ChoosingYourPathClevelandJustis

ExecutiveDirector

Day2 Day3Day1

TheProblem(and Solution)

TechnologyHypotheses

MarketHypotheses

BusinessHypotheses

TheDeliverables

TheTeam

TheMilestones

TheInvestment

TheSummary&NextSteps

TheIdea(asapitch)

TheExperiments

AcademyScheduleMeetsCurriculum

DevelopmentGrants

(e.g.SBIR)

AppliedResearch

BasicResearch Stages ofventuredevelopment

NetCashFlow

StagesofventurefundingResearchGrants

LifeCycleofaNewVenture(onepath)

#ofNewVentures

CliffofCommitment

RecognizingopportunitiesDefiningtheproblemIdentifyingthecustomerTestingthemarketEnvisioningthebusinessDe-riskingthetechnologySettingthestrategyModelingthefinancesSettingthemilestonesBuildingtheteamCraftingtheplanPitchingtheventure

ValleyofDeath

Gen11st3-9Months

Gen2(startup)

Gen3(transition)

Gen4(business)

LifecycleofaNewVenture

DevelopmentGrants

(e.g.SBIR)

Friends,Family,&Founders($5-$50k)

AngelInvestors

($50-$500k)

EarlyStageVentureCapital

($500k-$2M+)

VentureCapital

($2M-$50M)

PrivateEquity,ProjectFinancing

($2M-$50M)

AppliedResearch

ProofofConcept

TargetMarket

BusinessPlan

WorkingPrototypes

FoundingTeam

EngineeringPrototypes

SupplierContracts

ProductionPrototypes

DistributionContracts

ProductIntroduction

BasicResearch

IPO,Merger,orAcquisition($2M-$50M)

RevenueGrowth

NetCashFlow

ValleyofDeath

#ofNewVentures Funding

ResearchGrants

Gen11st3-9Months

Gen2(startup)

Gen3(transition)

Gen4(business)

Manageforuncertaintyandcommitment

Manageforbuildingthecompany

Manageformarket,product

&processdevelopment

Manageforgrowing

thebusiness

PathwaysforBringingResearchtoMarket

1.Publish...

2.Getajob!

3.Consult

4.Licensetoanexistingcompany

5.Startanewventure

6.Pursuemoreappliedresearch

8.LetGoandMoveOn(LGMO)

7.Shapepolicy

NextSteps

Chartingyourcourseoverthenextmonth

RefertotheNextFiveStepsexerciseinyourcoursebook.