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Obtaining Resources for Product Development. Jan-14Presentation by M-TEAMS to GLISC Objectives of This Presentation Identify the 3 resources needed Identify.

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Presentation on theme: "Obtaining Resources for Product Development. Jan-14Presentation by M-TEAMS to GLISC Objectives of This Presentation Identify the 3 resources needed Identify."— Presentation transcript:

1 Obtaining Resources for Product Development

2 Jan-14Presentation by M-TEAMS to GLISC Objectives of This Presentation Identify the 3 resources needed Identify key places to look

3 Jan-14Presentation by M-TEAMS to GLISC Three Resources Needed Technological Managerial $$$$$$

4 Jan-14Presentation by M-TEAMS to GLISC How the 3 Resources Relate

5 Jan-14Presentation by M-TEAMS to GLISC Drivers

6 Jan-14Presentation by M-TEAMS to GLISC What Works Best Financial People Look for Managerial People Managerial People Look for Technological People Technological People Develop the Products

7 Jan-14Presentation by M-TEAMS to GLISC What Usually Happens Technological People Have: An idea, or A partially developed product, or A developed product that needs to be commercialized

8 Jan-14Presentation by M-TEAMS to GLISC Technologically Driven Development Tekkies look for money Financial people wont provide funds without Pointy Haired Bosses (PHBs) Tekkies think they have PHB capability

9 Jan-14Presentation by M-TEAMS to GLISC Financially Driven Development Financial people hire PHBs PHBs hire Tekkies Tekkies do development

10 Jan-14Presentation by M-TEAMS to GLISC Managerial Driven Development PHBs attract Investors and Tekkies Rare

11 Jan-14Presentation by M-TEAMS to GLISC At Any Given Time You Might Need: Technology Management Financing

12 Jan-14Presentation by M-TEAMS to GLISC Obtaining Technological Resources You might be a Tekkie but need additional expertise You might be a PHB needing to beef up your team You might be a Financier looking for a new technology

13 Jan-14Presentation by M-TEAMS to GLISC Finding Tekkies Tekkies generally fall into 3 categories: Engineers or scientists with degrees Technicians or technologists with diplomas Skilled trades with diplomas and/or certificates

14 Jan-14Presentation by M-TEAMS to GLISC Where to Find Tekkies Engineers/scientists graduate from universities e.g. University of Windsor Technicians/technologists graduate from community colleges e.g. St. Clair College Skilled trades are often apprenticed, sometimes with college courses included. They can be the hardest to find.

15 Jan-14Presentation by M-TEAMS to GLISC Places to Look for Tekkies Workopolis http://www.workopolis.comhttp://www.workopolis.com Service Canada http://www.jobbank.gc.ca/intro-eng.aspx http://www.jobbank.gc.ca/intro-eng.aspx Monster http://www.monster.ca/http://www.monster.ca/ Ontario Society of Professional Engineers http://www.ospe.on.ca/ http://www.ospe.on.ca/ Canadian Technical Employment Network http://www.cten.ca/ http://www.cten.ca/ Colleges and Universities

16 Jan-14Presentation by M-TEAMS to GLISC Caveat Tekkie Programs are not generic. E.g. hiring a mechanical engineer when you need an electrical engineer is a recipe for failure Dont assume that an engineer can do what a technologist can or that a technologist can do what a skilled trades person can.

17 Jan-14Presentation by M-TEAMS to GLISC Contract Tekkie Your firm can get Tekkie help from: Universities and Colleges Consulting Engineering Firms Consulting Engineers of Ontario http://www.ceo.on.ca/home.asp http://www.ceo.on.ca/home.asp Association of Consulting Engineering Companies Canada http://www.acec.ca/http://www.acec.ca/

18 Jan-14Presentation by M-TEAMS to GLISC Where to Find PHBs Universities graduate B. Comms and MBAs- but dont hold that against the Us! Colleges will provide diplomas PHBs will be on many of the same websites as tekkies

19 Jan-14Presentation by M-TEAMS to GLISC Contract PHBs Universities and Colleges with Business programs Canadian Association of Management Consultants http://www.cmc-canada.ca/http://www.cmc-canada.ca/

20 Jan-14Presentation by M-TEAMS to GLISC Caveat MBA Students graduate with a lot of knowledge. However, they need to be mentored.

21 Jan-14Presentation by M-TEAMS to GLISC Where to Find Financiers The piggy bank Ma and Pa Commercial Lenders BDC Angel Investors Venture Capitalists Governments

22 Jan-14Presentation by M-TEAMS to GLISC The Piggy Bank If you arent prepared to invest your money then dont expect anybody else to However, dont spend all your savings and then go looking for money Use your savings to leverage external investment

23 Jan-14Presentation by M-TEAMS to GLISC Ma and Pa The same rule applies to family investments as applies to the piggy bank Dont get tapped out and then look for money Your bargaining position will be weak.

24 Jan-14Presentation by M-TEAMS to GLISC Commercial Lenders Banks, credit unions, caisse populaires Will require collateral. This is where the piggy bank and Ma and Pas kettle will come in handy

25 Jan-14Presentation by M-TEAMS to GLISC BDC Just because its a crown corporation doesnt mean that they arent out to make money Usually the BDC wants to see comparable investment from private sources http://www.bdc.ca/EN/Pages/home.aspx

26 Jan-14Presentation by M-TEAMS to GLISC Angel Investors Angel Investors are generally successful business people who have made significant money in previous ventures They will invest in your business and generally want some level of control of the operations http://glangels.weebly.com/ http://www.swoangel.com/

27 Jan-14Presentation by M-TEAMS to GLISC Venture Capitalists Generally VCs look for large opportunities They will want to see a solid business plan and a good management team in place They care little about the actual technology itself Big $$$$ usually

28 Jan-14Presentation by M-TEAMS to GLISC Government Funding The Rules

29 Jan-14Presentation by M-TEAMS to GLISC Before You Apply 1.Incorporate your company! 2.Know what you want to do- Business Plan and/or Market Plan essential 3.Get an unbiased assessment of your product (market study, focus group…) 4.Be realistic in what you need. Your cash requirements dont end when the product is developed.

30 Jan-14Presentation by M-TEAMS to GLISC Where to Look for Help Local government agencies: WE-tech Alliance WindsorEssex Economic Development Corporation Ontario Ministry of Economic Development and Trade NRC Industrial Research Assistance Program MP/MPP

31 Jan-14Presentation by M-TEAMS to GLISC Online Canada Business Network http://www.canadabusiness.ca/eng/ http://www.canadabusiness.ca/eng/ MaRS Portal http://www.marsdd.com/entrepreneurs- toolkit/ http://www.marsdd.com/entrepreneurs- toolkit/ FundVantage https://www.fundvantage.ca/ Plug!https://www.fundvantage.ca/

32 Jan-14Presentation by M-TEAMS to GLISC General Recommendations I 1.SR&ED tax credits- Find out if you are eligible for work already performed or will be eligible going forward: Entitlement! 2.Contact WEtech, IRAP, the Development Commission, Small Business Centre, and MEDT before pursuing programs. 3.Dont do it alone the first time. Plug!

33 Jan-14Presentation by M-TEAMS to GLISC General Recommendations II 4.Prepare for a long process. Most government programs either have deadlines, have tight funds, or required detailed applications. 5.Give up or dont give up. It depends on the program. Generally, if the funding bodies say No it will take a lot of work to turn that into a Yes.

34 Jan-14Presentation by M-TEAMS to GLISC General Recommendations III 6.Answer the questions they ask! A major problem for civil servants is reading stuff that is irrelevant. 7.Follow up but dont pester. You cant always count on emails to go through.

35 Jan-14Presentation by M-TEAMS to GLISC Conclusion We have discussed the 3 resources that you need to develop a product We have identified starting points to look for those resources Next?

36 Jan-14Presentation by M-TEAMS to GLISC Sign Up for M-TEAMS Newsletter

37 Jan-14Presentation by M-TEAMS to GLISC Thanks

38 Jan-14 Presentation by M-TEAMS to GLISC Who To Call to Help Get Those Resources Bill MacArthur at 519-419-0070 or 519-567-0918 Bill MacArthur at 519-419-0070 or 519-567-0918 Email at billmac@mteams.ca Email at billmac@mteams.cabillmac@mteams.ca M-TEAMS is the: Small Business R&D Specialist


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