introduction to entrepreneurship 101 / finding and validating your idea - entrepreneurship 101
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MaRS is a member of!
Memory at Work
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MaRS is a member of!
I. Why Entrepreneurship Matters!II. Who We Are: MaRS and MaRS Education!III. What is entrepreneurship?!IV. Do you have what it takes?!V. Entrepreneurship 101 !VI. Up-Start! Competition!VII. Entrepreneurʼs Toolkit!VIII. The Journey Begins – Finding and Validating your Idea!
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Dennis Whittle on Why Entrepreneurship Matters!
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Memory at Work
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MaRS is a member of!
– MaRS is focused on building the next generation of Canadian companies.!
!– MaRS connects science, business and capital to
improve the efficiency and output of the commercialization process.!
!– MaRS is connected to regional innovation centres across
Ontario that are part of the Ontario Network of Excellence (ONE).!
MaRS: Urban Innovation Hub Linking Creative and Business Assets of Toronto!
Discovery District Financial District Creative & Arts District
Gardiner Museum of Ceramic Art Royal Ontario Museum
Women’s College
The MaRS Centre UHN Toronto General Hospital for Sick children
Entertainment District
Four Seasons Centre
University of Toronto
UHN Princess Margaret Mount Sinai
Art Gallery of Ontario
Royal Conservatory of Music
TIFF & OCAD
Financial District
Toronto Rehab Ryerson University
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Private
University of Toronto Asset Management
Public
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Education& Insight"
Entrepreneurship Education
(Live and Online)!Skills &Tools!
Market Research!
Access
to Capital!!
Angels!Venture Capital!
Corporations!Government Programs!
Foundations!!
Business Advice
& Mentorship"!
Advisors!Entrepreneurs-in-Residence!
Volunteers!!
Networks, Talent, Customers & Partners!
Acceleration Through Public Policy!
Acceleration Programs for High Growth Firms !
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Support for Growth Companies !
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ICE CleanTech Health | |
Due Diligence Financing
Human Resources and Talent Management
Intellectual Property
Market/Competitive Intelligence
Marketing & Sales
Corporate Governance
Financial Management, Accounting, Tax
Legal Product Development and Marketing
Operations and Process Customer Relationship Management
Strategic Partnerships
Strategy and Business Planning
EIRs Volunteers MaRS Advisors
| Social
| |
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Memory at Work
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Objective: To develop a suite of integrated, high quality educational programs to support Ontario entrepreneurs through the different stages of growing their businesses.!!
Event Series!
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84 Number of entrepreneurship educational events programmed & delivered in 2010
8,162 Number of MaRS entrepreneurship education attendees in 2010
9,754 Number of hours of live education provided to entrepreneurs in 2010
Entrepreneurship 101 | MaRS Best Practices | MaRS Market Insights "MaRS Global Leadership | MaRS Capital Series | Entrepreneur’s Toolkit Workshops !
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311,000
135,000 Number of views of articles "
and workbooks
Number of videos viewed
Entrepreneurʼs Toolkit!
Since Launch in Q4, 2009
www.marsdd.com/toolkit!
Articles | Videos | How-to Guides | Workbooks | Funding Database!
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"Entrepreneurship: individuals identify opportunities, allocate resources, and create value through the identification of unmet needs or opportunities.!
Social entrepreneurship is identifying a social problem and using entrepreneurial principles to organize, create, and manage a venture to make social change. !!! "
“The purpose of a business is to find and serve customers profitably.” " " " " " " "-Peter Drucker"
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Entrepreneursʼ capabilities (Five Minds for the Entrepreneurial Future):!!
1. Opportunity Recognizing Mind !
2. Designing Mind !
3. Risk Managing Mind !
4. Resilient Mind !
5. Effectuating Mind!
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Money is rarely the chief motivator for tech entrepreneurs.!
Source: The Startup Genome Report, May 28th, 2011!
Impact68%!
Money5%!
Experience27%!
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“Most of what you hear about entrepreneurship is all wrong. Itʼs not magic; it is not mysterious; and it has nothing to do with genes. Itʼs a discipline and, like any discipline, it can be learned.”!! ! !!! ! !-Peter Drucker!
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Those startups with a mentor raise significantly more money.!
$0!
$500,000!
$1,000,000!
$1,500,000!
$2,000,000!
$2,500,000!
$3,000,000!
$3,500,000!
$4,000,000!
Discovery" Validation" Efficiency" Scale"
Have Helpful Mentors!Don't Have Helpful Mentors!
Average Funding Raised by Stage!
Source: The Startup Genome Report, May 28th, 2011!
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– We canʼt create entrepreneurial drive – that desire has to come from you!
!– What we can do is help you accelerate your ideas and
build your company by providing you with tools, advice, and networks to help!
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– Course aimed at two groups:!!1. science/engineering/medical researchers and !!others building technology companies in a !!university or hospital lab or in the private sector!!2. social entrepreneurs!
!– Business topics will also help others looking to start a
business in other areas!– The course will be of greater value if you have a
business/social innovation idea in mind!
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Ent 101 is a 30-session weekly lecture series with:!!– 21 lectures on key topics related to starting and growing
a business!– 4 ʻLived It Lecturesʼ with celebrated entrepreneurs!– 4 ʻMeet the Entrepreneursʼ events: sector-specific panel
session with start-up entrepreneurs!– the ʻUp-Start! Competitionʼ: business pitch competition
to recognize and reward promising participants!
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"– Focus: Setting your strategy!!– Offering: Building your product !!– Money: Funding your business!!– Customers: Targeting your market!
– People: Building your team!!
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!– Different Types !of Entrepreneurship!!– Basic Nuts and !Bolts of Building a Business!!– Business Communication !Tools!!
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– Product Development!!– IP Management!
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!– Building a Business Model!!– Financial Planning!!– Bootstrapping!!– Raising Money from VCs!!– Term of Investments!!– The Pitch!
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!– Intro to Marketing!!– Market Analysis!!– Value Proposition!!– Communications!!– Sales!!– Go-to-Market Strategy!!– Distribution!
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– Governance!!– Recruiting!!
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1. Attend the live events!!2. Watch the live webcasts: www.marsdd.com/ent101-webcasts!!3. View past videos and other resources online:
www.marsdd.com/ent101-online!!4. Download the MaRS Toolkit iPhone App!!Weekly e-newsletters are sent to registrants of the live course.!
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Business pitch competition open to Ent 101 participants:!!– Stage 1: Apply for the competition in early January. Ten
individuals (or teams) will be selected in February !!– Stage 2: Selected participants work with MaRS Advisors
on their pitch!!– Stage 3: Competition in May (10-minute pitch to panel of
investors) for $10,000 first prize.!
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-2011: Eve Medical (medical device to test for STDs at home) and The Hot Plate (multimedia platform for quick, simple, affordable cooking)! !-Shape Collage (2010) – automatic photo collage maker!!-Dreamcube (2009) – working with Apple on developing the hardware portion of their UiRemote (turns iPhone into universal remote)!!-CognoVision (2nd in 2008) – Acquired by Intel in 2010, their interactive digital signage changes screen content in real time based on face detection and tracking technology!!!!
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-Participants must be registered in Ent 101 and have attended at least 20 sessions!!-Can be a business you wish to start or have already started!!-Since inception, entrants must have received no more than $100K investment money and earned no more than $100K in cumulative revenue!!-Eligible ventures must fall into one of four categories: ICT (ICE), cleantech, social ventures, or life sciences!!!!
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Steven Johnsonʼs ʻWhere Good Ideas Come Fromʼ!!!
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- Scratch your own itch: Use your own experience to identify and solve problems; create products you would use"!- Iterate: Ideas are not always flashes of insight, they are often developed and refined over time!!- Reassemble: Creativity is often the act of reassembling many known elements in new ways!!- Collaborate: Talk and listen to those around you!!- Ask questions: Find the customer problem and then develop the solution!!
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!- Validation is testing your value proposition in your market.!!- “There is only one boss. The customer. And they can fire
everybody in the company from the chairman on down, simply by spending their money somewhere else.” - Sam Walton!
!- The number one reason start-ups die is because they didnʼt
have enough customers.!
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Talk to your customer/s: !!- Are you solving a problem they have?!- Is the problem a ʻbleeding neck woundʼ meaning a real problem that they are they willing to pay to solve?!- Can you build it economically?!- Can you sell it profitably?!"The goal is to achieve product/market fit via trial and error early on in the development of your product. !!!
