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Copyright © 2015 by the Board of Trustees of Stanford and Stanford Technology Ventures Program (STVP). This document may be reproduced for educational purposes only. Session 2: Key Frameworks and Models E145 | FALL 2015 Tom Byers and Chi-Hua Chien Stanford University e145.stanford.edu

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Page 1: E145 | FALL 2015 Session 2: Key Frameworks and …e145.stanford.edu/upload/handouts/E145-Aut2015-Session02-Models.pdfEight Key Frameworks and Models 3. Team Formation for Cases and

Copyright © 2015 by the Board of Trustees of Stanford and Stanford Technology Ventures Program (STVP). 

This document may be reproduced for educational purposes only.

Session 2: Key Frameworks and Models

E 1 4 5 | F A L L 2 0 1 5

Tom Byers and Chi-Hua Chien Stanford University

e145.stanford.edu

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A G E N D A

1.  Admit and Waiting Lists

2.  Eight Key Frameworks and Models

3.  Team Formation for Cases and Opportunity Analysis Project (OAP)

2

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3

Engr%145%(E145)%+%Technology%Entrepreneurship,%Autumn%2015Tom%Byers%and%Chi+Hua%Chien,%Stanford%UniversityRevised:(September(20,(2015

Official%Website:%% http://e145.stanford.eduTime:%Wednesdays(and(Fridays(at(9:30AMD11:20AM(Pacific((Note:(one(special(workshop(on(Monday,(9/28/15)Location:%Room(107(in(Littlefield(at(Stanford(UniversityTextbook:%Byers,(Dorf,(and(Nelson.(Technology(Ventures:(From(Idea(to(Enterprise.(4th(Ed.(McGrawDHill,(2015. http://techventures.stanford.eduHarvard%Business%School%(HBS)%Cases:% https://cb.hbsp.harvard.edu/cbmp/access/38359963

TextbookModule Session%# Date Class%Topic Guests Case %Assignments%** Term%Project%(OAP) Chapters

I 1 23DSep Course(Overview(and(Silicon(Valley 1I 2 25DSep Key(Frameworks(and(Models Form(Study(Teams 2D4I 2A 28DSep Workshop(on(Accounting(Basics Dimitre(Dimitrov 16(&(17I 3 30DSep From(Idea(to(Opportunity(I Srinija(Srinivasan Yahoo((TV4) All(teams 5D7I 4 2DOct Creativity(and(Innovation Tina(Seelig List(of(Ideas 8I 5 7DOct From(Idea(to(Opportunity(II Kirk(Lacob Golden(State(Warriors Only(Group(AI 6 9DOct Legal(Matters(+(Venture(Lab(#1* Dan(Dorosin Idea(Choice(for(OAPI 7 14DOct Global(Marketing(and(Sales Anand(Subramani 9D11I 8 16DOct From(Idea(to(Opportunity(III Steve(Blank IMVU((Link) Only(Group(B Positioning(Stmt((PS1)II 9 21DOct Venture(Finance(I:(Sources 15,(18,(19II 10 23DOct Venture(Finance(II:(Staged(Financings Dropbox((HBS)( All(teamsII 11 28DOct ("Deep(Dive"(Midterms All#studentsII 12 30DOct Team(Dynamics(+(Venture(Lab(#2* PS2 12D14II 13 4DNov Founder's(Dilemna(I:(Equity(Splits NanoGene((HBS) Only(Group(AII 14 6DNov Founder's(Dilemna(II:(CEO(Succession Peter(Fenton Wily((HBS) Only(Group(B PS3II 15 11DNov Venture(Finance(III:(Stock(Options Barbara's(Options((TV4) All#studentsIII 16 13DNov OAP(Preparations(and(Dress(Rehearsals Dress(RehearsalsIII 17 18DNov OAP(Team(Presentations(I Only(Group(AIII 18 20DNov OAP(Team(Presentations(II Only(Group(BIII 19 2DDec Personal(Business(Plans Personal#Biz#Plan 20II 20 4DDec Course(Summary Team(Takeaways Written(Reports

Module%Legend:I(D(The(Entrepreneurial(Mindset(and(OpportunityII(D(Assembling(Resources(and(Managing(GrowthIII(D(Entrepreneurship(and(You

*( Venture(Labs:(special(event(or(project(preparation(time(with(teammates(during(remainder(of(regular(class(session.**( Eight(teams(of(five(students(will(be(formed(for(case(assignments(and(OAP.(Four(of(the(teams(will(be(placed(in(Group(A(and(the(other(four(will(be(in(Group(B.(

(Individual(assignments(are(shown(in(italics).

Course%Description%on%Axess:

How(do(you(create(a(successful(startDup?(What(is(entrepreneurial(leadership(in(a(large(firm?(What(are(the(differences(between(an(idea(and(true(opportunity?(How(does(an(entrepreneur(form(a(team(and(gather(the(resources(necessary(to(create(a(great(enterprise?(MentorDguided(project(focused(on(developing(students'(startup(ideas,(immersion(in(nuances(of(innovation(and(early(stage(entrepreneurship,(case(studies,(research(on(the(entrepreneurial(process,(and(the(opportunity(to(network(with(Silicon(Valley's(top(entrepreneurs(and(venture(capitalists.(For(undergraduates(of(all(majors(who(seek(to(understand(the(formation(and(growth(of(highDimpact(startDups(in(areas(such(as(information,(energy,(medical(and(consumer(technologies.(No(prerequisites.(Limited(enrollment((see(common(application(link(from(MS&E).

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Entrepreneursstart here

Bureaucratsstart here

© Mark P. Rice, Babson

P R O D U C T O R S E R V I C E M A R K E T

P E O P L E A N D O R G A N I Z A T I O N

R E S O U R C E S A N D C A P I T A L

P U R S U I T O F O P P O R T U N I T Y

O P P O R T U N I T Y R E C O G N I T I O N

4

F R A M E W O R K A : T W O P E R S P E C T I V E S

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F R A M E W O R K B : V I S I O N F I R S T

V I S I O N

5

S T R A T E G Y

E X E C U T I O N

Note: See Built to Last and other similar books by Jim Collins

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6

O P P O R T U N I T Y

V I S I O N

D I S T I N C T I V E C O M P E T E N C I E S

B U S I N E S S S T R A T E G Y

S T R U C T U R E

P R O F I T A B I L I T Y

{ { {

V I S I O N

S T R A T E G Y

E X E C U T I O N

A C C E S S T O R E S O U R C E S

C A P A B I L I T I E S O F T E A M

I N N O V A T I O N O F N O V E L T Y

I N D U S T R Y C O N T E X T

T A L E N T

P R O C E S S E S

Reference: Dorf and Byers (Figure 7.1)

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F U N D A M E N T A L Q U E S T I O N S : V I S I O N

•  What do the founders wish to achieve with their business?

•  What is our shared vision and goals?

•  What is our story and what business are we in?

7

Google

Facebook

Amazon

Search?

Friends?

Books?

E X A M P L E : W h a t b u s i n e s s e s a r e t h e y r e a l l y i n ?

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8

F U N D A M E N T A L Q U E S T I O N S : S T R A T E G Y

•  Do we have the right strategy?

•  Who is going to buy?

•  What are we selling?

•  Why are we better?

F U N D A M E N T A L Q U E S T I O N S : E X E C U T I O N

•  Can we do it?

•  What resources are needed?

•  What is the blueprint for growth?

•  Can we adapt?

Reference: Steven Brandt

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B I G M A R K E T ? ( A N D G R O W I N G )

F R A M E W O R K C : T H E B I G 3 Q U E S T I O N S

9

G R E A T P R O D U C T O R S E R V I C E ?

( 1 0 X B E T T E R )

E X C E L L E N T T E A M ?

( B O T H T E C H A N D B I Z )

References: Randy Komisar and Marc Andreessen

1

2

3

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MARC ANDREESSEN Venture Capitalist : a16z Co-Founder : Netscape

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P E O P L E T E A M

C A P A B I L I T I E S A T T I T U D E

R E P U T A T I O N

F R A M E W O R K D : B U S I N E S S P L A N S

12

Business Plan

D E A L R E W A R D S A N D

R I S K S I N C E N T I V E S O W N E R S H I P

H A R V E S T

R E S O U R C E S F I N A N C I A L P H Y S I C A L

I N T E L L E C T U A L

O P P O R T U N I T Y C U S T O M E R S

S T R A T E G Y B U S I N E S S M O D E L

Reference: Sahlman’s “How to Write a Great Business Plan”

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F R A M E W O R K E : L E A N S T A R T U P M E T H O D S

13

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T H E S E A R C H F O R T H E S C A L A B L E B U S I N E S S M O D E L

•  Business model > business plan

•  Few business plans survive first contact with customers

•  A business model diagrams how a company creates, delivers and captures value

•  Or in plain talk… a business model is how a company makes money

14Reference: Ann Miura-Ko and Steve Blank

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15

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F R A M E W O R K F : “ T H E M O S T I M P O R T A N T R I S K R I G H T N O W ”

MarketRisk

Technological Risk

CapitalRisk

TeamRisk

16

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The

Cha

sm

Rel

ativ

e %

of Cus

tom

ers

Customers want Technology and Performance Customers want Solutions and Convenience

Time

17

F R A M E W O R K G . 1 : C R O S S I N G T H E C H A S M

Innovators

Early Adopters

Early Majority

Bowling Alley

TornadoMain Street

Late Majority

Laggards

B2B

Source: Geoff Moore

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Referrals Contributions “Sharing”

Advertising Retail “Bus Model”

Time on Site Interactions

”Liking”

Traffic Eyeballs

“Hits”

Starter Motor

18

F R A M E W O R K G . 2 : M O O R E ’ S G E A R S B2C

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19  

F R A M E W O R K H : S C A L I N G A N D G R O W I N G

Reference: http://www.startupcommons.org/

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S H E R Y L S A N D B U R G : S C A L I N G A V I S I O N

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√ √

Project website with choice of concept, etc.

Positioning statement drafts w/ explanation of learnings

Final OAP presentation in Class

Final OAP Paper

O P P O R T U N I T Y A S S E S S M E N T P R O J E C T ( O A P )

1. Form a team of 5 (same team as your study group for cases)

2. Generate a lot of ideas and then pick one to investigate, prototype and analyze

3. Test your assumptions (hypothesis) with real users, customers, partners, and competitors; gather information on the category of product and service

4. Keep iterating to decide whether it is a true business opportunity

5. Develop a business story to present with classmates

21

S U M M A R Y O F T E A M D E L I V E R A B L E S

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S P E C I A L S E S S I O N 2 A ( W O R K S H O P )

•  Here in Littlefield 107

•  Accounting and Entrepreneurship

•  Monday 9/28/15 at 9:30am

•  With Dimitre and Sue

23

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Thank you! Q u e s t i o n s ?

e145.stanford.edu