INTRODUCTION TO: BR Incubator September 1, 2004

INTRODUCTION TO:

BR IncubatorBR Incubator

September 1, 2004September 1, 2004

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Agenda

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Project PipelineProject PipelineProject PipelineProject Pipeline

IntroductionIntroductionIntroductionIntroduction

Project Example: QVIX SightspeedProject Example: QVIX SightspeedProject Example: QVIX SightspeedProject Example: QVIX Sightspeed

Recruiting Process & ScheduleRecruiting Process & ScheduleRecruiting Process & ScheduleRecruiting Process & Schedule

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Introduction – BRI & BRV

BR Incubator: A virtual incubator that provides business consulting services to start-ups at Cornell and in the community BR Ventures: An early stage seed fund that seeks to invest in high growth businesses

Both organizations: • Are fully student-run and provide an unique hands-on

educational experience• Are professional organizations, legally independent from

Cornell• Share a common mission to foster entrepreneurship at

Cornell and within the community

BR Incubator & BR Ventures work together to foster entrepreneurship by turning great ideas into strong businesses

School Benefactors Donate $School Benefactors Donate $

BR Ventures Invests Funds BR Ventures Invests Funds and Continues to Aid Developmentand Continues to Aid Development

BR Incubator Provides Development and Planning BR Incubator Provides Development and Planning Services, Helping Establish the CompanyServices, Helping Establish the Company

Company Executes Company Executes Business PlanBusiness Plan

Company Funded, Company Funded, and Built by and Built by Cornellians has Cornellians has Liquidity Event. Liquidity Event. Returns Invested Returns Invested Capital and Gains Capital and Gains to School. Process to School. Process Begins Again.Begins Again.

Cornell Ideas & TechnologyCornell Ideas & Technology

• Established in 2002 by two Johnson School Students and BR Ventures

• Further developed and managed by five Johnson MBAs in 2004

• Supported by seven member advisory board consisting of key Cornell faculty and staff

• Professors Zach Shulman and Yael Hochberg advisors

– To Connect the resources and expertise at Cornell with local entrepreneurs

– Addressing the needs of students and recent alumni

BR Incubator

Vision A full-service incubator that fully supports a center of entrepreneurship within JGSM and the Ithaca community

BR Incubator

• Potential ventures for incubation will be found by marketing the Incubator within Cornell and the greater community

• Projects will be screened to find the ones with potential to succeed and have needs that our resources can fulfill

• Approved projects will be matched with consultants – Primarily from JGSM– Expanding to include other graduate schools (e.g., ILR

& Engineering)

• One of the Incubator’s directors will be appointed to manage each project and provide guidance, as needed

The mission of the BR Incubator is to foster entrepreneurship within our community while

providing students with hands-on experience in new business development

BR Incubator Structure

• BRI Consultants – Share a common interest in entrepreneurship, start-ups,

business development, and/or consulting – Varied and diverse skill set and expertise– Are analytical, like ambiguous environments, and have

good interpersonal skills– Combination of first and second year MBA students, as well

as students from across Cornell

• Five directors work together as a team to fill the following roles: – Operations– Marketing– Fundraising & Alumni

Relations– Project Management

– Technology & Infrastructure– BRV-BRI Cooperation– Human Capital

BR Incubator Projects

Potential project types include:

– Business Strategy Formulation– Business and Marketing Plans– Financial Management– Development of Projection Models– Customer Development / Sales– Operations / Manufacturing– Other

What the BRI has achieved so far:

• Established infrastructure for the operation of the BR Incubator

• Infrastructure:– Potential ventures for incubation are found by marketing the BR

Incubator within Cornell and the greater community– Ventures are screened to find the ones with potential to succeed and

that have needs that our resources can fulfill– Approved ventures are matched with consultants (primarily from JGSM)

in our database– One of the BR Incubator’s directors is appointed to oversee each

project

• Established on-line registration process for consultants– http://www.bri.cornell.edu

• Office hours for the BR Ventures’ Business Idea Competition– Offered 16 hours of free consultation to potential entrants

What the BRI has achieved so far:

• Investigated over 50 ventures

• Consulted on 12 projects in 2003 - 2004; over 15 to date

• Examples of projects– Tetragenetics

• Professor Ted Clark from the vet school working with three consultants to better define available market opportunities

– Sound Readings Solutions• Greg Hubell (MBA ‘02) working with two consultants to better

define market sizing and opportunities in the educational software space

– Gendyne Theraputics• Rob Collins (MBA ’05) worked with the entrepreneurs last year

and is now the acting CFO

QVIX Sightspeed – An example

1. Graduate student in engineering approached BRV in 2001 after hearing about the Business Idea Competition

2. Along with his advisor, he had developed an algorithm and software for video conferencing over the internet w/ low bandwidth

3. BRV introduced him to MBA students interested in working with start-ups (now formally BRI). Brad Treat (MBA ’02) took the lead

4. From 2001-2002 the business model and plan was developed

5. Fall 2002 the BRV provides 2 consultants for assistance with developing sales model

6. BRV co-invested in QVIX in fall of 20027. BRI continued to provide incubation services through

spring 2003

Project Pipeline: Potential Clients for 2004-2005

BRI uses multiple marketing opportunities within the Cornell and Ithaca community to bring entrepreneurs and their businesses to the BRI. These are a few companies/projects we are currently looking at:

• Ariadne’s Thread• Ariel Technologies• Liberty International Nurse Services• Ophios• Linqua• Finger Lakes Engineering

BRI Consultant Opportunity

Consultant Requirements• It is a time commitment, but very rewarding

– Can range from 3 – 10 hours per week, depending on project– Projects usually last a semester

• Consultants generally work in teams of 2

Benefits:• An opportunity for a unique hands-on educational

experience• Build skills in consulting and entrepreneurship• See different industries and functional areas• Good resume experience• Exposure to Cornell alumni, entrepreneurs, ideas and

technology• The opportunity to have an impact

Consultants will have 15 minute informational interviews with Directors

– Only meant to provide Directors with an understanding of the Consultants backgrounds, skills, and directions

• September 1st BRI Info session• September 12th Application deadline

(http://www.bri.cornell.edu)• Week of September 13 Interviews

Recruiting Process & Schedule

Questions?

Visit www.bri.cornell.edu

INTRODUCTION TO: BR Incubator September 1, 2004

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