This presentation is the start of Enterprise Tuesday 2012/13. The excellent kick start on the topic of opportunity recognition using the new big thing from Cambridge
3. Thank you to our sponsors and supporters
Bronze Sponsor
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4. FOR Student
Entrepreneurship societies
Departments CfEL Business
community
Cambridge
Enterprise
and
incubators
5. Entrepreneurial Learning - Journey
INSPIRATION INTENTION INFORMATION IMPLEMENTATION
Enterprise Tuesday
Enterprisers
ETECH Projects
Ignite
Postgraduate Diploma in Entrepreneurship
6. Bragging rights of CfEL
Students so far 14,000+
Programmes and events 170
Alumni ventures created 140+
Supported alumni of Ignite to raise £85m+
7. Acquired by Jonathan Custance, James Green
Staccato
Igor Drokov Green
Juha Korhonen Communications Shaun Fitzgerald Patrick Palmer Pete
Elena Punskaya Custard Andy Woods Magowan
Simon Crosby Merged with Cantab Jonathan Custance Acquired Bryn Parry
Gaurav Banga Solarflare Wireless Cronto James Green Breathing Mark Snook
Ian Pratt Bromium by Thales
Communicatio David Baker
Camrivo Buildings Andrew Koehl
UK
William Tunstall-Pedoen Niel Viljoen
Mark Moore
David Ruiz-Alonso Amantys
Jack Lang x
Laura James David Wells Billy Boyle Tony Milbourn
Acquired by Fulton True Johann Tönsing Artimi
Owlstone Gordon Aspin
Innovation Knowledg Cognovo
Netronom Nanotech Charles Sturman
Andrew Fisher e e Mark Collins
Acquired Tim Glaue Ian White Richard Fry
by Oracle Martin King Richard Penty
Aveva Ronny Jonckheere
DisplayLink Derek Fray Pascal Herczog
Zinwave
Camfridge
Acquired Datanomic Inotech
by CSR Richard Marsh Derek FrayAMDDerek Fray
George Chan
John Brimacombe
Linguamatics nGame Tom Farthing Richard Friend
David Milward
John Brimacombe Metalysis Henning
Job Asim Mumtaz Sirringhaus
stream Enecsys Lesley Neil Greenham
Florin Udrea Andrew Gower Mike Lynch Chisenga
Julian Gardner Paul Gower Jagex Eight19
Autonom Acquired by
Bill Milne Constant Tedder
y Sumitomo
Cambridge Featurespace Chemical
Bang
CMOS CacheLogic John Bates o David Excell Acquired
Camvine Ray Anderson
Sensors Giles Nelson William Fitzgerald HP
by
Adam Twiss David Cleevely Blinkx
Quentin Stafford-Fraser Mike Lynch
Suranga
Michael Dales Alertme.co Light Qflo Apama Chandratillake
Velocix (A wholly m Blue Alan Windle
Pilgrim Beart Optics Martin Pick
1spatial Aurasma
owned subsidiary of
Alcatel-Lucent) Adrian Critchlow Adrian Cable Enval CRFS
2006
Alistair Massarella
Global Howard Chase
Acquired by David Cleevely
Linked with Vasant Kumar Green Inkjet
Progress
PB Systems
Nick Geddes Software
Existing Firms
Corporation
New Generations
2011 Fig 1
8. The essence Enterprise Tuesday
What is entrepreneurship?
EVENINGS 8 CHAPTERS
Personal insights
Role modes
Deeper understanding - ideas to market
Meet like minded people
9. Resources
Certificate of attendance:
ONLY for University of Cambridge students who attend a
minimum of 6 sessions
Background readings and LinkedIn discussion groups
Videos and podcasts available via the University’s
Streaming Media Service (SMS) and CfEL web site
www.cfel.jbs.cam.ac.uk
10. Enterprise Tuesday Timetable 2011
Nov 6 Recognising Professor Sir Richard Friend
Opportunities
Dr Simon Bransfield-Garth
Dr Seena Rejal
Nov 8 Mindsets and Dr Darrin Disley
Motivation
Nov 15 Spotting Market Dr Tony Raven; Shirley Jamieson and
Opportunities Dr Andrea Cantone
Pneumacare; Polymer Opal and Nanopores
Nov 22 Serendipity or Rahul Vohra
Hard Work
Dr Shamus Husheer
11.
12. Roll Call
Prof Sir Richard Friend • Lord Karan Bilimoria
Dr Simon Bransfield- Garth • Chris Barnardo
Dr Seena Rejal • Richard Blakesley
Dr Darrin Disley
• Prof Sir Greg Winter
• Rolf Guenther
Dr Tony Raven
• Sherry Coutu
Shirley Jamieson
• Jack Lang
Dr Andrea Cantone
• Robert Brady
Rahul Vohra • Peter Cowley
Dr Shamus Husheer • Monish Suri
15. We know about the successes…
Easyjet Beatles
Taj Mahal and the other Wonders of the Worl
Penicillin
Chocolate
Religious ideas!
Coffee
Fashion
Mobile phones Bond Movies
17. In reality what we see..Opportunity co-creation
(Effie’s work)
Management teams, supply
Fuzzy front end chains, government
agencies, investors, Researc
hers come together
• Shape and co-create the opportunity –
• Business models – value chains
• Technology from lab to product
• Create products and services – people will pay for
• Make bets
18. What boxes should it tick?
Emotional
• Excite the founder to commit
• Belief
Intellectual
• Understand it – deeply
Rational
• Early evidence of markets and customer need
• Affordable loss (risk)
20. Recognising Opportunities
Prof Sir Richard Friend FRS
Cavendish Professor at the University of Cambridge
Dr Simon Bransfield Garth
CEO, Azuri and Eigh19
Dr Seena Rejal
Chairman, Cambridge Policy Associates
22. H H
PPV: the Delocalised -
H H H
prototypical electrons provide
H H H
fluorescent H
both conduction
and valence bands
semiconducting H H H
H H H
polymer: H H H
Solutions of a range of
semiconducting
polymers:
23. Polymer Light-Emitting Diodes
poly(p-phenylenevinylene)
aluminium, magnesium
or calcium
indium/tin
oxide n
External
Circuit
glass substrate
Jeremy Burroughes, Donal Bradley et al.
Nature, 347, 539 (1990), US patent 5,247,190
1992 - foundation of Cambridge Display Technology, CDT
24. Organic LED technology:
Engineering: chemical synthesis
[CDT partnership with/acquisition by Sumitomo Chemical
Company]
‘semiconductor’ purity levels achieved,
detailed chemical modifications made to improve efficiency
and lifetime.
LED lifetimes: 1990 - few minutes
1996 - 1000 hours
2010 > 100,000 hours (projected)
25. OLED technology: printing
[CDT partnership in 1996 with Seiko-Epson Base Technology
Research Center Tatsuya Shimoda, Takeo Kawase et al]
How to pattern the red, green and blue pixels? direct printing
Inkjet Deposition Process: • Polymer deposition by ink-jet
printing
Printed Polymer in Bank Holes
26. Organic electronics – Status
Existing markets Emerging applications Next generation applications
Phones (45M units in Advanced prototypes Demonstrators, but technology challenges
2010) MP3, camera
Lighting,
wall-side TV
OLED
Source: Sumitomo-CDT
All-polymer
Paper-like
& next gen.
flexible
displays;
OTFT - displays
RFID
circuits
sensors
Source: PolyIC
Source: Plastic Logic
Mobile
Power;
OPV Solar Cells building
Integrated PV
27. Organic Solar Cells?
π-conjugated molecules used in nature for
photosynthesis, but:
• green plants construct a very complex multiple
„heterojunction‟ structure to separate electron and hole
Current research and development:
• „crude‟ single heterojunction devices work much
better than they should….
29. Organic solar cells: simple recipe!
mix two semiconductors together so that there is a lot of
interface between the “electron donor” and the “electron
acceptor” materials
Poly(3-hexyl
thiophene) – hole
acceptor
Fullerene – electron
acceptor
Solar energy
conversion efficiencies
now up to 10% with
red-shifted polymers
(2012)
30. Eight19 Ltd (2010): roll-to-roll solar cells:
Completed modules
Substrate
ITO PEDOT Active layer Cathode
Encapsulation
Manufacture of organic
PV modules made on a
flexible substrate using
roll-to-roll methods
32. Eight19: printed polymer solar cells
Technology Push:
• potential for lowest cost (materials and
manufacture)
• potential to reduce full systems costs (low
weight, robust, unbreakable)
Falls short of a „market pull‟……………
33. Dr Seena Rejal
Chairman, Cambridge Policy Associates
Former Business Development & Financing, Eight19
34. Overview
• What drives me
• How it all started (… in Cambridge)
• Before Eight19
• The ride with Eight19
• Next…
35. Personal Drivers
Tech
‘Good’
Team Impact
Opportunity
Entrepre
Affiliation
neurial
Clever
Disruptive
& Scale
Unique
36. Cambridge Roots
• Entrepreneurship & Sustainability
– key themes!
• Institute for Manufacturing
• CU Entrepreneurs
• Spin Offs / Startups
37. Clinton Climate Initiative
• Leveraging markets to “Move the Needle”
• High-impact, near-term, scalable solutions
• Overcoming market failures
• Intersection of policy, business, finance & tech
• Entrepreneurial business-oriented team
• Significant resources
• Cross-tech (across CCS & Solar)
38. Disruptive Startups - GT
• Negative Emissions Tech / CO2 Air Capture
• High calibre team
– Kyoto Protocol authors
– Princeton & Bell Labs physics
• Billionaire backers
• Using power of markets
• VEC Finalists
• Business Development & Strategy
39. Eight19 Passed the Test!
OPV
Sir RF ‘Good’
et al. Impact
Cambridge Startup
BoP /
PAYG ‘Ungrid’
40. Impact of PAYG Solar
Health
Savings Profit &
for BoP Returns
Win-Win
Outcomes
Virtuous Cycles
UK PAYG Cleantech
Market of prosperity
Compet Solar Devpt
Peace and
Stability
Social &
Productivity $$
Gender & Education
Equity
Carbon
Mitigation
41. Brief & Fit
Clean
• Fledgling concept Energy
• Execution play
NGOs Finance
• Build brand internationally
• Educate market on PAYG solar
• Find partners and customers
• Raise finance needed to scale
Challenge was exciting; change it could affect, real.
42. Finance
• Project Finance vs. Equity
• Different investor types – tailoring needed!
– Impact investors, philanthropists, other patient cap
– VCs and other angels
• Innovative project finance mechanisms
– Revolving funds (‘Kickstart’)
– EIS Mechanisms in the UK
– CSR funds
• Lobbying of WB / IFC – challenge of ‘bankability’
43. Network Effect & Tipping Points
Association
Thought
Leadership Guerilla
Brand &
Educate
Social
Marketing Prizes
44.
45. Next…
• Tackling the ‘bankability’ market failure
• Cross-industry team
• Mobilising the masses
• You can be involved directly
• Stay tuned…
48. Solar panels
Azuri Technologies Ltd - CONFIDENTIAL
49. Organic solar is a bit different
• Robust, lightweight plastic films
• Based on abundant elements
• Fraction of the embedded energy
• Fraction of the CAPEX
• …. What‟s not to like?
Azuri Technologies Ltd - CONFIDENTIAL
50. Challenges
• Organic technology is still a research project
• It has a product lifetime of 5 years or less
• The existing solar market is commoditised and barely
profitable
• Investors have been burned in recent years
• You need scale to compete
• …But you can‟t get scale until you are competitive
• So what do you do?
Azuri Technologies Ltd - CONFIDENTIAL
51. Finding a viable market
New New Product, New Building integrated solar
Product, Existing Market
Market Consumer devices
Emerging markets
Existing Product, Existing Product,
Existing Market New Market
Azuri Technologies Ltd - CONFIDENTIAL
52. Small companies only survive if they move fast
Off-Grid On-Grid
Early Applications
2010 2015 2020
Azuri Technologies Ltd - CONFIDENTIAL
53. Huge Off-Grid Solar Market Opportunity
• 1.3Bn people without electricity
• 600M people spend $15-35/yr to charge phones
• $38Bn / year spent on kerosene lighting
TOTAL MARKET ~ $50Bn/yr
Azuri Technologies Ltd - CONFIDENTIAL
54. Market Needs a New Business Model
Power is a pay-as-you-go Service…. But Solar is all UP FRONT + Maintenance/Repair
Azuri Technologies Ltd - CONFIDENTIAL
56. Change the game
Currently (Kenya)
• 900 KSh/mth for Kerosene ($10)
• 20 KSh/charge for mobile
Customer cuts weekly energy
Total: ~$13/mth spend by 50% or more
Indigo
AND
• 900 KSh install ($10)
• 120 KSh/wk ($1.40) has 8 hours of light for 2 rooms
+
Total: ~$6/mth mobile phone charging too
Azuri Technologies Ltd - CONFIDENTIAL
57. Go beyond the obvious
Energised
Work 80W 4
lights, phone, rad
io, TV, sewing
machine
Media 40W
4
lights, phone, rad
io, TV
Home 10W
4
lights, phone, rad
io
Light 3W
2 lights, phone
Disconnected
Azuri Technologies Ltd - CONFIDENTIAL
58. Build a vision (emergent strategy)
Energised home • Grid connection ~$400-800
• Bottom-up view of power
– Solar and battery cost is almost
TV linear i.e. little economy of scale
Lights
– Losses in distribution
– Centralised purchasing
Phone / • Un-Grid delivers power now
Internet – Appropriate solutions that build with
users needs
12V
Grid – New generation of low power, low
Fridge voltage appliances
Sewing
machine – Vision of future power usage
– Just as mobile replaced the landline
Azuri Technologies Ltd - CONFIDENTIAL
59. Indigo in Action
Studying with Kerosene lamp Studying with Indigo solar
Azuri Technologies Ltd - CONFIDENTIAL
61. Why we do it
Azuri Technologies Ltd - CONFIDENTIAL
62. No simple answer
• Joy of creating something new
• Exploring the unknown
• Potential for wealth
• Learning
• Recognition
• Impact
• Solving a puzzle
Azuri Technologies Ltd - CONFIDENTIAL
63. Success helps
Strongly
Agree
Agree
Disagree
86% Strongly
92% Disagree
Before: 2.3USD/week
Now:
0.3USD
6%
5% 0% 3%
3% 5%
• 100% strongly agreed Now I Now IIndigo, my household and I are saving time lighting and phone charg
with have have Indigo, my household’s expenditure on
the
statement “Now I have Indigo, I am
using less kerosene”
Azuri Technologies Ltd - CONFIDENTIAL
64. Particularly when it is demonstratively beneficial
On average each student is studying an extra
2.5 hours per day
"I do better at school now because I can complete
my homework every night" Indigo
User, Female, Class 8 Student
On average families are productive for an extra 3.2 hours per day
"I can open my shop for an extra 3.5hrs per day, instead of shutting at 6.30pm I stay open
until 10pm" Indigo user, male
Azuri Technologies Ltd - CONFIDENTIAL
66. Lessons
• We started in one place and finished somewhere quite
different
• Move fast and focus on the achievable
• Face reality: If it doesn‟t work / can‟t work – change!
• Be prepared to think outside the box
• Capture a vision
• Inspire others
• Keep innovating
Azuri Technologies Ltd - CONFIDENTIAL
67. “Today I live in the city”
- Mr Chabalala, Zambia
Azuri Technologies Ltd - CONFIDENTIAL