NORCAT Entrepreneurship 101 - Finding and Validating Your Ideas
Transcript of NORCAT Entrepreneurship 101 - Finding and Validating Your Ideas
Empowering People
Entrepreneurship 101 - Introduction
Empowering People |
Agendao Introduction
o What is a Regional Innovation Centre?o Who are we and what do we doo What have we done to date?o Future goals/objectiveso Community Resources
o Course Outline and Organizationo Topics coveredo Logisticso Up-Start! Competition
o Lecture 1 – Entrepreneurshipo What is entrepreneurship?o Who are entrepreneurs?o The role of community
Empowering People |
Introduction: Who are we?
NORCAT Entrepreneurship 101
Empowering People |
NORCAT: Who we are & what we do
…is a leading private, non-profit organization that empowers our clients, our staff, and our community partners to drive a culture of productivity, innovation, and life-long learning. To deliver on our mandate, NORCAT is focused on three core priorities:• As part of the Ontario Network of Entrepreneurs, NORCAT
serves as Sudbury’s Regional Innovation Centre partnering with community stakeholders to help start and accelerate the growth of innovative companies
• Develop and provide world-class programs, services, and resources to reduce injuries, save lives, and enhance productivity in the workplace and beyond
• Operate a vibrant innovation hub to engage our clients, community, and key stakeholders by providing an environment that celebrates a culture of productivity, innovation, and life-long learning
Empowering People |
Work to date
• Currently we work with over 40 entrepreneurs and small business owners in the Greater Sudbury region
• We have a long-term residency program, current residents include:
• Dura21• BESTECH• Jannatec• TesMan• Camiro
• Start-up Incubator (Coming soon to a RIC near you!)• Monthly Hot Topic and P2P Events
Empowering People |
Services We Offer
Empowering People |
• Provide seminars on Wednesday mornings covering topics relevant to small businesses and those looking to start a business
• Help with business plans and registering your business• Check out www.regionalbusiness.ca for more information
Centre for Excellence in Mining Innovation• Focus exclusively on the mining sector
Funders: NOHFC, FedNor, IRAP
Other Community Resources
Empowering People |
Logistics & Course Outline
NORCAT Entrepreneurship 101
Empowering People |
Logistics
Every Wednesday, from 6pm – 7pm, NORCAT will stream lectures from MaRS here at our centre
OR
Watch online through the NORCAT or MaRS website
We will be working with MaRS to get you registered and provide you with the necessary log-in information
Attendance is key! - it gets you your certificate and makes you eligible for the Up-Start! Competition
Empowering People |
Course Communication
• All course information can be found at www.norcat.org under the Entrepreneur Education tab
• If you have questions about the course you can email [email protected] - All we ask is that you put ENT 101 in the subject line
• The ENT101 page will be updated by the Tuesday before each lecture
Empowering People |
Up-Start! Competition & Eligibility
This is a business pitch competition open to ENT 101 participants• Must be registered and attend 20 lectures including all in-
person lectures• Must fall into one of four categories:
– ICT– Cleantech, advanced manufacturing and mining– Social Ventures– Life Sciences and Healthcare
There is a $5,000 cash prize for the winning pitch and the possibility of competing provincially!
so start thinking NOW!
Empowering People |
Course Goals
1. Help accelerate the process of turning your idea into reality
2. Provide you with the knowledge and skills necessary to get you started
3. Create a community where you’re able to express ideas and network with like minded individuals
4. Meet and exceed your expectations and make NORCAT ambassadors out of you!
Empowering People |
Course Outline
• 23 Lectures on key topics related to starting and growing a business
• 3 Lived it Lectures – given by local entrepreneurs
• 4 Meet the entrepreneurs – sector specific• The ‘Up-Start! Competition’ – business pitch
competition to recognize and reward promising participants
Empowering People |
Lived it & Meet the Entrepreneurs Lectures
These will be in-person lectures given by local entrepreneurs
You must attend all the Lived it lectures to receive the certificate at the end of the coursePlease note the following dates::• October 2nd
• December 11th • January 8th • February 19th
• February 26th • April 16th
Our first Lived it lecture will be next Wednesday, Oct 2nd and will feature one of NORCAT’s Mentors and the Founder/CEO of ONTRAK Control Systems, Tom Fortin
Empowering People |
Course Organization: Topics
• Beginning your Journey
• Business Modeling – how you’ll make money
• Marketing – targeting your market
• Management – building your dream team
• Money – funding your business
Empowering People |
Beginning the Journey
• Finding/validating your idea
• Types of entrepreneurship
• Entrepreneurial ecosystem and legal fundamentals
• Intro to entrepreneurial management
• Value propositions
• Product development
Empowering People |
Business Modeling
• IP Management – types and their differences
• Business Models – non-profit vs for-profit
• Business plans and other communication tools
Empowering People |
Marketing
• Market analysis
• Marketing communications
• Go-to-market strategy
• Sales
• Negotiations
• Distribution
Empowering People |
Management
• Board/Governance
• Financial Planning
• Recruiting
• Building and managing a team
Empowering People |
Money – Funding your business
• Bootstrapping
• Terms of investment
• Raising money from VC’s and Angels
• The pitch
Empowering People |
What is Entrepreneurship?
NORCAT Entrepreneurship 101
Empowering People |
Definitions
Entrepreneurship: individuals identify opportunities, allocate resources, and create value through the identification of unmet needs or opportunities
Social Entrepreneurship: identifying a social problem and using entrepreneurial principles to organize, create, and manage a venture to make social change
Empowering People |
“The purpose of business is to find and serve customers profitably”
- Peter Drucker (management theorist)
Empowering People |
Empowering People |
Empowering People |
Who are Entrepreneurs? What makes them tick?
1. Recognize opportunities
2. Have an eye for Design
3. Are good at managing Risk (as opposed to risk adverse)
4. They are resilient
5. Effectuating mind
Empowering People |
Can you learn Entrepreneurship?
You can teach skills
You can teach theory
You can teach accounting
What you can’t teach is DRIVE!
Empowering People |
What’s your motivation?
Do you just want to make money?Do you want to have an impact?Or, is it the experience you’re after?
Turns out that the majority (~67%) of entrepreneurs are motivated by the impact they can make
~25% are motivated by the experience
The remaining ~8% are motivated by money
Empowering People |
The Role of Community
What comes to mind when I say ecosystem?
Something like
this perhaps?
Empowering People |
Empowering People |
The Entrepreneurial Ecosystem
Ecosystem in this sense is used as a metaphor to describe the environment a business finds itself in and/or has decided to move into
Components of the Entrepreneurial Ecosystem:• Funders
• VC’s• Government Programs• Angel Investors• Banks
• Mentors• Regional Business Centres• Regional Innovation Centres• Academic Institutions
And YOU!
Empowering People |
Welcome to the Ecosystem!Welcome to Entrepreneurship 101
Empowering People |
Questions?
be sure to check out the ENT 101 page on our website at www.norcat.org
On Facebook?Check-in at NORCAT, and let us know what you think of our ENT 101 Program.
On Twitter?Follow us @NORCAT and join the conversation.#ent101norcat