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Chemical Entrepreneurship #9 - 9 Lessons for Innovators and Finishing Your Business Plan ·...
Transcript of Chemical Entrepreneurship #9 - 9 Lessons for Innovators and Finishing Your Business Plan ·...
1/2/2015
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American Chemical Society
The ACS International Center™ presents:
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featuring speakers from the Japan Society for the Promotion of Science (JSPS) and the Japan Science and Technology Agency (JST) on postdoc and
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Wednesday, October 30, 2013; 2:00-3:00PM (EDT)
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Upcoming ACS Webinars www.acswebinars.org
Thursday, October 24, 2013
The Chemistry of Motorcycles and Cars:
Lighting Fires that Move Tires
Dr. Terry Hogan, Senior Research Associate, Bridgestone
Dr. John Manka, Global Department Manager, Lubrizol Additives
Dr. Matt Crowe, Analytical Chemist, Dow Chemical
Thursday, October 31, 2013
Hollywood Chemistry:
Science on the Big Screen
Dr. Jovana J. Grbić, Biological Chemist and Founder,
ScriptPhD.com
Dr. Bill Courtney, Chemist and Owner, Cheese-ology Macaroni
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Acknowledgement:
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2013 Chemical Entrepreneurship Series
9 Lessons for Innovators and Presenting Your Business Plan
Barbara Bry
COO, Blackbird Ventures
13
®
Co-produced with UC San Diego’s von Liebig Center
Slides available now! Presentation available ONE WEEK after the webinar:
http://acswebinars.org/chemical-entrepreneurship-2013
Neil Senturia
CEO, Blackbird Ventures
9 Lessons for Entrepreneurs from Daniel Kahneman
May 2013
American Chemical Society
October 2013
Ph
oto
Cre
dit
: D
avid
Beb
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/Th
e Ti
mes
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What do you think?
What does it mean to press the 8? • Call the broker back
• Leave your chips on the table
• Get a new phone system
The Illusion of Understanding
• If we can fit past events into a satisfying story, we think we understand what really happened.
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Outcome Bias
• Tendency to reward or blame decision makers for the performance of their organizations.
Ph
oto
Cre
dit
: D
isco
verm
agaz
ine.
com
The Illusion of Pattern
• We are far too willing to ascribe meaning to events that are the product of pure chance.
Photo Credit: US GOV, Wikimedia Commons
• The role of luck in a start-up, staying in the game.
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Nonregressive Explanations
• An outstanding performance is likely to be followed by a mediocre performance.
• Regression to the mean.
• How this relates to startups.
Photo Credit: Andreas Rentz/Getty Images
The Illusion of Validity
• Illusion of skill
• Unwilling to admit that there is a lot that we don’t know
Photo Credit: Newscom
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The Optimistic Bias
• Chance for success of a new venture is low.
• But we all think this doesn’t apply to us.
• Only 35% of small businesses survive for 5 years.
Overconfidence
• We undertake bold initiatives based on insularity.
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Competition Neglect
• We believe that our company will succeed or fail based on our own efforts.
• We don’t pay enough attention to the macro environment.
Photo Credit: Princeton University
The Focusing Illusion
“Nothing in life is as important as you think it is when you are thinking about it.”
-Daniel Kahneman
This can lead early adopters to spend a lot of $ on hyped products that are only marginally better.
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The Paradox
• The world of venture backed innovation is structured to reward people who take irrational gambles.
• Entrepreneurs by their nature are delusional. This overconfidence allows them to try what they do.
Presenting Your Business Plan: Guy Kawasaki’s 10/20/30 Rule of
PowerPoint using Proflowers.com
American Chemical Society
October 2013
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What do you think?
What is the most important thing to get across in a presentation?
• Key facts and figures, drown them in details
• You have a good idea and a good team
• Use the presentation to show them your competence
• How much money you can make them
The Problem
Flowers as a gift aren’t fresh: 7-9 days in transit
Flowers are expensive: inefficient middlemen
Florists lack quality incentive
What you see is not always what you get
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Your Solution: Fixing a Broken Supply Chain
Grower
Importer/
Distributor
Wholesaler
Retailer’s and
Internet Order Takers
Consumer
Grower
2 days
2 days
2-3 days
2-5 days
1-2 days
Brick & Mortar Proflowers.com
INTERNET
Elapsed Time: 9-12 Days 2-3 Days
Consumer
Your Business Model
Grower Recipient
Customer
Order from Web page
or toll free number
Order confirmation and
shipping information via
Electronically
Transmitted
Order
Orders
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Underlying Magic/Technology
Web site design: shop by flower and by occasion, save recipient information, reminder service, save credit card information
Order flow: starting with gift card and recipient information
Form that is transmitted to the grower
FedEx integration: three emails
SKUs map to multiple growers
Backend that can handle heavy order days
Competition
Merchant Dozen Roses Shipping Total Price
Proflowers.com $29.99 $8.99 $38.98
1-800-Flowers $59.99 $8.99 $68.98
FTD $57.99 $8.99 $66.98
Proflowers.com average savings greater than 40%
- Internet encourages comparison shopping !
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Marketing and Sales
Positioning: The freshest flowers at the best possible price with a 7 day freshness guarantee
Strategic partnership with Blue Mountain.com, one of the 10 most popular websites
Top placement on key e-commerce sites
Radio advertising—endorsements by prominent personalities
Team has proven expertise in acquisition and retention methods
The Team
• Jared Schutz, Chair– co-founder, American Internet Systems, BlueMountain.com
• Bill Strauss, CEO– VP, Operations, Intuit; 20 plus years experience in direct marketing companies
• Barbara Bry, VP, Marketing– co-founder Atcom; 15 plus years marketing experience; Harvard MBA
• Bernd Lutz, CTO– 15 plus experience in software development
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Projections and Milestones
Revenues - $10 million in year 2, $70 million in year 5
Profitable in year 5
Addition of new product lines in year 4
Key metrics – cost of customer acquisition, retention rate, lifetime value, number of orders per year per customer, average order size, gross margin per order
Status and Timeline
Website was launched in April 1998
$100,000 in orders Mother’s Day 1998
Achieved 5 percent click through from BlueMountain.com
Acquisition cost per customer of $XX
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Summary and Call to Action
Raised $1 million in seed capital January 1998
Seeking $5 million in capital to expand the business– building the brand, customer acquisition and technology development
More Advice from Guy
Give your presentation in 20 minutes.
We believe this is the maximum length when presenting to an investor.
You also need a 1 minute, 3 minute and 5 minute pitch.
1/2/2015
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More Advice from Guy
Use 30 point font
You don’t have to have your whole presentation written on the slides.
2013 Chemical Entrepreneurship Series
9 Lessons for Innovators and Presenting Your Business Plan
Barbara Bry
COO, Blackbird Ventures
40
®
Co-produced with UC San Diego’s von Liebig Center
Slides available now! Presentation available ONE WEEK after the webinar:
http://acswebinars.org/chemical-entrepreneurship-2013
Neil Senturia
CEO, Blackbird Ventures
1/2/2015
21
Acknowledgement:
The 2013 Chemical Entrepreneurship Series is
co-produced by UC San Diego von Liebig
Entrepreneurism Center.
41
http://www.jacobsschool.ucsd.edu/vonliebig
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Contact ACS Webinars ® at [email protected]
The keyword to verify attendance for the 9th installment of the 2013 Chem. Entrep. Series is…
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Earn a Certificate for this Series!
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acswebinars.org/chemical-entrepreneurship-2013
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Upcoming ACS Webinars www.acswebinars.org
Thursday, October 24, 2013
The Chemistry of Motorcycles and Cars:
Lighting Fires that Move Tires
Dr. Terry Hogan, Senior Research Associate, Bridgestone
Dr. John Manka, Global Department Manager, Lubrizol Additives
Dr. Matt Crowe, Analytical Chemist, Dow Chemical
Thursday, October 31, 2013
Hollywood Chemistry:
Science on the Big Screen
Dr. Jovana J. Grbić, Biological Chemist and Founder,
ScriptPhD.com
Dr. Bill Courtney, Chemist and Owner, Cheese-ology Macaroni
& Cheese
44
®
Contact ACS Webinars ® at [email protected]
Happy Halloween!
1/2/2015
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www.facebook.com/acswebinars
2013 Chemical Entrepreneurship Series
9 Lessons for Innovators and Presenting Your Business Plan
Barbara Bry
COO, Blackbird Ventures
46
®
Co-produced with UC San Diego’s von Liebig Center
Slides available now! Presentation available ONE WEEK after the webinar:
http://acswebinars.org/chemical-entrepreneurship-2013
Neil Senturia
CEO, Blackbird Ventures
1/2/2015
24
How has ACS Webinars benefited you?
Be a featured fan on an upcoming webinar! Write to us @ [email protected]
Fan of the Week
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“I have been able to learn new things and see
different points of view. I negotiate in my job,
so I had no longer given it much thought. This
ACS Webinar helped me look at the same-old-
same-old in a new light.”
Shelley Jeltema,
Environmental Engineering PhD Student,
Michigan Technological University
®
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American Chemical Society
The ACS International Center™ presents:
“Study Abroad in Japan” featuring speakers from the Japan Society for the Promotion of Science
(JSPS) and the Japan Science and Technology Agency (JST) on postdoc and
professional exchange opportunities in Japan, and opportunities for you to get involved.
Wednesday, October 30, 2013; 2:00-3:00PM (EDT)
Register now at www.acs.org/ic_japan
If you enjoyed this ACS Webinar today…
please support the program!
Find the many benefits of ACS membership!
www.join.acs.org
ACS Network (search for group acswebinars)
www.communities.acs.org
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Thursday, October 24, 2013
The Chemistry of Motorcycles and Cars:
Lighting Fires that Move Tires
Dr. Terry Hogan, Senior Research Associate, Bridgestone
Dr. John Manka, Global Department Manager, Lubrizol Additives
Dr. Matt Crowe, Analytical Chemist, Dow Chemical
Thursday, October 31, 2013
Hollywood Chemistry:
Science on the Big Screen
Dr. Jovana J. Grbić, Biological Chemist and Founder,
ScriptPhD.com
Dr. Bill Courtney, Chemist and Owner, Cheese-ology Macaroni
& Cheese
52
®
Contact ACS Webinars ® at [email protected]
Happy Halloween!