monash universitys accelerator program kickoff

orientation

GeneratorTHE

powered by

What is a startup?A temporary organisation designed to search for a repeatable and scalable

business model- Eric Ries

Product Story• Compelling pitch to attract

investors, partners• A viable narrative (product

market fit)• Competitive differentiation

By the End of the Program…

Market Traction• Validated assumptions that

inform an MVP• Go-to-market strategy• Initial partners (or targets)• IP

Business Model• A viable revenue model and

pricing plan• Clearly identified beachhead

customer• Validated assumptions that

inform business model

Funding Plan• A funding target and plan on

how to use the funds• Target investors• A capitalization plan• 12 month finances and

milestones

By the End of the Program…

Team Development• The right blend of skills on

leadership team• Outsourcing strategy (where

appropriate)• Board of Directors, Advisory

Board assembled/planned• Legal agreements in place

whenacompanyditchesitsoriginalproductofferingandchangesdirection

What is a pivot?

Givetimeforself-reflection

Honestlyassessthegood,thebad,theugly

I’llaskyoueachreviewtojustifytheanswer:pivotorproceed?

Pivot or Proceed?

How Can I spend my money?STEP1IfyouhaveanABN…

LetusknowyourABNASAPYouwillbeassignedaPO#- includethisonallinvoices

IfyoudonothaveanABN…

STEP2SubmitabudgettoGENERATORforapproval

A heads up…• Awardfundsmustbespentontheprojectaspitched,orareasonablepivotofthatproject• Youmustdrawdownyourcompleteawardfundswithin3monthsofcompletingtheACCELERATOR(ie 2March2017)orthefundswillnolongerbeavailabletoyou• Youareresponsiblefortheexpensesyouincur– clearallexpenseswiththeGENERATORpriortoincurringthemtoavoidissues• PaymentsfromMonashcantakeawhile – pleasegiveupto2months

$5,000 POF FreedomtoOperateSearch$12,700 MiniFAB PrototypeDevelopment$3,300 LauraFaulconer Staff$1,000 Mrs. Smith RegulatoryConsulting

Budgetjustification:InordertoconfirmourIPposition,weneedtoundertakearobustfreedomtooperatesearch.POFhasprovidedaquoteof$5,000,adiscountedratefromthemarketrateof$12,000.AmajormilestoneforSTCistogenerateaprototype.Aswehavealreadycompletedasignificantamountofprototypedevelopmentwork,MiniFABhaveprovidedacost-effectivequotefor$12,700tocompletex,yandzthatwillallowustohaveafunctionalprototypefortestingandfundraising.LauraFaulconer,co-founder,hasalreadyprovidedsignificantprobonotimetowardthiseffort.Inordertosupportafulltimecommitmentintheprogram,$3,300willallowfulltimeeffortoverthe1.5monthwindow.Finally,weneedtobetterunderstandourregulatorypathwayandbegincollatingourregulatoryfilings.Todothis,weintendtoworkwithMrs. Smith,anexpertwith15yearsexperienceinClass2medicaldevicefilingswiththeFDA.Herquoteiscompetitivewithmarketrates.

Example Budget

Mentoring: What to ExpectWeekly In-personmeetings

Progressreviews

Meet the Mentors

MarkFinkBusinessMentor

LauraMcKenzieInvestorMentor

Investor Boardroom PitchUpto6early-stageinvestors

Selectingtheoverallmostinvestableteam

1hourmax:

• 10-15minutepitch

• 30-40minuteQ&Aandfeedback

• 5-20minutes- youexit– theyscoreanddiscuss

Heads Up…ThisisCLOSEDDOOR– oneteamatatime,noaudience

BEEARLYo Wewillnotchangeyourscheduledtimeslotifyouare

lateorcannotmakeito Ifwearerunningaheadofschedulewewouldliketo

moveahead,sotrytobe30minutesearlyataminimum

Heads Up…Dressisbusinessprofessional

Onlybringkeyteammembers/advisors(recommend3,ormaxof5total)

PitchDeckpreferredinPowerpoint formatIfyouareusinganotherformat,youareresponsibleforbringingyourownlaptopANDtestingthatitworkswithourdisplay

Investor pitch Schedule10:30am Resthera11:30 Bellum1:30pm DoctorCrop2:30 Itunda3:30 MoodMission

Winner Announced?Allteamswillbenotifiedviaemailofthefinalresultsalongwithnotesfrominvestorcommentswithin3businessdaysofthepitchevent

Aproblemwillgrowincomplexityindirectproportiontotheamountoftimeyouhavetosolveit

Parkinson Principle:

“We did not have enough time,” is never an acceptable excuse in this program

What Now?ReviewthecurriculumPutalldatesintoyourcalendarStartthinkingaboutwhatyouneedtoachievetobecomeseedinvestmentready…thenletmeandyourmentorsknowifanythingonyourlistwon’tbesupportedintheACCELERATORprogramsowecantrytohelpyouinotherways,oradjustthecurriculumasappropriate.

Upcoming Training15Oct GettingtheMessageRight22Oct Finances29Oct Law&IP19Nov Prototyping23Nov DoingaDeal26Nov TheRealWorld30Nov TheRoadAhead

HomeworkABN(ifhaveone)toGENERATORBudgetsubmittedPrepforpracticeinvestorpitch

Bringallbrandcollateraltonextworkshop

WANT TO KNOW MORE?GET IN TOUCH!

www.monash.edu/entrepreneurship@monashGENERATORFacebook.com/monashGENERATOR

7InnovationWalkAG01-04(ClaytonCampus)entrepreneurship@monash.edu