Start, Tumble and Succeed

!"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

!"#$%&'%()"&&

*+,#-.#-+-"#/)0.&12#&!30-+4/,/&%+5&*+(0+--#/&"

AB6C7"6.2/1-/"8'.3)"9:"D"<0.2=">7"?:!@"

E*-=2,/"Getting Started Major decisions to be made Consequences of your decisions Embracing Failures Examples of unsuccessful products Lessons learned Conclusions

?"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$-'.4,("FG*."H*12,/11"

#"$%"&'()*" 9"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

(September 2013 issue of Inc. magazine)

I/J,("$-'.-/5"Where do you start? •  Do you have an invention (product idea) or is

there an invention by someone else that you would like to commercialize (legally!)?

•  Is entrepreneurship for me? - Willingness to wear different hats?

•  Have you understood the risks (personal financial status and business financial status?

•  Talk to a number of other entrepreneurs

Other considerations?

K"#"$%"&'()*"

•  Do you see an opportunity?

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

Scenarios with an Invention

A,14-*4G,"'00

=2/1"LG."'"0'-/,

-"

A,14-*4G,",G-"2

,-/./1-/5"2,"-)/

"

2,M/,4G,"

>"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

B'.//."N/3212G,1"

Quit the job and become a full time entrepreneur

Take leave of absence and start the company

Be a technical advisor to the company that develops the product

@"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

O)/./"-G"1/-"*0"-)/"3GP0',FQ"

Home office (many famous companies started at homes and in garages )

Renting an office near-by (University Incubator, Science Park)

R"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

BGP0',F"S'P/"

#"$%"&'()*" T"

(September 2013 issue of Inc. magazine)

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$-'.4,("+U0/,1/1"

•  Advertising •  beginning inventory and equipment •  cash, deposits, separate bank account •  Office/lab fixtures and equipment, installation, telephone, utilities •  insurance payments •  rentals and lease •  licenses and permits •  professional fees •  remodeling, sign boards, office supplies, unanticipated expenses (10%) •  Salaries if you hire people

Common starting expenses for the first 90 days

Other ideas of starting expenses?

V"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$-'.-;*0"L*,51"

#"$%"&'()*" !:"

BIG ISSUE – you always need more money than you think!

Use personal funds and take the risk/benefits – quick method

Grants, Loans, Angel Investors - slow, loss of equity

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

(September 2013 issue of Inc. magazine)

6/'P2,("5/3212G,"

Outsource some work Or team up for joint development of a product

Develop product in-house

!!"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

I/J,("6)2,(1"NG,/"

62&0,&%77&8$&$2"#/-71&

90#-&32+/"7,%+,/&,2&52&,)-&:28&

!?"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

ACW"6G"C'-/,-"G."SG-"-G"C'-/,-"

A,M/,4G,"

;%,-+,&<&=+>27>-/&4?-&%+5&?2+-$&

@2&.%,-+,&8",&&A--.&,)-&A+2B7-5(-&&32+C5-+4%7&D,#%5-&/-3#-,E&<&%,&7-%/,&12#&%&B)07-&"+47&$2"&)%>-&?2+-$&,2&

.%,-+,&

!9"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

O)/./"5G"FG*"P',*L'3-*./Q"Local Manufacturing • Easy communication lines, quick changes in manufacturing designs, product volumes, etc. • Retains and develops local skills, creates jobs for many.

Other low-cost places/countries • Communication lines difficult, slow responses – good only for large volume manufacturing due to low cost • IP protection difficult. • Overall cost of travel and loss of time due to mistakes can be high and no longer cost effective. • Manufacturing jobs moved to another country.

!K"

Home country

#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

+U2-"$-.'-/(F"

Sell off the company

• Hold on • expand • go public • pass it on to family!

!>"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

6)21"21"X*1-"'"P23.G3G1P"GL"-)/",*PH/."GL"5/3212G,1"-)'-")'M/"-G"

H/"P'5/Y"

!@"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

6)/"3G,M/.(/,3/"

Invention Product

Adaptable but focused on final product

!R"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

6)/"Z2.1-"[/'.""

#"$%"&'()*" !T"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

(September 2013 issue of Inc. magazine)

+PH.'32,("Z'2=*./1"

The leap

Valley Of Death

$$$$

>90%

<10% Invention Product

TRL 3 TRL 6

F%07"#-&0/&%&80(&.%#,&21&-+,#-.#-+-"#/)0.G&

!V"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

+PH.'32,("Z'2=*./1"Mistakes and failures: part of being an entrepreneur

“Many people dream of success. To me, success can only be achieved through repeated failure and introspection. In fact, success represents the 1 percent of your work, which results only from the 99 percent that is called failure”

Soichiro Honda, Founder of Honda Motors

No Risk – No Failure – No Entrepreneur!

Fail Fast to minimize financial losses

Success is fueled by failures!

?:"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$GP/"A,-/./14,("S*PH/.1"

www.wipo.org

?!"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

\/'.,2,("Z.GP"821-']/1"

Examples of unsuccessful ventures (long list!) DNA Testing Device - too complex and long development time Pipe corrosion sensor (Issues with IP)

??"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$*33/11L*="C.G5*3-1"www.electrawatch.com http://www.deltafaucet.com/smarttechnology/h2okinetic-technology.html http://www.bowlesfluidics.com/products/advanced/case-study-toro-irrigation-irrigation-nozzles-precision-spray-nozzles/ http://www.bowlesfluidics.com/products/advanced/case-study-evapco-cooling-nozzle-uniform-flow-distribution/ http://www.bowlesfluidics.com/products/advanced/case-study-sundance-spa-custom-spa-nozzles/ http://www.bowlesfluidics.com/products/advanced/system-integration/

?9"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$*33/11L*="C.G5*3-"

Coating Health Monitor http://www.electrawatch.com/

?K"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$*33/11L*="C.G5*3-"

Windshield Washer Nozzle (Bowles Fluidics)

?>"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

^G0/L*==F"$*33/11L*="C.G5*3-"

Atrial Fibrillation Monitor – Melys AFSM Ltd

?@"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

\/11G,1"\/'.,/5"

H2+(#%,"7%42+/I&&&• J2"&7-%#+-5&/2?-,)0+(&&&• &*%#+-5&/2?-,)0+(&,22I&

K2>-&2+I&J2"&7-%#+-5&/2?-,)0+(&12#&2,)-#&2..2#,"+04-/&

?R"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

^'.5"OG.]"',5"&/_'.51"

#"$%"&'()*" ?T"

(September 2013 issue of Inc. magazine)

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

O)/./"'./"-)/"E00G.-*,24/1Q"

Everywhere - if we seek them!

https://www.engineeringforchange.org/topic/view/water

Examples

?V"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$GP/"A,-/./14,("S*PH/.1"

#"$%"&'()*" 9:"

(US Govt Report)

Intellectual property supports 40 million US jobs 35 percent of the GDP - more than $5 trillion -- comes from IP-intensive industries IP-intensive industries account for about $775 billion worth of U.S. exports, or about 61 percent of total U.S. goods exports Wages in IP-intensive industries are 42 percent higher on average than wages in other industries Knowledge Economy

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$*PP'.F"

Getting Started Major decisions with limited information Mistakes are part of the process Embracing Failures – “Failure is not Fatal” Examples of unsuccessful products “No regrets but only lessons learned” – useful for next venture!

9!"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

L@6"6)/"]/F"-G"1*33/11"

9?"#"$%"&'()*"

Elevator

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

""

THANK YOU and

GOODLUCK!

99"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

$GP/",*PH/.1"-G",G-/"2 products are launched out of every 3,000 ideas.

1 out of 100 patented products make money. Why?

3 to 5 out of 100 inventions succeed commercially

3 out of 10 new products succeed.

Between 11% and 50% of entrepreneurs succeed in starting a firm

AND, It is OK to fail! 9K"

Entrepreneurship education and training workshops like the ones you are attending significantly increase the success rates.

#"$%"&'()*"

useless products - http://www.freepatentsonline.com/crazy.html

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

E00G.-*,24/1"

• Make solar energy economical

• Provide energy from fusion

• Develop carbon sequestration methods

• Manage the nitrogen cycle

• Provide access to clean water

• Restore and improve urban infrastructure

• Advance health informatics

• Engineer better medicines

• Reverse-engineer the brain

• Prevent nuclear terror

• Secure cyberspace

• Enhance virtual reality

• Advance personalized learning

• Engineer the tools of scientific discovery

Grand Challenges (National Academy of Engineering, USA) [http://www.engineeringchallenges.org]

9>"#"$%"&'()*"+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@"

6./,51"2,"C'-/,-"<00=23'4G,1"

+,-./0./,/*.1)20"$32/,41-1"',5"+,(2,//.1""""""""""""""""""""""""""6.2/1-/7"8'.3)"9:";"<0.2=">7"?:!@" #"$%"&'()*" 9@"