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Christopher Ehlert Łukasz Czekański Leily Javidfard
Inês Rocha Stéphane Vranckx Aleksandra Zielińska
Final Evaluation – Spin-off in Chemistry
Our know-how: Nano-encapsulationOur know-how: Nano-encapsulation
• Large variety of potential applications, including cosmetics
• New (unpublished) results from REQUIMTE (Porto University)
• Completely safe / bio-compatible
Similar patent: http://tinyurl.com/patentA1 (European Patent 1034839A1)
Our product: Spray-on perfume nanocapsulesOur product: Spray-on perfume nanocapsules
• May be used on clothing or directly on skin– Safe on contact and by inhalation– Doesn’t stain fabric
• Delivers perfume:– Gradually during the day thanks to natural friction and
nanocapsule permeability– Whenever desired by gently rubbing the skin or fabric
Our market: Brazilian middle classOur market: Brazilian middle class
• Biggest market for cosmetics 6029.5 million US$ and growing
• « Social media capital of the world »(> 90 million regular internet users)
• Strong disposition to buying onlineOnline advertisement and sales
• Large 20-45 middle-class market willing to pay ≈100 € per 50 mL of perfume
http://tinyurl.com/cosmeticosbr « Brazil is already the largest fragrance market in the world », Cosmeticos.br (2011)
http://tinyurl.com/marketingbrazil « Breaking into Brazil », Laura Snoad, Marketingweek.co.uk (2012)
http://tinyurl.com/socialmediabr « Brazil: A Social Media Marketers' Gold Mine », Christian Arno, Socialmediatoday.com (2013)
Our modelOur model
• However, high Brazilian import tax Production in Brazil
• R&D in Portugal: – Research infrastructures
• Need to buy a fragrance• Need for spray bottles, …
Need to build a network!
Locations and collaborationsLocations and collaborations
• Portugal academic research: – Professor Ana Cristina Freire
• Portugal cosmetic companies: – Castelbel (distribution to Brazil!)– ACH.Brito
• Preliminary contacts in Brazil:– Patrícia Sgarbi Lima, Cosmetic (Natura)– Ruandro Victor Knapik, Representative
R&D (Boticarío Group)
Locations and collaborations – PortugalLocations and collaborations – Portugal
• Collaborations with other institutions
Material Center of University of Porto (CEMUP)Dr Carlos Moreira de Sá
Electronic Microscopy Unit (UME)Dr. Pedro Tavares
Nanosctrutured Material and nanotechnologies Laboratory (NanoLab) Eng. Patrícia Carvalho
Colep Eng. Sofia Costa
Centre for Nanotechnology and Smart Materials (CeNTI)Eng. Ana Ribeiro
Business PlanBusiness Plan
Prototype
Market
Scale-up
PatentProof of concept
Improve the team
•Family•Friends•Researcher’s Grants
ManagerAccountantScale-up, productionR&DLawyer
Investors
Funding, collaborations and contestsFunding, collaborations and contests
Invention
Innovation
Transfer of Technology
Incubators
Contests
Skills needed in our spinoffSkills needed in our spinoff
Person Formation
ManagementInês Rocha
PhD in Physical ChemistryErasmus for Young Entrepreneurs
AccountingChristopher Ehlert
PhD student in Theoretical ChemistryMasters in Economics
@ Solvay Business School
R&DŁukasz Czekański
PhD student in Organic ChemistryFinishing his PhD
@ Adam Mickiewicz University
Mass productionStéphane Vranckx
PhD student in Physical Chemistry2nd year Master in Industrial Chemistry
@ École Centrale Paris
Sales/MarketingLeily Javidfard
SerpChem studentFormation in Marketing Communication
@ CAM Foundation (Online course)
Public relations Aleksandra Zielińska
Master in Chemistry and CosmetologyContact with relevant companies,
Possible internships
Laws / Regulations To be hired N/A
→ Hire someone with knowledge of relevant laws and regulations in Brazil and Europe
• Marketing targets: travelers
• Beyond internet sales in Brazil, expand to: – World market– Sales in shops
• R&D:– Other applications of nanocapsules
PerspectivesPerspectives
• We thank all those who helped us build and improve this project through constructive discussion:
– Salvatore Majorana
– Cristina Freire
– All professors of the SoSMSE school
AcknowledgmentsAcknowledgments
Additional informationAdditional information
Why create a spinoff?Why create a spinoff?
• Interesting research result with practical application
• Potentially big return on time/money investment
• Even in case of failure, incredible professional experience:– Intimate knowledge of the inner working of a
business– New experiences, far from usual academic work– Personal development– Create our own network
Intellectual propertyIntellectual property
• Nanocapsules (unpublished research result)= our main intellectual propertyPatent the process of encapsulating products in this
specific kind of nanocapsules Protection of our original results Possible licensing
• Later on: potential potenting of new processes• Logo, commercial name, … : to be trademarked • Patents should cover at least Europe and Brazil
• Often used by small companies instead of patenting, but:– High risk of accidental or voluntary diffusion
(if somebody leaves the company for a higher-paying job, …)
• Our original results are our biggest asset Need to be protected, even at high financial cost
In Brazil, Europe, …
IP protection - Why not trade secrets?IP protection - Why not trade secrets?
Our teamOur team
Christopher Łukasz Leily Inês Stéphane Aleksandra
Management
Accounting
R&D
Mass production
Sales/Marketing
Public relations
Laws / Regulations
• Small company Specific roles, with flexibility• Complementarity of our skills with slight overlap
Allows for temporary replacement of one person
Why PhDs?Why PhDs?
http://tinyurl.com/PHDsEnterprise « Un docteur? Une vraie plus-value pour l’entreprise! », References.be (2011)
• Experience in research• Strong problem-solving skills• Used to work in multicultural and
multidisciplinary teams• Adaptative and flexible• Able to see very long projects through• Fast learners with good organizational,
time management skills• In our case: very diverse expertise
(nanomaterials, organic chemistry, …)
Locations and collaborations – PortugalLocations and collaborations – Portugal
• Requimte– Semi-private laboratory working in
collaboration with Porto University– Use of their infrastructures for our
initial R&D – Master and PhD Students with their
own grants
• Contact:– Professor Ana Cristina Freire
• Manufacturer of cosmetics, personal care, beauty, homecare and consumer healthcare products
Spray manufacturersSpray manufacturers
• Most perfume brands don’t produce their own fragrancesBought from specialized companies!
Possible creators of our fragrance:– Castelbel– Givaudan– Firmenich– IFF– Symrise– Takasago– …
http://tinyurl.com/fragranceLeaders «2008 - 2012 Flavor & Fragrance Industry Leaders », Leffingwell & Associates
FragrancesFragrances
Some other applications of nanocapsulesSome other applications of nanocapsules
• Cancer treatment: Water soluble polymer shells that deliver directly into the nucleus a protein that only kills cancer cells
• Self-healing materials: healing of cracks in microelectronics, polymer coating, …
• Food: modification of textures, flavorings, colorings, shelf-life, …
• « Nutraceuticals »: encapsulation in lipids or polymers of substances that enhance nutrition
• …
Composition of the nanocapsulesComposition of the nanocapsules
• General name for capsules of 10 nm - 1000 nm
• Various polymers:– Polybutylcyanoacrylate– …
• Lipids
http://onlinelibrary.wiley.com/doi/10.1002/ffj.2039/abstract
Health issuesHealth issues
• Possible cause of allergies
• Uncertainties about health effect
• In the US: products containing nanocapsules need to be FDA-approved
• Likely reason why the « big names » didn’t commercialize nanocapsules-based perfumes
http://tinyurl.com/healthEU «What are potential harmful effects of nanoparticles? », European Public Health
http://tinyurl.com/nanohealth2 Gwinn, M. R.and Vallyathan, V. Environ Health Perspect. 2006 December; 114(12): 1818–1825.
Health issues (allergies, uncertainty…)Health issues (allergies, uncertainty…)
Special care will have to be taken to ensure respect of health regulations
• Health effect depends on the size, composition (esp. Surface), and possibly shape of the nanoparticles
• For the purpose of this work: assumed to be solved
http://tinyurl.com/healthEU «What are potential harmful effects of nanoparticles? », European Public Health
• Too focused on R&D, immature technology• Lack of entrepreneurship / finance experience…
Biggest causes of spinoff failuresBiggest causes of spinoff failures
http://www.statisticbrain.com/startup-failure-by-industry/
• Innovative product / production process
• Entrepreneurial and managerial experience
• Network of support and expertise
• Joint ventures with other companies
• Establishing professional (non-academic) management
http://tinyurl.com/nyasspinoff « Predicting Spinoff Success », Chris Hayter , New York Academy of Sciences (2013)
« Success Factors of Corporate Spin-Offs », Alexander Tübke (2010) - ISBN-10: 0387242252
Biggest factors increasing spinoff successBiggest factors increasing spinoff success
Inês Rocha: ManagerInês Rocha: Manager
http://www.erasmus-entrepreneurs.eu/
Create business plan
Coordinate the R&D
Coordinate cooperations
Knowlegde in nanomaterials
Experience in leading small scientific groups
Erasmus for Young Entrepreneurs
Portuguese language
Nearly finished the PhD
Leadership on organization meetings
Management skills
Potential funding
Łukasz Czekański: R&D Łukasz Czekański: R&D
Set the salaries
Contribution tomass production
Production of originalresearch results
Nanocapsule synthesis
Quality management
Organic chemistry
Flexible and adaptative
Teaching and communication
Resolution of originalproblems
Analytical chemistry
Finish Ph.D.(1 year)
Break down complex problemsinto simpler parts
Experience in research
Christopher Ehlert: AccountantChristopher Ehlert: Accountant
http://www.solvay.edu/masters-en-sciences-economiques-%C3%A0-finalit%C3%A9-business-economics
Set the salaries
Reduce the cost
Calculate business predictions
Stop Ph.D.
Order machines
Acquire money
Mathematical knowlegde
Use open source software
Analyse and ordernumerical data
Calculate the priceof the product
Perform simulations
Masters in EconomicsSolvay Business School
(1 year)
Break down complex problemsinto simpler parts
Experience in finance
Commercial accounting principles
Leily Javidfard: Marketing and salesLeily Javidfard: Marketing and sales
http://www.camfoundation.com/diploma-marketing-communications
Knowledge of R&D
Finish Master
Product benchmark
Exportation strategies
Sales engineer experience(1 year at Resinfam)
Creativity
Communication skills
Marketing CommunicationCAM Foundation(Online course)
Polymer engineerSpecialized in coatings
Experience in marketing
Effective marketing
Online advertisement
Stéphane Vranckx: Scale-up, productionStéphane Vranckx: Scale-up, production
http://www.ecp.fr/
Scale up production
Private sector experience
Production team management
Teamwork, Leadership
Oral and writtencommunication
Minimize production costs
Perform simulations
2nd year Master École Centrale Paris« Help to decisionand optimization
of Industrial and Logistic Systems »
Problem solving(esp. Optimization)
Experience in scale-up and mass production
Private sector experience(6-month internship)
Nearly finished Ph.D.in Physical Chemistry
Aleksandra Zielińska: Public relationsAleksandra Zielińska: Public relations
Quality management
Composition of fragnances
Get in contract with other people/companies
Contact cooperatingcompanies, interships
Handle with different mentalities
Responsible for the chemical materials
Good communicator
International experiences
Convince other people
Foreign languages
Cosmetic, chemical and medical knowledge
Build networkGet funding
Get overview of themarket
Skills sought for in our new recruitSkills sought for in our new recruit
Experience with otherSpinoffs/startup
Patent lawEurope, Brazil
English Portuguese/Brazilian
Cosmetic regulationsEurope, Brazil
Required knowledge Additional assets
Safety regulations for chemical companies
Experience in cosmeticsor chemicals companies
Knowledge of Brazilianculture and market
TaxationPortugal, Brazil
Technical feasabilityTechnical feasability
• We assume we have original and encouraging results for a new kind of biocompatible (safe) nanocapsule « Proof of concept » Unpublished results Patentable
• The idea of using nanocapsules containing perfumes and other cosmetics has been investigated by other cosmetic companies:– L’Oréal– Gemm’innov– …
http://tinyurl.com/patentA1 European Patent 1034839A1
http://tinyurl.com/patentB1 European Patent 1034839B1
http://tinyurl.com/patentAB1 European Patent 1029587A1
• Places where perfumes are purchased (2004):– 72% in specialized shops / grands magasins– 18% in supermarkets– 9% by direct sales– 1% in pharmacies
• Current trend: increased sales through the internet, esp. in Brazil
PPT Presentation by Loïc Torres, Master in Chemistry (provided by Ivan Coste-Manière)
Perfume salesPerfume sales
• Initially through the internet– Unusually high volume of internet shopping in Brazil– High internet penetration in our target demographics– Online ads, viral marketing campaign, …
• Later: through usual distribution channels– Specialized stores, supermarkets, …
Network of contacts and collaborations
PPT Presentation by Loïc Torres, Master in Chemistry (provided by Ivan Coste-Manière)
DistributionDistribution
MarketingMarketing
• Selling arguments:– High-tech– Unique properties– Made in Brazil
• Name: « Bouquet »– French word, but also used in English, Portuguese,
German, … – Used both for wines and flowers
Strong association to good smells/tastes Association to France, « luxury » products,
people with refined tastes, …
Marketing – Celebrity endorsementsMarketing – Celebrity endorsements
http://tinyurl.com/BrCelebrities « Brazilian celebrities List », lists.lucywho.com (2013)
• Focus on fashion models, actors and sportspersons– Upcoming Olympics / World Cup
• Most popular celebrities in Brazil:
http://tinyurl.com/brgrowth «Brazil's E-Commerce Is Booming » Ricardo Geromel, Forbes.com (2012)
SalesSales
• Initially: internet-based B2C model– Large internet penetration in our target demographics– Unusual predisposition to online shopping
Online advertisementsViral marketing
• Later: transition to retailers– Possibility through Castelbel?
• Portuguese company distributing in Brazil– Requires a network of Brazilian companies
Brazilian market analysisBrazilian market analysis
• Population of Brazil: ≈ 195,000,000
• Lots of young people with:– Internet– Smartphones
(> 1/inhabitant)
• Conversion rate of the Brazilian Real (R$):– ≈ 0.340 €– ≈ 0.447 US$
http://populationpyramid.net/
http://tinyurl.com/SalaryBrazil «Salary Survey in Brazil », Salary Explorer, (2013)
Brazilian market analysisBrazilian market analysis
• Average salary:
• Best paying jobs:
http://populationpyramid.net/
http://tinyurl.com/SalaryBrazil «Salary Survey in Brazil », Salary Explorer, (2013)
Brazilians and internetBrazilians and internet
• Largest number of internet users in South America(and growing)
• Fast adopters of social media• Unusually strong tendency
to buy online
• Perfume users looking for something new
• Live in urban areas, esp. in hot countries
• Not necessarily « rich », but ready to spend good money on good perfume
• Unwilling/unable to discreetly put perfume during the day– Includes men who want to smell good,
without willing to be perceived as feminine
• Knowledgeable about style
Characteristics of our target marketCharacteristics of our target market
Potential future marketing targetsPotential future marketing targets
• Business(wo)men– Need to feel fresh even when they have a lot of
meetings in a row (esp. in hot countries)
• Travelers– Need to feel fresh during long plane travels…
but cannot bring liquids!– Large number of travelers expected in coming years:
World Cup (2014), Olympics (2016)
PackagingPackaging
• Sets the product apart, makes it look « classy »
• General ideas of shape– Evoking the high-tech nature of the product
(Molecules…) Men– Evoking its unique properties perfume
that works « all day long »(Hourglass, …)
Competition: Perfumes in BrazilCompetition: Perfumes in Brazil
https://www.npdgroup.co.uk/wps/portal/npd/uk/home/
http://www.sepha.com.br/
• Best feminine perfume sales in Brazil:
– J'adore (Dior)– Carolina Herrera (Carolina Herrera)– Flower by Kenzo– Hypnose (Lancôme)– Euphoria (Calvin Klein)
• All in the ≈ 100 €/50 mL price range(299 R$/50 mL)
(Pre-)Seed capital(Pre-)Seed capital
• Small contribution from F&F&F• Contest
– Exposure to potential investors– Potential prize money
• Erasmus• Grants from researchers
Erasmus EntrepreneurshipErasmus Entrepreneurship
• Exchange european program
• Goal:
Have young entrepreneurs learn from experienced ones from the EU
Develop skills to run their businesses
http://www.erasmus-entrepreneurs.eu/
Start of our networkStart of our network
• General information about spinoffs:– Salvatore Majorana
• Academic with link to Portuguese cosmetics: – Professor Ana Cristina Freire
• Portugal cosmetic companies: – Castelbel (distribution in Brazil!)– ACH.Brito– …