1. Jim Chung Executive Director Entrepreneurship and Tech Transfer November 15, 2013 SEAS 1001 Class

2. The Entrepreneurship Choice How many of you have thought about being an entrepreneur?

3. 1.Not Interesting 2.Too Risky 3.Too Much Work 4.Too Young/Inexperienced 5.Too Much Opportunity Cost 6.Too Long Why Not Entrepreneurship?

4. Famous Entrepreneurs

5. Technology Entrepreneurship Unfair Advantage Tech v. Non-Tech Fast Change Defensibility High Value-Add High Growth, Scalable

6. Why Entrepreneurship? Making a Difference Creating a Vision Fun/Thrill Fame Financial Rewards BYOB

7. Alexis Ohanian & Jon Torrey

8. Invention v. Innovation

9. Rube Goldberg Competition

10. Senior Design Project

11. GW $101K Business Plan Competition www.gwbizplan.com

12. Workshops and Mentorship

13. Jenda – Undergrad Winners

14. $101K GW BPC Cash Prizes TypeAwardAmount 1 st Place$35,000 2 nd Place$15,000 3 rd Place$8,000 4 th Place$5,000 Additional Cash Prizes Best Undergraduate Team$10,000 Best Non-Profit Social Venture$7,500 Best For-Profit Social Venture$7,500 AARP Foundation Prize$5,000 CapitalOne Bank Best Sustainable Technology Prize$5,000 Audience Choice Award$3,000

15. DateDeadline January 212-page Executive Summary Due February 3Semi-Finalists Announced and Mentors Assigned March 3Business Plan Due March 18Finalists Announced April 11Final Presentations Important Dates

16. Other Competitions Hundreds of Competitions to Leverage with the Same Idea!

17. Collegiate Inventors Competition

18. National Collegiate Inventors & Innovators Alliance

19. $50K ASME Student iSHOW Competition

20. The Lean Startup How to Innovate, Not Just Invent

22. Customer Development

23. Build-Measure-Learn

25. Business Model Canvas The Roadmap

26. http://www.businessmodelgeneration.com/canvas

27. Who Wants Me to Do Their Homework? Projects you think have some commercial value?

28. Customer Segments For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform

29. What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? Value Proposition

30. Product Market Fit

31. Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? Channels

32. What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? Customer Relationships

33. For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? Revenue Streams

34. Who are our Key Partners? Who are our Key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? Key Partners

35. What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? Key Activities

36. What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? Key Resources

37. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? Cost Structure

38. Questions?

39. The Business Model Canvas: ver 1.0 Creating awareness educational Technology Privacy advocacy groups Developing costs Marketing costs App revenue (or free?) trust Building trust Smart phone users uneasy about privacy Enhanced Location Privacy Own website Consumers Don’t Care About Location Privacy

40. The Minimal Viable Product

41. What Most Startups Want to Build

42. What They Should Build First

43. Eventually Build This

44. Homework Problem/Solution Statement & Business Model Canvas Customer Development Interview

45. 1.Problem/Solution Statement 1.State the Problem You Are Trying to Solve 2.Explain How Your Solution Is Better Than Existing Solutions 2.Business Model Canvas 3.Practice Customer Development Interview Homework

46. Volunteers for Mock Customer Development Interviews with SEAS Alum, Entrepreneur, and Angel Investor, Richard Stroupe Send me your idea and business model canvas at jimchung@gwu.edu jimchung@gwu.edu Next Week

47. Interview Prizes for Volunteers

48. Customer Development Interview

49. Interview Tips Source: http://giffconstable.com/2010/07/12-tips-for-early-customer-development-interviews/http://giffconstable.com/2010/07/12-tips-for-early-customer-development-interviews/

50. Resources

51. Fostering Entrepreneurship

52. More Info www.gwu.edu/entrepreneurship