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Christopher Ehlert Łukasz Czekański Leily Javidfard Inês Rocha Stéphane Vranckx Aleksandra Zielińska Final Evaluation – Spin-off in Chemistry.

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Presentation on theme: "Christopher Ehlert Łukasz Czekański Leily Javidfard Inês Rocha Stéphane Vranckx Aleksandra Zielińska Final Evaluation – Spin-off in Chemistry."— Presentation transcript:

1 Christopher Ehlert Łukasz Czekański Leily Javidfard Inês Rocha Stéphane Vranckx Aleksandra Zielińska Final Evaluation – Spin-off in Chemistry

2 Our know-how: Nano-encapsulation Large variety of potential applications, including cosmetics New (unpublished) results from REQUIMTE (Porto University) Completely safe / bio-compatible Similar patent: (European Patent A1)http://tinyurl.com/patentA1

3 Our product: Spray-on perfume nanocapsules May be used on clothing or directly on skin –Safe on contact and by inhalation –Doesnt stain fabric Delivers perfume: –Gradually during the day thanks to natural friction and nanocapsule permeability –Whenever desired by gently rubbing the skin or fabric

4 Our market: Brazilian middle class Biggest market for cosmetics million US$ and growing « Social media capital of the world » (> 90 million regular internet users) Strong disposition to buying online Online advertisement and sales Large middle-class market willing to pay 100 per 50 mL of perfume « Brazil is already the largest fragrance market in the world », Cosmeticos.br (2011) « Breaking into Brazil », Laura Snoad, Marketingweek.co.uk (2012) « Brazil: A Social Media Marketers' Gold Mine », Christian Arno, Socialmediatoday.com (2013)

5 Our model However, high Brazilian import tax Production in Brazil R&D in Portugal: –Research infrastructures Need to buy a fragrance Need for spray bottles, … Need to build a network!

6 Locations and collaborations Portugal academic research: –Professor Ana Cristina Freire Portugal cosmetic companies: –Castelbel (distribution to Brazil!) – ACH.Brito Preliminary contacts in Brazil: –Patrícia Sgarbi Lima, Cosmetic (Natura) –Ruandro Victor Knapik, Representative R&D (Boticarío Group)

7 Locations and collaborations – Portugal Collaborations with other institutions Material Center of University of Porto (CEMUP) Dr Carlos Moreira de Sá Electronic Microscopy Unit (UME) Dr. Pedro Tavares Nanosctrutured Material and nanotechnologies Laboratory (NanoLab) Eng. Patrícia Carvalho Colep Eng. Sofia Costa Centre for Nanotechnology and Smart Materials (CeNTI) Eng. Ana Ribeiro

8 Business Plan Prototype Market Scale-up Patent Proof of concept Improve the team Family Friends Researchers Grants Manager Accountant Scale-up, production R&D Lawyer Investors

9 Funding, collaborations and contests Invention Innovation Transfer of Technology Incubators Contests

10 Skills needed in our spinoff PersonFormation Management Inês Rocha PhD in Physical Chemistry Erasmus for Young Entrepreneurs Accounting Christopher Ehlert PhD student in Theoretical Chemistry Masters in Solvay Business School R&D Łukasz Czekański PhD student in Organic Chemistry Finishing his Adam Mickiewicz University Mass production Stéphane Vranckx PhD student in Physical Chemistry 2nd year Master in Industrial École Centrale Paris Sales/Marketing Leily Javidfard SerpChem student Formation in Marketing CAM Foundation (Online course) Public relations Aleksandra Zielińska Master in Chemistry and Cosmetology Contact with relevant companies, Possible internships Laws / RegulationsTo be hiredN/A Hire someone with knowledge of relevant laws and regulations in Brazil and Europe

11 Marketing targets: travelers Beyond internet sales in Brazil, expand to: –World market –Sales in shops R&D: –Other applications of nanocapsules Perspectives

12 We thank all those who helped us build and improve this project through constructive discussion: –Salvatore Majorana –Cristina Freire –All professors of the SoSMSE school Acknowledgments

13 Additional information

14 Why create a spinoff? Interesting research result with practical application Potentially big return on time/money investment Even in case of failure, incredible professional experience: –Intimate knowledge of the inner working of a business –New experiences, far from usual academic work –Personal development –Create our own network

15 Intellectual property Nanocapsules (unpublished research result) = our main intellectual property Patent the process of encapsulating products in this specific kind of nanocapsules Protection of our original results Possible licensing Later on: potential potenting of new processes Logo, commercial name, … : to be trademarked Patents should cover at least Europe and Brazil European Patent A1 European Patent B1 European Patent A1

16 Often used by small companies instead of patenting, but: –High risk of accidental or voluntary diffusion (if somebody leaves the company for a higher-paying job, …) Our original results are our biggest asset Need to be protected, even at high financial cost In Brazil, Europe, … IP protection - Why not trade secrets?

17 Our team ChristopherŁukaszLeilyInêsStéphaneAleksandra Management Accounting R&D Mass production Sales/Marketing Public relations Laws / Regulations Small company Specific roles, with flexibility Complementarity of our skills with slight overlap Allows for temporary replacement of one person

18 Why PhDs? « Un docteur? Une vraie plus-value pour lentreprise! », References.be (2011) Experience in research Strong problem-solving skills Used to work in multicultural and multidisciplinary teams Adaptative and flexible Able to see very long projects through Fast learners with good organizational, time management skills In our case: very diverse expertise (nanomaterials, organic chemistry, …)

19 Locations and collaborations – Portugal Requimte –Semi-private laboratory working in collaboration with Porto University –Use of their infrastructures for our initial R&D –Master and PhD Students with their own grants Contact: –Professor Ana Cristina Freire

20 Manufacturer of cosmetics, personal care, beauty, homecare and consumer healthcare products Spray manufacturers

21 Most perfume brands dont produce their own fragrances Bought from specialized companies! Possible creators of our fragrance: –Castelbel –Givaudan –Firmenich –IFF –Symrise –Takasago –… « Flavor & Fragrance Industry Leaders », Leffingwell & Associates Fragrances

22 Some other applications of nanocapsules Cancer treatment: Water soluble polymer shells that deliver directly into the nucleus a protein that only kills cancer cells Self-healing materials: healing of cracks in microelectronics, polymer coating, … Food: modification of textures, flavorings, colorings, shelf-life, … « Nutraceuticals »: encapsulation in lipids or polymers of substances that enhance nutrition …

23 Composition of the nanocapsules General name for capsules of 10 nm nm Various polymers: –Polybutylcyanoacrylate –… Lipids

24 Health issues Possible cause of allergies Uncertainties about health effect In the US: products containing nanocapsules need to be FDA-approved Likely reason why the « big names » didnt commercialize nanocapsules-based perfumes «What are potential harmful effects of nanoparticles? », European Public Health Gwinn, M. R.and Vallyathan, V. Environ Health Perspect December; 114(12): 1818–1825.

25 Health issues (allergies, uncertainty…) Special care will have to be taken to ensure respect of health regulations Health effect depends on the size, composition (esp. Surface), and possibly shape of the nanoparticles For the purpose of this work: assumed to be solved «What are potential harmful effects of nanoparticles? », European Public Health

26 Too focused on R&D, immature technology Lack of entrepreneurship / finance experience… Biggest causes of spinoff failures

27 Innovative product / production process Entrepreneurial and managerial experience Network of support and expertise Joint ventures with other companies Establishing professional (non-academic) management « Predicting Spinoff Success », Chris Hayter, New York Academy of Sciences (2013) « Success Factors of Corporate Spin-Offs », Alexander Tübke (2010) - ISBN-10: Biggest factors increasing spinoff success

28 Inês Rocha: Manager Create business plan Coordinate the R&D Coordinate cooperations Coordinate cooperations Knowlegde in nanomaterials Knowlegde in nanomaterials Experience in leading small scientific groups Experience in leading small scientific groups Erasmus for Young Entrepreneurs Erasmus for Young Entrepreneurs Portuguese language Nearly finished the PhD Nearly finished the PhD Leadership on organization meetings Leadership on organization meetings Management skills Potential funding

29 Łukasz Czekański: R&D Set the salaries Contribution to mass production Contribution to mass production Production of original research results Production of original research results Nanocapsule synthesis Quality management Organic chemistry Flexible and adaptative Flexible and adaptative Teaching and communication Teaching and communication Resolution of original problems Resolution of original problems Analytical chemistry Finish Ph.D. (1 year) Finish Ph.D. (1 year) Break down complex problems into simpler parts Break down complex problems into simpler parts Experience in research

30 Christopher Ehlert: Accountant Set the salaries Reduce the cost Calculate business predictions Calculate business predictions Stop Ph.D. Order machines Acquire money Mathematical knowlegde Mathematical knowlegde Use open source software Use open source software Analyse and order numerical data Analyse and order numerical data Calculate the price of the product Calculate the price of the product Perform simulations Masters in Economics Solvay Business School (1 year) Masters in Economics Solvay Business School (1 year) Break down complex problems into simpler parts Break down complex problems into simpler parts Experience in finance Commercial accounting principles Commercial accounting principles

31 Leily Javidfard: Marketing and sales Knowledge of R&D Finish Master Product benchmark Exportation strategies Sales engineer experience (1 year at Resinfam) Sales engineer experience (1 year at Resinfam) Creativity Communication skills Marketing Communication CAM Foundation (Online course) Marketing Communication CAM Foundation (Online course) Polymer engineer Specialized in coatings Polymer engineer Specialized in coatings Experience in marketing Effective marketing Online advertisement

32 Stéphane Vranckx: Scale-up, production Scale up production Private sector experience Production team management Production team management Teamwork, Leadership Oral and written communication Oral and written communication Minimize production costs Perform simulations 2nd year Master École Centrale Paris « Help to decision and optimization of Industrial and Logistic Systems » 2nd year Master École Centrale Paris « Help to decision and optimization of Industrial and Logistic Systems » Problem solving (esp. Optimization) Problem solving (esp. Optimization) Experience in scale-up and mass production Experience in scale-up and mass production Private sector experience (6-month internship) Private sector experience (6-month internship) Nearly finished Ph.D. in Physical Chemistry Nearly finished Ph.D. in Physical Chemistry

33 Aleksandra Zielińska: Public relations Quality management Composition of fragnances Get in contract with other people/companies Contact cooperating companies, interships Contact cooperating companies, interships Handle with different mentalities Responsible for the chemical materials Good communicator International experiences Convince other people Foreign languages Cosmetic, chemical and medical knowledge Build network Get funding Get overview of the market Get overview of the market

34 Skills sought for in our new recruit Experience with other Spinoffs/startup Experience with other Spinoffs/startup Patent law Europe, Brazil Patent law Europe, Brazil English Portuguese/Brazilian Cosmetic regulations Europe, Brazil Cosmetic regulations Europe, Brazil Required knowledgeAdditional assets Safety regulations for chemical companies Safety regulations for chemical companies Experience in cosmetics or chemicals companies Experience in cosmetics or chemicals companies Knowledge of Brazilian culture and market Knowledge of Brazilian culture and market Taxation Portugal, Brazil Taxation Portugal, Brazil

35 Technical feasability We assume we have original and encouraging results for a new kind of biocompatible (safe) nanocapsule « Proof of concept » Unpublished results Patentable The idea of using nanocapsules containing perfumes and other cosmetics has been investigated by other cosmetic companies: –LOréal –Gemminnov –… European Patent A1 European Patent B1 European Patent A1

36 Places where perfumes are purchased (2004): –72% in specialized shops / grands magasins –18% in supermarkets –9% by direct sales –1% in pharmacies Current trend: increased sales through the internet, esp. in Brazil PPT Presentation by Loïc Torres, Master in Chemistry (provided by Ivan Coste-Manière) Perfume sales

37 Initially through the internet –Unusually high volume of internet shopping in Brazil –High internet penetration in our target demographics –Online ads, viral marketing campaign, … Later: through usual distribution channels –Specialized stores, supermarkets, … Network of contacts and collaborations PPT Presentation by Loïc Torres, Master in Chemistry (provided by Ivan Coste-Manière) Distribution

38 Marketing Selling arguments: –High-tech –Unique properties –Made in Brazil Name: « Bouquet » –French word, but also used in English, Portuguese, German, … –Used both for wines and flowers Strong association to good smells/tastes Association to France, « luxury » products, people with refined tastes, …

39 Marketing – Celebrity endorsements « Brazilian celebrities List », lists.lucywho.com (2013) Focus on fashion models, actors and sportspersons –Upcoming Olympics / World Cup Most popular celebrities in Brazil:

40 «Brazil's E-Commerce Is Booming » Ricardo Geromel, Forbes.com (2012) Sales Initially: internet-based B2C model –Large internet penetration in our target demographics –Unusual predisposition to online shopping Online advertisements Viral marketing Later: transition to retailers –Possibility through Castelbel? Portuguese company distributing in Brazil –Requires a network of Brazilian companies

41 Brazilian market analysis Population of Brazil: 195,000,000 Lots of young people with: –Internet –Smartphones (> 1/inhabitant) Conversion rate of the Brazilian Real (R$): – – US$ «Salary Survey in Brazil », Salary Explorer, (2013)

42 Brazilian market analysis Average salary: Best paying jobs: «Salary Survey in Brazil », Salary Explorer, (2013)

43 Brazilians and internet Largest number of internet users in South America (and growing) Fast adopters of social media Unusually strong tendency to buy online

44 Perfume users looking for something new Live in urban areas, esp. in hot countries Not necessarily « rich », but ready to spend good money on good perfume Unwilling/unable to discreetly put perfume during the day –Includes men who want to smell good, without willing to be perceived as feminine Knowledgeable about style Characteristics of our target market

45 Potential future marketing targets Business(wo)men –Need to feel fresh even when they have a lot of meetings in a row (esp. in hot countries) Travelers –Need to feel fresh during long plane travels… but cannot bring liquids! –Large number of travelers expected in coming years: World Cup (2014), Olympics (2016)

46 Packaging Sets the product apart, makes it look « classy » General ideas of shape –Evoking the high-tech nature of the product (Molecules…) Men –Evoking its unique properties perfume that works « all day long » (Hourglass, …)

47 Competition: Perfumes in Brazil https://www.npdgroup.co.uk/wps/portal/npd/uk/home/ Best feminine perfume sales in Brazil: –J'adore (Dior) –Carolina Herrera (Carolina Herrera) –Flower by Kenzo –Hypnose (Lancôme) –Euphoria (Calvin Klein) All in the 100 /50 mL price range (299 R$/50 mL)

48 (Pre-)Seed capital Small contribution from F&F&F Contest –Exposure to potential investors –Potential prize money Erasmus Grants from researchers

49 Erasmus Entrepreneurship Exchange european program Goal: Have young entrepreneurs learn from experienced ones from the EU Develop skills to run their businesses

50 Start of our network General information about spinoffs: –Salvatore Majorana Academic with link to Portuguese cosmetics: –Professor Ana Cristina Freire Portugal cosmetic companies: –Castelbel (distribution in Brazil!) – ACH.Brito –…


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