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Tcm step 3 venture assessment

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Introduction to the Innovatiopn SPACE Technology Commercialisation Model STEP 3 Venture Assessment

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Tcm step 3 venture assessment

  1. 1. “Will your product or venture opportunity make a profit?” Innovation SPACE© Technology Commercialization Model Phase 1 : CONCEPT Stage 1 : DISCOVERY Step 3 : VENTURE ASSESSMENT
  2. 2. The Technology Commercialisation Model SCIENCE & TECHNOLOGY MARKET ENTERPRISE / BUSINESS CONCEPT PHASE STAGE 1 : DISCOVERY Step 1 Technology Analysis Step 2 Market Needs Analysis Step 3 Venture Assessment CREATION PHASE STAGE 2 : DO-ABILITY Step 4 Technical Feasibility Step 5 Market Study Step 6 Economic Feasibility STAGE 3 : DESIGN Step 7 Engineering Prototype / Pilot Plant Step 8 Strategic Marketing Plan Step 9 Strategic Business Plan STAGE 4 : DEPLOYMENT Step 10 Pre-production Prototype Step 11 Market Validation Step 12 Business Start-Up COMMERCIAL PHASE STAGE 5 : DELIVERY Step 13 Production Step 14 Sales & Distribution Step 15 Business Growth STAGE 6 : DOMINATION Step 16 Production Support Step 17 Market Diversification Step 18 Business Maturity
  3. 3. Step 3: Venture Assessment Will this product or venture opportunity make a profit? • When market research is complete and the entrepreneur is convinced the product can be made and there is sufficient market demand to justify production, the final step of the investigation stage is the Venture Assessment. This step initially involves answering a series of questions in logical sequence: Does it make more sense to license this product opportunity to a company that can take it to market, or does the entrepreneur have the resources and ability to pursue a commercial venture? If the answer is “yes” to licensing, the next questions are: who are the potential licensees, how much additional development work is required to secure a license, and what are the standard license fees and royalty rates in the industry? If, on the other hand, the entrepreneur decides to pursue a venture, the next questions are: what experts are needed, how much and what kind of capital will be required, and what role will the founder play in the venture? The ultimate question, however, is: will this venture opportunity generate sufficient return on investment to justify the risk? • Definition: The process of determining whether the business opportunity demonstrates profit potential. • Objective: The objective of the venture assessment is to determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research. • Product: The product of this step is a brief description of the business model. • Business Activities: The research activities common to this step are those necessary to demonstrate that the concept will generate a profit and that the organization is capable of taking the product to market. • During the conceptual phase at least the following activities must be completed: • • Identify financial, physical, and human resources required for commercialization; • Identify the status of intellectual property requirements; • Establish a positive profit potential • Milestones: Preliminary cost and revenue estimate • Funding Sources: Personal finance, Friends and family • Business Information: Completion of the conceptual business step will usually result in an estimate of the revenues and costs of product sales, identification of source and use of capital for the development phase. • Key Questions : • Do you have experience in launching a business enterprise? Does this venture appear to have profit potential? Are you the right person to commercialize the product? Is your enterprise the right one to commercialize the product? Have you estimated the resources (capital and service providers) required to launch your venture? Have you researched the intellectual property considerations?
  4. 4. KEY QUESTIONS 1. Do you have experience in launching a business enterprise? 2. Does this venture appear to have profit potential? 3. Are you the right person to commercialize the product? 4. Is your enterprise the right one to commercialize the product? 5. Have you estimated the resources (capital and service providers) required to launch your venture? 6. Have you researched the intellectual property considerations?
  5. 5. Do it yourself (DIY) or LICENSE IT? 5 Automatic hierarchical categorization of music by metadata Patent number: 6928433 Filing date: Jan 5, 2001 Issue date: Aug 9, 2005 Application number: 9/755,723 A method, performed by software executing on the processor of a portable music playback device, that automatically files tracks according to hierarchical structure of categories to organize tracks in a logical order. A user interface is utilized to change the hierarchy, view track names, and... Inventors: Ron Goodman, Howard N. Egan Assignee: Creative Technology LTD Source: bbc.co.uk 30th August 2005
  6. 6. SPOT the DIFFERENCE
  7. 7. Patent Litigation 7Source: bbc.co.uk 30th August 2005 Creative wins MP3 player patent One of Apple's main rivals, Creative Technology, has been awarded a patent in the US for the interface used on many digital music players. "The first portable media player based upon the user interface covered in our Zen Patent was our Nomad Jukebox MP3 player," said Creative CEO Sim Wong Hoo. "The Apple iPod was only announced in October 2001, 13 months after we had been shipping the Nomad Jukebox based upon the user interface covered by our Zen Patent." In its press release, Creative said Apple had filed for a patent for a user interface in a multimedia player in late 2002, but its application had been recently rejected. On 24 August 2006, Apple and Creative announced a broad settlement to end their legal disputes. Apple will pay Creative US$100 million for a paid-up license, to use Creative's awarded patent in all Apple products. As part of the agreement, Apple will recoup part of its payment, if Creative is successful in licensing the patent.
  8. 8. MAKING the FIRST MILLION Financial Modeling your Business
  9. 9. BREAK EVEN ANALYSIS (Net Profit = $0) ($500,000.00) $0.00 $500,000.00 $1,000,000.00 $1,500,000.00 $2,000,000.00 $2,500,000.00 $3,000,000.00 0 20,478 40,955 61,433 81,910 102,388 122,865 143,343 163,820 184,298 204,776 DOLLARS SALES VOLUME (UNITS) Breakeven Analysis Chart FIXED COSTS PER PERIOD TOTAL COSTS TOTAL SALES NET PROFIT (LOSS) ($6,000.00) ($4,000.00) ($2,000.00) $0.00 $2,000.00 $4,000.00 $6,000.00 $8,000.00 $10,000.00 0 69 139 208 278 347 416 486 555 624 694 DOLLARS SALES VOLUME (UNITS) Breakeven Analysis Chart FIXED COSTS PER PERIOD TOTAL COSTS TOTAL SALES NET PROFIT (LOSS) ($6,000.00) ($4,000.00) ($2,000.00) $0.00 $2,000.00 $4,000.00 $6,000.00 $8,000.00 $10,000.00 0 69 139 208 278 347 416 486 555 624 694 DOLLARS SALES VOLUME (UNITS) Breakeven Analysis Chart FIXED COSTS PER PERIOD TOTAL COSTS TOTAL SALES NET PROFIT (LOSS)
  10. 10. ($500,000.00) $0.00 $500,000.00 $1,000,000.00 $1,500,000.00 $2,000,000.00 $2,500,000.00 $3,000,000.00 0 20,478 40,955 61,433 81,910 102,388 122,865 143,343 163,820 184,298 204,776 DOLLARS SALES VOLUME (UNITS) Breakeven Analysis Chart FIXED COSTS PER PERIOD TOTAL COSTS TOTAL SALES NET PROFIT (LOSS) BREAK EVEN ANALYSIS (Net Profit = $1m)
  11. 11. SALES MODEL (3-month Target over 3 years) SALES VOLUME PER PERIOD (UNITS) 0 20,478 40,955 61,433 81,910 102,388 122,865 143,343 163,820 184,298 204,776 SALES PRICE PER UNIT $12.50 $12.50 $12.50 $12.50 $12.50 $12.50 $12.50 $12.50 $12.50 $12.50 $12.50 FIXED COSTS PER PERIOD $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 $3,400.00 VARIABLE COSTS $0.00 $155,629.39 $311,258.78 $466,888.16 $622,517.55 $778,146.94 $933,776.33 $1,089,405.71 $1,245,035.10 $1,400,664.49 $1,556,293.88 TOTAL COSTS $3,400.00 $159,029.39 $314,658.78 $470,288.16 $625,917.55 $781,546.94 $937,176.33 $1,092,805.71 $1,248,435.10 $1,404,064.49 $1,559,693.88 TOTAL SALES $0.00 $255,969.39 $511,938.78 $767,908.16 $1,023,877.55 $1,279,846.94 $1,535,816.33 $1,791,785.71 $2,047,755.10 $2,303,724.49 $2,559,693.88 NET PROFIT (LOSS) ($3,400.00) $96,940.00 $197,280.00 $297,620.00 $397,960.00 $498,300.00 $598,640.00 $698,980.00 $799,320.00 $899,660.00 $1,000,000.00 TOTAL COSTS $8,597,016.33 Conservative ROI 0.6 X Less ACCUM ULATED PROFIT $5,481,300.00 CAPITAL REQUIRED $3,115,716.33 Optimistic ROI 1.8 X
  12. 12. HOW MUCH STARTUP CAPITAL?  STRUGGLING CASE (PESSIMISTIC) ROI Multiple Less than 1.0 X SURVIVOR CASE (OPTIMISTIC) ROI Multiple Greater than 1.0 X INVESTOR CASE (CALCULATED RISK) ROI Multiple Greater than 10.0 X TOTALCOSTS $8,597,016.33 LessACCUMULATEDPROFIT$5,481,300.00 CAPITALREQUIRED$3,115,716.33
  13. 13. THE FINAL ASSESSMENT Ask me about my 1mdb (One Million Dollar Business)
  14. 14. SIX HATS ASSESSMENT of VENTURE ACCESS TO THE INDUSTRY 1. GOVERNMENT (POLITICS, REGULATIONS, LEGAL) - WHITE 2. FUNDERS (BANKERS, INVESTORS) - BLACK 3. SUPPLIERS – YELLOW 4. BUYERS (DISTRIBUTORS) - BLUE 5. CONSUMERS (COMMUNITIES, ENVIRONMENT, SOCIAL, CULTURAL, ETHICS) - RED 6. COMPETITORS (DIRECT, SUBSTITUTES, COMPLEMENTORS) - GREEN
  15. 15. LET’S ROLE PLAY
  16. 16. Summary of Industry Competitiveness
  17. 17. “No Competition Please…”
  18. 18. X-Factor Test for Venture Capital Investor 1. Quality of Management Team 2. Size of market 3. Product qualities (uniqueness, brands, patents) 4. Intensity of competition 5. Market growth rate 6. Barriers to entry 7. Company’s stage of development 8. Industry where company is

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