Course introduction / Finding and validating your idea
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Transcript of Course introduction / Finding and validating your idea
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Our Future Matters
The Mars centreSeptember
20142
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Our Future Matters
Discovery of Insulin
September 2014
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Our Future Matters
MaRS: Urban Innovation Hub
September 2014
Linking creative & business assets of Toronto
Discovery District
Financial District
Creative & Arts District
Gardiner Museum of Ceramic ArtRoyal Ontario MuseumWomen’s College
The MaRS CentreUHN Toronto GeneralHospital for Sick children
Entertainment District
Four Seasons Centre
University of Toronto
UHN Princess MargaretMount Sinai
Art Gallery of Ontario
Royal Conservatory of Music
TIFF & OCADU
Financial District
Toronto RehabRyerson University
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Our Future MattersSeptember
2014
Innovation Platform Levers
VENTURES
Support high-impact ventures from startup to scale with advice & mentorship, as well as
access to capital, customers and talent.
Acceleration
INNOVATION PLATFORM & PLACEBolster our organization, brand and outcomes.
Build our hub and capacity to strengthen our community.
SYSTEMS
Scale and diffuseinnovation through
collaborative initiatives that open
markets for emerging companies and
create new solutions in key sectors.
Scale
TALENT
Equip Canadian innovators,
entrepreneurs and intrapreneurs with the
skills, tools, intelligence and
networks they need to succeed.
Capacity
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Our Future MattersSeptember
2014
Canada’s largest in-person and online entrepreneurship education centre
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Our Future Matters
Entrepreneurship Programs
September 2014
2,500,000+Views of articles and workbooks
Entrepreneur’s Toolkit and Programs
www.marsdd.com/toolkit
50,000+People trained through MaRS entrepreneurship programs
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Our Future Matters
Building Growth Companies
September 2014
Acceleration Programs for High Growth Firms
Business Advice & Mentorship
EntrepreneurshipEducation
Market Research Access to Capital
High Growth Firms
Networks | Talent | Customers | Partners
Networks | Talent | Customers | Partners
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Our Future Matters
Capital raised by MaRS ventures
Source: annual venture survey results, 2011 administered by deloitte; 2012 and 2013 administered by KPMG
September 2014
$277M$277M$349M$349M
$451M$451M
2011 2012 2013
>$1 Billionraised in the last 3 years(78% from private sources)
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Our Future Matters
Advanced EnergyCentre
Solutions Lab
Centre forImpact InvestingCapital Solutions New Economy:
The Future of Work& Learning
The Future of Energy
The Future of Health
Systems Innovation: Driving impact
September 2014
EXCITE
Data CatalystData & Evidence
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Our Future Matters September 2014
2,000
Annual Events and Meetings
100,000
Annual Attendees
1,000
International Delegations
2,500
People at Work
LIFE @ MaRS
PLATFORM & PLACE
STRATEGIC PILLAR 4
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• Innovation and entrepreneurship drive productivity and global competitiveness
• The majority of new jobs in modern economies are created by firms that are less than 5 years old
• 4-10% of startups become high growth firms – they create most new jobs, and they create them faster
Why does this matter?
04/08/23
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Innovation - defined“..is the implementation of a new or significantly improved product, or process, a new marketing method, or a new organisational method in business practices, workplace organisation or external relations” Source: OECD/Eurostat, 2005
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Entrepreneurship - defined
Howard Stevenson, Harvard Business School
“Entrepreneurship is the pursuit of opportunity beyond resources controlled”
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Visit us at marsdd.com September 2014
The problem is…
Globe and Mail“Canada slips further in innovation rankings”
Financial Post“Canada’s economy on ‘path to mediocrity’ as innovation lags”
Int’l Institute for Mgmt Development“Canada ranks 23 of 33 developed economies in productivity”
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Canada’s Competitiveness Suffers
Canada’s Rank•9th in 2009•14th in 2013
Source: The 2013-14 Global Competitiveness Report
“When it comes to business innovation, Canada is seriously underperforming. Canada actually fell four places in factors related to innovation and business sophistication, and that’s a real concern”
World Economic Forum
Conference Board of Canada
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Inventions don’t make it to market…
“Study after study points to the fact
that Canada is an innovation laggard..
….I believe that the reason so many
products built in the lab don’t make it to
the market is that their sponsors can’t
or don’t know how to demonstrate that
there is a market for them.”
Len Waverman, Dean, DeGroote School of Business, October 22, 2013
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Tell us why you are here!
Who’s got a business that they are working on?
Who’s working on a product?
Who’s got neither but is curious about entrepreneurship?
04/08/23
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Don’t have an idea?
First – acquire new insights:
•Read
•Watch TED (and don’t watch the news)
•Read market research/stats – tells a story of change
•Meet smart folks (insights/reflections)
Then - slow down the brain:
•Meander/percolate (– do something else – listen to music, walk, run, swim, climb, make food, clean, fix your car)
04/08/23
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Customers
BusinessImpact
Idea / Solution
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• Introduction to Entrepreneurship 101/Finding and Validating your Idea
• Lived It Lecture (Alex Kroon)
• Different Types of Entrepreneurship
• Introduction to Entrepreneurial Management
• Customer Discovery and Market Intelligence
• Value Proposition
• Product Development
• Meet the Entrepreneurs – Social Innovation
Map your Journey
April 8, 2023
Entrepreneurship 101
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Customers
BusinessImpact
Idea / Solution
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• IP Management
• Business Model Canvas
• Business Plan and Other Communication Tools
• Meet the Entrepreneurs – Information and Technology Communications (ICT)
• Lived It Lecture
Model
April 8, 2023
Entrepreneurship 101
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Customers
BusinessImpact
Idea / Solution
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“The purpose of business is to create a customer”Peter Drucker, The Practice of Management
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• Marketing Communications/B2C Sales• Networking for Entrepreneurs• Sales (B2B)• Negotiations• Contract Manufacturing• Meet the Entrepreneurs – Cleantech
Market
April 8, 2023
Entrepreneurship 101
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Customers
BusinessImpact
Idea / Solution
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• Selecting Your First Board of Advisors
• Financial Planning/Budgeting
• Recruiting and Building a Founding Team
• Entrepreneurial Leadership: Building and Managing a Team
Management
April 8, 2023
Entrepreneurship 101
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Customers
BusinessImpact
Idea / Solution
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• Lived It Lecture
• Bootstrapping and Alternate Sources of Funding
• Crowdfunding & Equity Crowdfunding
• Meet the Entrepreneurs – Health
• Raising Money from Venture Capitalists
• 360 Panel on Venture Capital Funding
• The Pitch
Money
April 8, 2023
Entrepreneurship 101
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60 Second Networking Break
Turn to the person next to you introduce yourself.
ASK:
1. What are you working on? 2. Why you’re here?
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Entrepreneurial Risk
04/08/23
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Planning & Entrepreneurship
04/08/23
“Everybody has a plan until they get punched in the mouth”
Mike Tyson
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Our Future Matters
It’s an iterative process
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Key Principles
• Launching a new venture is not like running an established business
• Established business execute a known business model
• New ventures search for a business model
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Our Future Matters
Startups vs Companies
Startup Phase
Scaling Phase
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Our Future Matters
The 3 stages of the search process
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Our Future Matters
Startup Phase Overview
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Before you get sucked-in…..
04/08/23
Think about the impact on your life:
•If you have family: Discuss impact on family life, how you spend time, relationship between spouses•Money: how much are you putting towards it, are you committing other resources; such as house as collateral for loan. What is cut bait?•End game: what happens if you make a profit, gets bought out – what to do with money
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Our Future Matters
Benefits of Entrepreneurship
• Most important: You change yourself - you get to apply your skills and talent, you have fun, learn & grow as a person
• Money: you create wealth
• People: you create jobs and careers
• Impact: you make something happen
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Our Future Matters
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THANK YOU!
Because the future matters
INNOVATION