Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea Jon Obermeyer Jon Obermeyer, Director of External Education and Outreach at Wake Forest University Institute for Regenerative Medicine, and former CEO of the Piedmont Triad Entrepreneurial Network (PTEN), will be our dynamic lunchtime speaker providing us with a toolkit for developing entrepreneurial ideas. Entrepreneurs seeking venture capital follow a standard format for attracting outside investment, using six topic areas to describe concisely and compellingly the viability of a new product or service. This same process can be used for library professionals to articulate and promote their innovative concept to peers, administrators and strategic partners. Return-on-investment for this session will include an understanding of what makes a new idea compelling and more likely to be successful in execution, as well as a one-page template participants can use following the conference.

1. Stacking the Odds for Success: A Six-Stage Process to Articulate and Promote Your Entrepreneurial Idea Inspiration, Innovation, Celebration Conference June 3, 2009 Jon Obermeyer, Director of External Education and Outreach

4. Defining Entrepreneurship

5. Entrepreneurship

6. Entrepreneurs Learn on the Fly Not exactly like the crosswind in the flight simulator….

7. Entrepreneurs Without Borders “ There’s quite a bit we can learn from a company like Dell.” – Dr. Steven Nichtberger, CEO, Tengion CHILE BOLIVIA

8. Elm Street Entrepreneur A Tale of Pneumonia, Blue Gum Eucalyptus, the 8 th Largest Company in the World, Greensboro’s Center for Creative Leadership, and Potential Cures for Diabetes, Cancer and CNS Disorders

9. Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub ® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil ®

10. Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub ® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil ® 1985 Vick Chemical Acquired by Procter & Gamble P&G 2 Greensboro plants 850 employees 5 th largest taxpayer Sure, Secret, Crest, Old Spice

11. Solve a Problem, Leave a Legacy 1890’s Worldwide Pneumonia Outbreak 1891 Greensboro pharmacist Lunsford Richardson formulates salve 1912 Smith Richardson (son) rebrands compound as VapoRub ® Company renamed Vick Chemical 1918 Flu epidemic revenue: $2.9 million 1950’s - 1960’s Cold & Flu: Formula 44, NyQuil ® 1985 Vick Chemical Acquired by Procter & Gamble P&G 2 Greensboro plants 850 employees 5 th largest taxpayer Sure, Secret, Crest, Old Spice 1970 Smith Richardson Foundation seeds Center for Creative Leadership VapoRub ® Multiplier - Vanguard Cellular (1999:$1.5B to AT&T) - TransTech Pharma - Buzz Off

13. Return on Innovation (ROI) Entrepreneurs Who Solve Large Problems Create: 1. New products and services 2. New business models 3. Entire industries 4. High-wage jobs 5. Jobs requiring minimum of an Associates degree 6. Transition for down-sized corporate executives 7. Sophisticated supplier networks 8. Corporate Headquarters 9. Churn, adaptive behaviors and a culture of risk 10. Wealth and philanthropy

15. No Librarian Left Behind Entrepreneurial Fluency Means a Place on the Bus

18. The Entrepreneurial Process Commercialization Idea Exit

19. The Entrepreneurial Process Commercialization Idea Proof of Concept Exit Create Going Concern Remove Technical Risk Remove Market Risk

20. The Entrepreneurial Process Commercialization ROI ROI Idea Proof of Concept Seed Funding Exit Initial Public Offering Acquisition Profits Debt and Venture Funding Remove Technical Risk Remove Market Risk Create Going Concern

21. 80% Failure Rate for Start-Ups Commercialization alley of Death alley of Death Idea Proof of Concept Exit Remove Technical Risk Remove Market Risk Create Going Concern

22. The Steepest Slope of All Commercialization alley of Death alley of Death Incline of Inexperience Idea Proof of Concept Exit Remove Technical Risk Remove Market Risk Create Going Concern

23. Focus on the Footings

24. Six Steps Problem “Exit” Team Solution “Product” Funding