Enterprise Skills

Enterprise Acceleration Centre Post Graduation Enterprise Skills Training

Goal of Today’s Session Who am I What Next What Can I tell you Business Tools

Graham Royce Manager of the LEAP programme LEAP Limerick Enterprise Acceleration Platform Remit To help new businesses establish themselves Complete an Investor Ready Business Plan Google me

One Hour What Next Commercialization Business Funding Investors Business Plan Five main points Description of Core Business Communications

What Next Your Views Post Graduation & Business What would you like to know? Future sessions Your Business Plan Open forum on Content Is it Relevant Commercialization What is it

Commercialization Commercialization cycle of introducing a new product into the market The actual launch of a new product is the final stage of new product development Commercialization is where most money be spent advertising, sales, marketing Its an expensive time.

Business Funding A source of supply of money Stock Money from investors A sum of money or other resources set aside for a specific purpose Overdraft bank loans Pension fund Funds Available such as ready cash daily takings Wages – Repayments – future growth

Investors Will look at the business opportunity: Solves an important problem Has momentum Patents/Prototypes Beta customers Management team Has the basic ingredients for success Huge addressable market (market research) Revenue streams & projections Barriers to entry/competitive advantage

Business Plans Definition: A business plan is a document that summarizes the operational and financial objectives of a business Contains the detailed plans and budgets showing how the objectives are to be realized + commercialized A business plan contains detailed financial projections, forecasts about your business's performance sales plan - a plan describing, quantifying and phased over time, how the sales will be made and to whom. Some organizations interpret this to be the same as a business plan or a marketing plan marketing plan - logically a plan which details what a business will sell, to whom, when and how, implicitly including the business/marketing strategy For anyone starting a business, it's a vital first step.

The Compelling Business Plan Introduce the Management Team Past successes/Pedigree (education, past start-ups) Domain Expertise/Unique capabilities Profit and Loss Responsibility Connections (technology advisor to the President Reputable Board Members and Advisors (who are betting on the company) Good First Impression

The Compelling Business Plan Cover only 3 to 5 Key Points (example below) Pain and Solution (e.g. unmet need and related product/service offering) Opportunities & Threats (e.g. market size, competition) Marketing Plan -- sales and distribution strategy The Team – Senior Mgt., technical and support staff Financial Highlights and Potential Returns 2. Clarity and Simplicity of Presentation

The Compelling Business Plan Claims about the size of the market or the capabilities of a product/solution must be supported with research from reputable third-parties or research institutions; relying purely on in-house research tends to weaken credibility and cast doubts on the true business potential Projecting a growth in revenues or in market share without considering the competition is an incomplete analysis 4. Facts are Credible, Complete and Consistent with Analysis

The Compelling Business Plan Focus on what matters to your audience Address every key aspect about the business, described in section 2, objectively, being careful to consider the weaknesses and limitations of the business, as well as any potential threats Example: though proof of concept has been established, product has to undergo beta testing before it is launched for wide-scale commercial production 3. Focused and Objective

The Compelling Business Plan After all is said and done, if the audience is convinced that the need is overwhelming the solution is unique the opportunity to scale is undeniable the financial returns are highly attractive, and Management is deemed capable of bringing the business to its desired levels Then the business plan may be deemed successful 5. Compelling Business Proposition

Sample Business Descriptions Not good: We have developed a proprietary algorithm that models moving objects as trajectories and uses a dynamic variable to manage uncertainty. Our technology allows companies to optimize their mobile assets in real-time and develop a whole new class of location-based services. Better: We offer software that improves a company’s ability to manage its mobile resources like trucks, equipment and personnel . Our solution is capable of sensing and reporting material deviations from routing plan or delivery schedules, as they happen , allowing quick corrective action where others can’t. Description of core business

Communication / Information Texting quickest way of getting hold of me 0866089112 Electronic [email_address] - twitter – Facebook - Skype Web Site http://www.eac.ie http://www.leap.ie Business Blog http://graham-royce.blogspot.com Business Network http://www.linkedin.com

Limerick Enterprise Acceleration Centre LEAP Programme 2009 Enterprise Skills Thank you

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