Joining up the dots - enterprise development, innovation, and finance
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From making room for creativity and innovation, to building your enterprise through customer development and attention to your revenue model, this presentation joins the dots up between these elements and what investors are looking for. A talk I delivered at the Enterprising Women event hosted by The CUBE London and 8 Fold on 17 November 2010 as part of Global Entrepreneurship Week.
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Joining up the dots - enterprise development, innovation, and finance
- 1. Bonnie Wong Enterprising Women The CUBE London 17 November 2010
- 2. Enterprise Development A Culture for Innovation Where do we begin to develop a new enterprise and a culture for innovation?
- 3. Innovation Enterprise Development A Culture for Innovation Well, we begin with an innovative new idea.
- 4. Innovation Enterprise Development A Culture for Innovation Randomness Chaos Emptiness Actually, no, we begin before that, with randomness, chaos, emptiness. Take the limits off.
- 5. Randomness Chaos Emptiness Creativity New Ideas Innovation & Vision Development A Direction... Rather Than a Destination Randomness and emptiness makes room for creativity and new ideas. From there we can innovate and develop our vision. Think of the vision for your enterprise as a direction – gives you room to manoeuvre
- 6. What does this really mean? Viable business model, investors want to know how you're going to make money “Robust business plans and revenue models” ~ Good Deals Conference 2010 Now that you have your vision, what next? Investors want robust business plans and revenue models.
- 7. Business Model Canvas, Alex Osterwalder, http://www.businessmodelalchemist.com/tools http://www.businesmodelgeneration.com This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. Visual tool for identifying components of your business model and how they relate to each other. Investors are interested in the revenue model.
- 8. Business Model Canvas, Alex Osterwalder, http://www.businessmodelalchemist.com/tools http://www.businesmodelgeneration.com This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. Start with your customers, to figure out what your revenue model is.
- 9. Customer Development Model, Steve Blank http://steveblank.com/2009/09/17/the-path-of-warriors-and-winners/
- 10. Customer Development Model, Steve Blank http://steveblank.com/2009/09/17/the-path-of-warriors-and-winners/ Component descriptions from Mark Zimmerman @ MaRS http://www.marsdd.com/blog/2010/09/20/please-dont-hire-a-sales-professional/ 1.Customer Discovery, where a start-up tests its hypothesis about a customer’s problem and their proposed solution. 2.Customer Validation, where a start-up develops, tests and iterates until it finds a repeatable and scalable sales process. 3.Customer Creation, where a company’s focus turns from finding demand to creating it in order to scale revenue. 4.Company Building, where a company transitions from an organization designed for learning and flexibility into a one engineered for execution.
- 11. Customer Development Model, Steve Blank http://steveblank.com/2009/09/17/the-path-of-warriors-and-winners/ It would be better if it was purple and made from Fairtrade cotton
- 12. Customer Development Model, Steve Blank http://steveblank.com/2009/09/17/the-path-of-warriors-and-winners/
- 13. Customer Development Model, Steve Blank http://steveblank.com/2009/09/17/the-path-of-warriors-and-winners/ Great! I'd buy that for £15.
- 14. design score member member prints t-shirts with high scores, sells on website
- 16. I've built a community of 100 customers, of them ### will buy ## t-shirts for £ each. It will cost £ to supply, print, and distribute them. We will print in batches of ### t-shirts. Back to that Revenue Model... Financial models tell the story of your enterprise in the language of numbers. It's not a list, it's not a bank statement.
- 17. How to Finance Your Venture Finance new ventures by bootstrapping – fund it yourself, from savings, with the help of family and friends.
- 18. How to Finance Your Venture “I eat risk for breakfast!” Or find an angel investor – they have a higher appetite for risk for new, unproven ventures.
- 19. Typical investors like buy and build strategy... scale and replicate If you are established and looking to grow, you may consider external finance. Investors like one to three years existing trading.
- 20. Reliable Predictable Secure Uncertain New Untested A Culture for Innovation requires balance A culture for innovation balances a solid foundation with room to innovate. Build this into your business model from the start.
- 21. Reliable Predictable Secure Uncertain New Untested Google time 3M have been doing this for ages It is effectively what Google does – main search business is its foundation, makes room for Google time. 3M also allows its employees to experiment.
- 22. Reliable Predictable Secure Uncertain New Untested Your own venture Sponsors Angel investors You can do this too – first venture, create a stable foundation with a proven business model, or partner with those who provide stability and can take a risk with your venture.
- 23. Reliable Predictable Secure Uncertain New Untested Your own venture Sponsors Angel investors Your next venture Someone you can support Your next venture can be riskier, with an unproven model or support someone else's innovation.
- 24. Randomness Chaos Emptiness Creativity New Ideas Innovation & Vision Development Enterprise Development A Culture for Innovation
- 25. Thank You! Bonnie Wong Director Composition Advisory Limited @BonnieOWong bonnie@compositionadvisory.com http://compositionadvisory.com