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FROM OPPORTUNITY
TO EXECUTION
IKHLAQ SIDHU
Founding Faculty Director
Sutardja Center for Entrepreneurship & Technology
IEO...
The Path to New Initiatives and New Businesses
T
S
Progress on
Technology and/or
Product
Social Progress in Developing Sta...
Technology
Readiness
Level
Developed by NASA
Investment
Readiness
Level
Version: Berkeley Method
Adapted from Steve Blank
Identify
the Stage
of Your
Product
Business Investment Readiness
System Test,
Launch, Ops
Technical Readiness
System/Subsy...
What is the path for
transformation or
business model change?
Adding, Letting Go, and
Change Management
Dimension B
Dimens...
1. IDEATION:
FINDING AN OPPORTUNITY
2. EXECUTION:
DEVELOPING THE VENTURE
Now that you have a starting point:
What’s Next: How do you execute?
1. Your High Concept 2. Your Target 3. Match with You...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: From Story t...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: Two Stages
S...
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Insight/
Observation
MVP
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Insight/
Observation
Business Model For...
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Insight/
Observation
Business Model For...
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Insight/
Observation
Business Model For...
To get there, what will you need to be successful?
Story
Team
Social Proof
Product
Traction Market Size
Branding PR
• Market Size
• Social proof
• Company story
• PR/Awareness
• Team
• Product
• Branding
For Professional
Funding or Scale
...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: Work Backwar...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: Work Backwar...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: Work Backwar...
Funding Request Based on Traction
Subject: Introducing Ning to Blue Shirt Capital
Hi [Middleman],
Thanks for offering to i...
Funding Request Based on Traction
Subject: Introducing Ning to Blue Shirt Capital
Hi [Middleman],
Thanks for offering to i...
How would this look from you
Subject: Introducing (your firm XYZ) to ABC Capital
Hi [Middleman],
Thanks for offering to in...
Execution: Work Backwards
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validati...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: Work Backwar...
Observe
Environment
Skills and
Background of
Team
Stories
at work
Story/Pitch
Prototype
Validation
Execution: Work Backwar...
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Insight/
Observation
Business Model For...
Demystify New Venture Journey
Your high
concept
Match with
your team
Momentum
Time
Insight/
Observation
Business Model For...
END OF SECTION
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BMoE2: Berkeley Method for Execution

Berkeley Method of Entrepreneurship. Principles of Execution in New Venture Development by Ikhlaq Sidhu

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BMoE2: Berkeley Method for Execution

  1. 1. FROM OPPORTUNITY TO EXECUTION IKHLAQ SIDHU Founding Faculty Director Sutardja Center for Entrepreneurship & Technology IEOR Emerging Area Professor Department of Industrial Engineering & Operations Research, UC Berkeley
  2. 2. The Path to New Initiatives and New Businesses T S Progress on Technology and/or Product Social Progress in Developing Stakeholder Ecosystem
  3. 3. Technology Readiness Level Developed by NASA
  4. 4. Investment Readiness Level Version: Berkeley Method Adapted from Steve Blank
  5. 5. Identify the Stage of Your Product Business Investment Readiness System Test, Launch, Ops Technical Readiness System/Subsystem Demonstration Development Progress Feasibility Research Insight Story / Value Validatio n Business Model Sales Process Complete Ecosystem Operational Metrics X Y Z
  6. 6. What is the path for transformation or business model change? Adding, Letting Go, and Change Management Dimension B Dimension A X Z Company or Project: Today Company or Project: Next
  7. 7. 1. IDEATION: FINDING AN OPPORTUNITY 2. EXECUTION: DEVELOPING THE VENTURE
  8. 8. Now that you have a starting point: What’s Next: How do you execute? 1. Your High Concept 2. Your Target 3. Match with Your Team A B
  9. 9. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: From Story to Company Sell First/ Build Later Market Traction Funding Scale/ Goal
  10. 10. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: Two Stages Sell First/ Build Later Market Traction Funding Scale/ Goal Business Model Forming Learning the Sales Cycle Business Model Clear Sales Process Clear
  11. 11. Demystify New Venture Journey Your high concept Match with your team Momentum Time
  12. 12. Demystify New Venture Journey Your high concept Match with your team Momentum Time Insight/ Observation MVP
  13. 13. Demystify New Venture Journey Your high concept Match with your team Momentum Time Insight/ Observation Business Model Forming Learning the Sales Cycle MVP Sell First
  14. 14. Demystify New Venture Journey Your high concept Match with your team Momentum Time Insight/ Observation Business Model Forming Learning the Sales Cycle MVP Sell First Market Traction
  15. 15. Demystify New Venture Journey Your high concept Match with your team Momentum Time Insight/ Observation Business Model Forming Learning the Sales Cycle Scale, Execution, Operations MVP Sell First Market Traction Funding
  16. 16. To get there, what will you need to be successful? Story Team Social Proof Product Traction Market Size Branding PR
  17. 17. • Market Size • Social proof • Company story • PR/Awareness • Team • Product • Branding For Professional Funding or Scale Traction
  18. 18. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: Work Backwards Sell First/ Build Later Market Traction Funding Scale/ Goal Prior to Traction: You need to be in the market What can you be selling (testing) now before you spend too much money; - MVP - Advertisement - NRE agreement - Service - Consulting Why: Validation, commitment, stakeholders
  19. 19. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: Work Backwards Sell First/ Build Later Market Traction Funding Scale/ Goal My Advice: 1. Make a list of stakeholders (ecosystem) 2. Get the ones your funders will care about later 3. Tell the “story”, “listen” and “collaborate” 4. Initially ask for advice, not money 5. Sometimes get them all together 6. Know how to close the deal (time limit, scarcity, …)
  20. 20. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: Work Backwards Sell First/ Build Later Market Traction Funding Scale/ Goal What is Traction: • Revenue • Customers • Downloads • Usage • Trial • Promise to buy • (else the story is fiction)
  21. 21. Funding Request Based on Traction Subject: Introducing Ning to Blue Shirt Capital Hi [Middleman], Thanks for offering to introduce us to Blue Shirt Capital. I've attached a short presentation about our company, Ning. Briefly, Ning lets you create your own social network for anything. For free. In 2 minutes. It's as easy as starting a blog. Try it at: http://ning.com We built Ning to unlock the great ideas from people all over the world who want to use this amazing medium in their lives. We have over 115,000 user-created networks, and our page views are growing 10% per week. We previously raised $44M from Legg Mason and others, including myself. Before Ning, I started Netscape (acquired by AOL for $4.2B) and Opsware (acquired by HP for $1.6B). Blue Shirt’s investments in companies like Extensive Enterprises tell me that they could be a great partner for Ning. We're starting meetings with investors next week, and I would love to show Blue Shirt what we're building at Ning. Best, Marc Andreessen xyz@ning.com 415.555.1212
  22. 22. Funding Request Based on Traction Subject: Introducing Ning to Blue Shirt Capital Hi [Middleman], Thanks for offering to introduce us to Blue Shirt Capital. I've attached a short presentation about our company, Ning. Briefly, Ning lets you create your own social network for anything. For free. In 2 minutes. It's as easy as starting a blog. Try it at: http://ning.com We built Ning to unlock the great ideas from people all over the world who want to use this amazing medium in their lives. We have over 115,000 user-created networks, and our page views are growing 10% per week. We previously raised $44M from Legg Mason and others, including myself. Before Ning, I started Netscape (acquired by AOL for $4.2B) and Opsware (acquired by HP for $1.6B). Blue Shirt’s investments in companies like Extensive Enterprises tell me that they could be a great partner for Ning. We're starting meetings with investors next week, and I would love to show Blue Shirt what we're building at Ning. Best, Marc Andreessen xyz@ning.com 415.555.1212 Subject Social Proof What is it and for whom? Traction We are credible Why them? A reasonable request
  23. 23. How would this look from you Subject: Introducing (your firm XYZ) to ABC Capital Hi [Middleman], Thanks for offering to introduce us to ABC Capital. I’ve attached a short presentation about our company, XYZ. Briefly, this is what it is and who would use it. We have been working with A, B and C firms - or we have X downloads … At UC Berkeley, I have been working in the ZZZ lab which is the world’s leading place to specialize in YYY. Our team has seen these problems first hand at companies A1, A2, and A3. Your investment in companies like CBA tell me that they could be a great partner XYZ. We're starting meetings with investors next week, and we would love to get your advice on how to make the most of this opportunity. Best, Student / Researcher at Berkeley (or other great place)
  24. 24. Execution: Work Backwards Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Sell First/ Build Later Market Traction Funding Scale/ Goal This is a real company: Example • Sales Targets: $5M this quarter • Customer Base: Top 10-30 customer list • A leading product • Sales / R&D / Marketing / Operations Operational Measures • Customer happiness proxy • Churn / subscriber growth • Costs of goods • Development cycle time • Market share • Defect rate • … The entrepreneur is now thinking about leaving (or converting into an executive)
  25. 25. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: Work Backwards Sell First/ Build Later Market Traction Funding Scale/ Goal Business Model Forming Learning the Sales Cycle Business Model Clear Sales Process Clear
  26. 26. Observe Environment Skills and Background of Team Stories at work Story/Pitch Prototype Validation Execution: Work Backwards Sell First/ Build Later Market Traction Funding Scale/ Goal Business Model Forming Learning the Sales Cycle Business Model Clear Sales Process Clear Mindshare Public Communication: In parallel, how could this be in the news? Is there something exciting, new happening? Awareness / PR Story / Brand
  27. 27. Demystify New Venture Journey Your high concept Match with your team Momentum Time Insight/ Observation Business Model Forming Learning the Sales Cycle Scale, Execution, Operations MVP Sell First Market Traction Funding
  28. 28. Demystify New Venture Journey Your high concept Match with your team Momentum Time Insight/ Observation Business Model Forming Learning the Sales Cycle Scale, Execution, Operations MVP Sell First Market Traction Funding Key Question: How will you handle the changes that you don’t know about yet? Depends on: Technical and people skills
  29. 29. END OF SECTION

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