SMU Classification: Restricted

Entrepreneurship Practicum (MGMT327)

SMU Undergraduate Entrepreneurship Elective in Term 2 of Academic Year

2018-19 (*To be read in conjunction with the syllabus)

SMU Classification: Restricted

SMU Classification: Restricted

Course Summary

• Learn about the process of developing minimum viable products

• Conduct low-cost, quick consumer experiments• Mostly simultaneously, to learn about the market

potential for different variants of new products or services

• Iterate multiple times until an attractive variant of the new business idea is identified or an avenue to an adjacent space is explored.

• Present market validation information to investors

SMU Classification: Restricted

Learning Objectives

• Develop mock prototypes of their products or services• Understand who are “lead users” or “early-evangelist” consumers• Develop networking strategy to reach “lead users” or “early-

evangelist” consumers• Develop simultaneous trials to get feedback from “lead users” or

“early-evangelist” consumers• Understand the drivers of roles and incentives for a new business

team• Know when to pivot a new business idea• Understand how to outline a business and revenue model for an

early stage idea• Present their market-validated new business idea to external

audience on social funding platforms like Kickstarter as well as present their business idea to investors and industry experts

SMU Classification: Restricted

Resources for the teams

• All teams admitted to the course get a grant of $1,000 for expenses related to market validation of the new business idea

• Access to mentors to guide you through the market validation of your ideas

SMU Classification: Restricted

Entry Requirements

• Early stage ideas– with some time & effort invested in developing the idea– But not teams with beta products or services or consumers,

these teams can apply directly to SMU-IIE’s incubation program

• Team should have a growth intention: – 10 employees or $1 million in revenue within five years

• Teams of 3(minimum) to 5 (maximum) students send a one page outline to ymlin@smu.edu.sg with “Entrepreneurship Practicum course application” in the subject line

• Highly recommended that students have taken Entrepreneurship Business Creation (MGMT218)

SMU Classification: Restricted

Mentors-TBC

• Mentors – During the course

• Raphael Dana (CEO Galixo http://www.galixo.com/)• Junxian Lee (CashShield, Fundnel Limited, White Hole Ventures, F

& B)• Ajay Makhija (Board Member, SambaCapital, Consumer finance)• Benjamin Twoon (Fundel)• Lucas (IBM)

– Final presentations• Yinglan Tan (Founding Managing Partner, Insignia Ventures

Partners, ex-Sequoia Capital)• Paul Santos (General Partner, WaveMakers VC)• Jeremy Loh ( Head, venture debt & technology partnership DBS)• Will Ongkowidjaja (General Partner, Alpha JWC Ventures)

SMU Classification: Restricted

Lack an idea or team members for your idea

• Lack team members– Post your new business one page outline on this site

http://iie.smu.edu.sg/ep_course– Students interested in the idea will contact the idea

originator to form a team if they are interested

• Lack an idea but interested in learning about new business idea market validation– Go to the website http://iie.smu.edu.sg/ep_course– Get in touch with the originators of the ideas, who are

looking for team members, that you would like to work with.

– Once team is formed send an email to ymlin@smu.edu.sgwith “entrepreneurship practicum” in the subject line

SMU Classification: Restricted

Sessions-TBCTopic of the Session Remarks

1 Introduction to the course and Lean start-up approach to validate a business idea

2 Hypotheses testing, analogs and antilogs Mentor feedback

3 Initial pitches and feedback from mentors and instructor Mentor feedback

4 Identifying “lead” users or “early-evangelist” consumers

5 Teams present their initial prototypes Mentor feedback

6 Field trial (team meet the instructor and are conducting field trial)

7 Internal organization of the new business

8 Learning from the first field trial Mentor feedback on pivoting

9 Revenue and business model outline

10 Developing marketing out reach: Profile on platforms like Kickstarter. Learning from the (pivot) second field trial

Mentor online feedback

11

12 Presentation to inventors and entrepreneurs VC mentors

SMU Classification: Restricted

Assessment

• As a practice course with self-selected student teams working on their business ideas with the advice and supports of mentors and the instructor the course is assessed as a pass or fail course.

• Neither the economic potential of the business idea nor the favorable outcome of the market validation are the basis for assessment.

• Progress with the learning outcomes, class participation and team work are the basis for assessment.

SMU Classification: Restricted

Learning Outcome Assessment

• Assessment will be based on the satisfactory progress the teams and individuals make in i) preparing and presenting their initial idea; ii) incorporating mentor feedback; iii) user observations and design of the teams’ prototype; iv) design and execution of first and second market validation field exercises; v) pro forma business and revenue model development; vi) final presentation.

• The instructor will provide each student written assessment after week 7 on the progress the student is making is meeting the course requirements for the components completed.

SMU Classification: Restricted

Class Participation Assessment

• Students are expected to actively participate in class and come prepared with the class readings.

• Students are expected to share the responsibility and lead the presentations to mentors and VC investors.

• Students are expected to provide feedback to other teams.

• Missing two or more sessions may result in a ‘fail’ grade.

• Each student will be provided written assessment after week 7 on satisfactory progress.

SMU Classification: Restricted

Prototype

• Satisfactory progress is graded based on how close the team has come to a Minimum Viable Product (MVP) and the alternate versions of the MVP which the team has.

• Timeline:I. Week 3: Training on method and variations in

prototypesII. Week 5: Teams present their mock prototype. The

presentation should include options considered by the team, design constraints, discussion of the failed or discarded prototypes and the reason for choosing their prototype.

SMU Classification: Restricted

Market Validation Field Trials

• Field trials will be graded for satisfactory progress according to 1) how close the teams came to interacting with “lead-users” or “early evangelist” consumers and 2) on the number of these consumers contacted, interviewed, and presented with the team’s MVP.

• Teams will have to maintain an online field trial journal with a real-time summary of their interactions with consumers.

• Timeline:I. Week 5: Teams learn why “lead users” or “early-evangelist” consumers are

important .II. Week 6: Teams should conduct field interviews with “lead users” or “early-

evangelist” consumers using a simultaneous trials approach.III. Week 9: Teams report their learning and the qualitative and quantitative

data they have gathered to mentors and the instructor. Mentors and instructors will then give feedback teams on how to incorporate the learnings. Then, teams will retest the revised product or service

IV. Week 12: Teams report and present what they learned from the revised field trials

SMU Classification: Restricted

Team Work Assessment

• Students are admitted in teams of 3 to 5 members formed before being admitted into the course.

• The team will remain unchanged throughout the course.

• The instructor will collect peer feedback as a component of assessment of satisfactory progress on team work in week 7 and week 14.

• Each student will be provided with written feedback in week 7 on satisfactory progress.

SMU Classification: Restricted

End of Term Presentation

• The teams will present their market-validated business idea to a group of early stage investors, entrepreneurs, industry experts and the instructor.

• Assessment of satisfactory progress will NOT be affected by:

– Economic Potential of the idea

– Outcome of the new business idea

• Instead, teams will be assessed on what the team has learned through the development of their business idea and the changes they have made to their new business idea along the way.

SMU Classification: Restricted

End of Term Individual Report

• This course provides students with training in the process of market validation of a new business ideas.

• At the end of the term, students will write a five-page report regarding what he/she has learned and outlining the process which he/she will go about validating his/her next new business idea.

• Students are required to keep and update an individual course journal to record what he/she has learned throughout the course.

SMU Classification: Restricted

Registration ends on 12 October 2018

1. Have an idea but no team membersGo to http://iie.smu.edu.sg/ep_course and post your business idea and solicit team members. Have team go to step #3 below.

2. Want to join a team have no idea of your ownGot http://iie.smu.edu.sg/ep_course and see the business ideas that you like and contact the originator of the idea. Joined a team go to step # 3 below.

3. Have a business idea and a teamSend in your business idea to ymlin@smu.edu.sg with “entrepreneurship practicum” in the subject line and cc your team members.

SMU Classification: Restricted

Questions

• Send an email to: reddikotha@smu.edu.sgwith “entrepreneurship practicum” in the subject line.