Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome...

Institut for Produktion og LedelseDanmarks Tekniske Universitet

John Heebøll

VÆKSTHUS+

Wellcome to DTU E’ship course for Master StudentsKnowledgebased Entrepreneurship 2008

Entrepreneurship is "the process of looking at things in such a way, that possible solutions to problems and perceived needs may evolve in venturing."

Saskatchewan Government; Ministry of Learning

Wellcome, all of you!

Entrepreneurship is “turning ideas into reality.” FINPIN Conference 2008

Entrepreneurship is “the pursuit of opportunity, without regard to resources currently controlled, for the creation of new economic value”.

Howard Stevenson, Harvard Business School

Entrepreneurship is “working with problems worth solving” REE Conference Belfast, September 2008


John Heebøll

VÆKSTHUS+

Agenda, first lecture, 42435, 2008

Presentation of the Course• Course objective• The importance of entrepreneurship • Course Plan• Textbook and Materials• Work Plan


John Heebøll

VÆKSTHUS+

Skulle jeg ønske mig noget, da ville jeg ikke ønske mig

rigdom eller magt, men mulighedernes lidenskab. Det øje som overalt, evigt ungt, evigt brændende ser muligheder. Nydelsen skuffer, muligheden ikke

Søren KirkegaardEnten – Eller, Diapsalmata, SKS bind 2, s. 50

Were I given a wish, I would not want wealth or power, but the passion of opportunities. The eye that everywhere, ever young, ever passionate, identifies opportunities.

Søren Kierkegaard, philosopher, 1816 - 55

Course Objective


John Heebøll

是我被给愿望 , 我不会想要财富或力量 , 而是机会激情。到处 , 曾经年轻 , 曾经多情 , 辨认机会的眼睛。

Søren Kierkegaard, 1815- 1855


John Heebøll

VÆKSTHUS+

Entrepreneurship works –- In business formation- Inside existing companies- in life in general


John Heebøll

VÆKSTHUS+

Entrepreneurship teaching and training inFurther education:- A global trend- Adopted by all significant universities and

engineering schools- Designed to cater for

- Career development- Business formation- Business development

- Still a nacent field with lots of potential for improvement

- A future career option (any would-be e’ship teachers amongst you? Contact me after the lecture)


John Heebøll

VÆKSTHUS+

The Teacher

• M.Sc. CE. DTH, 1974• Mil. service, Research Dept.• VIP, DTH, 1976 – 1988• DTU Incubator 1988 – 2000• DTU Innovation 2000 – 2004• Associate prof., E’ship, IPL, 1992 ->

•CEO, Gastrotechnology, 2004 -> 2006•Boardmember, app 15 Start-ups•Chairman, Swantec ApS•Boardmember, Gastroprocess Technologies ApS•Own company: Danish Product Development ApS

• Alltogether – a practitioner


John Heebøll

VÆKSTHUS+

Dansk Produktudvikling ApS

JOB SHOP! U

nfocu

ssed =

no conso

lidatio

n in m

arket


John Heebøll


John Heebøll

10 minutes break


John Heebøll

VÆKSTHUS+

The Importance of Entrepreneurship


John Heebøll

Why is the “burning eye for opportunity” important?

1. Entrepreneurship impacts the economical growth of a nation significantly and in non-

trivial ways.

2. 10% of start-ups create more than 80% of new jobs in new companies. (High growth

start-ups)

3. Most high growth start-ups are high tech and knowledge based companies, started by

well educated people.

4. Good entrepreneurship teaching in higher education is the only external framework

condition that impacts the formation of high growth start-ups, significantly and non trivial.

5. The mechanism works through opportunity recognition first and applicable tools second

6. Hence we train opportunity recognition and we add some portable skills


John Heebøll

VÆKSTHUS+

The Impact of Entrepreneurship

Germany’s and Japan’s recession, early ninety-nineties

- in spite of massive investments in industrial development -

was partly due to a poor business birth rate: a lack of the

enterprising and competent cambrium of young talentet

entrepreneurs.

Entrepreneurs have brought USA into a leading position in the

global economy. By example: 8 out of the 25 biggest

companies in US did not exist in 1960. In Europe all 25 biggest

companies were big also in 1960 (FORA 2007)

Germany, 1870-ties: die Gründerzeit: French war reparations

are invested in new German industry to create an economical

lead that gave Germany a overwhelming competitive strength (later to wasted in wars).


John Heebøll

VÆKSTHUS+

Do we need more entrepreneurs?The Global Entrepreneurship Monitor GEM says YESVariation in rates of entrepreneurship may account for as much as one-third of the variation in economic growth

Best Countries: 15% of New Companies Start growing rapidly

Denmark: 5% of New Companies expand

The growth-oriented start-ups create > 85% of the jobs


John Heebøll

VÆKSTHUS+

Do we need more Entrepreneurs ?

YES! They make our industry more robust

• New industrialized nations take over classic industry

• Large companies do incremental innovation. Radical break-through is the entrepreneur’s turf

• New knowledge and technology in an increasingly global marketplace creates ever more sophisticated business opportunities – waiting for the skilled entrepreneur, capable of capturing ideas and turn them into new companies and new commerce,


John Heebøll

VÆKSTHUS+

Does it Matter what a University does?

• One in four faculty involved in technology venturing

• 5.000+ companies founded by graduates and faculty since 1861 (in av.: 35/yr. DTU: probably 5 – 10)

• Employees at MIT– companies > 1.000.000

• Sales of MIT- companies > $250 Billion/yr(DKK 2005 GNP: $285 Billion)

• If a nation: 24th largest in the world

Massachusetts Institute of Technology


John Heebøll

VÆKSTHUS+

Does it matter what a university does?Technical University of Denmark


John Heebøll

VÆKSTHUS+

Alltogether: entrepreneurship makes a lot of sense – and now to

THE COURSE


John Heebøll

VÆKSTHUS+

Course Rationale

Opportunity recognition is a skill. Hence it can be acquired and it can be trained

Success in High Tech Venturing depends on - Multiple Competencies Education and Training - Networks Group work, Venture Cup - Business experience Mentor program

Simulator training - Self efficay We did it! We can do it!

All of these can be developed through education and training


John Heebøll

VÆKSTHUS+

Objectives• Enable your inner entrepreneur• Learn how to start a company

= acquire applicable competencies• Develop business talent: learn to see the

business opportunity – learn to capture it.

• Create new companies• Pursue new business oportunities

Business start-up takes a qualified decisionAcquire the qualifications needed.


John Heebøll

VÆKSTHUS+

Enable the Entrepreneur

Enable the Entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies

• The Near-Entrepreneurial Experience• Introduction to a Working Life• Develop trust in own competencies• Get inspiration from successfull entrepreneurs• Learn to evaluate a business opportunity


John Heebøll

VÆKSTHUS+

Learn How to Start and run a Company

Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies

Subjects covered:• Basic experiences and practicalities• Creativity and new business ideas• Business models and start-up strategies• Business planning• Marketing economics• Financing• Business administration• Business law• Intellectual property rights• Management


John Heebøll

VÆKSTHUS+

Study experiences


Case Stories:• Entrepreneurs• Consultants• Investors


John Heebøll

VÆKSTHUS+

Train Methods and Principles - 1


Project-oriented Group Work• Opportunity-driven Creativity• Pre-analysis• Information research• Information analysis• Business model development• Business Planning• Presentation & Pitching


John Heebøll

VÆKSTHUS+

Train Methods and Principles - 2

Business Development• Ideas• Pre-analysis• Information research• Information analysis• Business model development• Business Planning• Presentation & Pitching


John Heebøll

VÆKSTHUS+

Qualify Your Competencies


• Develop your toolbox =• What should it contain• How to use the tools


John Heebøll

VÆKSTHUS+

Develop your networks

Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Develop your networks Develop your business talent Create New Companies

• Meet new people – in the group – and outside• Start working with them in a start-up context• Meet some of the players within financing and

consultancy• Meet your customers – your jury!


John Heebøll

VÆKSTHUS+

Develop your business talent

Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Develop your networks Develop your business talent Create New Companies

• Get to know your marketplace• Find out what can be sold and what not• Develop your capacity for sensing business

opportunities =• Develop ”the silent merchant”: the continous

outlook for business opportunity coupled with the continous calculator, working residently somewhere in the deep of your mind


John Heebøll

VÆKSTHUS+

Create New Companies

Enable interest i entrepreneurship Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Develop your networks Develop your business talent Create New Companies

After the course • Basic competences acquired• Insight into the knowledgebased

entrepreneurial culture• Relations to pre-seed venture capital developed• A business idea ready to be launched


John Heebøll

VÆKSTHUS+

BREAK!


John Heebøll

VÆKSTHUS+

The LECTURE PLAN - 1

Friday, 5 September 2007

Introduction: 1. Course – and people2. Essay on knowledge-based entrepreneurship3. Presenting the McKinsey Business Plan Competition (?)

Practicalities: Team formationSubmit your ID form

Download it from www.entrepreneur.dk, fill it out and send it as a mail attachment to [email protected] before Monday 8, September 12:00 am.


John Heebøll

VÆKSTHUS+


Friday, 12 September 2008 Presenting StardustDTUPresenting the Venture CupPresenting assistant teachers

The Basics of Entrepreneurship 1.- Preconditions for succeeding a business start-up- The entrepreneur: characterization of a person and a working life

The Basics of entrepreneurship 2.- Succes and non-succes in high-tec venturing- Classic rules of the Thumb

Practicalities: Meet Your Team


John Heebøll

VÆKSTHUS+


Friday 19 September 2008

Presenting the McKinsey Business plan competition

Opportunity-driven Creativity- The fabric of ideas- Increase your creativity: a systematic approach to developing

realistic business ideas with a perspective.- Examples from earlier courses, etc.

Practicalities: group meetings startTime to contact your assistant teacherOne meeting with John Heebøll per group: planning starts


John Heebøll

VÆKSTHUS+


Friday 26 September 2008

Set the Right Strategy- From idea to going concern: strategies in high-tec venturing

Business planning

External lecturer Dorte Wiene lectures on business planning


John Heebøll

VÆKSTHUS+


Friday 3 October 2008

Business law- Legal forms (Ltd., A/S, ApS etc.)- Holding companies: Pros and cons.- White Collar Workers’ Act- Product Liability- Agreements in trade and between shareholders

External lecturers: lawyers Erik Nyborg & Karin Absalonsen


John Heebøll

VÆKSTHUS+


Friday, 10 October 2007

Business Economics 1- Budgeting- From action plan to cash flow budget to capital requirements..Summarizing first six lectures

Case: TBD

Autumn holidays from 13 to 17 October


John Heebøll

VÆKSTHUS+


7. Friday, 24 October 2008

Financing 1- Mapping the landscape of investors and capital

Financing 2- Presenting the pre-seed and early-stage investors:- Seed Capital Denmark- Growth Fund (Vækstfonden)- The Venture Capital Company


John Heebøll

VÆKSTHUS+


Friday 31 October 2008

Financing 3- Funding: the numericals of raising capital

Market Research and - Analysis- Michael Porters Market model- The 5-forces in action- The value chain


John Heebøll

VÆKSTHUS+


Friday 7 November 2008

Sales and marketing- Why is this most important activity at all?- What makes you a successful sales person?- Sales strategies in high tech venturing

Business cases from earlier courses

Case: TBD


John Heebøll

VÆKSTHUS+



Business management- Setting up the administration of your business venture- The art of fine business management: - The board: roles and practicalities

- Case: TBD


John Heebøll

VÆKSTHUS+



IPR strategies for start-ups- Components in protecting intellectual property and knowledge- The basics of a patent- Impacts of economy on IPR strategies for start-ups

- Case: TBD


John Heebøll

VÆKSTHUS+

The LECTURE PLAN – 12


Lectures: recapitulation, catching up, cases etc.

Practicalities: Deadline, McKinsey competition at 12:00 sharp

Details to follow


John Heebøll

VÆKSTHUS+


Friday 5 December 2008Presenting the McKinsey Business Plan Competition Winners

About Exam- Formalities- Presenting your business plan

Exit lecture- The course in retrospective- Entrepreneurship and the European history of ideas

Deadline, delivering business plan:

- Thursday, 11 December 12:00 Exams plan: - Thursday 18 December from 8:00 a.m.- Friday 19 December from 8:00 a.m.


John Heebøll

VÆKSTHUS+

WORK PLANReference is made to the Course Manual

Tentative time schedule:

Kick-off: Week 37 Team formed. 12 Sept.1. milestone: Week 40 Product /business concept OK 3 Oct.2. milestone Week 43 Market research finalised 24 Oct.Project deadline: Week 48 Business plan completed 27 Nov.

Deadline: submit business plan no later than Thursday 11 Dec. at 12:00 am.

Exams : Thursday and Friday, 18 and 19 December. Plan TBD (To Be Defined)


John Heebøll

VÆKSTHUS+

BREAK!


John Heebøll

VÆKSTHUS+

PRESENTATION30 seconds personal pitch• Name• Nationality• S-number

• Engineering specialties• Your favourite group Take notes, everybodyin case you would invite the presenter to join your team – or you want to be part of hers/his


John Heebøll

Øresund Entrepreneurship Academy is arranging a business idea competition. Write down your best and most original business idea on a napkin and you can win a trip to Hong Kong Science and Technology Parks.

The deadline for submitting your napkin is 3 November 2008

More info + lots of interesting stuff for entrepreneurial students on

www.oeacademy.org


John Heebøll

VÆKSTHUS+

www.ivaerk.dkFri & Sat, 12 &13 Sept


John Heebøll

Greenhouse+

IMPORTANT:submit your ID form!

From Thursday 11 September, only those who have sent ID-forms to [email protected] will receive mails – and be included in groups.

Without being part of a group, you cannot pass exams

ID forms on www.entrepreneur.dk


John Heebøll

Greenhouse+

ALL for NOW!

QUESTIONS?

Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome...

Documents

Transcript of Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome...