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David Spenciner October 29, 2009 © David Spenciner 20o9
Why Should You Listen to Me? Won two BP competitions including RIBP 09 Reviewed 100+ BPs for Excel Venture Management Written extensively on this subject BPs have gotten me jobs Currently COO for BioIntraface Inc. No conflicts of interest to report © David Spenciner 2009
My Goals Provide an overview of BP components focusing on practical advice and examples Describe additional resources Identify vital sources of feedback List common problem areas for BPs © David Spenciner 2009
Parts of a technology-based BP Team The Market Competitive Matrix The Story Sales Manufacturing Finances Use of Proceeds Technology First Application Business Model Business Plan © David Spenciner 2009
Ideal Team Composition Ok to be looking to fill one spot, but not two (or three!) At least one grey beard Previously successful Strong collaborators Strong SAB Business Person Sales/Marketing Person Technology Person © David Spenciner 2009
The Market To be VC-fundable, market size should be $1B or 1M people Use Frost & Sullivan or other market research data Addressable market vs. total market Quantify customer/shareholder benefits Unintended detriments © David Spenciner 2009
Competitive Matrix Not just direct competitors, but also substitutes Compare across multiple important criteria Who is currently the gold standard and why? Treatment No Drug Resistance? Penetrate Biofilm? Promote Healing? Low Caregiver Involvement? BioIntraface coating Gold Standard ---- Competitor A --- Competitor B -- Potential Competitor C - - Substitute D - ? © David Spenciner 2009
The Story This is the hook to get judges interested in your BP Why are they listening to you? Are you changing the world? What unfulfilled need are you meeting? Do they really care about this problem? Do you have a killer application? Only one? Can you explain it in 60 seconds? © David Spenciner 2009
Sales Business modelwhat is it and why does it make sense for this market? Product price How much profit do you leave on the table to drive adoption? Sales cycle Use customer testimonials to show traction Dont simply use a percentage of the total market as your forecast Dont project to grow faster than Google © David Spenciner 2009
Manufacturing COGS and marginsdo they make sense for your industry? Facilities neededemphasize RI base for this competition What impact will your company have on RI? Show scalability © David Spenciner 2009
Finances 5 years forward-looking data in the form of Balance Statements, Income/Expense Statements, and Cash Flow Statement Link fields in Excel so that changes populate throughout your financials Historical data (there should be some…) What are the comparable acquisitions/exits and their multiples in your market? When will you reach cash flow positive? Positive retained earnings? What are the critical risks and how are you mitigating them? © David Spenciner 2009
Use of Proceeds Ask for enough, but not too much Tranche with meaningful milestones Understand the market dynamics so that you know the bump in value with each successfully completed milestone Have a realistic concept for the value of your company Supplement with grants (BI has received $300K and written over $3M in R&D grants through its collaboration with RIH and Brown) © David Spenciner 2009
Technology/Product Shouldnt be lions share of BP Often taken for granted by judges Should understand mechanism of action Intellectual property protection can be vital Show actual use or at least a prototypethis isnt a Business Concept competition © David Spenciner 2009
Resources Business Plans That Win $$$: Lessons From the MIT Enterprise Forum by SR Rich and DE Gumpert. ForeSight T2+2 BP writing software (?) © David Spenciner 2009
Sources of Feedback Venture capitalists and angel investors Customers Vendors Business students Your parents/spouse Dont forget to thank them and let them know how you did… © David Spenciner 2009
Eleven Reasons Why You Wont Win 1. Solution looking for a problem 2. Weak team 3. Unrealistic financials 4. Cant identify any competitors 5. No exit plan 6. Market is too small 7. Poor IP position 8. No killer application 9. Un-scalable technology 10. Unclear worth to customers 11. Unintentionally weaponizable © David Spenciner 2009
Questions? I can be reached at: © David Spenciner 2009
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