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Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome to DTU E’ship course for Master Students Knowledgebased.

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Presentation on theme: "Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome to DTU E’ship course for Master Students Knowledgebased."— Presentation transcript:

1 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome to DTU E’ship course for Master Students Knowledgebased Entrepreneurship 2008 Entrepreneurship is "the process of looking at things in such a way, that possible solutions to problems and perceived needs may evolve in venturing." Saskatchewan Government; Ministry of Learning Wellcome, all of you! Entrepreneurship is “turning ideas into reality.” FINPIN Conference 2008 Entrepreneurship is “the pursuit of opportunity, without regard to resources currently controlled, for the creation of new economic value”. Howard Stevenson, Harvard Business School Entrepreneurship is “working with problems worth solving” REE Conference Belfast, September 2008

2 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Agenda, first lecture, 42435, 2008 Presentation of the Course Course objective The importance of entrepreneurship Course Plan Textbook and Materials Work Plan

3 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Skulle jeg ønske mig noget, da ville jeg ikke ønske mig rigdom eller magt, men mulighedernes lidenskab. Det øje som overalt, evigt ungt, evigt brændende ser muligheder. Nydelsen skuffer, muligheden ikke Søren Kirkegaard Enten – Eller, Diapsalmata, SKS bind 2, s. 50 Were I given a wish, I would not want wealth or power, but the passion of opportunities. The eye that everywhere, ever young, ever passionate, identifies opportunities. Søren Kierkegaard, philosopher, Course Objective

4 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll 是我被给愿望, 我不会想要财富或力量, 而 是机会激情。到处, 曾经年轻, 曾经多情, 辨认机会的眼睛。 Søren Kierkegaard,

5 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Entrepreneurship works – - In business formation - Inside existing companies - in life in general

6 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Entrepreneurship teaching and training in Further education: -A global trend -Adopted by all significant universities and engineering schools -Designed to cater for -Career development -Business formation -Business development -Still a nacent field with lots of potential for improvement -A future career option (any would-be e’ship teachers amongst you? Contact me after the lecture)

7 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The Teacher M.Sc. CE. DTH, 1974 Mil. service, Research Dept. VIP, DTH, 1976 – 1988 DTU Incubator 1988 – 2000 DTU Innovation 2000 – 2004 Associate prof., E’ship, IPL, > CEO, Gastrotechnology, > 2006 Boardmember, app 15 Start-ups Chairman, Swantec ApS Boardmember, Gastroprocess Technologies ApS Own company: Danish Product Development ApS Alltogether – a practitioner

8 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Dansk Produktudvikling ApS JOB SHOP! Unfocussed = no consolidation in market

9 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll

10 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll 10 minutes break

11 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The Importance of Entrepreneurship

12 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll Why is the “burning eye for opportunity” important? 1.Entrepreneurship impacts the economical growth of a nation significantly and in non-trivial ways. 2.10% of start-ups create more than 80% of new jobs in new companies. (High growth start-ups) 3.Most high growth start-ups are high tech and knowledge based companies, started by well educated people. 4.Good entrepreneurship teaching in higher education is the only external framework condition that impacts the formation of high growth start-ups, significantly and non trivial. 5.The mechanism works through opportunity recognition first and applicable tools second 6.Hence we train opportunity recognition and we add some portable skills

13 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The Impact of Entrepreneurship Germany’s and Japan’s recession, early ninety-nineties - in spite of massive investments in industrial development - was partly due to a poor business birth rate: a lack of the enterprising and competent cambrium of young talentet entrepreneurs. Entrepreneurs have brought USA into a leading position in the global economy. By example: 8 out of the 25 biggest companies in US did not exist in In Europe all 25 biggest companies were big also in 1960(FORA 2007) Germany, 1870-ties: die Gründerzeit: French war reparations are invested in new German industry to create an economical lead that gave Germany a overwhelming competitive strength ( later to wasted in wars ).

14 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Do we need more entrepreneurs? The Global Entrepreneurship Monitor GEM says YES Variation in rates of entrepreneurship may account for as much as one-third of the variation in economic growth Best Countries: 15% of New Companies Start growing rapidly Denmark: 5% of New Companies expand The growth-oriented start-ups create > 85% of the jobs

15 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Do we need more Entrepreneurs ? YES! They make our industry more robust New industrialized nations take over classic industry Large companies do incremental innovation. Radical break-through is the entrepreneur’s turf New knowledge and technology in an increasingly global marketplace creates ever more sophisticated business opportunities – waiting for the skilled entrepreneur, capable of capturing ideas and turn them into new companies and new commerce,

16 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Does it Matter what a University does? One in four faculty involved in technology venturing companies founded by graduates and faculty since 1861 (in av.: 35/yr. DTU: probably 5 – 10) Employees at MIT– companies > Sales of MIT- companies > $250 Billion/yr (DKK 2005 GNP: $285 Billion) If a nation: 24th largest in the world Massachusetts Institute of Technology

17 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Does it matter what a university does? Technical University of Denmark

18 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Alltogether: entrepreneurship makes a lot of sense – and now to THE COURSE

19 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Course Rationale Opportunity recognition is a skill. Hence it can be acquired and it can be trained Success in High Tech Venturing depends on - Multiple Competencies Education and Training - NetworksGroup work, Venture Cup - Business experienceMentor program Simulator training - Self efficayWe did it! We can do it! All of these can be developed through education and training

20 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Objectives Enable your inner entrepreneur Learn how to start a company = acquire applicable competencies Develop business talent: learn to see the business opportunity – learn to capture it. Create new companies Pursue new business oportunities Business start-up takes a qualified decision Acquire the qualifications needed.

21 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Enable the Entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies The Near-Entrepreneurial Experience Introduction to a Working Life Develop trust in own competencies Get inspiration from successfull entrepreneurs Learn to evaluate a business opportunity

22 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Learn How to Start and run a Company Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies Subjects covered: Basic experiences and practicalities Creativity and new business ideas Business models and start-up strategies Business planning Marketing economics Financing Business administration Business law Intellectual property rights Management

23 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Study experiences Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies Case Stories: Entrepreneurs Consultants Investors

24 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Train Methods and Principles - 1 Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies Project-oriented Group Work Opportunity-driven Creativity Pre-analysis Information research Information analysis Business model development Business Planning Presentation & Pitching

25 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Train Methods and Principles - 2 Business Development Ideas Pre-analysis Information research Information analysis Business model development Business Planning Presentation & Pitching

26 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Qualify Your Competencies Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Create New Companies Develop your toolbox = What should it contain How to use the tools

27 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Develop your networks Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Develop your networks Develop your business talent Create New Companies Meet new people – in the group – and outside Start working with them in a start-up context Meet some of the players within financing and consultancy Meet your customers – your jury!

28 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Develop your business talent Enable the entrepreneur Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Develop your networks Develop your business talent Create New Companies Get to know your marketplace Find out what can be sold and what not Develop your capacity for sensing business opportunities = Develop ”the silent merchant”: the continous outlook for business opportunity coupled with the continous calculator, working residently somewhere in the deep of your mind

29 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Create New Companies Enable interest i entrepreneurship Learn how to start Study experiences Train Methods and Principles Qualify Competencies Develop Business Talents Develop your networks Develop your business talent Create New Companies After the course  Basic competences acquired Insight into the knowledgebased entrepreneurial culture Relations to pre-seed venture capital developed A business idea ready to be launched

30 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ BREAK!

31 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 1 Friday, 5 September 2007 Introduction: 1.Course – and people 2.Essay on knowledge-based entrepreneurship 3.Presenting the McKinsey Business Plan Competition (?) Practicalities: Team formation Submit your ID form Download it from fill it out and send it as a mail attachment to before Monday 8, September 12:00

32 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 2 Friday, 12 September 2008 Presenting StardustDTU Presenting the Venture Cup Presenting assistant teachers The Basics of Entrepreneurship 1. - Preconditions for succeeding a business start-up - The entrepreneur: characterization of a person and a working life The Basics of entrepreneurship 2. - Succes and non-succes in high-tec venturing - Classic rules of the Thumb Practicalities: Meet Your Team

33 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 3 Friday 19 September 2008 Presenting the McKinsey Business plan competition Opportunity-driven Creativity - The fabric of ideas - Increase your creativity: a systematic approach to developing realistic business ideas with a perspective. - Examples from earlier courses, etc. Practicalities: group meetings start Time to contact your assistant teacher One meeting with John Heebøll per group: planning starts

34 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 4 Friday 26 September 2008 Set the Right Strategy -From idea to going concern: strategies in high-tec venturing Business planning External lecturer Dorte Wiene lectures on business planning

35 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 5 Friday 3 October 2008 Business law - Legal forms (Ltd., A/S, ApS etc.) - Holding companies: Pros and cons. - White Collar Workers’ Act - Product Liability - Agreements in trade and between shareholders External lecturers: lawyers Erik Nyborg & Karin Absalonsen

36 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 6 Friday, 10 October 2007 Business Economics 1 - Budgeting - From action plan to cash flow budget to capital requirements.. Summarizing first six lectures Case: TBD Autumn holidays from 13 to 17 October

37 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN Friday, 24 October 2008 Financing 1 - Mapping the landscape of investors and capital Financing 2 - Presenting the pre-seed and early-stage investors: - Seed Capital Denmark - Growth Fund (Vækstfonden) - The Venture Capital Company

38 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 8 Friday 31 October 2008 Financing 3 - Funding: the numericals of raising capital Market Research and - Analysis - Michael Porters Market model - The 5-forces in action - The value chain

39 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 9 Friday 7 November 2008 Sales and marketing - Why is this most important activity at all? - What makes you a successful sales person? - Sales strategies in high tech venturing Business cases from earlier courses Case: TBD

40 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 10 Friday 14 November 2008 Business management - Setting up the administration of your business venture - The art of fine business management: - The board: roles and practicalities - Case: TBD

41 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 11 Friday 21 November 2008 IPR strategies for start-ups - Components in protecting intellectual property and knowledge - The basics of a patent - Impacts of economy on IPR strategies for start-ups - Case: TBD

42 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN – 12 Friday 28 November 2008 Lectures: recapitulation, catching up, cases etc. Practicalities: Deadline, McKinsey competition at 12:00 sharp Details to follow

43 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The LECTURE PLAN - 13 Friday 5 December 2008 Presenting the McKinsey Business Plan Competition Winners About Exam - Formalities - Presenting your business plan Exit lecture - The course in retrospective - Entrepreneurship and the European history of ideas Deadline, delivering business plan: - Thursday, 11 December 12:00 Exams plan: - Thursday 18 December from 8:00 a.m. - Friday 19 December from 8:00 a.m.

44 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ WORK PLAN Reference is made to the Course Manual Tentative time schedule: Kick-off: Week 37 Team formed. 12 Sept. 1. milestone: Week 40 Product /business concept OK 3 Oct. 2. milestone Week 43 Market research finalised 24 Oct. Project deadline: Week 48 Business plan completed 27 Nov. Deadline: submit business plan no later than Thursday 11 Dec. at 12:00 am. Exams : Thursday and Friday, 18 and 19 December. Plan TBD (To Be Defined)

45 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ BREAK!

46 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ PRESENTATION 30 seconds personal pitch Name Nationality S-number Engineering specialties Your favourite group Take notes, everybody in case you would invite the presenter to join your team – or you want to be part of hers/his

47 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll Øresund Entrepreneurship Academy is arranging a business idea competition. Write down your best and most original business idea on a napkin and you can win a trip to Hong Kong Science and Technology Parks. The deadline for submitting your napkin is 3 November 2008 More info + lots of interesting stuff for entrepreneurial students on

48 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Fri & Sat, 12 &13 Sept

49 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll Greenhouse+ IMPORTANT: submit your ID form! From Thursday 11 September, only those who have sent ID-forms to will receive mails – and be included in groups. Without being part of a group, you cannot pass exams ID forms on

50 Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll Greenhouse+ ALL for NOW! QUESTIONS?


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