not on formulas but on conceptual thinking and analysis.

 

 

2        LEARNING OUTCOMES

This course is targeted towards engineering students who would like to begin to understand the technology and management phenomena of technology-based entrepreneurship. As this course focuses on real-world innovation and new venturing, participants are expected to take an active role in the course and their learning. After completing the course, you should be able to do the following:

 

• Demonstrate an understanding of how entrepreneurship theory and practice can inform the entrepreneurial decision making process from ideation to business model design to the launch of a new technology-based venture.
• Demonstrate the ability to gather, critically evaluate, and analyze relevant information using frameworks to make decisive recommendations for action in a given entrepreneurial situation.
• Demonstrate the ability to apply some of the tools to identify problems or needs related to technology; generate innovative, technological ideas; evaluate them; assess the competitive context; design business models; and begin laying the groundwork for the launch of dynamic technology-based enterprises.
• Demonstrate team management by producing professional reports and presentations developed through team collaboration.
• Demonstrate oral and written communication skills by using persuasive and evidence-based arguments in support of well-grounded management actions.

 

Please note that this course will not provide a complete overview of technology-based entrepreneurship since there are numerous complex issues related to the field that, unfortunately, cannot be covered due to the compact design of the course.

 

 

3        CLASS FORMAT

We will conduct each class more like a seminar in which our role will be as a moderator, questioner, and facilitator. The course involves a variety of activities such as lectures and discussions using pre-assigned readings, discussions, in-class exercises, outside class activities, group projects and presentations, and guest speakers. Students will be required to read classics in the field but also more contemporary works as well as deliver various inputs to a longer venture project. The core concepts and discussions are presented in the “anchor” sessions, which are mostly led by the course lecturers. Some of the sessions will be taught by an external lecturer who brings special knowledge or professional expertise to the topics under discussion.

 

We expect that you will come well prepared to each session. You are to complete the readings and assignments thoroughly before each class, and in some cases, you will present the assigned material in class. Being prepared includes being able to discuss the assigned literature and relating it to your own experience as well as knowing the facts and issues when appropriate. In addition, we expect those students who are not presenting to be prepared with questions and comments and to contribute to the discussion.

 

Moreover, we are interested in the quality of your participation. Quality is the extent to which you offer key insights on course topics and readings, relate your comments to the topics at hand, and relate current topics to previous topics or material from other classes. Comments that add value to our conversations possess one or more of the following attributes:

 

1. Offer a different, unique, and relevant perspective on the issue at hand.
2. Contribute to moving the discussion and analysis forward.
3. Build on others’ comments. Too often students and managers fail to listen to the comments of others.  Good comments might begin with “In agreement with what Jane has just said…” or “I’d like to disagree with Ted’s point….” or “I think we’re all missing a key point here…”
4. Transcend the “I feel” syndrome. In other words, a quality comment includes some evidence or analysis of inherent tradeoffs and demonstrates reflective thinking.

 

 

Electronic Devices Policy: Currently, there is a movement within academia to enforce a no electronic devices (e.g., laptops, tabs, phones) policy in the classroom (See http://www.washingtonpost.com/blogs/answer-sheet/wp/2014/09/25/why-a-leading-professor-of-new-media-just-banned-technology-use-in-class/.) However, we are of the opinion that access to the internet during class can facilitate your learning in this course, e.g., back channel discussions, googling terms you do not understand. Having said that, we do ask you to restrict the use of your device in class to activities related to the course and to consider how your use of electronic devices affects your fellow students sitting near you.

 

 

4        ASSIGNMENTS AND ASSESSMENT

Assignments will be completed either individually or in your groups, and there are three types of assignments: 1) Mandatory written and oral assignments and 2) In-class oral participation and outside of class written participation via your blog posts in which you share you learning and experiences. 3) Venture Creation simulation that teams are going to compete against each other.

 

You need to complete and submit all mandatory assignments and presentations by the respective times. Information on the submissions is outlined in the Schedule and Readings document. If you fail to submit your assignment by the specified due date and time, then you are submitting late. Submissions turned in late, but within 24 hours of the deadline, will receive half credit. Submissions more than 24 hours late will not be accepted. Exceptions to this policy may be granted for personal emergencies. All submission limits, including page limits, must be followed. Exceeding the limit will result in a reduction in the assessment of the submission.

 

We encourage you to be creative in your use of media and presentation tools in your coursework. Feel free to include YouTube or other video clips, storytelling, audience interaction, etc. This is a great chance to experiment. You are also more than welcome to use material from the internet for your assignments. Please remember, however, that you must properly cite any sources that you use. See www.plagiarism.org for some guidelines. You must also integrate the material into a professional presentation and be prepared to present as well as show that you have a thorough understanding of the material.

 

Please note that while all groups are asked to prepare the assignment for a session, only some groups may be asked to present their work, i.e., not all groups will have time to make their presentation.

 

4.1      ASSIGNMENT SCHEDULE

You have two assignments schedule:

1) Regular Assignments Schedule

2) Venture Creation Simulation Assignments Schedule

Regular Assignments   Schedule
Due date	Assignment	How to label the assignment and format	Submission location	Weight*	Individual or Group Assignment
28 March/ 30 March	Elevator Pitch / Feedback	Pitch_Lastname.doc	Canvas and In class	5%	Individual
April 6 18:00	Group Formation for Venture Project	Groupname.doc	Canvas	P/F	Group
May-5 18:00	Venture Project Video	Video_Team_Nr_Groupname (post it at course blog)	Online	13%**	Group
May 9  18:00	Feedback on Venture Video	Feedback_YourGroupname.doc	In class opposition	2%	Group
May-26 18:00	Venture Project Paper	Venture_Groupname.pdf/Blog	Canvas	13%**	Group
Ongoing	In-class Participation	N/A	N/A	10%	Individual
Ongoing	Online and Offline Activity Outside Class	N/A	N/A	20%	Individual
Exam week	Final Exam	N/A	N/A	10%	Individual

 

 

 

Venture Creation Simulation Assignments

(it will also be in the simulation and you will receive notifications)

28 March	15:00 – 17:00	Q34	Meeting 1 Introduction: Lecture Q1, Q2
1 April	20:00	Online	Q1 Decision
6 April	15:00	Online	Q2 decisions
6 April	15:00 – 17:00	Q34	Meeting 2: Results Q2, discussion & lecture
15 April	20:00	Online	Q3 decisions
18 April	13:00 – 17:00	Q36	Meeting 3  Investor round for Q4
22 April	20:00	Online	Q4 decisions
25 April	15:00 – 17:00	Q 33	Meeting 4:
2 May	16:30	Class	Q5 decisions
5 May	20:00	Online	Q6 decisions
9 May	15:00 – 17:00	E35	Meeting 5 : Final Presentation to Board of Directors (Investors) or General Discussions (to be announced )

 

* P/F = Pass/Fail

**The presentation and paper are to be graded together for 13%.

Grading Scale:

A (90-100%): Excellent

B (80-89%): Very Good

C (70-79%): Good

D (60-69%): Satisfactory

E (50-59%): Sufficient

Fx/F (0-49%): Fail

 

 

For group submissions, choose one group member to upload the document to Canvas.

 

Please note: If there is any problem uploading an assignment to Canvas, email the assignment to Serdar by the respective deadline (temiz@kth.se).

 

More information on each of the assignments is below:

 

Group Formation for Simulation / Venture Project

You are to self-organize into groups of four to six students. It is your responsibility to form groups and choose the venture idea that will serve as the basis for your Venture Project assignment. Group composition is important since group work constitutes a large percentage of your grade.

 

After the Elevator Pitch the group will choose what venture idea that will serve as the basis for your New Business Venture Concept paper assignment.

Group Formation Tips:

• Start working early on group formation
• Aim for diversity of background and skills in your group—and people you would enjoy and benefit from working with
• Be clear and explicit about each person’s roles and responsibilities in the group and ensure there are clear milestones and accountability
• Set up regular group meetings and provide each other candid input and feedback

 

Venture Idea Simulation Grading

 

You will be graded by cumulative balance score card.

A Balanced Scorecard is used to measure the teams’ performance within the simulation. Effectively, it is a measure of the ability to create value for the firm’s stakeholders. It is also a measure of the team’s ability to integrate (harmonize) all of its business functions. Optimization can only be achieved by using the tools of management to assess the performance and evaluate the relative value of each option. Furthermore, it requires an understanding of how each decision can affect the business metrics, which have been incorporated into the scorecard.

In terms of mechanics, the teams receive a scorecard at the start of each quarter based upon their performance in the prior quarter. The objective criteria include measures of financial performance, market performance, marketing effectiveness, investments in the future, asset management, manufacturing productivity, creation of wealth, human resource management, and financial risk. These reports begin once the teams go to market and start selling to the users.

 

Elevator Pitch

You will perform an individual elevator pitch in the classroom as well as submit your pitch in written form online and in class. More information is in the Pitch document.

 

Group Formation

Depending on the number of students you will  have simulation team and venture creation team. Please follow discussions in the class.

 

 

Venture Project Video

You will create an Investment Pitch video to be presented in-class. More information is in the Venture Project document.

 

Feedback on Venture Project Video

During the Venture Project Presentation class, your group will be assigned to give Feedback on one other group’s Venture Project video and Q&A. More information is in the Venture Project document.

 

Venture Project Paper

You will submit a written paper on your Venture Project.  More information is in the Venture Project document.

Extra points:

You can nominate someone to receive up to 5 points (5%)due to contribution s/he did for your learning experience group work etc. You cannot nominate yourself, teacher can nominate as well. You have to be very detailed and specific why that person should receive and how that person contributed your learning experience? Please be aware of the deadline.

 

In-class Participation[1]

A goal for this classroom is to have a positive, courteous, and respectful environment that is conducive to learning. Each student must display a namecard in each session to facilitate class participation. Attendance, participation, assignments, and professionalism count toward this grade. Furthermore, irreverent and off-topic comments will affect your participation grade. Class participation grades will be assessed using the Participation Continuum below.

Participation Continuum

Scale                                                             Description                                          

Top

• A consistent leader is always well-prepared for the class. Has an understanding of the relevant material. Offers a unique and relevant perspective on the issue at hand. Demonstrates reflective thinking through analysis. An initiator of activity in the class. Contributes to moving the discussion forward through responding to and building on others’ comments. Listening is also given a priority.
• Reasonably frequent participator in class as described above. Responds to other students as well as the instructor.
• Occasionally takes the lead in introducing a new subject. Provides illustrations from his or her own experience about the subjects under discussion.
• Occasional contributions to the class. Occasional responses to the remarks of other students.
• Answers questions from the instructor. Occasionally provides illustrations from own experience in response to instructor’s remarks.  Rarely responds to other students.
• Answers questions from the instructor. Otherwise does not take part in class discussion.
• Takes no part in classroom discussion or activities.

Bottom

 

Online & Offline Activity Outside Class

Students must also be active by sharing their knowledge and experience related to the course with people in your own group, in other groups, and people outside this course as well as by reflecting constructively on other students’ work outside the classroom.  One factor that will determine the grading of this component is your ability to reference and use the tools and frameworks presented in this course, i.e., are you applying and integrating the course material? Below are the relevant activities for this course component.

 

Join the ‘KTH Tech Based Ent– 2016’ LinkedIn Group

Be active in this group, post relevant articles, start discussions, contribute discussions, reflect upon lectures, presentations. These activities will improve your individual ability to contribute to in-class learning url is: https://www.linkedin.com/groups/8507896

 

Be active on Twitter

Please use the hashtags – #KTH and #ME2062 to share interesting sites and information you find related to the course on twitter (tweetdeck is a good twitter app).  You might also want to follow #sthlmtech to learn more about the Stockholm startup scene.

 

Be active on the Intropreneur blog

You should blog individually at www.intopreneur.com. Suggested topics for your blog posts are listed below, and we are interested in the frequency, regularity of your activities, blog posts and contents, linking to each other’s blogposts and blogs, discussing each other’s topics, and other individual activities on these blogs. You should categorize/tag each of your individual posts with your group name. Also we recommend that you add categories and tags to your blog posts and consider readers while you are writing.

 

There are numerous tips on how to write blog posts on the internet, e.g., http://www.socialmediaexaminer.com/26-tips-for-writing-great-blog-posts/.

 

Collect Feedback on your Venture Idea

Each group member should receive feedback on your group’s venture service/product from at least five different prospective customer/users and then based on this feedback, reflect upon your idea and answer these questions:

1. How did you find these people?
2. Which feedback did you get from them?
3. How do you think how you found these people and who they are influences the feedback you received?
4. Will you change your idea based on their feedback, why, why not?

 

You should then blog your findings and use this information for your Venture Project.

 

Attend Startup Events

 

Attend at least two Startup events and blog about your experience at these events. How did you find these events? What was the purpose of the event? With whom have you met? Take a few photos and share your experiences from these activities. Some advice is that you blog right after you participate in the activity. Remember to submit your blogpost as a link in the LinkedIn group.  One suggestion is to join some of the Meetup Groups related to entrepreneurship and technology in Stockholm: http://www.meetup.com/. You might even want to start your own Meetup Group.

 

Help a Startup

Try out a product/service of at least two startups. What feedback would you give to this startup based on your experience with the product/service? In addition to your personal experience with the product, you may include other advice such as potential contacts you have that might be of help to the startup. Blog about these activities and submit it as a link in the LinkedIn group. We advise you to also send the feedback to the startup’s founders.  One idea is to look at the crowdfunding sites: FundedByMe, CrowdCube, Kickstarter, and Indiegogo, for ideas.

 

Lessons Learned

At the end of the course, you should blog about what you have learned during this course and what you would have liked to learn but did not.

 

 

 

Final Home Exam

The in-class/online exam will be in the form of essay questions and will be open course material/open computer/open internet. During the exam, you are not recommended to discuss, communicate, interact, etc. online or offline with anyone regarding the exam other than the Examinator. Your answers are to be the product of your individual work. Moreover, after you take the exam, you are not allowed to discuss the exam with others who have not yet taken the exam at any time. There will be time limit so internet research or discussion with someone else will not help you to deliver. You are responsible every class discussion, presentation, course reading.

 

 

5        COURSE ADMINISTRATION

We will put either links on the Canvas page or upload the slides to Canvas. Main communication platform for the course will be Canvas, please follow it.

Guest presentations may or may not be shared so please be aware of that.

 

NDA POLICY

With business ideas shared as part of the class, the issue of intellectual property sometimes arises. Please note that there will be no non-disclosure agreements (NDAs) for ideas in this class. However, by participating in this class, you agree to act with discretion and integrity and treat all ideas presented as privileged communication. You also agree not to disclose or distribute information received unless you receive explicit permission to do so.

 

 

COURSE FEEDBACK

This class is for you, and we encourage you to provide ongoing feedback on the course and to make requests or express concerns. You can do that in person with us before or after class or during breaks or appointments or by email.

 

 

Please note that we reserve the right to change this course outline.

 

 

 

[1] Adapted from D. McAlister.

 

 

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SCHEDULE AND READINGS

 

 

Session 1 

 

Introduction to Technology Entrepreneurship and the Importance of Technology and Innovations

 

Mandatory readings

• Course Outline for Technology-based Entrepreneurship ME2062
• Venture Project Description for ME2062
• Evers, N., Cunningham, J. Hoholm, T. (2014). Part I “Entrepreneurship, Innovation, and Policy”
• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 3 “Technology Entrepreneurs and New Technology Ventures”

 

Recommended readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 1 “Smart Economies, Innovation, and Entrepreneurship”
• Kawasaki, “The Art of the Start,” Change This, August 2004 (note: long) http://changethis.com/manifesto/1.ArtOfTheStart/pdf/1.ArtOfTheStart.pdf
• Graham, “Startups in 13 Sentences,” com, February 2009 http://www.paulgraham.com/13sentences.html
• “The Third Industrial Revolution,” The Economist, April 21st, 2012 http://www.economist.com/node/21553017

 

Idea, Opportunity, Innovation

 

Mandatory reading

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 4 “Innovation and Diffusion of Technology in Products and Services”
• Sarasvathy, S. D., Dew, N., Velamuri, S. R., & Venkataraman, S. (2010). “Three views of entrepreneurial opportunity,” in Handbook of Entrepreneurship Research (pp. 77-96). Springer New York.
• Read about the PESTEL/PESTLE/PEST analysis online: http://pestleanalysis.com/what-is-pestle-analysis/

 

Recommended readings

• Seelig, T., “The Secret Sauce of Silicon Valley,” in What I Wish I Knew When I Was 20, http://ospflor63.stanford.edu/upload/handouts/Secret_Sauce_-_Seelig.pdf
• Alvarez, S. A., Barney, J. B., & Anderson, P. (2013). Forming and exploiting opportunities: The implications of discovery and creation processes for entrepreneurial and organizational research. Organization Science, 24(1), 301-317.
• Sarasvathy, S. D. (2001). “Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency,” Academy of Management Review, 26, 2, 243-263.
• Graham, “How to Get Startup Ideas,” com, November 2012, http://paulgraham.com/startupideas.html.
• Zwilling, “Stealth Mode Entrepreneurs Are Putting Themselves at a Disadvantage,” Business Insider, October 18, 2012, http://mobile.businessinsider.com/stealth-mode-entrepreneurs-only-increase-the-risk-2012-10
• Linkner, “The 10 Commandments of Brainstorming,” Forbes, April 20, 2010, http://www.forbes.com/2010/04/20/brainstorming-ideation-ideas-leadership-managing-innovation.html
• Carpenter, “Distributed Idea Generation Outperforms Traditional Brainstorming,” Blogging Innovation, March 7, 2010, http://www.business-strategy-innovation.com/2010/03/distributed-idea-generation-outperforms.html

 

 

Session 2  

 

Business Models

 

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 6 “The Business Model and Business Plan”
• Yoon, E., & Deeken, L. (2013). “Why It Pays to Be a Category Creator,” Harvard Business Review, March.
• Baden-Fuller, C., & Morgan, M. S. (2010). “Business models as models,” Long Range Planning, 43(2), 156-171.

 

Recommended readings

• Lay, “Innovation: New Products Are Never Enough,” Forbes, 18, 2009, http://www.forbes.com/2009/12/18/innovation-business-model-leadership-managing-products.html
• Osterwalder & Pigneur, “Business Model Generation” (note: long), http://www.businessmodelgeneration.com/downloads/businessmodelgeneration_preview.pdf

 

 

 

Clusters/Regional Innovation Systems

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 1 “Entrepreneurship, Innovation, and Policy”
• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 2 “Research and Technology Transfer from Universities to Business”
• Teigland, R., Hallencreutz, D., & Lundequist, P. (2007). “Uppsala BIO – the Life Science Initiative: Experiences of and Reflections on Starting a Regional Competitiveness Initiative,” in R. MacGregor (Ed.) Small Business Clustering Technologies: Applications in Marketing, Management, IT and Economics, London: Idea Group Inc.
• Wennberg, K., & Lindqvist, G. (2010). “The effect of clusters on the survival and performance of new firms,” Small Business Economics, 34, 221-241. http://opec.hse.ru/data/2010/09/14/1233515427/effect-of-clusters.pdf

 

Recommended readings

• Porter, M. E. (2000). “Location, competition, and economic development: Local clusters in a global economy,” Economic Development Quarterly, 14, 1, 15-34, http://www.development.wne.uw.edu.pl/uploads/Courses/ied_porter_2000.pdf

 

 

Session 3  

 

Creating a Strategy, Market Validation, & Introduction to Elevator Pitch

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Part III “Market Opportunity and Strategy”.
• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 7 “Market Validation and Research”.
• Porter, M. E. (2001). “Strategy and the Internet”. Harvard Business Review, 79(3), 62-79.
• Kim, W. C., & Mauborgne, R. (2004).“Blue Ocean Strategy”. Harvard Business Review. October.

 

Recommended readings

• Adams, R. (2010). If You Build It, Will They Come? Three Steps to Test and Validate any Market Opportunity. Summary here: http://www.slideshare.net/drrobadams/ktg-if-you-build-it-will-they-come?
• Porter, M.E. (2008) “The Five Competitive Forces that Shape Competitive Strategy”, HBR, January.
• Isenberg, “The 2-Minute Opportunity Checklist for Entrepreneurs,” HBR Blogs, March 4, 2010, http://blogs.hbr.org/cs/2010/03/the_2minute_opportunity_checkl.html (Links to an external site.)
• Levine, “10 Ways to Find out If Your Idea is Actually Brilliant,” Business Insider, March 2, 2011, http://www.businessinsider.com/10-ways-to-find-out-if-your-idea-is-actually-brilliant-2011-3
• Feld, “Note to Entrepreneurs: Your Idea Is Not Special,” Reuters blogs, June 14, 2011 2 http://blogs.reuters.com/small-business/2011/06/14/note-to-entrepreneurs-your-idea-is-not-special/

 

 

Pitching Your Venture

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 8 “Routes to Commercialisation and Pitching”
• Forbes, “This Entrepreneur Raised $2M With A Five-Slide Presentation — About Nothing,” 14 August 2014, http://www.forbes.com/sites/ilyapozin/2014/08/14/this-entrepreneur-raised-2m-with-a-five-slide-presentation-about-nothing/

 

Recommended readings

• Temiz, Serdar, http://serdartemiz.com/?p=20
• Rose, D. How to Pitch to a VC, TED video, http://www.ted.com/talks/david_s_rose_on_pitching_to_vcs
• Venture Cup – Guide to a Winning Pitch: http://www.venturecup.se/wp-content/uploads/Guide-to-a-winning-pitch-eng.pdf
• Macleod, “Investor Pitches—Do’s and Don’t’s,” StartupCFO, November 19, 2010, http://www.startupcfo.ca/2010/11/investor-pitches-dos-and-donts/
• Figliulo, “5 Idea Pitch Critical Success Factors for Entrepreneurs,” ThoughtLeaders, July 5, 2011, http://www.thoughtleadersllc.com/2011/07/5-reasons-your-idea-pitch-sucks/
• Spoon, R. How to create an early-stage pitch deck: http://www.slideshare.net/ryanspoon/how-to-create-an-early-stage-pitch-deck?ref=http://techcrunch.com/2012/01/07/pitchdeck/
• HBR Blog: “Building a Minimum Viable Product? You are probably doing it wrong.” http://blogs.hbr.org/2013/09/building-a-minimum-viable-prod/
• Rosoff, “Five VCs Explain What They Really Think about Your Pitches,” Business Insider, June 15, 2011, http://www.businessinsider.com/five-vcs-explain-what-they-really-think-about-your-pitches-2011-6

 

 

Session 4 

 

Market Analysis: The Marketing and Sales Plan

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 9 “The Marketing Strategy”

 

Recommended readings

• Magretta, “Stop Competing to Be the Best,” HBR Blogs, November 30, 2011, http://blogs.hbr.org/cs/2011/11/stop_competing_to_be_the_best.html
• “What Is Customer Development?” com, November 8, 2008, http://www.startuplessonslearned.com/2008/11/what-is-customer-development.html (Links to an external site.)
• Blank, “Here’s Why the First-Mover Advantage Is Extremely Overrated,” Insider, Oct. 19, 2010, http://articles.businessinsider.com/2010-10-19/tech/30027432_1_market-bad-idea-failure-rate
• Goffin, K., Varnes, C.J., van der Hoven, C., & Koners, U. (2012) “Beyond the Voice of the Customer: Ethnographic Market Research,” Research-Technology Management, 55, 4, 45-54.
• Kozinets, R. V. (2002). “The field behind the screen: Using netnography for marketing research in online communities,” Journal of Marketing Research, 39, 1, 61-72.
• Matzler, K. Bailom, F., Anschober, M., & Richardson, S. (2009) “Hypercompetition, customer-value competition, and the new role of market research, Innovative Marketing, 5, 2, 6-11, .
• Spenner, P. & Bird, M. (2012) “Marketers flunk the big data test,” http://blogs.hbr.org/cs/2012/08/marketers_flunk_the_big_data_test.html?awid=7629625543278651899-3271 (Links to an external site.).

 

 

Business Models and Business Model Canvas

 

Mandatory readings

• Osterwalder, A. & Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, Paperback, pp1-72, http://www.businessmodelgeneration.com/book (Links to an external site.), download first 72 pages from here
• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 6 “The Business Model and Business Plan”

 

Recommended readings

• Kawasaki, “The Zen of Business Plans,” January 21, 2006, http://blog.guykawasaki.com/2006/01/the_zen_of_busi.html#axzz1WMOb9bns
• Berry, “8 Factors that Make a Good Business Plan,” February 18, 2009, http://timberry.bplans.com/2009/02/some-key-questions-on-business-plans.html
• Debaise, “Why You Need a Business Plan,” Wall Street Journal, September 28, 2009, http://online.wsj.com/article/SB125391138155241963.html

 

 

 

Session 5  

The Lean Start-up

 

Mandatory readings

• Ries, E. (2011). The Lean Start-up. Crown Publishing: New York, chapters 1-3.

 

Recommended readings

• Blank, S. (2013). “Why the lean start-up changes everything,” Harvard Business Review, 91, 5, 63-72.

 

Accounting Basics, Financial Planning

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 12.11,12.12,12.13
• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 12 “Entrepreneurial Finance”
• Paul, S., & Whittam, G. (2010). “Business angel syndicates: An exploratory study of gatekeepers,” Venture Capital, 12(3), 241-256.
• Sørensen, M. (2007). “How smart is smart money? A two‐sided matching model of Venture Capital,” The Journal of Finance, 62, 6, 2725-2762.
• Ingram, C., & Teigland, R. (2013). Crowdfunding among IT Entrepreneurs in Sweden, https://91.226.36.46/docs/Crowdfunding_among_IT_Entrepreneurs_in_Sweden.pdf

 

Recommended readings

• Gunn, “Five Common Startup Money Mistakes,” Entrepreneur, March 18, 2011, http://www.entrepreneur.com/article/219368
• Weisul, “Entrepreneurs Are Worse at Financial Projections…” BNet, May 16, 2011, http://www.bnet.com/blog/business-research/entrepreneurs-are-worse-at-financial-projections-than-you-think/1535
• Lynch, “10 Tips for Securing Angel or Venture Funding,” Reuters, December 1, 2010, http://blogs.reuters.com/small-business/2010/12/01/10-tips-for-securing-angel-or-venture-funding/
• Baker, “Derisking Buckets,” com, 2012, http://brendanbaker.tumblr.com/post/16830178199/derisking-buckets-how-to-identify-and-deal-with (Links to an external site.)

 

 

Session 6  

 

Legal Formation and Intellectual Capital

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 5 “Managing Intellectual Property for New Venture Development”
• Vermaelen, T. (2014). “Why Business Schools Should Teach MBAs to Maximise Shareholder Value,” http://knowledge.insead.edu/blog/insead-blog/why-business-schools-should-teach-mbas-to-maximise-shareholder-value-3726#o140Bd0Coc3kET3K.99
• Bontis, N. (2001). “Assessing Knowledge Assets: A Review of the Models Used to Measure Intellectual Capital,” https://www.researchgate.net/profile/Nick_Bontis/publication/227726161_Assessing_knowledge_assets_a_review_of_the_models_used_to_measure_intellectual_capital/links/0c96051c9d5a079af4000000?origin=publication_list&ev=prf_pub_xdl (Links to an external site.)

 

Growing and Managing the New Venture

 

Mandatory readings

• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 10 “Developing Teams and Building the Organisation”
• Evers, N., Cunningham, J. Hoholm, T. (2014). Chapter 11 “Internationalisation”

Session 7   

 

First Part: Presentation of Venture Projects

 Exam Week

Final Exam

 

 

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ME2062 – Spring 2017

Elevator Pitch

 

Assignment This assignment contains two parts: 1)     A max 1 page summary submitted to Canvas and printed to be brought to class 2)     A verbal “elevator pitch” delivered in class

 

Instructions

Deliver a verbal elevator pitch presentation in class, which provides a concise and engaging summary of an innovative new venture and the product(s) and/or service(s) you would like to develop.

Design the pitch to capture the interest of potential investors (or partners) so they want to hear more. Assume your audience is full of angel investors or potential partners and speak to the whole class. Some helpful examples can be found on crowdfunding sites such as Kickstarter, Indiegogo, FundedByMe, and CrowdCube.

Time Limit

The pitch must be between 40 and 80 seconds, but try to aim at 60 seconds, which is generally the maximum. The instructors will stop you if you reach 80 seconds. Avoid speaking too quickly.

Other Constraints

Deliver only a verbal pitch, with no accompanying audio, video, or other props or aids. No notes, devices, watches, or devices of any kind (e.g., no looking at smartphones or tablets). No help or signals of any kind from people in the class.

Required Components

You must cover all of the following components in the pitch:

• What is the venture / product / service? Clear explanation of the product/service.
• What is the customer problem / pain you will solve (or delight)?
• How is your venture / product / service unique and differentiated from other alternatives?
• How big is the market and how will you be able to penetrate the market?
• What is the business model – how will you make money?
• What is the current development stage?
• How much money do you need and what will it be used for?

Your task is to convince your peers that this is a sellable product that will have a market somewhere. You should primarily describe the product or service, and you should consider giving it a name and your venture a logo. Avoid long technical descriptions and instead you should emphasize what the product or service does, or what problem it solves, or why anyone would be interested in buying it.

Key Considerations

• Appropriate and substantive coverage of the required components
• Presentation quality (clarity, creativity, poise, energy, “hook”)

Avoid Common Elevator Pitch Mistakes[1]

• No energy or passion in the presentation
• Too much technical language; focusing on the technology rather than the customer need
• Failure to explain what customer problem you are trying to solve
• Too much discussion about the idea and product and not enough explanation about the market, business opportunity, and revenue models
• Listing too many names of clients or partners. Indicate how many clients and name a few big names to spark interest.

Written Summary

In addition to the verbal elevator pitch, you must submit a maximum one-page pitch summary in class and to Bilda. It does not have to be the verbatim text of the speech—just bullet points or narrative is fine. When submitting to Bilda, label it Pitch_Lastname.doc. Do not forget to put your name on the written summary in class.

Assessment

After your presentation, you will have a few minutes for Q&A. After this, the class will vote thumbs up or thumbs down. Everyone must vote and there are no abstentions. A majority vote means that your peers have approved your idea.

The grading will then focus almost exclusively on the verbal pitch, but you must submit the written summary to the lecturers as well.

[1] http://alliance.rice.edu/uploadedFiles/RBPC/2015%20RBPC%20Official%20Rules%20and%20Judging%20Criteria%2011.10.14.pdf

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