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- 1. GenTech, May 11, 2011 Business Plans 101 Kyle Meetze
- 2. Disclaimer There is no one way or right way to write a business plan, but there are plenty of wrong ways. The views and opinions in regards to business plans are as varied as the people who read and write them. The views and opinions in this presentation are mine and are usually not endorsed by anyone.
- 3. Outline • What is a business plan • Format, content, and value of the business plan • Important parts of the plan and why they are important • Examples
- 4. What is a Business Plan Wikipedia says: A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
- 5. What is a business plan • A strategy document • A financing document • A sales document • A Q&A document • A historical document
- 6. What is a business plan • A tangible representation of reams of research • A demonstration that you did your homework • A reminder that you did your homework • Strategic planning • Defining the opportunity
- 7. Business plan vs Business planning • Business plan is the result of the exercise of planning
- 8. Where do we see business plans • Start-up Licensees • Departmental program development projects • Commercialization Plans • Multiple potential licensees
- 9. Business plans in context • Different strokes for different folks • What are you trying to accomplish • Will a slide deck suffice • Do you know enough of the answers
- 10. What types of business plans are there • Different styles • Different purposes • Different audiences
- 11. Different styles • Short - 10 - 20 pages • Long - 25+ pages • Brief - think commercialization plan • Fancy • Slide deck only
- 12. Different purposes • Start-up • Fundraising • Corporate change • New product opportunity • Corporate expansion • Opportunity assessment
- 13. Who is your audience • Venture capital • Angels • Philanthropist • Grant funding agency • Department chair • Internal versus external
- 14. How much time does it take • It depends on: • The questions • The answers • The intent • The authors
- 15. Where do you start
- 16. Where do you start • With a dream
- 17. Where do you start • With a dream • It is an iterative process
- 18. What goes in a business plan • Executive Summary • Opportunity overview • Market analysis and description • Business strategy • Financials • Intellectual property • Risks and mitigation strategies
- 19. What goes in a business plan • Blood, sweat, and tears • Most important: • The people you have, and those you don't • Risks, risks, risks, and mitigation • Less important • Financials (depends)
- 20. Why are people so important • An "A" team can execute on a "C" technology • Reputation is important • Identify the skills that are lacking in the current team
- 21. Why risk is so important • It is what sets the value for the opportunity • It determines the likelihood of success • It allows you to "know what you don't know"
- 22. Are financials important • Absolutely • Not really
- 23. Financial questions • How much do you need • How are you going to spend it • How does that add value • When will you need more • How are the investors going to make money and how much of it can they make
- 24. Who should write the business plan • The project champion • Never have a consultant or student write the plan
- 25. How should we view or utilize business plans • As a tool • A source of information • Skeptically or critically
- 26. Absolute must haves • Strong team or the ability to recruit • Cost estimates • Funding requirements and spend plan • Gantt chart - timeline and task list • With an overlay of funding requirements and value adding milestones
- 27. Remember • The plan is representative of the planning • Proper planning prevents poor performance • Writing a plan is not easy but it is extremely informative • Greater than 50% (if not 80%) of business plan exercises should have resulted in trashing the opportunity
- 28. Also remember • These are opinions and the more exposure you have the more you will form your own
Notas del editor
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- Sometimes the people? \n
- What you are going to do\nWhat you are not going to do\nWhat you don't yet know\n
- It is an outcome from effort\nIt is a moment in time capture on paper\n
- Extremely important to differentiate these two\nA business plan does not necessarily represent that someone has done appropriate planning\n
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- Can you get way with a slide deck\n\nNowadays most investors only want to see a slide deck or less than 10 pages\n\nFor a follow-financing they are very large documents due to regulatory requirements\n
- Let's go through some\n
- Sorry this note is so long, I didn't have time to write a short one\n\nBrevity is key in a plan\n\nBrevity is achieved through distillation. Every sentence should have a purpose and if you can say it with an image all the better.\n\nI've seen hardbound business plans- don't do that\n
- Essentially internal versus external\n
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- It can take a couple of weeks but it is likely to take 6-9 months for a brand new opportunity\n
- My plan was in version 13\n
- This is where opinions really vary\n\nMost will include a go to market strategy but in most of our cases this is so far off it is a waste of space\n\nRegulatory is a big one for us\n
- Probably more beers than tears\n\nMost plans forecast across 5 years\n
- I used to not believe this. Now I partially do\n
- The money you are raising is to be spent to eliminate risk\n
- From a sales prospective, no one believes them. \n\nFrom a cost perspective they always think you underestimate\n\nThey should frame the market potential and help you "value" the opportunity\n\nAt the end of the day it is all about money\n
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