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Accelerating Your Go-to-Market Strategy By Randy Goldsmith, PhD www.t3dc.org www.venturecapitaltools.com
Every Entrepreneur Needs Investment Capital
© 2005 Goldsmith
Venture Investors Accelerating Commercialization
1 st Five Fundamental Investor Questions How big is the market pain? How good is the solution? Is there a profit opportunity? Is this the right entrepreneur? Can it be done?
2 nd Five Fundamental Investor Questions How much money do you want? What are you going to do with it? How much money will I get back? When will I get my money back? How will I get my money back?
Investigation Feasibility Development Introduction Growth Pre Seed Seed Early Stage IPO Mid Stage Late Stage © 2005 Goldsmith
Venture-backed Financing Debt and/or Equity
Process & Toolkit Innovation Readiness Product Readiness Venture Readiness Risk Readiness Entrepreneur Readiness Venture Valuation Business Plan Readiness Capitalization Evaluation
Entrepreneur Assessment Product Assessment Venture Assessment Commercialization Strategy Business Plan Assessment Risk Assessment Valuation Investor Presentation Term Sheet Due Diligence $$$$$$$$$$$ Funding Pathway © 2009 Goldsmith Readiness Assessment
Entrepreneur Assessment Product Assessment Venture Assessment Commercialization Strategy Business Plan Assessment Risk Assessment Valuation Investor Presentation Term Sheet Due Diligence $$$$$$$$$$$ Funding Pathway © 2008 Goldsmith
The Ideal Deal A high performance enterprise A radical, disruptive, platform innovation Exponential growth potential Serial entrepreneur Reliable financing resources VALIDATED
Typical Clients All have an innovation. All want money. Few are investor ready. Some have intellectual property.
Entrepreneur Readiness Assessment
Entrepreneurial Readiness © 2005 Goldsmith Right Brain!
Entrepreneurial Assessment Credentials Character Circumstances Capabilities Commitment
Product Readiness Assessment
Product Characteristics TypesTypes –Process –Product/Service –Strategy ImpactImpact –Sustaining –Disruptive Value –Enabling –Competitiveness –Profits ImprovementImprovement –Incremental –Advanced –Radical UtilityUtility –Specific –Platform RisksRisks –Development –Market –Financing © 2008 Goldsmith
Third-party Validation University scientist Industry subject matter expert Knowledgeable investor Consultant
Venture Readiness The Commercialization Pathway
Commercialization Plan 1 2 3 4 5 6 7 Time Money Milestones Capital infusion Expenses Revenue 7 NO! 4?
Commercialization Plan 12 3 4 5 6 7 Time Money Milestones Capital infusion Expenses Revenue 7 Yes!
Stage 3 Development Stage I Investigation Stage 2 Feasibility Stage 4 Introduction Stage 5 Growth Stage 6 Maturity Engineering Prototype Technical Analysis Technical Feasibility Pre-production Prototype Production Support Strategic Market plan Market need Assessment Market Validation Sales & Distribution Market Diversification Strategic B/plan Venture Assessment Economic Feasibility Business Start-up Business Growth Business Maturity Technical Marketing Business Market Study Production COMMERCIALIZATION MODEL Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Step 9 Step 10 Step 11 Step 12 Step 13 Step 14 Step 15 Step 16 Step 17 Step 18 © 2008 Goldsmith
Stage 3 Planning Stage I Investigation Stage 2 Feasibility Stage 4 Development Stage 5 Growth Stage 6 Maturity Engineering Prototype *Engineered prototype *Material, equipment, process requirements and sourcing plan. *Performance assessment plan. *Optimize design. Technical Analysis *Problem/Solution technical evaluation. *IP Review. *Preliminary subject matter expert review. *Preliminary cost analysis. Technical Feasibility *Bench design working model. *Proof of concept. *Customer-driven revisions. *Manufacturability and scalability analysis. Pre-production Prototype *Pre-production prototype. *Production process design. *Material and supplier agreements. *Pilot production. *Performance, reliability & Quality tests. Production *Equipment and facility. *Full scale production. *Performance, reliability & quality tests. *Field support system. Production Support *Customer support. *New/improved products. *Warranty program. *Research and development. Strategic Business Plan *Business plan. *Venture financing.. *Operations implementation plan. *Advisory and director boards. *Staffing plan. Venture Assessment *Profitability assessment. *Preliminary business model design. *Capital requirement estimate. *Management requirements. Economic Feasibility *Develop 5-year pro-forma. *Develop financial requirements. *Business organization. *Secure seed financing. *IP filing. Business Start-up *Initial staff hires and training. *Business policy, procedures & operations. *Venture financing. Business Growth *Full staff. *Management operations. *Business systems. *Contracts. *Venture financing. Business Maturity *Corporate development. *Financial management. *Return on investment. Enterprise growth Strategy. Strategic Market Plan *Market tests. *Advertising, sales, distribution plan. *Marketing materials. *Market development *Resource and timeline plan. Market Need Analysis *Problem/Solution market evaluation. *Industry trends analysis. *Preliminary competitive assessment. *Informal market validation. Market Validation *Initial sales. *Customer satisfaction survey. *Production, market adjustments. Sales & Distribution *Sales. *Market expansion. *Customer surveys. *Promotional campaigns. Market Diversification *Market trend analysis. *Marketing resource allocation. *New marketing strategies. Market Study *In-depth target market assessment. *In-depth competitive analysis. *Expression of interest from primary target market. Detailed Commercialization Model © 2008 Goldsmith Technical Marketing Business
Stage 3 Development Stage I Investigation Stage 2 Feasibility Stage 4 Introduction Stage 5 Growth Stage 6 Maturity Engineering Prototype Technical Analysis Technical Feasibility Pre-production Prototype Production Market need Assessment Strategic B/plan Venture Assessment Business Start-up Technical Marketing Business Initial Assessment (completed ) Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Step 9 Step 10 Step 11 Step 12 Step 13 Step 14 Step 15 Step 16 Step 17 Step 18 Pr
Stage 3 Development Stage I Investigation Stage 2 Feasibility Stage 4 Introduction Stage 5 Growth Stage 6 Maturity Engineering Prototype Technical Analysis Technical Feasibility Strategic Market plan Market need Assessment Venture Assessment Economic Feasibility Technical Business Market Study Optimal Path (completed ) Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Step 9 Step 10 Step 11 Step 13 Step 14 Step 15 Step 16 Step 17 Step 18 © 2008 Goldsmith Step 12 Stage I Investigation Stage 2 Feasibility
Commercialization Strategy Vision Product Marketing Financing People Operations Ideally, a team effort!
Business Plan Readiness Accelerating Commercialization
Business Plan Readiness Assessment © 2008 Goldsmith Executive Summary Introduction Company History Mission Objectives Product Description Technology Intellectual Prop Application Marketing Competitive Analysis Distribution Channel Marketing Strategy Pricing Management Executive Team Staffing Financing P&L Projections Proforma Use of Funds Offering
A Fundable Plan: more than the average plan. Maryanns Law: You can always find what youre not looking for.
Risk Readiness Accelerating Commercialization
Millers Law: You cant tell how deep a puddle is until you step in it. Identifying Risk: Fore warned Is Fore armed!
Risk Factors Product Risk Market Risk Financial Risk Management Risk Execution Risk
Did you ask your question?
Technology Commercialization Technology Commercialization, 2011 Sanjay Dhole, Technology Programs Coordinator Maricopa SBDC.
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YOUR LOGO COMPANY NAME One line description - easy to understand and remember Presenter(s) Name & Position Date.
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Stages and Models of Technology Commercialization MB6025-MB7226 TECHNOLOGY COMMERCIALIZATION.
Walnut Investing Process Walnut Venture Associates November 1999
Joint Business Plan Madhurjya K. Dutta 1mk_dutta Sept 2010.
©2001 Kauffman Center for Entrepreneurial Leadership PLANNING AND GROWING A BUSINESS VENTURE™ ™ Business Plan Management and Organization Plan Management.
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