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Presentation on theme: "We will start momentarily at 2pm ET Contact ACS Webinarsat Download the presentation and slides ONE WEEK after the."— Presentation transcript:

1 We will start momentarily at 2pm ET Contact ACS Webinarsat Download the presentation and slides ONE WEEK after the webinar: 1

2 Have Questions? Use the Questions Box! Or tweet using #acswebinars Contact ACS Webinarsat 2 Download the presentation and slides ONE WEEK after the webinar:

3 How has ACS Webinars benefited you? Be a featured fan on an upcoming webinar! Write to Fan of the Week 3 Your speakers are the best!! They are subject matter experts, and these webinars enrich my knowledge of a subject so much in just one hour. The convenience of the webinars is fantastic!" Donna Bush, Ph.D. Forensic Toxicologist, HHS TM

4 TO DESCRIBE ACS WEBINARS… THANK YOU FOR THE SUBMISSIONS! Contact ACS Webinars at ONE WORD excellent informative fascinating entertaining educational outstanding engaging stimulating inspiring brilliant convenient enlightening engrossing diverse habit-forming enthusiastic insightful spellbinding accessible free superb unique creative timely illuminating professional informational fantastic eclectic useful resourceful precise intriguing edutainment Brainsnack 4

5 If you enjoy ACS Webinars every Thursday… please support the program! 5 Find the many benefits of ACS membership! ACS Network (search for group acswebinars)

6 Tweet your ChemLuvLines to #acswebinars Contact ACS Webinars at Got Chem Love? 6

7 Congratulations to our last months book winner! 7 Find Im There For You, Baby on Dr. Jamison Jackson, Scientist Analyst, Ingredient Quality The Coca-Cola Company

8 8 International Center Webinar Series Free Webinar - May 22, 2013 at 2:00PM EST Working abroad has many benefits… Work alongside scientists from across the globe Grow professionally and personally Gain a global perspective Brush up on your foreign language skills Experience a different culture Enhance your resume! You will find more international opportunities at the International Center

9 9 See all of our ACS Webinets on YouTube at Feeling short on time? ACS Webinets are 2 minute segments that bring you valuable snippets from some of our most popular full length ACS Webinars Q: Hungry for a brain snack? A: on TM

10 Upcoming ACS Webinars Thursday, May 23, 2013 The Transition from Graduation to a Career in Industry Ms. Anne DeMasi, Hazard Communications Manager, Chemtura Dr. Michael Abrams, Principal Scientist, Arkema Ms. Dawn Mason, HR Manager, Eastman Chemical Company Thursday, May 30, 2013 How to Catch a Poisoner – The Sequel Ms. Deborah Blum, Pulitzer-Prize Winning Science Author Dr. Darren Griffin, University of Kent Contact ACS Webinars at 10

11 Upcoming ACS Webinars Everyone today must think like an entrepreneur whether its in your own business, a large corporation or a nonprofit organization. Continues Thursday, June 20, 2PM EST Learning how to develop the next big start-up has never been so entertaining! ACS members who attend 7 out of 9 sessions get a Certificate of Completion. Contact ACS Webinars at 11

12 Acknowledgement: The 2013 Chemical Entrepreneurship Series is co-produced by UC San Diego von Liebig Entrepreneurism Center. 12 Contact ACS Webinarsat

13 Stay tuned for your chance to win! 13 Success, failure, joy, pain and rejection. Neil Senturia shares the ups and downs of his entrepreneurial life and the lessons-rules-that hes learned and how they apply to all of our lives. The book reads like Neil talks (with the occasional four letter word!). Be prepared for a humorous and insightful read. Find Im There For You, Baby on

14 Business Model Analysis: How will your company make money? Download the presentation ONE WEEK after webinar: ACS WEBINARS May 16, 2013 Neil Senturia CEO, Blackbird Ventures Barbara Bry COO, Blackbird Ventures 14 Co-produced with UC San Diegos von Liebig Center

15 Developing a Viable Business Model How will my company make money? American Chemical Society May 16, 2013 Barbara Bry and Neil Senturia

16 Definition of a Business Model Summation of the core business decisions and trade-offs employed by a company to earn a profit (HBS Note on Business Model Analysis) 1. Revenue sources 2. Key expenses 3. Investment size 4. Critical success factors

17 Question Which is more important early on in your company? 1.Getting revenue early 2.Developing a complete product

18 Lean Business Model Build a minimally viable product defined by Eris Reis as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. Get customer feedback quickly Pivot based on feedback Eric Reis by Margot Duane 2012

19 Revenue Sources Customer: Who are you selling to? What are their problems/needs? Value Proposition: What value do we deliver that is better than other solutions?

20 Why Althea? Experience Flexibility Scalability Customized Solutions Reliability 20

21 Proflowers.com A large market and the convenience of shopping online wont cut it What is the problem youre trying to solve? – Flowers arent fresh: 7-9 days in transit – Flowers are expensive: Inefficient middlemen – Florists lack quality incentive – What you see is not always what you get

22 If the supply chains broke – fix it Grower Importer/ Distributor Wholesaler Retailers and Internet Order Takers Consumer Grower 2 days 2-3 days 2-5 days 1-2 days Brick & Mortar Proflowers.com INTERNET Elapsed Time: 9-12 Days 2-3 Days Consumer

23 Todays ECG/EEG sensors, however: - Require adhesives and skin-irritating gels - Number one patient complaint against mobile ECG/EEG devices - Need for new, patient-friendly, sensor technologies - Large usability barrier outside of laboratory environments ECG/EEG: - Simple to build - Inexpensive to use - Non-invasive for the subject - Widely used in clinical and research settings - Diagnostically useful information Motivation

24 Question Is it better to develop a quicker smaller idea or a bigger idea that requires more time/$ ? 1.Work on a smaller idea– a feature– that you can develop quickly and cheaply 2. A bigger idea– complete product– that requires more time and money

25 Revenue Models 1. Subscription – SalesForce.com, Netflix You can make it free for basic service, charge for premium– LinkedIn 2. Volume or unit based – customers pay a fixed price per unit– scientific products, restaurant, Proflowers– Razer/Razer blade model is common for some scientific products and medical devices 3. Advertising based – Google, Yahoo, TV, radio

26 Revenue Models continued 4. Licensing and Syndication – Big pharma pays licensing fees for your technology 5. Transaction Fee – Charles Schwab Photo by Symode09

27 Expenses 1. Fixed – rent, management team, core scientists 2. Variable materials, lab equipment, sales commissions 3. Non-recurring – buying a building, new computers Think about your core competencies– What do I need to do in-house? What can I outsource? *Photo Top Right -Experimenters taking an X-ray with an early Crookes tube apparatus, from the late 1800s. The upper man is examining the bones of his hand with a fluoroscope screen. The lower man is taking a radiograph of his hand with a photographic plate.

28 Major Costs 1. People – at what points in your growth curve do you need to add more scientists, customer service reps, administrative overhead? 2. Inventory more important in manufacturing, what supplies do you need to keep on hand? 3. Rent

29 Major Costs 4. Marketing-Advertising – How much is it going to cost you to acquire and retain a customer? How long is your sales cycle? How long before you get paid?

30 Customer Acquisition and Retention How are you going to reach your customer? - Your own sales force - Someone elses sales force - Distributors - Internet - Combination How are you going to manage the long-term relationship with your customer so that they continue buying from you?

31 Cost Analysis 1. Is business model based on fixed, semi-variable or non-recurring? 2. How much volume can we do with our starting fixed base? 3. What primary drivers could change over time? 4. What are the major costs?

32 Investment Size How much money do we need to raise until we reach break even? How long and how much money will it take to develop my product? How quickly can I sell the product to the customer? When will I get paid? What milestones can we achieve with X $$?

33 Critical Success Factors 1. Timing and cash flows 2. Select 3-4 of the most important parameters– sales growth, new customer acquisition rate (and costs) 3. Look at what happens to your cash needs when you change the parameter, both up and down.

34 Keyword for today! Falafel Receive a Certificate of Completion! For more info visit: Photo by Janek Mann

35 Resources Why the Lean Start-Up Changes Everything by Steve Blank, Harvard Business Review, May 2013 Note on Business Model Analysis Harvard Business School

36 And now your chance to win! 36 Facebook.com/acswebinars or To be a successful entrepreneurial scientist you need ___________ ?

37 Questions & Answers We want to hear whats on your mind? Photo courtesy of Brevin Blach

38 Business Model Analysis: How will your company make money? Download the presentation ONE WEEK after webinar: ACS WEBINARS May 16, 2013 Neil Senturia CEO, Blackbird Ventures Barbara Bry COO, Blackbird Ventures 38 Co-produced with UC San Diegos von Liebig Center

39 Acknowledgement: The 2013 Chemical Entrepreneurship Series is co-produced by UC San Diego von Liebig Entrepreneurism Center. 39 Contact ACS Webinarsat

40 How has ACS Webinars benefited you? Be a featured fan on an upcoming webinar! Write to Fan of the Week 40 Your speakers are the best!! They are subject matter experts, and these webinars enrich my knowledge of a subject so much in just one hour. The convenience of the webinars is fantastic!" Donna Bush, Ph.D. Forensic Toxicologist, HHS TM

41 Stay Connected… LinkedIn (search group for acswebinars) Contact ACS Webinarsat 41

42 Upcoming ACS Webinars Thursday, May 23, 2013 The Transition from Graduation to a Career in Industry Ms. Anne DeMasi, Hazard Communications Manager, Chemtura Dr. Michael Abrams, Principal Scientist, Arkema Ms. Dawn Mason, HR Manager, Eastman Chemical Company Thursday, May 30, 2013 How to Catch a Poisoner – The Sequel Ms. Deborah Blum, Pulitzer-Prize Winning Science Author Dr. Darren Griffin, University of Kent Contact ACS Webinars at 42

43 Upcoming ACS Webinars Everyone today must think like an entrepreneur whether its in your own business, a large corporation or a nonprofit organization. Continues Thursday, June 20, 2PM EST Learning how to develop the next big start-up has never been so entertaining! ACS members who attend 7 out of 9 sessions get a Certificate of Completion. Contact ACS Webinars at 43

44 44 International Center Webinar Series Free Webinar - May 22, 2013 at 2:00PM EST Working abroad has many benefits… Work alongside scientists from across the globe Grow professionally and personally Gain a global perspective Brush up on your foreign language skills Experience a different culture Enhance your resume! You will find more international opportunities at the International Center

45 And now your chance to win! 45 Facebook.com/acswebinars or To be a successful entrepreneurial scientist you need ___________ ?

46 If you enjoyed this ACS Webinar today… please support the program! Find the many benefits of ACS membership! ACS Network (search for group acswebinars) 46

47 ACS Webinars does not endorse any products or services. The views expressed in this presentation are those of the presenter and do not necessarily reflect the views or policies of the American Chemical Society. 47 Contact ACS Webinarsat

48 Upcoming ACS Webinars Thursday, May 23, 2013 The Transition from Graduation to a Career in Industry Ms. Anne DeMasi, Hazard Communications Manager, Chemtura Dr. Michael Abrams, Principal Scientist, Arkema Ms. Dawn Mason, HR Manager, Eastman Chemical Company Thursday, May 30, 2013 How to Catch a Poisoner – The Sequel Ms. Deborah Blum, Pulitzer-Prize Winning Science Author Dr. Darren Griffin, University of Kent Contact ACS Webinars at 48


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