Toolbox Entrepreneurial Bootcamp Ppt Final
- 1. Entrepreneurial Bootcamp FITT (Fostering Interregional Exchange in ICT Technology Transfer) www.FITT-for-Innovation.eu
- 2. iBootcamp: the essence Set of focused workshops • Goal: Create a team that can deliver a business presentation that can survive a professional investment board Based on your own business idea • No case studies here; we go for the real thing Executed with a multidisciplinary team • … that you need to recruit Workshops are a combination of: • Teaching • Coaching • Doing 2 | 12.02.2010 Entrepreneurial Bootcamp
- 3. What is this New Innovation Process? External Ideas Venture Dating Entrepreneurial Gate 1 Gate 2 Gate 3 Event iBoot Camp Internal To IBBT Venture Building Business Innovation Board Launch Venture People Opportunity Plan Connecting people and ideas New Project Jan March June 3 | 12.02.2010 Entrepreneurial Bootcamp
- 4. Fit within the organisation 4 | 12.02.2010 Entrepreneurial Bootcamp
- 5. Who is eligible to join iBootcamp? Every collaborator from IBBT research projects with a great idea and with an entrepreneurial mindset Idea owners are helped to form winning teams with multidisciplinary skills iBoot Camp Teams are coached by industrial coaches, Board members and Business School Professors 5 | 12.02.2010 Entrepreneurial Bootcamp
- 6. Dating Event: Connecting People and Idea Talented people everywhere but ... they are not connected! Engineering Marketing Research & Finance Operations & Sales Development 6 | 12.02.2010 Entrepreneurial Bootcamp
- 7. When? iBoot timeline: once a year Submit your idea by Mid January. Selected teams are notified by End of January. Deliver your team recruiting pitch beginning of February. ©◊©◊ 10 Feb 24 Feb 4/5 March 12/13 March 26/27 March 23/24 April 4 June Dating Present Team WE 1 WE 2 WE 3 Grand jury team building On a residential location (to promote the bootcamp feeling) 7 | 12.02.2010 Entrepreneurial Bootcamp
- 8. (Residential) iBootcamp Program Weekend 1 (Friday + Saturday) How to develop a successful business plan Opportunity Development & Freedom to operate Elapsed time = 2 months Weekend 2 (Friday + Saturday) Business Models in ICT Entrepreneurial Marketing Weekend 3 (Friday + Saturday) Entrepreneurial Finance Human Resources Presenting and Selling the Business Opportunity Plan to Venture Capitalists 8 | 12.02.2010 Entrepreneurial Bootcamp
- 9. Where? • All workshops occur on a residential location to promote the bootcamp atmosphere. The first edition was organized in a Monasterium (converted to a hotel), the second edition in a Castel. • On the first edition (iBoot2008) there was a possibility for the teams to sleep over, to promote the team building. This facility was however not repeated in the next editions, but teams are left free. 9 | 12.02.2010 Entrepreneurial Bootcamp
- 10. Software tool by Inceptum ® 10 | 12.02.2010 Entrepreneurial Bootcamp
- 11. Pro’s & Cons Pro’s • Strength: create a winning team that is able to make a business idea happen. • Innovation: coaching by doing by coaching • Right to copy: Generic format applicable in all kinds of business environments (except Inceptum tool that is licensed) Cons • Problems: risk of rising expectations too high • potential problems: ability to find the complementary skills to form a team • Advice: take time to find the right team members around an idea 11 | 12.02.2010 Entrepreneurial Bootcamp
- 12. Why ? Rationale iBootcamp Context: mission of IBBT to create new business opportunities ‘problem’ solver: real life approach starting from the main assets = people and (good) ideas -> quickly identify hidden skills and expertise among iBootcamp participants in domains such as communication, presentation, entrepreneurship, innovation, leadership, business acumen, ... The main bottleneck in a research organisation is not to find good ideas and competent (technological) people, but to find the lacking complementary skills available outside the organisation. With iBootcamp one creates the ideal platform to match those skills around a specific idea with great potential. Doing this you cover entrepreneurial awareness building, you identify business opportunities within the eco- system and you help to kick off new business. 12 | 12.02.2010 Entrepreneurial Bootcamp
- 13. Why ? Impact iBootcamp Evidence of success: most teams (8 of 10) convinced a professional venture board of their potential. Of the 10 teams so far (2008-2009) two have already started doing business, 5 have been accepted for further incubation, only 2 did not succeed. Recommendation: strong format for quickly assessing real business opportunity and at the same time building a business team of skilled and motivated people Impact on future performance: iBootcamp creates a lot of awareness of business opportunities lying within the eco-system of the organisation, it motivates skilled people to invest free time in developing ‘their’ idea and it creates a good deal flow of well prepared investment opportunities for internal or external VC money or at least for further incubation. 13 | 12.02.2010 Entrepreneurial Bootcamp
- 14. Outcome of iBootcamp: today Learning effect: ideas and teams of second bootcamp were stronger and better Steep learning curve within teams Strong marketing effect on IBBT profile as an organisation able to support new business development, making the transition form idea generation to commercialisation During second bootcamp there was a joined team that attended the Alcatel-Lucent bootcamp = open innovation extended to similar activities of business partners 14 | 12.02.2010 Entrepreneurial Bootcamp
- 15. Outcome of iBootcamp: plans for the future 3th edition of iBootcamp (2010) will pay more attention to the team building, coaching for marketing of the business ideas and feedback to the teams (through dry runs) before the exposure to the final jury. Feedback shortly after the final jury and follow up are also point of attention Flemish feasibility study to establish a Flemish incubation center providing these kind of bootcamps for the Flemish industry Find extra financial resources for follow-up of successful teams (through Proof of Concept funds, pre seed investment funds) 15 | 12.02.2010 Entrepreneurial Bootcamp
- 16. Lessons Learned Looking back now, what would you … • … do different/improve? Pay more attention to the team building after the dating event and have the coaches better prepared before the start of the workshops • … improve? Better use of software tool by teams • … recommend to others? Just do it (learning by doing) 16 | 12.02.2010 Entrepreneurial Bootcamp
- 17. Suggested Readings Link to bibliography Link to code book Training Entrepreneurship Incubation Link to related websites http://www.ibbt.be/en/iboot-camp-0 17 | 12.02.2010 Entrepreneurial Bootcamp