introduction to entrepreneurship 101/finding and validating your idea - entrepreneurship 101

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Visit us at marsdd.com

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Visit us at marsdd.com September 2014

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Course overview

Being an entrepreneur

Stages of a startup

Working with MaRS

Agenda

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»  Chris Draper, CEO & Founder, OStheorey

»  Jon E. Worren, EIR & Sr. Director, Entrepreneurship Programs, MaRS

»  Krista Jones, Cluster Lead, Education Technology, MaRS

Speakers

Our Future Ma;ers

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HISTORY OF DISCOVERY

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Our Future Ma;ers. Build the new economy. Improve society.

September 2015

MaRS works with partners to catalyze, accelerate, scale and diffuse innovation. We help entrepreneurs start and grow successful global companies. Together, we help Canada prosper.

Our Future Ma;ers

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ENTREPRENEURSHIP PROGRAMS

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Entrepreneurship 101

50,000 In person

Online

100,000 Satellite Centres

10

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“Most of what you hear about entrepreneurship is all wrong. It’s not magic; it is not mysterious; and it has nothing to do with genes. It’s a discipline and, like any discipline, it can be learned.”

—Peter Drucker

Can entrepreneurship be taught?

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Entrepreneurship 101 is a 30-week course:!

o  Lectures on key topics related to taking innovations to market"

o  ‘Lived It Lectures’ with celebrated entrepreneurs

o  ‘Meet the Entrepreneurs’ panels with sector-specific entrepreneurs

o  ‘Up-Start! Competition’ business pitch competition

Course Overview

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1.  Testing ideas and turning them into a business

2.  Defining a business model and protecting ideas 3.  Identifying and entering the right market

4.  Managing finances and building a team 5.  Funding your business

Modules

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o  Live webcasts: marsdd.com/ent101-webcasts "

o  Past videos, articles and downloadable workbooks: marsdd.com/ent101-online"

o  Stay connected: Entrepreneurship 101 LinkedIn Group o  Weekly e-newsletters: summary blog, lecture video, related resources

o  iTunes U: post questions and participate in discussions

o  Other programming: Best Practices, Workshops and more

Resources

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Success Stories

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“…I was learning something applicable to my own project and job through most of the lectures. I intent to take the program again next year”

Is this course for you?

“I enjoyed the Lived It lectures. They were particularly useful to me in confirming my decision to pursue my ideas.”

“…Networking with other professionals who may be able to provide mentorship is definitely a great advantage.”

"Great opportunity to meet people with similar ambitions!”

are startups right for you?Master of your own fate:

STHEORYINNOVATION CONSULTING

Chris Draper ceo/founder

We all know that

That founders and co-founders are the new rock starsBut what is the job really like?How do you start one?But the first question you should ask is do you really want to start a company?

The Truth, The Ugly Truth And Why You Should Do It Anyway

"You are master of your own fate. Act like it." - Steve Blank

beforestartup

initial enthusiasm

experimenting and pivoting

reality sets in

starts working

scale

product market fit!

happ

iness

trough of sorrow

Your happiness on startups

Startup myths?

Learning to see

"Startups are all created by 18 year old genius sole inventors"

"It’s all about execution" or "your ideas suck"

"The customer is always right"

Things I wish I knew...

•  You are going to fail

•  Don't spend time writing a business plan

•  Spend a lot of time getting the founding team right

•  You'll need to do it all yourself in the beginning

•  Never wait for permission

•  Get ready for rejection and lots of it

•  It's really hard to get new customers

Words of (startup) wisdom1 Do not feel absolutely certain of anything.

2 Do not think it’s worthwhile to proceed by concealing evidence, for the evidence is sure to come to light.

3 Never try to discourage thinking, for you are sure to succeed.

4 When you meet with opposition, endeavor to overcome it by argument and not by authority, for a victory dependent upon authority is unreal and illusory.

5 Have no respect for the authority of others, for there are always contrary authorities to be found.

6 Do not use power to suppress opinions you think

gradual or subtle way), for if you do the opinions will suppress you.

7 Do not fear to be eccentric in opinion, for every opinion now accepted was once eccentric.

8 Find more pleasure in intelligent dissent than in passive agreement, for, if you value intelligence as you should, the former implies a deeper agreement than the latter.

9 Be scrupulously truthful, even if the truth is inconvenient, for it is more inconvenient when you try to conceal it.

10 Do not feel envious of the happiness of those who live in a fool’s paradise, for only a fool will think that it is happiness.

Bertrand Russell 6

Thank-you

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IDEA PROBLEM TECHNOLOGY VALIDATION SOLUTION

COMPANY

GET CUSTOMERS

LEARNING

EFFICIENCY BUSINESS MODEL SCALING

FUNDING SALES & MARKETING

FUNDING FUNDING

GROWTH

PROFESSIONAL ORGANIZATION

IP

FUNDING

Startup trajectory

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IDEA

TECHNOLOGY VALIDATION

PROBLEM

SOLUTION

BUSINESS MODEL

EFFICIENCY

SCALING

RISK

TIME

De-risking MOMEN

TUM

CULTU

RE

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Our Future Ma;ers

VENTURES

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Our Future Ma;ers

Capital raised by MaRS ventures

S O U R C E : A N N U A L V E N T U R E S U R V E Y R E S U L T S , 2 0 1 1 A D M I N I S T E R E D B Y D E L O I T T E ; 2 0 1 2 A N D 2 0 1 3 A D M I N I S T E R E D B Y K P M G

$277M $349M

$451M

2011 2012 2013

>$1 Billion raised in the last 3

years

(78% from private sources)

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Our Future Ma;ers

Revenues generated by MaRS ventures

S O U R C E : A N N U A L V E N T U R E S U R V E Y R E S U L T S , 2 0 1 1 A D M I N I S T E R E D B Y D E L O I T T E ; 2 0 1 2 A N D 2 0 1 3 A D M I N I S T E R E D B Y K P M G

$146M $161M

$201M

2011 2012 2013

>$500 Million generated in the last 3

years

(78% from private sources)

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Our Future Ma;ers

A Diverse Set of Startup Founders

S O U R C E : 2 0 1 3 V E N T U R E C L I E N T S U R V E Y A D M I N I S T E R E D B Y K P M G

Gen

der,

N=789

20% MaRS venture clients have a female founder

AGE, N=767

Country of Birth, N=718

Experience, N=789

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Our Future Ma;ers

Focus on Key Sectors

Venture Services Groups

Health

Cleantech ICT

Life Sciences & Healthcare

§  Therapeubcs §  Medical Devices §  Digital Health §  Consumer Health & Wellness

Informabon & Communicabons Technology §  Financial technologies §  Media & entertainment §  Retail & digital commerce §  LegalX §  Work & Learning

Cleantech & Physical Sciences §  Energy §  Advanced materials/advanced

manufacturing §  Water §  Agri-‐tech §  Smart City

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Our Future Ma;ers

Venture Services Sectors

September 2014

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Our Future Ma;ers

MaRS Venture Services

Technical Advisory Business Advisory Financial Advisory

Community Building/Events

Market Intelligence Partnership Development

Co-‐Working Facility Execubve/Professional

Development

Talent Development

Corporate Innovabon Global Sog-‐Landing Market Development Programs

(Clusters)

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Our Future Ma;ers

Investors in our Network

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Our Future Ma;ers

Corporates in our Network

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Our Future Ma;ers

Eligibility for Venture Services

September 2014

Your Startup Team

Product

Intellectual Property

Business Model

TracKon

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Our Future Ma;ers

Apply to Venture Services

September 2014

Contact Us: [email protected] [email protected] [email protected]

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Our Future Ma;ers

• Community • Learning • Connecbons •