01 kick off seminar-intro
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The document provides an overview of an entrepreneurship seminar being conducted by professors Alexy and Milanov. It introduces the two instructors, Benedikt Maissenhalter and David Reetz, as well as the course objectives, sessions, and guest speakers. The 10 sessions will cover topics such as ideation, technology entrepreneurship, pitching, strategy, financing, and culminate in a final presentation. The document includes an agenda that defines entrepreneurship, discusses risk and uncertainty, analyzes a technology example, and outlines TUM's support for entrepreneurship.
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01 kick off seminar-intro
- 1. Maissenhälter, Reetz – Alexy, Milanow Kick-off 1 Advanced Topics in Entrepreneurship Benedikt Maissenhälter / David Reetz Prof. Dr. Oliver Alexy / Prof. Hana Milanov PhD Applied Business Venturing Kick-off
- 2. 2 Agenda Introduction to the Seminar What is Entrepreneurship? Entrepreneurship at TUM Course Admin
- 3. 3 Who are the instructors? David Reetz § Research Assistant at the Chair of Strategic Entrepreneurship § Education: ─ MSc in Innovation Management & Entrepreneurship (Manchester Business School) ─ M.A. in Industrial & System Design (University of Kassel) § Work Experience: ─ Co-Founder of Kaffeination Ltd ─ Design, Consulting (IT, Telco, Product + Business Development) § Research: Small firm survival strategies
- 4. 4
- 5. 5 Who are the instructors? Benedikt Maissenhaelter § Research Assistant at the Chair of International Entrepreneurship § Previously: Strategy Consultant ─ Advised multinational firms on corporate strategy, marketing, and M&A ─ Worked across Europe § Education: ─ M.A. in Finance (University of St. Gallen) ─ MSc in Economics (London School of Economics) § Research: Internationalization of Venture Capital Firms
- 6. 6 Who are the instructors? Prof. Hana Milanov, Ph.D. § Professor of International Entrepreneurship at TUM § Adjunct Professor at IE Business School, Madrid, Spain; IGBS in Zagreb, Croatia § Previously: Professor of Entrepreneurship, IE Business School (2007 – 2012) § Education: MSc and PhD in Entrepreneurship and Strategy, Kelley School of Business, Indiana University (2003 – 2007) § Advisory and Mentoring of Entrepreneurial Teams § Research: intersection of entrepreneurship, internationalization and social network perspective
- 7. Prof. Dr. Oliver Alexy § Professor of Strategic Entrepreneurship at TUM § First degree in Management Information Systems (Regensburg) § PhD in Innovation Management (TUM) § Post-doc & Lecturer in Innovation and Entrepreneurship (Imperial) § Job experience in Consulting, IT § Research on organizational design and firm capabilities ─ Start-up success factors, open models of innovation 7 Who are the instructors?
- 8. 8 Maissenhälter, Reetz – Alexy, Milanov Kick-off Getting to know you Who are you? Why entrepreneurship and why this course? What makes you entrepreneurial?
- 9. 9 Course Objectives Enable you to develop your own business idea in a high-tech environment Give you the fundamental skills to identify and enact on entrepreneurial opportunities Improve your team-working skills: You will work on a task and with a team you do not know yet
- 10. Session Date Time and Room Topic # 1 October 17, 2013 10.00-12.00 Room 0544 Kick-off # 2 October 24, 2013 9.00-15.00 Room 0544 Ideation & Creativity # 3 November 14, 2013 10.00-12.00 Room 0544 Technology & Entrepreneurship # 4 November 27, 2013 12.30-15.00 Room 6009 (Karlstr. 45) Elevator Pitch # 5 December 06, 2013 9.00-14.00 Room 0544 Strategy # 6 December 2013 TBA Route to Market and Operationalization # 7 January 2014 TBA 3-Day Field Trip to Berlin # 8 January 24, 2014 10.00-12.30pm Room 0544 Financing a Start-up # 9 January 30, 2013 14.00-17.30pm Room 6009 (Karlstr. 45) Slide Writing and Presentation Training # 10 February 04, 2014 10.00-14.00 Room Z536 Final Presentation and Course Wrap-up 10 Sessions
- 11. 11 How to identify an idea? Who to team up with?
- 12. 12 #2: Ideation & Creativity § Go beyond brainstorming to identify potential business ideas § Learn to think interdisciplinary, holistically, and user- centered from the beginning – and play to your strengths and goals § At the end of this class: have a pool of ideas to pick from and to further develop § Ideation contest 24.10.2013, 9am-3pm Room 0544, Luisenstraße 5 (Main Campus) Oliver Gerstheimer Managing Director chilli mind GmbH § Team formation (4 students) until 31st October 2013 § Topic check until 8th November 2013
- 13. 13 #3: Technology & Entrepreneurship § An introduction to entrepreneurship in a high-tech field § Tackling the challenge of starting a business and operationalizing a business opportunity § Experience the case study method § Harvard Business School case 800-252: E-Ink: Financing growth 14.11.2013, 10am-12pm Room 0544, Luisenstraße 5 (Main Campus) Prof. Hana Milanov, PhD Professor of International Entrepreneurship, TUM § Preparation of the assigned ‘Harvard case’ § Written Assignment (1/2 page, individually, deadline 12.11.2013, 23:59 via email)
- 14. 14 #4: Elevator Pitch § Evaluation of your ideas and assessment of potential markets & competitors § Pitch your early business opportunity while getting up to the 6th floor à make us interested! § Receive feedback from the jury and your peers § Win a prize for your project 27.11.2013, 12.30pm-3pm Room 6009, Karlstraße 45 “Jury” Andreas Liebl Laura Ebert Lidia Tseitlin Management Consultans § Hand in a short written description of your opportunity in advance, deadline 24.11.2013, 23:59 via email
- 15. 15 #5: Strategy § Work on a real-life business case, analyze a competitive situation of a company and develop a strategy § Familiarize with strategy development before applying it to your venture 06.12.2013, 9am-2pm Room 0544, Luisenstraße 5 (Main Campus) Sascha Peter Associate Partner Monitor Deloitte Strategy Consulting § Re-assess and test assumptions about your business idea § How can you operationalize it? § Which evidence do you have?
- 16. 16 #6: Route to Market – Operationalization § How to launch the venture and acquire customers § What are the challenges to consider when growing the business and key factors that investors are looking for § Which milestones need to be reached at what time to make the business likely to succeed? December 2013, TBA Moritz Werner Founder and Co-CEO at 21Diamonds § Continue refining your opportunity
- 17. 17 #7: Three-day Field Trip to Berlin § Coaching session during the train ride § Visit of start-ups, incubators, and institutions § Early – Mid January (tba) § Travel by train (we cover expenses)
- 18. 18 #8: Financing a Start-up § Insights and "war stories" on financing the growth of a successful start-up § Information on financing options § How to find and engage with investors § What to look for in investors & how to collaborate with them § How to successfully exit the start-up 24.01.2014, 10am-12.30pm Room 0544, Luisenstraße 5 (Main Campus) Sebastian Bärhold Co-founder & CFO Amiando § Prepare a first version of your final pitch!
- 19. 19 #9: Slide Writing & Presentation Training § Effective and professional communication of business idea § Slide writing training (90 min) § Presentation training (90 min) 30.01.2014, 2-5.30pm Room 6009, Karlstraße 45 Tobias van der Linden Stefan Drüssler Management Consultants § Refine and rehearse your final pitch
- 20. #10: Final Presentation § Final team presentations (10 min presentation, 10-15 min Q&A) § Panel of entrepreneurs and venture capitalists § Reflecting the course 04.02.2014, 10am-2pm Room Z536, Luisenstraße 5 (Main Campus) § Use the feedback provided and include it in your final report (deadline 13.03.2014) § Optional: For the Intel Business Challenge – make sure you have an advanced version of your business plan by now 20
- 21. 21 Maissenhälter, Reetz – Alexy, Milanov Kick-off
- 22. 22 Agenda Introduction to the Seminar What is Entrepreneurship? ─ Key Elements of Entrepreneurship ─ Risk and Uncertainty ─ Thinking about Applications for a Technology ─ Success Factors in Implementation Entrepreneurship at TUM Course Admin
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- 24. Entrepreneurship is the process of creating something new and assuming the risks and rewards. Four aspects of being an entrepreneur: • Involves creation process • Requires devotion of time and effort • Involves rewards of being an entrepreneur • Requires assumption of necessary risks 24 Key elements of entrepreneurship
- 25. 25 Hairdresser shop Mining on the moon How do these two business ideas differ?
- 26. § Risk: when the probability of an outcome is possible to calculate or is knowable § Uncertainty: when the probability of an outcome is not possible to determine or is unknowable (Knight, 1921) ? Risk Uncertainty 26 Risk & Uncertainty in Entrepreneurship
- 27. 27 Technology Example HyperSonic Sound “…will force people to rethink their rela1onship with sound, as the arrivals of the phonograph, the telephone and the Walkman have done before."
- 28. 28 The idea behind the technology
- 30. 30 Summary of Technology § Applies the concept of focusing light to the area of sound § Traditional speakers do not allow targeted use – sound spreads out widely and without control § HSS focuses sound and thus directs its use § Non-target areas remain perfectly silent
- 31. 31 Maissenhälter, Reetz – Alexy, Milanov Kick-off What applications / business opportunities do you see for this technology?
- 32. 32 Selected Applications § Advertising: targeted ads at specific spots § Concerts: same audio quality and volume throughout the venue § Military: decoy sounds, psychological warfare, physical weapon § Noise reduction: uses for e.g., snoring or road noise § Cars: separate entertainment zones
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- 35. 35 Agenda Introduction to the Seminar What is Entrepreneurship? Entrepreneurship at TUM Course Admin
- 37. • Further development of the pro-active TUMentrepreneurship spin-off process • Transfer of entrepreneurial know-how from research to practice • Development of best practice methods for start-ups Goal Durchführung 37 Entrepreneurship Research
- 38. 38
- 39. 39 Agenda Introduction to the Seminar What is Entrepreneurship? Entrepreneurship at TUM Course Admin
- 40. 40 Course Assessment Final Pitch of the Business Idea (team grade) Business Opportunity Report (team grade) 25% Elevator Pitch (team grade) Active Class Participation (individual grade) 30% 10% 35%
- 41. 41 § Individual grade – 35% of the final mark § Most lectures will be delivered by external experts – participate and engage in the conversation § Listen to what your classmates do and provide feedback when appropriate. § Be prepared to quickly present the status of your work to allow for feedback and to accelerate the development of your idea § The course design requires, that you work on your business idea throughout the course Active Class Participation
- 42. 42 § Team grade – 10% of the final mark § + Prize § 27th November 2013, Room 6009 at Karlstraße 45, 6th floor, 12.30-3.00pm) § Go in the elevator à pitch your idea à make us interested! § Submit 1-2 pages with a succinct description of your business idea and your planned approach ─ Basis of your pitch and of the feedback you will receive ─ Prepare a peer review for one of the other group’s idea ─ Submission deadline: 24.11.2013, 23.59pm Elevator Pitch
- 43. 43 § Team grade – 30% of the final mark § 4th February 2014, Room Z536 (10am-2pm) § 10 minutes pitch delivering the final results (subsequent Q&A) § Clearly convey the business opportunity, lay out the steps to undertake to execute it and convince investors § We have invited a panel of venture capitalists and entrepreneurs - You will receive feedback to further improve your business idea and work on your report § Session #9 will equip you for this event Final Pitch of your Business Idea
- 44. 44 § Team grade – 25% of the final mark § A business opportunity report is not a business plan § Business opportunity report - Idea description - Market analysis - Competitor analysis - Business Model - Financials § Final submission deadline 13th March 2013 (no hurry, but we expect quality) § Optional: Intel Business Challenge (aim for mid February) Business Opportunity Report
- 45. § This course mainly has a practical focus § We will NOT assign purely academic papers § Readings, videos, websites will have practical value for your project -> They will be assigned and uploaded on Moodle for each session Literature 45
- 46. § Hisrich, R.D.; Peters, M.P. & Shepherd, D.A. (2010): Entrepreneurship; McGraw-Hill, 8th Edition. § Burns, P. (2011). Entrepreneurship & Small Business – Start up, growth, & maturity, Palgrave MacMillan, 3rd Edition. § Knott, A.M. (2011). Venture Design, Sage, 2nd Edition. However,... 46
- 47. 47 Maissenhälter, Reetz – Alexy, Milanov Kick-off Questions?
- 48. What do I have to do until next week? Little task from Oliver Gerstheimer who will teach session #2 on ideation next week: Again, it is about you as an enterprising individual: § Think about your special skills and expertise § Identify what kind of entrepreneur you would like to be - Which industry could you imagine to work in? - How would you like to make money? - From your gut feeling – which type of entrepreneur would you be? 48
- 49. 49 Thank you and see you next week! TUM Entrepreneurship Research Institute Follow us on