navigating entrepreneurship @ mccombs/media/files/msb/centers/texas... · (nvc) venture labs...
TRANSCRIPT
Agenda
1. Welcome
2. Introduction
3. Entrepreneurship @ McCombs
4. On-Campus Resources
5. Austin Entrepreneurial Community
6. Career Opportunities
7. Q&A
Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
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Brett Hurt Entrepreneur-in-Residence
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Elective Coursework
Lecture-Based Entrepreneurship Classes
- Entrepreneurial Management (Graebner)
- Opportunity Identification (Doggett)
- Entrepreneurial Growth (Doggett)
- Law for Entrepreneurs (Meakin)
- High Tech Marketing (Williams)
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Elective Coursework
Entrepreneurship Skills
- Innovation in Global Companies (Jarvenpaa)
- Marketing Metrics (Srinivasan)
- Small Business Finance (TBD)
- Pricing and Channels (Mackie)
- Data Mining for Business Intelligence
- Integrated Marketing Communications
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Elective Coursework
Experiential Entrepreneurship Classes
- New Venture Creation I & II
- Texas Venture Labs Practicum
- Venture Fellows
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Elective Coursework
Outside of McCombs
- Social Entrepreneurship (LBJ)
- Tech Commercialization (ME/BME)
- Enterprise of Technology (ME)
- 1-Semester Start-up (ECE)
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Options: Executive MBA
1. New Venture Creation
1. Executive (weekends)
2. Full-time (Tues. & Thurs. afternoons)
2. Texas Venture Labs Practicum (Monday evenings)
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
TEMBA & MSTC
TEMBA: New Venture Creation Capstone
MSTC: New Venture Creation I
Both Included in Curriculum
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Sample Track: Start a Company
First Semester • Join the Entrepreneur
Society • Apply for TVL or Venture
Fellows • Participate in 3-Day
Startup • Bid for spring electives • Participate in ES Pitch
Party
Second Semester • Classes:
• Law for Entrepreneurs
• Entrepreneurial Management
• Texas Venture Labs • New Venture
Creation • Begin networking • Attend SXSW activities
Summer: ATI SEAL program or ES Fellows, attend local events, begin researching post-grad options
First Year
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Post-Grad: Accelerator, TVL Accenture Venture Partner, Launch Company
Sample Track: Start a Company Second Year
Third Semester • Classes:
• Take a Doggett class • Small Business
Finance • Networking • TVL (Principal) • New Venture
Creation II • Participate in ES Pitch
Party
Final Semester • Compete in Texas VLIC,
investment competitions • Independent Study • Interview with
accelerators • Participate in local meet-
ups, events and speaker series
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
McCombs Alumni Companies
Class of 2010 - 5
Class of 2012 - 24
Class of 2013 – 7
Class of 2011 - 6
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Sample Track: Work at a Startup
First Semester • Join the Entrepreneur
Society • Apply for TVL or Venture
Fellows • Participate in 3-Day
Startup • Bid for spring electives • Participate in ES Pitch
Party
Second Semester • Classes
• Law for Entrepreneurs
• Entrepreneurial Management
• Texas Venture Labs • Venture Fellows
• Networking • Attend SXSW activities • Attend ES Connections
Summer: Intern with a startup, attend local events, conduct informational interviews with local entrepreneurs and startups
First Year
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Post-Grad: Work at a Startup
Sample Track: Work at a Startup Second Year
Third Semester (Fall) • Classes:
• Doggett classes • High Tech Marketing • Small Business
Finance (TBA) • Participate in ES Pitch
Party • Intern at a startup
(independent study)
Final Semester • Marketing Metrics • Innovation in Global
Companies • Attend ES Connections • Participate in local meet-
ups, events and speaker series
• Intern at a startup (independent study)
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Notable Austin Startups
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
What is Texas Venture Labs?
Texas Venture Labs
Texas Venture
Labs Practicum
New Venture Creation
(NVC)
Venture Labs
Investment Competition
TVL Scholarship
Program
Accenture Venture Partner Program
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What is the Texas Venture Labs Practicum?
Practicum Organization Course
• Focus on entrepreneurship
• Learn from top professors
• Work with local entrepreneurs
• Gain skills to help understand running the entire business
• Work with graduate students from across campus (MBA, Pharmacy, CNS, Engineering and Law)
• Get an inside look at early stage companies and how they perform
• Gain experience and apply your knowledge outside the classroom
• Get to know students outside your degree program
• Experience Austin entrepreneurial resources and events
• Work with professors across campus
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How does it work?
Assigned a cross-functional team (2 MBAs, 1 Law,
2 Technical)
Listen to company presentations as a team, choose 2 to
work with
Meet bi-weekly with
entrepreneurs to develop and
complete projects
Present to class and
entrepreneurs mid-semester and end of semester
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TVL in Action
Fall 2010 Spring 2011 Fall 2011
Atonometrics Hurricane Party
Hyperware M87
Ovna Medical ThaTrunk
Akimbo Digital Harmony Games
RayDyne Energy Salient Pharmaceuticals
Televero Health Vocal Media Zilker Motors
Alafair Biosciences eCampusTutors
Infochimps Mass Relevance
SpectraPhase Xeris Pharmaceuticals
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TVL in Action
63 companies • Over 48% funded • Over $184 million raised
Spring 2012 Fall 2012 Spring 2013
Clear Technology Systems Enerlyte
Gametime Arena Terra Pave Titralyte
Vecturalux
Escapaide EyeQ
Health Information Associates
Jurify Nuventix Paybook
TeVido Biodevices Unique Influence
Admittance Technologies Altogen Labs
Carnegie Design Systems Cellular Machines
IncentTo Infinite IO
Vampire Labs
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Project Focus Areas
Business Model Assessment
Market Validation
Competitive Analysis
Financial Analysis
Funding Guidance
Helped Moniker Guitars get their statements in order and analyze the information to validate their pricing model.
Examined the marketability of Kin Valley as a social media platform and worked with them to shift to a data-based business model.
Worked with Admittance Technologies to research three potential applications for their product, ultimately determining that one was viable and two were not.
Assisted Farmhouse Delivery in identifying their 5-year growth potential based on different funding options (VC, Angel, Loans, Bootstrap).
Looked into competitors and substitutes for Jurify and found that they did not provide enough differentiation to gain funding.
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Application Process and Timeline
1. Application opens: September 13, 2013 2. Submit a resume and cover letter
Due: September 20, 2013, 5pm
3. Analyze a business plan (provided) Due: September 27, 2013, 5pm
4. Interview with TVL staff Completed by: October 8, 2013
5. Work with group to analyze and present business plan Presentations: October 9, 2013, 5pm-9pm
6. Selections communicated: October 14, 2013
Visit: bit.ly/tvlapplication 25
TVL Class Details
Texas Venture Labs Practicum Course Listings: ASE 396 (Engineering) EE 390V (Engineering) EM 397 (Engineering) ME 397 (Engineering) MAN 385 (MBA)
If you are accepted: MBA – the course is cross-listed, no action required Engineering – the course is cross-listed, no action required Law – requires advisor approval, receive CR/NC CNS – requires advisor approval Pharmacy – requires advisor approval, can apply towards external minor
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Student Opportunities
Associate • First Semester of TVL
• Project Execution Role
• Goal: 35 students
Principal
• Second Semester: TVL 2
• Project Management Role
• Goal: 7 Students
Accenture Venture Partner
• Post-grad position: one-year
• Help develop and execute on all TVL initiatives
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Accenture Venture Partner Program
Who: Graduating students who have taken the TVL Practicum course What: A one-year position with Texas Venture Labs that allows the AVP to both work on their own venture and assist in the growth and development of the group Where: AT&T Center, Austin, TX When: Post-grad start date negotiable, generally between June and September Why: Gives individuals the opportunity to work through the growth of their enterprise while also gaining experience
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New Venture Creation Class
Pitch company ideas to the class and form
teams for the semester
Learn market validation, competitive analysis, financials and
growth techniques
Use classroom skills and processes to
develop a company business plan
Present completed business plan to a
panel of entrepreneurs
New Venture Creation 1
New Venture Creation 2
Establish final project goals and steps
necessary to achieve these goals
Bi-weekly meetings to review progress and
revise goals as necessary
Presentation of final report describing goal
achievement outcomes
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New Venture Creation Classes
Student Benefits: • Explore the process of
creating a new venture • Learn the ins and outs of
funding and growth strategy • Gain experience with real
ideas • Aid peers in the creation of
their business model • Get help with the
development of your business idea
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Venture Labs Investment Competitions
The Venture Labs Investment Competitions are a chance for students to: • Present their business idea to
investors, industry professionals and entrepreneurs
• Gain feedback on their business idea
• Develop business contacts that can help the company grow
• Win cash prizes
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Venture Labs Investment Competitions
Texas VLIC Global VLIC
Eligibility: • Graduate students in any UT Austin dept. or
UT System satellite campus • Graduate students played major role in
business conception Key Dates: • Intent to Compete: 12/10/13 • Application Due: 1/17/14 • Semi-Finals: 2/6/14 • Finals: 2/13/14
Eligibility: • Graduate students played major role in bus.
conception • Either 1) qualified via a previous automatic
berth competition or 2) apply through the open berth process
Key Dates: • Application Due for Open Berth: 3/3/14 • Open Berth Teams Announced: 3/28/14 • Deadline for Open & Auto Berth to Accept
Bids: 4/7/14 • Business Plans Due: 4/14/14 • Semi-Finals/Finals: 5/3/14
For more information: Bit.ly/tvl-VLIC
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Student organization 140 McCombs graduate students Passion for entrepreneurship
A startup is a human institution designed to create new products & services under conditions of extreme uncertainty. -Eric Ries, The Lean Startup
ES Connections put me face to face with the CEO of AdBM. They later offered me a job and I had an amazing summer experience. -Paulo Barros, class of 2014
I met Vobi at ES Connections. We would not have met if not for ES Connections. I became the fifth employee at a funded startup. I had a great summer, I'm sticking with Vobi during the school year and hope to work there post-graduation. -J.T. Burgess, class of 2014
ES Connections put me face to face with the CEO of AdBM. They later offered me a job and I had an amazing summer experience. -Paulo Barros, class of 2014
I met Vobi at ES Connections. We would not have met if not for ES Connections. I became the fifth employee at a funded startup. I had a great summer, I'm sticking with Vobi during the school year and hope to work there post-graduation. -J.T. Burgess, class of 2014
ES Connections put me face to face with the CEO of AdBM. They later offered me a job and I had an amazing summer experience. -Paulo Barros, class of 2014
Perfect your pitch Interact with successful entrepreneurs
Connect with local startups
[email protected] $65 lifetime membership via paypal
Join
Lead Class of 2015 leaders elected December
David Atlas Mario Barrett
Tom Coffey JT Burgess
Amanda Jones Peter Whitcomb
Corey Wood R.I.P K. Fujita ES 2012-2013
WHAT IS VENTURE FELLOWS? Student run non-profit organization designed to
expose MBAs to the investing community and provide opportunities for hands-on learning:
Internship during 1st year spring and 2nd year fall
Speaker Series with thought leaders in areas such as venture capital, private equity and entrepreneurship
National investment and business plan competitions where students will either judge business plans or compete against other MBA programs
Treks to meet national VC and PE firms
WHO ARE THE VENTURE FELLOWS?
18 full-time MBAs are selected to join the organization from a broad pool of applicants
Students come from assorted backgrounds, including previous careers in private equity, consulting and start-up organizations
Fellows have a shared interest in both learning about and working in private equity and venture capital
Alumni go to work at top private equity, venture capital, consulting and investment banking firms
INTERNSHIP Each Fellow has an arranged internship with one of our partner VC / PE firms in the spring semester of his or her 1st year and the fall semester of his or her 2nd year (workload 10-15 hrs/wk)
INTERNSHIP
SPEAKER SERIES
One class per week - VF hosts founders, executives, venture capitalists
and private equity partners
Intimate roundtable discussions allow for interactive dialogues
Founders & Executives Venture Capital Private Equity
NATIONAL COMPETITIONS
VF fields a team of 5 McCombs students to compete in the VCIC Competition
Team is trained by a support group of professors, entrepreneurs, lawyers and VC professionals
Investment Competition (VCIC) Investing Competition Judging
Fellows apply their investment skills as judges at the Rice Business Plan Competition and Global Venture Labs Investment Competition at UT
Excellent opportunity to network with entrepreneurs and venture capitalists
TREKS
Each year the Fellows travel to investment centers around the country to meet with leaders in venture capital and private equity
Intimate meetings with professionals at different career stages including: Chip Kaye, Co-President of Warburg Pincus
2013 New York Trek Companies Visited
RECENT EMPLOYMENT
Venture Capital
Private Equity
Consulting
Investment Banking
Corp. Fin. / Marketing
Startups
RECRUITMENT PROCESS Open to all students regardless of background
No class prerequisites or concentration requirements
Due to large number of applications, process is intense and should be taken seriously
Class selected by outgoing class – NOT a popularity contest
Objective grading process!
TIMELINE
Application Due / Interview Sign Up – Wednesday, Sept 18th
Interviews – Thursday, Sept. 19th
Happy Hour – Thursday, Sept. 19th
2nd Round Announced and Case Distributed – Sunday, Sept. 22nd
Event for 2nd Round – Monday, Sept. 23rd
Case Write-up Due – Thursday, Sept. 29th
Case Discussions – Tuesday, Oct. 2nd & Wednesday, Oct. 3rd
Class Announced – Mid-October
Interested?
Send an email to:
VPs of Recruiting
Meghan Holzhauer
Kevin Johnson
Andrew McMaster
Kelly Zhai
HOW TO APPLY
What is the OTC?
The OTC is “responsible for the
efficient transfer of university
discoveries to the marketplace for
the benefit of society.”
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Educates the UT community about the
patenting and commercialization process
Protects, markets and licenses UT inventions
and software to industry, entrepreneurs, and
the equity community
Assists in the formation of startup ventures
Promotes UT-industry collaborations and
relationships
What is the OTC?
credit to otc.utexas.edu
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• Professional staff • UT students & faculty • “Been there, done that” advisors, mentors, and investors
Talent
Private Capital: Angel & Venture capital relationships Federal and state granting agencies Industry partnerships
Capital
Value Proposition to Client Companies
ATI’s Sweet Spot
“A” round funding and/or market traction
Pre-seed stage through substantial external funding
and/or market traction
Seed funding
What does an ATI Company Look Like
• 4 Verticals:
IT, Wireless, Bio/Health Science, Clean Energy
• High-tech (usually IP-driven)
• High risk, high reward (Big exits: IPO/acquisition)
Graduate from ATI
Review
Vet Internally
Vet Externally
Set Milestones
Technology
People
Market
Admit into ATI
3 years or:
1) When a major funding round is obtained 2) When significant cash from operations are achieved 3) When ATI can no longer add significant value 4) Company folds
Incubation Process at ATI
Screen
Rolling Admissions Typically review 150+ companies/yr 8-9% acceptance rate
Past 5
Years (2008-12)
1000 Companies
Reviewed
80 Admitted to
Incubation
$280M Capital
Raised
ATI performance metrics 75
VP, Research IC2 Institute
Bob Peterson John Butler
ATI Director Isaac Barchas
Development (UT Campus)
IT/Wireless Kyle Cox
Clean Energy Mitch Jacobson Michael Webber
Bio/Health Sciences Cindy WalkerPeach
University of Texas Associates Paid internship
Apply for the Spring & Summer Semesters at ati.utexas.edu
Organization
Intern with local startups in a variety of industries
(ATI member companies)
Vet ATI applicant companies to identify
qualified leads
Pair with UT-Austin labs to identify research that
can be monetized
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SEAL Program
• Summer program
9 companies in 2013
• Competitive acceptance
• Mentor-driven
Industry expert
ATI Directors
• Pitch Event
Large audience from UT/ATX
Awards available
SEAL Decision Day Event – Tomorrow, Sep. 5 at 6:30 PM
Blanton Museum of Art (200 East MLK Jr. Blvd)
Mixer to follow
RSVP at ati.utexas.edu
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Local Organizations to Know
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
Investors
Venture Capital
Accelerators & Incubators
Networking Organizations
Other Notable Opportunities
• Longhorn Startup Camp - http://www.1semesterstartup.com/
• Austin Startup Crawl (October 10th) http://atxstartupcrawl.eventbrite.com/
• SXSW Startup Village - http://sxsw.com/interactive/startupvillage/
• SXSW Accelerator - http://sxsw.com/interactive/accelerator
• Dell Social Innovation Challenge - http://www.dellchallenge.org/
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
How to Stay Updated in Austin • Austin Startup Digest -
http://startupdigest.com/austin/
• Silicon Hills News - http://www.siliconhillsnews.com/
• Austin Business Journal
• Austin American Statesman
• Texas Enterprise - http://bit.ly/TexasEnterprise
• TVL Newsletter - http://tvl.utexas.edu
• Austin Startup List - http://www.austinstartuplist.com
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Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs
3 Day Startup is an entrepreneurship education
program designed for university students with an
emphasis on learning by doing
Started in 2008 at UT Austin and have spread to 9
schools in the US and abroad.
3 Day Startup is an
entrepreneurship education
program where university students
learn by doing
Chemistry students have
labs
Engineering students have
machine shops
Painting students
have workshops
An applied
environment for
entrepreneurship
3 Day Startup Program Outcomes
Past: 71 programs at 40 universities in US, Israel, Chile, China,
Thailand, Spain, Netherlands, Germany, France, Portugal,
Qatar, Mexico.
Upcoming: 60+ programs scheduled for 2013
Df
Dfdf
Dfdf
Companies launched:
39 companies that have
collectively raised
$14.5 mm
33 companies accepted to
incubators/accelerators such
as Y Combinator, TechStars,
Dreamit Ventures, Capital Factory
Goal of the Program:
• Outputs: Investor pitch, prototype demo
• Customer discovery
• 3 months of progress in 3 days
• Connections to mentors, investors, and
other champions
3 Day Startup Programs Do Not:
• Award cash prizes or select winners
• Provide formal direct investment
• Emphasize business plans
3DS Program Timeline Application due September 25th
Day 1 (October 18th)
Day 2 (October 19th)
Day 3 (October 20th)
• Resume • Business idea • Statement of
interest • Interview
• Brainstorming
groups • Pitches/Q&A • Idea selection • Customer
discovery prep • Execution
• Customer
discovery • Market
validation • Market sizing • Prototyping • Identity &
branding • Structured
mentorship • First practice
pitch/Q&A
• Pitch prep • Demo prep • Final
presentations
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The Entrepreneurial Job Search
Corporate
• Structured
• OCR/Job Description
• Culture
• Credibility
Start-up
• Unstructured
• Networking/Self-Sourced
• Size, Stage, Scope
• Value Add
Own Venture
• Idea Generation
• Business Plan
• Pitch
• Funding
Risk Tolerance ($ and Time)
Experience Gaps (Large vs. Small)
Goals (Short-term and Long-term)
“I knew I wanted to work in a start-up, but that’s
neither an industry nor a job function.”
- J.T. Burgess, MBA Class 2014
Business Plan Job Search
Idea Generation Identify Goals
Market Validation Networking
Product Development Skills Development
Strategy Strategy
Selling Pitch, Application,
Interview
Proactive Smart
Strategic Focused
Get people to invest in you and your product!
People
McCombs/UT:
Alumni
Faculty
2nd years (PA’s) & classmates (all programs)
Career Management
MBA+ Communication Coaches
Community:
CEO’s/Founders
Employees
Influential Investors/Community Leaders
Places
McCombs/UT:
Student Organizations
Career Connections/ES Connections/Careers
Now/Alumni Events
Other Departments
Community:
SXSW
Meet-Up Groups/Networking Events
Organizations
Things
McCombs:
Job Postings (OCR and McCombs Job Board)
Classes
BA181 Strategic Career Planning class
On-line Resources (Library)
Community:
List-serves
Capital Factory, Door64
Websites
Blogs/Social Media/Current Events
Statistics
Internship: $23.70/hr
Small: $22.37/hr
Large: $23.75/hr
Full-Time: $90,000/yr
Small: $83,854/yr
Large: $99,958/yr
Typical:
Industry: Technology
Function: Marketing/Sales
Role/Title: Product Management, Business
Development
To do’s:
Look at this:
http://www.mindmeister.com/24358308/austin-
entrepreneurship-scene
Watch this:
http://www.slideshare.net/joshuabaer/intro-to-
the-austin-startup-scene or this:
http://www.youtube.com/watch?v=aU9_a-
MyeDg
Read this:
http://angelinvestinginaustin.blogspot.fi/
Plan with this:
https://www.startupdigest.com/digests/austin
Case Examples: Career Path JOSH TINCH, MBA 2013
• Pre MBA: Business Development Manager, J.P. Morgan
• Internship: Umbel, Austin (Tech Start-up)
• Post MBA:
• Director of Market Development, Umbel , Austin
• Founder, EdSafari, Inc , Austin
MICHAEL WESTGATE, MBA 2009
• Pre MBA: CPG Marketing
• Internship: Product Marketing Manager, Microsoft, Seattle
• Post MBA:
• Senior Product Marketing Manager, Microsoft, Seattle (2009-2011)
• Senior Marketing Manager & Social Media Lead, Microsoft, Austin (2011-2013)
• Director of Social Commerce, WCG , Austin(Present)
Q BECK, MBA 2010
• Pre MBA: Movie/Television Production and Development
• Internship: Co-Founder, Famigo, Austin (Own Venture, seed money from Capital Factory)
• Post MBA:
• Co- Founder, Famigo, Austin 104
Case Examples: Advice
JOSH TINCH, MBA 2013
“If you are interested in working for a start-up you need to get off campus and start meeting people so make sure to plug into the ATX start-up and entrepreneurship scene.”
MICHAEL WESTGATE, MBA 2009
“Remember that you are unique “products” in a human capital marketplace, so figure out what you do well, find leaders who you can make you better and rely on our strong longhorn network to land a job you love.”
Q BECK, MBA 2010
“You eventually have to make some hard decisions, like turning down a lucrative job offer to make $0. You can't have it both ways.”
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We are also free to meet and share more information with you regarding any of the items discussed. Please contact us at [email protected] to set up a time.
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