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TE - I - I - 0 HUMBOLDT-UNIVERSITÄT ZU BERLIN INSTITUT FÜR INFORMATIK TECHNICAL ENTREPRENEURSHIP Vorlesung 1 INTRODUCTION Wintersemester 1999 Leitung:

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Presentation on theme: "TE - I - I - 0 HUMBOLDT-UNIVERSITÄT ZU BERLIN INSTITUT FÜR INFORMATIK TECHNICAL ENTREPRENEURSHIP Vorlesung 1 INTRODUCTION Wintersemester 1999 Leitung:"— Presentation transcript:

1 TE - I - I - 0 HUMBOLDT-UNIVERSITÄT ZU BERLIN INSTITUT FÜR INFORMATIK TECHNICAL ENTREPRENEURSHIP Vorlesung 1 INTRODUCTION Wintersemester 1999 Leitung: Prof. Dr. Miroslaw Malek Betreuer: Peter K. Ibach www.informatik.hu-berlin.de/~rok/entrepreneurship TECHNISCHE UNIVERSITÄT BERLIN INSTITUT FÜR INFORMATIK

2 TE - I - I - 1 THE GOALS Development of a viable Business Plan –Team Formation –Idea Development –Initial Presentation –Midterm Report –Final Presentation –Prize Award Ceremony for the Winning Team Guest speeches on –Sources of Financing –Marketing –Tax and Legal Issues –Management –Success Stories

3 TE - I - I - 2 TECHNICAL ENTREPRENEURSHIP 1.Introduction 2.Entrepreneurial Processes and Models 3.Creating a Successful Business Plan 4.Creativity: the Product or the Service 5.Business Management 6.Financial Projections and Sources of Financing 7.Marketing 8.Legal and Tax Issues 9.Intellectual Property 10. Ethics 11. Special Problems and Who Can Help 12. Advanced Topics Lectures by: M. Malek, Students, Guests

4 TE - I - I - 3 Quelle: Der Spiegel 38/99 Internet Revolution (Worldwide)

5 TE - I - I - 4 Internet Revolution (Germany) Geschätzte Umsätze mit E- Commerce in Mrd. DM (Deutschland) Quelle: Berliner Wirtschaft Aug./Sept. 99

6 TE - I - I - 5 E-COMMERCE IN GERMANY Quelle: Wirtschaftswoche 42/99

7 TE - I - I - 6 USEFUL SITES COLLECTION Books –Struck, Uwe: Geschäftspläne, Voraussetzung für erfolgreiche Kapitalbeschaffung, Schäfer Verlag, Reihe: Kompaktes Wissen für Führungskräfte, ISBN: 3-8202-0562-4 Magazines –www.infoquelle.de - Infoquelle Online Wirtschaftsmagazin, informiert u.A. über die Erstellung eines Business-Planeswww.infoquelle.de –www.bizz.de - Bizz Online Kapitalmagazin mit Artikeln rund ums Thema "Existenzgründung"www.bizz.de Websites –www.gruenderstadt.de - Suchmaschine und Informationsplattform speziell für Existenzgründer.www.gruenderstadt.de –smallbusiness.yahoo.com - Entrepreneurial site of Yahoo with many hints and linkssmallbusiness.yahoo.com Conferences and Workshops Organizations and Societies Venture Capital Companies BP-Competitions –www.berliner-sparkasse.de - StartUp Gründungswettbewerb zusammen mit McKinsey.www.berliner-sparkasse.de (exhaustive lists in Appendix)

8 TE - I - I - 7 3 M’s of ENTREPRENEURSHIP MONEY MARKETING MANAGEMENT

9 TE - I - I - 8 ENTREPRENEUR A person who destroys the existing economic order by introducing new products and services, by creating new forms of organizations and by exploiting new raw materials (Joseph Schumpeter) Someone who perceives an opportunity and creates an organization to pursue it A person who organizes and manages a business undertaking A creator of a new company

10 TE - I - I - 9 ENTREPRENEURSHIP = Creation of a new company The Entrepreneurial Process –involves all the functions, activities and actions associated with perceiving opportunities and creating organizations to pursue them

11 TE - I - I - 10 Fast Growing AreasSpecific Topics Electronic commerce / virtual stores: buying online and picking up physically problem (3 c’s: community, content and commerce). · Auctions, flea market, e.g., used books (www.ebay.com)www.ebay.com · Auctions for B2B competitions · Email to media (letter, book, photo, poster, CD, DVD) gateway city net including delivery, e-commerce infrastructure, logistics Security· Biometrics · Cyber cash · Firewalls · Encryption · Operating system extensions & tools Telecommunication, mobile computing, communication networks, wireless communication · Wireless Internet access (www.sandner.net)www.sandner.netRemote control, observation, diagnostics · Intelligent building · Remote housekeeping/controlling · Video control Audio/video streaming, protocols, visualization, 3D, entertainment, games, leisure, education · Internet video/TV (broadcast) · Video distribution (music: www.mp3.com),www.mp3.com · Online photo- and copy center · Online training center · Games over (wireless) networks HOT TOPICS (1)

12 TE - I - I - 11 HOT TOPICS (2) Healthcare, medical applications, bio informatics, remote patient care Online expert locating and consulting Online drugstores www.drugstore.comwww.drugstore.com “Virtual experiments” by processing the Human Genome database Transportation, aerospace, defense, airlines, aviation, automotive, travel, package delivery Collision avoidance Logistics Packing chip, tracking systems Robotics, intelligent control, micro mechanics, embedded systems · Autonomous coordination · Remote control Financial services, banking, insurance, trust center · Online stock markets · Venture Capital: Capital network for startups und business angels (www.garage.com)www.garage.com Billing/charging systems· Micro payment systems · Internet payment systems Smart cards & wearable computers· Payment systems, e-purse · Security · New applications (www.microsoft.com/smartcard)www.microsoft.com/smartcard Fast Growing AreasSpecific Topics

13 TE - I - I - 12 HOT TOPICS (3) Matchmaking: people matching· “Competition server” matchmaking between people engaging in any kind of on- or offline games/sports · “Reverse” auctions for services (painter, carpeter, IT experts, etc.), taking care of information asymmetries. Agency for self-employed IT experts: www.career- central.comwww.career- central.com Matchmaking: product matching· Price broker (books, CDs, DVDs) www.powershopping.de www.powershopping.de · Specific search engines (music, photos: www.ditto.com, videos) www.ditto.com Work over net, market research, customer feedback · Remote secretary · Internet call center: redirect incoming calls to home offices via Internet · www.epinions.com www.epinions.com Fast Growing AreasSpecific Topics

14 TE - I - I - 13 Entrepreneurship is the engine of growth for the turn of 21st century Entrepreneurship is the best hope for an eternal economic springtime

15 TE - I - I - 14 A MODEL OF THE ENTREPRENEURIAL PROCESS

16 TE - I - I - 15 STATS BUT REMEMBER –1 business in 10 will reach its 10th birthday. –Starting businesses is like starting love affairs (paraphrasing George Bernard Shaw) –"Any fool can start one, it takes a genius to end one successfully." U. S. Examples: JOBS –10.000 jobs have to be created every day (= 2,5 million jobs per year) –In the 80's 5% of the young companies created 77% of jobs –15% of these companies created 94% of jobs –Fortune 500 companies eliminated 3.5 million jobs in the 80's GROWTH –500,000 small companies grow by 20% per year ENTREPRENEURSHIP AT UNIVERSITIES - MIT –Over 4,000 businesses established by alumni –1.1million jobs –$ 232 billion in sales

17 TE - I - I - 16 WHAT MAKES AN ENTREPRENEUR? The Ten D’s (1) Dream –Entrepreneurs have a vision of what the future could be like for them and their business. And, more importantly, they have the ability to implement their dreams. Decisiveness –They don't procrastinate. They make decisions swiftly. Their swiftness is a key factor in their success. Doers –Once they decide on a course of action, they implement it as quickly as possible. Determination –They implement their ventures with total commitment. They seldom give up, even when confronted by obstacles that seem insurmountable. Dedication –They are totally dedicated to their business, sometimes at considerable cost to their relationships with their friends and families. They work tirelessly. Twelve-hour days, and seven-day work weeks are not uncommon when an entrepreneur is striving to get a business off the ground.

18 TE - I - I - 17 WHAT MAKES AN ENTREPRENEUR? The Ten D’s (2) Devotion –Entrepreneurs love what they do. It is that love that sustains them when the going gets tough. And it is love of their product or service that makes them so effective at selling it. Details –It is said that the devil resides in the details. That is never more true than in starting and growing a business. The entrepreneur must be on top of the critical details. Destiny –They want to be in charge of their own destiny rather than dependent on an employer. D-Marks –Getting rich is not the prime motivator of entrepreneurs. Money is more a measure of their success. They assume that if they are successful they will be rewarded. Distribute –Entrepreneurs distribute the ownership of their business with key employees who are critical to the success of the business.

19 TE - I - I - 18 IDEA The idea per se is not most important. In entrepreneurship, ideas really are a dime a dozen. Developing the idea implementing it, and building a successful business are the important things. Perhaps the biggest misconception about an idea for a new business is that it must be unique, obsessed with the thought that the idea might be stolen. "Always invest in a grade A man with a grade B idea. Never invest in a grade B man with a grade A idea.“ Georges Doriat

20 TE - I - I - 19 ENTREPRENEUR, OPPORTUNITY AND RESOURCE

21 TE - I - I - 20 KEY TO SUCCESS The crucial ingredients for entrepreneurial success are a superb entrepreneur with a first-rate management team and an excellent market opportunity. Would-be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.

22 TE - I - I - 21 SOURCES OF STARTUP CAPITAL (USA) PERSONAL SAVINGS(78,5%) BANK LOANS (14,4%) FAMILY MEMBERS (12,9%) EMPLOYEES / PARTNERS (12,45) FRIENDS (9,0%) VENTURE CAPITALISTS(6,3%) MORTGAGED PROPERTY (4,0%) GOVERNMENT LOANS(1,1%) OTHERS (3,9%)

23 TE - I - I - 22 SOURCES OF STARTUP CAPITAL (GERMANY) Quelle: DtA, Hochschul-Anzeiger 44/99 staatliche Eigenkapitalhilfe Überbrückungsgeld vom Arbeitsamt Kredite und Bürgschaften von Verwandten und Freunden 75% normale Bankkredite75.8% 38.4 % 33.3 % Wagniskapital2.5 %

24 TE - I - I - 23 STARTUP CAPITAL 25% start with less than $5,000 50% start with less than $25,000 75% start with less than $75,000 Less than 5 % with $ 1,000,000 or more

25 TE - I - I - 24 INGREDIENTS FOR A SUCCESSFUL NEW BUSINESS The Ten F’s (1) Founders –Every startup company must have a first-class entrepreneur. Focused –Entrepreneurial companies focus on niche markets. They specialize. Fast –They make decisions quickly and implement them swiftly. Flexible –They keep an open mind. They respond to change. Forever-innovating –They are tireless innovators.

26 TE - I - I - 25 INGREDIENTS FOR A SUCCESSFUL NEW BUSINESS The Ten Fs (2) Flat –Entrepreneurial organizations have as few layers of management as possible. Frugal –By keeping overhead low and productivity high, entrepreneurial organizations keep costs down. Friendly –Entrepreneurial companies are friendly to their customers, suppliers, and workers. Fun –It's fun to be associated with an entrepreneurial company. Fanatic –Completely devoted to the cause

27 TE - I - I - 26 PRODUCTIVITY PER EMPLOYEE (1990) IN COMPUTER INDUSTRY Nintendo$1,000,000 Apple$451,600 Compaq$317,500 NEC$198,200 IBM$184,600 Siemens-Nixdorf$106,700

28 TE - I - I - 27 TECHNOLOGY TRANSFER AT FOUR LEVELS OF INVOLVEMENT G. Kozmetzky, UT-Austin

29 TE - I - I - 28 KEY FACTORS IN THE DEVELOPMENT OF A TECHNOLOGY TRANSFER INFRASTRUCTURE Talent Technology Transfer Infrastructure Capital Know-HowKnow-How TechnologyTechnology G. Kozmetzky UT-Austin

30 TE - I - I - 29 ENVIRONMENTAL CONDITIONS Climate Environment Push / Pull Factors Business Talent R&D Performers Nature of Technolo- gical Innovation Private Capital Institutions Technical Technology Transfer Infrastructure Capital Technology Venturing Institutions Know-HowKnow-How TechnologyTechnology G. Kozmetzky UT-Austin

31 TE - I - I - 30 Techno- Profe- ssional Support Organi- zation POLICY IMPLICATIONS Climate Environment Push / Pull Factors Business Talent R&D Performers Nature of logical Innovation Private Capital Institutions Technical Technology Transfer Infastructure Capital Technology Venturing Institutions Government Funding Technology Transfer Science Parks Consortia Intellectual Property Venture Capital Pools Tax Advantages R&D Limited Partnerships Small Business Investment Corp. Business Angels Network Government Programs ( SBIR ) State Venture Capital Funds Culture for Innovation Quality of life Local infrastructure Access to other areas Successful role models Incubators Educational Programs Technical Support Programs Local Advisors Business Networks Know-HowKnow-How TechnologyTechnology G. Kozmetzky UT-Austin

32 TE - I - I - 31 SUCCESS FACTORS FOR TECHNOLOGY TRANSFER Academic Business Government Community TalentTechnologyCapitalKnow - How Market - Need Successful Value - Added Technology Transfer G. Kozmetzky UT-Austin

33 TE - I - I - 32 ELEMENTS OF THE TECHNOPOLIS G. Kozmetzky UT-Austin

34 TE - I - I - 33 CASE STUDY: TIVOLI SYSTEMS INC. ONE OF THE HIGHEST PRICES AFTER ONE YEAR ON THE WALL STREET: –IBM PAID $743 MILLON PRODUCT: –NETWORK MANAGEMENT SOFTWARE HEADQUARTERS: –AUSTIN, TEXAS

35 TE - I - I - 34 TIVOLI SYSTEM INC. In 1989, 12 IBM engineers left the company and founded Tivoli Systems Inc. in Austin, Texas Summary Financial Information (In thousands, except per share data) 199019911992199319941995 Statement of Operations Data: Total revenues$542$---$4,699$12,746$26,878$50,000 Operating income (loss)(653)(3,808)(1,904)(735)1,539 Net income (loss)(590)(3,732)(1,885)(735)1,397 Pro forma net income per share 1 0,11 Pro forma weighted average common shares and equivalents 1 13,239 Shares PurchasedTotal ConsiderationAverage $ NumberPercentAmountPercentPer Share Existing stockholders 2 11,845,03885,6%$11,089,92535,7%$0,94 New investors 2 2,000,00014,420,000,00064,310,00 Total13,845,038100,0%$31,089,925100,0% Pro forma as of December 31, 1994, to give effect to the conversion of the Company’s redeemable convertible Preferred Stock. Assumes the conversion of all outstanding shares redeemable convertible Stock into an aggregate of 9,025,006 shares of Common Stock upon the closing of the offering. The net effect of sales by the Selling Stockholders in the offering will reduce the number of shares held by existing stockholders to 11,520,038 or 83,2% of the total number of shares held by new investors to 2,325,000 or 16,8% of the total number.

36 TE - I - I - 35 TIVOLI’S BALANCE SHEET (1) PERCENT OF TOTAL REVENUES, YEARS ENDED DECEMBER 31 199219931994 Revenues: License fees and100%91%85% other servicesno915 Total revenues100 Cost of revenues: License fees and211310 other servicesno911 Total cost of revenues212221 Gross margin797879 Operating expenses: Sales and marketing424043 Product development and engineering633422 General and administrative14108 Total operating expenses1198473 Operating income (loss)(40)(6)6 Interest and other income (expense), netno (1) Net income (loss)(40)%(6)%5% Total expenses14010694

37 TE - I - I - 36 TIVOLI’S BALANCE SHEET (2) Statement of Operations Data, (in thousands, except per share data) Years Ended December 31

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40 TE - I - I - 39 THE U.S. ENTREPRENEURSHIP SUCCESS STORIES FIRST COMPANY WHICH ACHIEVED $ 100 MILLION SALES IN THE FIRST YEAR: COMPAQ INC. PRODUCT: PORTABLE PC’S HEADQUARTERS: HOUSTON, TEXAS FIRST COMPANY WHICH ACHIEVED $1 BILLION SALES IN THREE YEARS: SUN MICROSYSTEMS INC. PRODUCT: WORKSTATIONS + SOFTWARE HEADQUARTERS: MOUNTAIN VIEW, CALIFORNIA FIRST COMPANY WHICH ACHIEVED $4 BILLION SALES AT INITIAL PUBLIC OFFERING NETSCAPE COMM. CORP. (BOUGHT BY AOL IN 1999) HEADQUARTERS: MOUNTAIN VIEW, CA www.home.netscape.com www.home.netscape.com


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