Business Plans for Technology Entrepreneurs Eric Cooper November 2001.

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Presentation transcript:

Business Plans for Technology Entrepreneurs Eric Cooper November 2001

Outline " Why write a business plan? " Who reads it? " How do they read it? " What should be in it? " Where can you get more help?

Why Write a Business Plan? " Clarify your business model and strategy " Identify and prioritize what you need to succeed " Plan ahead " Schedule resources efficiently " Explain the business to others...

Who Reads It? " You; your senior team; your advisors; your Board of Directors " Document your evolving strategy " Stay on the same page " Smooth management transitions

Who Reads It? " Investors " Employees " Strategic partners " Early customers

How Investors Read Plans " Kinds of private investors " family and friends " angels " venture capitalists " strategic investors (other companies) " Differing motivations!

How Investors Read Plans " Venture Capitalists are financial investors " The crux of all financial decisions: risk versus reward

Risks Technology riskWill the product work? Market riskWill people want to buy it? Competitive riskWill another company eat your lunch? Execution riskWill you screw up?

Rewards " Revenue growth " Profitability growth " Market share growth " Exit strategy " IPO (initial public offering) " acquisition

What Does a Plan Look Like? " Executive Summary (I read this second) " Company Description " Market " Competition " Operations " Management Team (I read this first) " Financial Projections

Executive Summary " The elevator pitch " What will you sell? " Who will buy it? " Why will they buy it from you? " How much money do you need?

Company Description " Product or service offering " Development status " Number of employees " Facilities " Summary financial status

The Market " Define your market narrowly and precisely " Don't project 1% of a zillion dollar market " Understand what consitutes a complete solution " Read Geoffrey Moore's Crossing the Chasm on the technology adoption life cycle

Competition " Who are the competitors? " What are their strengths and weaknesses? " What are your proprietary advantages and barriers to entry?

Operations " Engineering " Manufacturing " Marketing " Sales " Business Development " Finance and Administration

Management Team " Why will this team succeed? " Short bios, not full resumes " Emphasize relevant experience " It's OK if your team is incomplete

Financial Projections " Historical (if any) and pro forma " Income (profit & loss) statement " Balance sheet " Quarterly for three years is customary " Of course, this will usually be bogus

Financial Projections " How long will this round of cash last? " How much cash is needed to reach key milestones? " product demo " product revenue " break even point

Resources " Other entrepreneurs " Pittsburgh Technology Council " EnterPrize competition " " Entrepreneurship center in GSIA " " Random web pages

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