The Smart EntrepreneurHow to build for a successful business

Bart ClarysseSabrina Kiefer

The entrepreneurial dream

“When I was in college, guys usually pretended they were in a band....

Now they pretend they are in a start-up.”

The Economist, 12 March 2009

Managing uncertainty

New innovation, new marketWill it work? Should I take the risk?

Other people seem to know the game“I’ve only succeeded if I become the next Mark

Zuckerberg”It’s not an insiders’ game... you can learn how

AttitudeTake gradual steps; ‘date’ your business idea

Expert witness research/’Customer development’ – customers’ needs are more important than your features!

Understand the industry environment and competition factorsUnderstand what skills you have and which ones you’ll need to recruit

Be willing to adapt and change course as you get insight:Your first idea often isn’t quite the right one, but maybe it’s not all wrongDon’t immediately fixate on one thing, until you find the right courseFind creative ways around problems, but also know when to stopLearn how to deal with setbacks – that’s how you build confidence!

Approach

What is your business = what problem are you solving?

Is it a real problem and is your solution the right one?

ICStartup pool:AdXchangeCoAdJoint

Addressable market?

Your product/ service

All singles in Europe: 55 million

Addressable market?All singles in Europe

Your product/ service

born between 1935-1972

computer literate

Disposable income £70K+ p.a.

Actively looking for a partner

Industry structure?

Artica

R&D

Assembly

Marketing

Environmental consultants

Architects

Standard component suppliers

Electronics modules

Air flow

HVAC Distributors and fitters

HVAC Distributors and fitters

Raw materialsuppliers

Commerciallandlords and property developers

Artica sees a block in the conventionalvalue chain

Solution

>> New market, new value chain>> Trade sale to Monodraught: added market segments>> Product rolled out as ‘Cool-Phase’

Market entry strategies

ENVIRONMENTAL STABILITY(Market or IP)

INDUSTRY STRUCTURE COMPLEXITY(Market for products or technology)

Low High

High

Low

Proof of concept• Prototyping and design thinking• Market testing

Even a crude prototype is a start in the right direction if it demonstrates or tests something useful.

Marshalling resources• Venture teams• Bootstrapping• Dealing with business

angels, venture capitalists• Milestone agreements• Venture roadmap and

basic financials

From the horse’s mouth http://www3.imperial.ac.uk/entrepreneurship/media_library

Thank you.

Any questions?